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

[cyberfarang]

16 hours ago, quandow said:

Aimed at lazy folks with too much money and no sense at all.

Actually, 3 million baht ($88500) is not a lot of money in today`s terms. That wouldn`t be a problem for me and I guess it`s the same for a lot of expats. It`s the private medical insurance part that worries me. Many of these insurance companies won`t even take on over 65s and the premiums for the elderly are astronomical. 

 

It does appear that this scheme is an alliance with the private insurance companies, otherwise why wouldn`t the Thai government introduce some kind of medical insurance scheme with concessions for retirees staying long term in Thailand? Even if the 3 million baht is no problem, I cannot see any benefits for joining this 10 year deal at all.

[wealthychef]

Add me to the list of people that don't want this.  And it still does not make any sense that they think this will somehow support people with medical issues.  

[Hal65]

1 hour ago, jack19201 said:

It is disgusting these policy maker will never learn, Why one should put money in Thai bank and can not withdraw for visa even married to Thai Lady, really shame on policy maker.

 

From their perspective it makes sense. Think about it; you have a ton of foreign money in your country's banks allowing them to lend out more (banks can lend 10:1 funny money : real money). In case of a crisis you can impose capital controls and lock the money into your now closed system. I know Thailand would never have a reason for that but just in case there's a coup or something, its an option.

[George FmplesdaCosteedback]

46 minutes ago, cyberfarang said:

Actually, 3 million baht ($88500) is not a lot of money in today`s terms. That wouldn`t be a problem for me and I guess it`s the same for a lot of expats. It`s the private medical insurance part that worries me. Many of these insurance companies won`t even take on over 65s and the premiums for the elderly are astronomical. 

 

It does appear that this scheme is an alliance with the private insurance companies, otherwise why wouldn`t the Thai government introduce some kind of medical insurance scheme with concessions for retirees staying long term in Thailand? Even if the 3 million baht is no problem, I cannot see any benefits for joining this 10 year deal at all.

US$88.5K dollars in a Thai bank making no interest is a bit of a waste however much you have when there are alternatives. I can't see my accountant recommending this anyway.

Thais don't think with logic or common sense (greed and self interest usually), so the medical insurance issue is most likely a scam, or total incompetence by whoever dreamed this up (the former I expect) with no thought of the over 60s.

I keep looking for an emoticon with someone rubbing their hands together with glee in expectation of huge sums of money coming their way...

 

 

 

Edited June 17, 2017 by George FmplesdaCosteedback

[ukrules]

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 ?

 

 

 

[Ashto]

The Thai government has good information regarding the numbers of foreigners on retirement extensions, numbers of entries and exits by those holders per annum, numbers of foreigners multiple entries visa exempt and on visitor visas, and numbers of Thai elite visas. It's all computerised and running statistics is a moment's effort. 

 

The government will have a pretty good idea of the likely take up of this visa (putting aside policy requirements like health insurance) and I suspect they know the numbers will be inconsequential to the Thai economy overall, including the banking and insurance industries. 

 

Where incompetence comes in is in relation to the policy matters like insurance. This has the hallmarks of a bureaucrat having a brainwave without thinking through the implications. It's possible that this requirement, and the police report requirement, are the thin edge of a wedge and these will appear in due course in other visas such as the retirement extension.

 

Every country in the world is concerned about the increasing cost of providing health care to foreigners (increasing tourism is the driver of this) and is struggling to find policy solutions  to the problem. So far there has been huge resistance from the tourist industry in every country to the imposition of a tourist health levy at the border. This levy is effectively the government health insurance suggested by a number of posters.

 

Another solution which has been adopted by a number of countries is reciprocal health cover for emergency treatment. This works only between countries which have similar levels of health care eg the UK and Australia. 

 

One poster had had an interesting suggestion that this new visa is a way of meeting a recent US demand for reciprocity of visa duration. If so, it's clever as it offers 10 years but on unattractive terms. 

Edited June 17, 2017 by Ashto

[Langsuan Man]

41 minutes ago, Ashto said:

The Thai government has good information regarding the numbers of foreigners on retirement extensions, numbers of entries and exits by those holders per annum, numbers of foreigners multiple entries visa exempt and on visitor visas, and numbers of Thai elite visas. It's all computerised and running statistics is a moment's effort. 

If that is true, then why is this information never shared or published ?

[Stargeezr]

No Ten year visa for me as like most others, I have many better ways to keep 90 thousand dollars, and I

do see that amount as a substantial amount of money.  Those people who think that 90K is

petty cash, live in a much different world than most of us.

Geezer

[roderick17]

What are the proposed benefits of this new visa compared with a retirement visa?

