Thailand to launch new 10 year multiple entry visa for over 50s

[holy cow cm]

1 hour ago, MobileContent said:

Since last year I pulled out of Thailand and closed all operations within Thailand. Moved business to HK and got myself a longterm visa for China as I hold PR in Singapore. Billings in the PRC has been between 350-400,000 USD in the last 6 months alone and I have never even reached that amount in Thailand within 3 years. 

 

We still have of course a healthy billing with Thai companies but the funds no long end up in Thailand and are trabsferred directly to our Singapore company.

 

You will be surprised how many expats have moved out of Thailand in the past 18 months alone. I know of at least 40 expats that left Thailand. Sure China was the minority with just a few but Singapore, Malaysia, Indonesia, Vietnam, Philippines and even Cambodia took a large chunk of expat money with them from Thailand.

Expats with no anchor

 

[Puccini]

On 17/06/2017 at 3:19 AM, ubonjoe said:

It will be a 5 year multiple entry visa that can be renewed when it expires and then another 5 years if you meet the requirements for renewals. Only money in the bank and insurance will needed for the renewals.

I have read the translation of the announcement in the royal gazette.

You can reduce the 3 million to as little as 1.5 million in the bank after one year if used for certain purposes. The 1.5 million will be needed for the renewal.

 

Does the announcement in the Royal Gazette say how long the visa holder will be given to stay on each entry into Thailand? Is it 90 days like with regular non-O visas or one year like with the non-O/A visa, or is it five years with the non-O/X visa?

[mrfaroukh]

On 6/17/2017 at 7:57 AM, BigBadGeordie said:

In comparason to my Non O, followed by 10 extensions of stay based on retirement, this does not seem particularly attractive.

 

I fail to see which group it is aimed at?

I don't find it interesting either. Putting 3 million in bank for no reason. Then spend lots of money on the health insurance and we just save maximum 5000 Bhat a year plus not going to the immigration once a year. Instead they should say either 3 million or 1,2 million salary and not a combination of both and also allow the person to have his own insurance from anywhere and not only from thailand

[Puccini]

2 hours ago, Puccini said:

 

Does the announcement in the Royal Gazette say how long the visa holder will be given to stay on each entry into Thailand? Is it 90 days like with regular non-O visas or one year like with the non-O/A visa, or is it five years with the non-O/X visa?

 

I think I found the answer in paragraph 5 of the announcement. It seems on every arrival with the non-O/X visa you get permission to stay up to 5 years in accordance with the remaining validity period of the visa.

Edited June 18, 2017 by Puccini

[Puccini]

Paragraph 10 looks interesting. Apparently, immigration must verify annually whether the visa holder still meets the requirements for the visa. Yearly visits to the local immigration office with whatever documents and photographs they require as evidence? Different procedure from one office to the next, in a given office different requirements from one year to the next and from one officer to the next, just like for extensions of stay for other visa types? Sounds promising.

[hawker9000]

Always the same question;  "why would anybody in their right mind...?".

 

A:   'One born every minute.
 

 

[thaitero]

If old retirement system stays as it is now, this one makes no sense at all.

[Puccini]

On 17/06/2017 at 2:57 AM, BigBadGeordie said:

In comparason to my Non O, followed by 10 extensions of stay based on retirement, this does not seem particularly attractive.

 

I fail to see which group it is aimed at?

 

I gather you can save up to 38,000 Baht on re-entry permits if you travel a lot in and out of Thailand.

[George FmplesdaCosteedback]

22 hours ago, ukrules said:

The insurance thing is the weird part, I have £1.5 Million worth of wordlwide proper health insurance (not just accident) with BUPA Global, if I were to apply for this visa would I then need to take out an additional policy to cover what amounts to about the excess on my regular policy ?

 

 

 

Chances are they will ignore it entirely and insist you have Thai health insurance cover.

Same old s#1t different day....

[Catkiwi]

9 minutes ago, George FmplesdaCosteedback said:

Chances are they will ignore it entirely and insist you have Thai health insurance cover.

Same old s#1t different day....

Not likely. They Thai insurance not aThai insurance co.

[George FmplesdaCosteedback]

39 minutes ago, Puccini said:

 

I gather you can save up to 38,000 Baht on re-entry permits if you travel a lot in and out of Thailand.

