Govt approves 10 year visas for foreigners over 50

[jayboy]

This is a common disorder called schadenfreude... (From German; schaden=damage, freude="joy"). 
 
Guess some guys are just getting too old to watch porn..

I think the point is being missed.I certainly take no pleasure in the difficulties some foreigners find themselves in and hope some form of relief can be agreed for those who have settled with Thai families.

But the writing has been on the wall for some time.Thailand is no longer a natural retirement country for low to middle income foreigners.I think the squeeze will only get tighter.This thread demonstrates there is still much self deception around.

[pattayalover]

no advantage apparently but disadvantage for Thailand as people will not buy anything and instead keep money on Thai bank accounts.


everybody lose except the banks that see their capital increase with foreign money. .

[Thaidream]

Actually grandfathering has bee allowed 3 times in the past-

-When the financials were raised from 200K to 500K and the age decreased from 60 to 55

-When the financials were raised from 500K to 800K and the age decreased to 50

-When the 3M investment Visa was changed to 10M.

Thailand is no longer a place to retire for low income people because of increased costs in the living standards;  raised requirements for Visas etc.

If I wasn't married to a Thai and had many assets in Thailand I would have never picked Thailand in its current state as a retirement location. There are many other places that offer many more benefits and less bureaucracy.

[meatboy]

31 minutes ago, watgate said:

So  you need 3 million in the bank and the law is changed whereby banks will only insure your deposits up to 1 million baht. Very interesting.

another interesting thought,with 3million frozen in a bank account to cover medical exs.that will be the nominated hospitals the rights to PRINT MONEY.

[Wilsonandson]

https://whatsonsukhumvit.com/from-reactions-to-the-new-10-year-visa-to-why-some-thai-women-dont-like-thai-men/
Thaivisa in the news again!

[JB300]

https://whatsonsukhumvit.com/from-reactions-to-the-new-10-year-visa-to-why-some-thai-women-dont-like-thai-men/

Thaivisa in the news again!

Given that the only thing announced is a change to the requirements for the 1 year visa for retirement sourced in your home country (Non OA), I am surprised at how many comments there's been from people having lived in Thailand for donkeys years (only ones impacted will be the ones who use the 2 years from a Non OA, then go home, get a new one, rinse & repeat) & the number of guys saying they'll have to abandon their families (get a marriage visa).

People who will be impacted are the ones just setting out down the retirement path, but they can just go down the Non O route.

[JB300]

The new regs seem to imply that you can only spend 50% of the 3Million, I'm wondering if this 1.5Million is for "End of Term care" as it is with the SRRV in the Philippines.

[Thaidream]

That is certainly a possibility that it would only be available from one's home country. However, it should also be available to current retiree's who wish to upgrade under the new requirements, If that is the case- I would still be cautious because once you upgrade you lose the financial level you currently have under grandfathering and any further extensions become locked in at the new level.  If you can't show the money next renewal you can't go back to earlier level.

I personally believe it is an unattractive option because it ties up too much money for too long and requires an expensive medical policy. Most standard medical polices do not cover outpatient care and if added on raises the cost considerably. The METV is a perfect example of a supposed enhancement but the requirements of having almost 6 months worth of money in the bank in advance and a letter from an employer just don't make much sense.  I don't know of any employer who would issue a letter saying you could be on leave for 6 months. In addition, one still has to do reporting every 90 days .

[JLCrab]

1 hour ago, Thaidream said:

Actually grandfathering has bee allowed 3 times in the past-

-When the financials were raised from 200K to 500K and the age decreased from 60 to 55

-When the financials were raised from 500K to 800K and the age decreased to 50

-When the 3M investment Visa was changed to 10M.

Thailand is no longer a place to retire for low income people because of increased costs in the living standards;  raised requirements for Visas etc.

If I wasn't married to a Thai and had many assets in Thailand I would have never picked Thailand in its current state as a retirement location. There are many other places that offer many more benefits and less bureaucracy.

Sure -- but those are all extensions via Immigration Bureau Police Orders, not Visas. Visas are the purview of the Ministry of Foreign Affairs.

[JB300]

Agree, if I was just setting off on the retirement path in Thailand, I'd opt for the 20 year, 1Million THB Thailand Elite card option, much less capital to tie up & less messing around as my income (Pension) doesn't kick in for another 10 years & there's no mention of being able to use income from property / dividends etc...