[jacko45k]

18 hours ago, Godang said:

I enquired yesterday a about health insurance and the age limit is 60 that was Ocean Insurance Thailand.

There are  companies where insurance can be applied for for the over 60s..... but doing it while in the UK seeking this 10 year visa would be a risk... what if the visa is not obtained. Obviously I am looking for an alternative to doing my yearly extension based on retirement, but this looks like a visa for people considering a move to Thailand currently at home.

It would be a error to introduce a Visa that is of little use or too difficult to obtain, like the multiple tourist visa.

[garyk]

22 hours ago, Mickmouse1 said:

I would rather keep it in the stock market/blue chip Co n earn good €£$ still can go to LOS any time without paying for a visa.....Laos is beautiful ?

Exactly, anyone rich or not that does this is not in there right mind IMO. A no nonsense mutual fund can draw you 400-500 dollars a month dividends for 90K. 

Although I have known several guys that as soon as they departed the plane their sense departed with them... 

[meatboy]

there's your answer PM.not as if anyone will take any notice.

all farangs are tooooooo rich and stupid.

[meatboy]

3 hours ago, Langsuan Man said:

If that is true, then why is this information never shared or published ?

i for one and there are many others whose details are not on computer.

cant do my 90days by e-mail because i havent been out of the country since 2008.only those who entered 2013.

[ALFREDO]

23 hours ago, quadperfect said:

Idiots. I bet not 1 person will get this visa.

If they do then they are fools?

A military run country is not a place i would put 90k in and its also why i dont put 25k in.

Why bother printing this crap.

I bet soon after they remove the retirement visa. 

Thailand is bent on destruction of expats amd tourists i read about it every day.

I dont think there is any hope for this place . 

Its all down hill since 2014

Just my opinion.

Downhill - no! Much more bad under Thaksin and his sister and comrades before. ?

[observer90210]

if the 90 day reporting is still required....this visa is worthless!!!...sorry guys!!

[Thaimarkz]

This is an immature matter.

 

When I left my country after receiving the Non Imm O visa, the Thai consulate has warned me to have more than a million baht on a Thai bank. They told me that more than one million might be in jeopardy if something happens to the bank or to the country. One million could be withdrawn easily

The Thai consulate also has warned me to issue a policy with a Thai health care insurance. They told me to use an international insurance with a broker in Thailand.

It is more than questionable wether a Thai  insurance will accept you after a certain age (50 plus). And if yes, then to a tremendous fee and sometimes they would refuse to pay.

 

Well, and all this information I got from a THAI consulat before my emigration !!!!

 

My international health insurance works well, my hip surgery was covered and if I just need a doctor as an outpatient, I pay it myself since the costs are low.

 

This new thing is something which does not make the life of an expat easier quite contrary to the one year visa, which is convenient. The new 10 year visa, especially the conditions make no sense at all !!

 

What if some brainy fellow gets the idea to cancel the one year visas and to grant only the 10 year visas?

I am here since years and a returning to my homecountry would be a nightmare and impossible since I have nobody there, no home, just nothing. Also a new start in my age seems more than impossible.

 

Time for some officials to start serious thinking and to take care of expats who still bring a lot of money and love Thailand

[gk10002000]

7 hours ago, Hal65 said:

 

From their perspective it makes sense. Think about it; you have a ton of foreign money in your country's banks allowing them to lend out more (banks can lend 10:1 funny money : real money). In case of a crisis you can impose capital controls and lock the money into your now closed system. I know Thailand would never have a reason for that but just in case there's a coup or something, its an option.

Or, as a preface to an upcoming scam (Tru Fitness comes to mind).  Take the money and membership up front, then stop giving services.  caveat emptor

[Na Lee]

This is an immature matter.
 
When I left my country after receiving the Non Imm O visa, the Thai consulate has warned me to have more than a million baht on a Thai bank. They told me that more than one million might be in jeopardy if something happens to the bank or to the country. One million could be withdrawn easily
The Thai consulate also has warned me to issue a policy with a Thai health care insurance. They told me to use an international insurance with a broker in Thailand.
It is more than questionable wether a Thai  insurance will accept you after a certain age (50 plus). And if yes, then to a tremendous fee and sometimes they would refuse to pay.
 
Well, and all this information I got from a THAI consulat before my emigration !!!!
 
My international health insurance works well, my hip surgery was covered and if I just need a doctor as an outpatient, I pay it myself since the costs are low.
 
This new thing is something which does not make the life of an expat easier quite contrary to the one year visa, which is convenient. The new 10 year visa, especially the conditions make no sense at all !!
 