You can get a multiple re-entry permit for a lot less than ฿38k.

The whole scheme is a joke.

[George FmplesdaCosteedback]

5 minutes ago, Catkiwi said:

Not likely. They Thai insurance not aThai insurance co.

Err, don't follow what you mean?

Please explain.

[George FmplesdaCosteedback]

1 hour ago, Puccini said:

Paragraph 10 looks interesting. Apparently, immigration must verify annually whether the visa holder still meets the requirements for the visa. Yearly visits to the local immigration office with whatever documents and photographs they require as evidence? Different procedure from one office to the next, in a given office different requirements from one year to the next and from one officer to the next, just like for extensions of stay for other visa types? Sounds promising.

Dead right. The only thing about Thailand that is consistent is that every damn thing is inconsistent. Amazing!

[Hal65]

8 hours ago, ukrules said:

90 day reporting is required on all visas, every single one of them.

 

If you're a foreigner you must report and show your papers every 90 days.

 

I think the Elite visas don't have this requirement

[Catkiwi]

They say that Thai insurance is needed but I'm sure that if you have an international company that covers you in Thailand then that will be ok. An assumption at this stage. Let's see how it goes.

[George FmplesdaCosteedback]

5 minutes ago, Catkiwi said:

They say that Thai insurance is needed but I'm sure that if you have an international company that covers you in Thailand then that will be ok. An assumption at this stage. Let's see how it goes.

The visa on offer specifically says "none working".

Anyone with a work permit does not require this new visa.

If you work elsewhere and come here for a holiday it is of no use either.

People with "international health insurance cover" will most likely find it is not admissible for this visa.

Are you aware of how this works in Thailand?

They omit important parts of the regulations so the whole thing is up to whomever you have to deal when it matters.

 

[PaPiPuPePo]

I guess because they are so enamored of the "boutique" theme, boutique this, boutique that, the plan is to make Thailand "Asia's Boutique Country."

 

I hang with a lot of folks without too much money and at times with moneyed folks. Rarely prefer the company of the latter, they're mostly boring people who only care about, duh, money and status.

 

Thailand's getting to be less sanuk every year and this will propel that trend further along.

[gk10002000]

1 hour ago, Hal65 said:

 

I think the Elite visas don't have this requirement

the elite visa does require 90 day reporting.  The agency will file the 90 day for you if you live in certain areas, pattaya, chaing mai and bangkok I believe.  Crazy given the so called premises of the visas.

[rennie1988]

One thing I don't understand is why they add the 'over 50' prerequisite, if a 30-year-old or a 40-year-old can meet the financial requirements, why does it matter?

[Ashto]

On 17/06/2017 at 1:19 PM, ubonjoe said:

It will be a 5 year multiple entry visa that can be renewed when it expires and then another 5 years if you meet the requirements for renewals. Only money in the bank and insurance will needed for the renewals.

I have read the translation of the announcement in the royal gazette.

You can reduce the 3 million to as little as 1.5 million in the bank after one year if used for certain purposes. The 1.5 million will be needed for the renewal.

I'd be very grateful if you could provide the link to the translation of the Royal Gazette. My online search has found only a Thai publication with no English version:-  http://www.mratchakitcha.soc.go.th/

 

ive also found the official government news website but this news appears not to be important enough to be mentioned on that site:- http://www.thaigov.go.th/

[scubascuba3]

One thing I don't understand is why they add the 'over 50' prerequisite, if a 30-year-old or a 40-year-old can meet the financial requirements, why does it matter?

Its because a 30 or 40 year old could be working but not a 50 year old. Strange logic i agree

[meatboy]

14 hours ago, William C F Pierce said:

If you have 25 million Baht or more you are able to tie up for a year in a high interest account. Then you will have at the end of a year 1.5 million Baht interest at 6%. Therefore making Thailand pay for your Visa, leaving you to do what ever you want with your own money. If you don't touch this interest it will eventually grow with compound interest to 3,000,000 Baht paid for by Thailand.

what country do you live in,definatley not thailand,6%INTEREST WHERE.

do you know that interest is TAXED @ 15%

[gk10002000]

5 minutes ago, meatboy said:

what country do you live in,definatley not thailand,6%INTEREST WHERE.