[dentonian]

6 minutes ago, JB300 said:

Agree, if I was just setting off on the retirement path in Thailand, I'd opt for the 20 year, 1Million THB Thailand Elite card option, much less capital to tie up & less messing around as my income (Pension) doesn't kick in for another 10 years & there's no mention of being able to use income from property / dividends etc...

 

It's 2 million for the 20 year Elite Card, and that's a fee, not a returnable investment.

[mcfish]

That is certainly a possibility that it would only be available from one's home country. However, it should also be available to current retiree's who wish to upgrade under the new requirements, If that is the case- I would still be cautious because once you upgrade you lose the financial level you currently have under grandfathering and any further extensions become locked in at the new level.  If you can't show the money next renewal you can't go back to earlier level.
I personally believe it is an unattractive option because it ties up too much money for too long and requires an expensive medical policy. Most standard medical polices do not cover outpatient care and if added on raises the cost considerably. The METV is a perfect example of a supposed enhancement but the requirements of having almost 6 months worth of money in the bank in advance and a letter from an employer just don't make much sense.  I don't know of any employer who would issue a letter saying you could be on leave for 6 months. In addition, one still has to do reporting every 90 days .

The METV doesn't require any money in Australia and varies country to country and you can bet the 10 year visa will as well

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[JB300]

 
It's 2 million for the 20 year Elite Card, and that's a fee, not a returnable investment.

4 new cards have recently been introduced including a 20 year "No Frills" (I.e no airport transfers, Golf, medical check up etc) for 1 Million & a 10 year for 800k.

Agree it's a fee, but if you can't take out 50% of the 3Million, it's a fee by another name.

[tropo]

7 minutes ago, dentonian said:

 

It's 2 million for the 20 year Elite Card, and that's a fee, not a returnable investment.

1

100k per year? If you're over 50 you're better off using that as your monthly income and have it rather than throw it away.  

[JB300]

100k per year? If you're over 50 you're better off using that as your monthly income and have it rather than throw it away.  

Income requirement is 100k per month (1.2Million pa) & as above, 20 years can be had for 1Million (4.167 THB per month)

[tropo]

8 minutes ago, JB300 said:

Income requirement is 100k per month (1.2Million pa) & as above, 20 years can be had for 1Million (4.167 THB per month)

 

 

 

One is a fee - the other is your money. If you don't stay the 20 years, add to your monthly fee.

 

I would recommend anyone who is planning to stay 20 years think again. The landscape is rapidly changing and it's not a rosy as it once was. As many expats who have been here for a decade or more. I'm sure many wish they hadn't come here in the first place.

[thehelmsman]

7 hours ago, theguyfromanotherforum said:

 

I am surprised because in the past I received a lot of bashing from people telling me to pack up and make some money before settling in Thailand. I naturally assumed most of those people were thai visa millionaires. I have spent less than 20 years in canada, one third of that getting a useless degree while being taxed to death and I still managed to save well above this amount.

Let's just say I don't get it.

 

 

Some folks raised families along the way.

[JB300]

One is a fee - the other is your money. If you don't stay the 20 years, add to your monthly fee.

 

I would recommend anyone who is planning to stay 20 years think again. The landscape is rapidly changing and it's not a rosy as it once was. As many expats who have been here for a decade or more. I'm sure many wish they hadn't come here in the first place.

Agree, every country that's going through political change seems to be becoming more nationalistic / less foreigner friendly so trying to plan 20 years in any other country than one you have a solid legal right to live in has risks.

But it's stay at home or take those risks, part of the fun of being an expat

[genobkk]

It is likely the one year visa will be phased out, how soon, etc no one knows. Stop arguing like children. We will not know until we know, fighting and second guessing helps no one.

[Jingthing]

1 minute ago, genobkk said:

It is likely the one year visa will be phased out, how soon, etc no one knows. Stop arguing like children. We will not know until we know, fighting and second guess helps no one.

I don't think there is enough evidence to know whether that is likely or unlikely, and I know what you mean, in the reasonable foreseeable future, not necessarily right away.

 

But I do agree it's something to consider as a possibility and to watch for it and to perhaps make decisions that are within your power that could proactively protect against such changes.

[Wilsonandson]

This news article from 4 days ago sums up what everyone is posting.
http://pattaya-funtown.com/thai-govt-approves-new-10-year-visa-foreigners-50/

[Thaidream]

The article sums up exactly what the issues are and the commentary right on the money.