do you know that interest is TAXED @ 15%

I live in the USA.  There are many ways to earn those rates and be taxed less.  If one has money in a ROTH IRA, those monies are tax free.  There are many high yield bond funds paying 5% or more, REITS paying well over 5 %.  Zero Federal or state income tax.  And if one doesn't have a ROTH IRA, there are tax free and AMT free Municipal bond funds paying 4 or 5 %.  If in a tax free state such as Florida, Texas, Nevada, etc.  there would be no taxes on those earnings.  I personally own NUW and NEA in my regular brokerage account and I live in Florida  so no taxes due on those dividends.  I also hold several individual muni bonds paying over 5 %.   This is one of the reasons paying cash up front for a Visa loses some of its luster for me.  My monies are invested pretty well and barring the convenience factors some of these Elite visas provide, I don't really need them.  Better to keep my monies where they are, do the regular retirement extension options, and do the income verification methods.

Edited June 19, 2017 by gk10002000

[1SteveC]

5 hours ago, George FmplesdaCosteedback said:

You can get a multiple re-entry permit for a lot less than ฿38k.

The whole scheme is a joke.

 

10 years x 3800 per year = 38,000 Baht

[1SteveC]

11 hours ago, holy cow cm said:

Just saying, here is lop sided and prejudice for how it is set up. Even with massive time put in living here with strong Thai family and values never having an ounce of problem, it doesn't matter. Most countries have a straight forward way to immigrate with due time and perseverance once living in the country's walls with solid connection, say marriage. Here not unless you are wealthy or a foreign female married to a Thai. The percent of persevering is like odds of winning the lottery. There is a small tiny chance, but odds are no way in our lifetime. Not even going to try. 

 

"Not even going to try." There is the reason you don't have residency or citizenship - not Thai officialdom !

[jpinx]

7 hours ago, Puccini said:

 

I think I found the answer in paragraph 5 of the announcement. It seems on every arrival with the non-O/X visa you get permission to stay up to 5 years in accordance with the remaining validity period of the visa.

5 years or till the expiry of your passport ?   

 

[NextStationBangkok]

Simply they can call Visa-G-8.  Sounds something for capitalists.

 

With the interest amount from 3 million Baht, how much visa run one can do ?

[YetAnother]

as many questions as answers on this new visa;looks to me they offer it, with ridiculous stipulations, just to say they have one

[jpinx]

42 minutes ago, NextStationBangkok said:

Simply they can call Visa-G-8.  Sounds something for capitalists.

 

With the interest amount from 3 million Baht, how much visa run one can do ?

Anything around 2.5% to 3% net -- depending on where you look and what the tax situation is, and no need to keep the investment in Thailand. 

http://www.infochoice.com.au/banking/savings-account/term-deposit-interest-rates/

https://www.anz.com.au/personal/bank-accounts/term-deposits/

 

Whatever is chosen, the least amount of interest, even allowing for FX fluctuations, is likely to be about 3mTHB x 2.5% = 75,000THB per year, clear. 

 

Even if the rate is the average Thai bank term savings rate it would be about 1% after tax, etc (reclaimable), and even if it was on the reduced capitol requirement of 1.5mTHB, the net Income would be about 1,500,000 x 1% = 150,000 THB net per year.

 

Compared to the fees for the annual extension, the re-entry permit, the cost of your consular income letter or Thai bank letter, and the cost of an agent to run around and do it all for you isn't going to make a dent in that......

[Tilacme]

23 minutes ago, jpinx said:

Anything around 2.5% to 3% net -- depending on where you look and what the tax situation is, and no need to keep the investment in Thailand. 

http://www.infochoice.com.au/banking/savings-account/term-deposit-interest-rates/

https://www.anz.com.au/personal/bank-accounts/term-deposits/

 

Whatever is chosen, the least amount of interest, even allowing for FX fluctuations, is likely to be about 3mTHB x 2.5% = 75,000THB per year, clear. 

 

Even if the rate is the average Thai bank term savings rate it would be about 1% after tax, etc (reclaimable), and even if it was on the reduced capitol requirement of 1.5mTHB, the net Income would be about 1,500,000 x 1% = 150,000 THB net per year.

 

Compared to the fees for the annual extension, the re-entry permit, the cost of your consular income letter or Thai bank letter, and the cost of an agent to run around and do it all for you isn't going to make a dent in that......

1,500,000 x 1% = 15,000 !