In my opinion. if the new Visa does replace the old O-A- there will be few new retirees to Thailand.

I firmly believe the current retirees will be 'grandfathered' under the old rules as past precedent has been established and my instincts tell me that this is an added visa type for 14 nationalities as I find it difficult to understand why other nationalities would be excluded from retirement in Thailand which leads me to believe the old O-A will survive for 1 year validity/extension. The devil is in the details.

 

[Wilsonandson]

The article sums up exactly what the issues are and the commentary right on the money.
In my opinion. if the new Visa does replace the old O-A- there will be few new retirees to Thailand.
I firmly believe the current retirees will be 'grandfathered' under the old rules as past precedent has been established and my instincts tell me that this is an added visa type for 14 nationalities as I find it difficult to understand why other nationalities would be excluded from retirement in Thailand which leads me to believe the old O-A will survive for 1 year validity/extension. The devil is in the details.
 

The devil is in the details. How right you are! Let's hope an angel saves us all.

[Jingthing]

But the O-A replacement question part of it is not everything.

Why?

Because currently starting with O-A is optional.

You can also start currently with a O visa, not O-A obtained in a neighbor nation, in Thailand, and sometimes your home nation. So IF O-A is replaced even if people with current extensions are grandfathered we also need to know if the current start with O will still be possible at current levels.

Currently O-A financial requirements are at the same level as extensions started with O or O-A. So if O-A is replaced with higher levels it would be expected under current precedent that those levels would be the new levels for new people assuming the current start with O path remains.

Therefore no certainty is yet available.

[mcfish]

The devil is in the details. How right you are! Let's hope an angel saves us all.

Angels won't save us. The details are in the bit about that only 14 nations will be allowed. I guess the rest of the world's pensioners will be hunted down, their condos stolen, wives raped and rounded up in trucks and shot in the woods.
Hang on a minute didn't something similar actually happen in Europe many years ago?


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[sanemax]

People on retirement Visa should not be worried , back to back tourist visas are still available .

   If the worse comes to the worse, they can just go to Vientiane every three months

[Thaidream]

Yes- 14 Nations given access to the O-A  with a 10 year validity. To me , it would be totally without logic to exclude the rest of the World from retirement in Thailand when it is available right now to anyone who can meet the qualifications. It makes much more sense to have 2 levels of O-A- the shorter version is 1 year; the longer version 10 years for select nationalities.  In addition, that would be the simplest solution with the least amount of bad publicity. Waiting for details but thinking may not come for some time or at all if they decide not to implement it.

[elviajero]

13 minutes ago, Thaidream said:

The article sums up exactly what the issues are and the commentary right on the money.

In my opinion. if the new Visa does replace the old O-A- there will be few new retirees to Thailand.

I firmly believe the current retirees will be 'grandfathered' under the old rules as past precedent has been established and my instincts tell me that this is an added visa type for 14 nationalities as I find it difficult to understand why other nationalities would be excluded from retirement in Thailand which leads me to believe the old O-A will survive for 1 year validity/extension. The devil is in the details.

• The massive majority retirees use a Non 'O' visa to enter the country and then apply for a 1 year extension of stay that they renew each year. As nothing is changing to that option new retirees will continue as before.
• No change to extensions is being proposed. 'Grandfathering' doesn't apply to visas.
• The only group that should worry are those using 1 year Non 'O-A' visas to live in the country. But they can easily change to use the Non 'O' visa/extension of stay, or apply for an extension of stay when their permit to stay from a current Non 'O-A' enter expires.

[Jingthing]

Based on lots of your assumptions about a half baked visa change. You don't have the authority to assert certainty about this.

[Jingthing]

The article sums up exactly what the issues are and the commentary right on the money.
In my opinion. if the new Visa does replace the old O-A- there will be few new retirees to Thailand.
I firmly believe the current retirees will be 'grandfathered' under the old rules as past precedent has been established and my instincts tell me that this is an added visa type for 14 nationalities as I find it difficult to understand why other nationalities would be excluded from retirement in Thailand which leads me to believe the old O-A will survive for 1 year validity/extension. The devil is in the details.
 

If this ends up meaning no new people at the current levels starting with O and O-A then yes please grandfathering for those on current extensions.