What if some brainy fellow gets the idea to cancel the one year visas and to grant only the 10 year visas?
I am here since years and a returning to my homecountry would be a nightmare and impossible since I have nobody there, no home, just nothing. Also a new start in my age seems more than impossible.
 
Time for some officials to start serious thinking and to take care of expats who still bring a lot of money and love Thailand

So right. I share your concern, I am in the situation as you. This 10 year visa has a lot of pitfalls. As usual I lot of proposals and new rules in LOS are not well thought-out. Speak before thinking.

Sent from my BLL-L22 using Thailand Forum - Thaivisa mobile app

[Puccini]

For what period will the holder of the O X visa be allowed to stay upon each entry into Thailand?

[alantheembalmer]

On ‎6‎/‎17‎/‎2017 at 1:33 AM, rooster59 said:

The 3 million baht  must be kept in the bank as a deposit for a period of one year...

So 12 months seasoning of the funds is necessary before you can apply for the visa?

On ‎6‎/‎17‎/‎2017 at 1:33 AM, rooster59 said:

who must also have valid medical insurance from a Thai insurance company for the duration of the visa.

So if the Thai Insurance company refuses to renew your cover, then the visa is cancelled?

 

[Pib]

In terms of all the foreign retirees in Thailand I expect very few will go this 10 year Visa (or should I say 5+5 Visa) route due to:

 

1) the high financial requirement that some could easily handle but many would not feel comfortable in having that much money in a Thai bank.  While current govt deposit protection insurance covers amounts up to Bt15M right now, it steps down to Bt10M and Bt5M over the next few years and on 11 Aug 20 is steps back down to Bt1M.   The Visa funding requirement of Bt3M which could be reduced under certain conditions to Bt1.5M after one year is surely going to draw enough interest earned to have the 15% tax of interest earned each year which means a person would also need to file a yearly Thai tax return/refund request to hopefully the that 15% withholding refunded....basically what people with fixed savings accounts need to do each year to get the 15% tax of interest earned refunded.

 

2) the Thai medical policy which would probably be pricey for folks approx 65 and over (if they could get even get a policy) and loaded with non-coverage conditions due to pre-existing conditions...or just being old conditions.  And if a person already has foreign medical coverage that works/covers medical care in Thailand, then the Thai policy (if available) would be like an extra premium that may provide little extra benefit/coverage.

 

Now retirees younger that 65 who can get a Thai medical policy at a fair price and have no issues with the Visa funding requirement will  probably be the primary group of the few who get the 10 year Visa.

 

For me personally, I could handle the funding requirement but I would not be happy/feel comfortable having Bt3M to Bt1.5M in a Thai bank account that I couldn't withdraw immediately for emergency, country turmoil, for whatever reason.  I'm of the age that a Thai medical policy would probably be expensive and loaded with not covered pre-conditions....but I already have an excellent foreign medical coverage plan (U.S. military Tricare) that provides full medical coverage here in Thailand and worldwide...depending on your age it's free up to 65...after 65 that you pay the U.S. Medicare Part B monthly premium which is currently approx $134USD/mo.

 

Now if the govt would offer some Thai medical coverage plan that was low cost for a person of any age, like the annual vehicle registration insurance requirement which only costs approx Bt650/year (actually provides little coverage but still satisfies the govt insurance requirement) then I would consider the 10 year Visa and I wouldn't really care if the Thai medical plan was really much good for medical coverage because I would still have my foreign medical plan providing excellent coverage.  Oh, yea, I would draw down the Bt3M to Bt1.5M Visa bank deposit requirement the first millisecond I could!

 

Bey hey, at least Thailand will now be able to say it also offers 10 year Visa (that few will probably take advantage of) to foreigners just like some other  countries.  Yea, IMO only a select few will get this new Visa.

 

 

Edited June 18, 2017 by Pib

[Othello]

How on earth can anyone get a 10 year medical insurance? That's just not possible


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[alantheembalmer]

On ‎6‎/‎17‎/‎2017 at 1:33 AM, rooster59 said:

The 3 million baht  must be kept in the bank as a deposit for a period of one year...

So 12 months seasoning of the funds is necessary before you can apply for the visa?

On ‎6‎/‎17‎/‎2017 at 1:33 AM, rooster59 said:

who must also have valid medical insurance from a Thai insurance company for the duration of the visa.

So if the Thai Insurance company refuses to renew your cover, then the visa is cancelled?

 

[Goldbear]

5 minutes ago, alantheembalmer said:

So 12 months seasoning of the funds is necessary before you can apply for the visa?

So if the Thai Insurance company refuses to renew your cover, then the visa is cancelled?

 

 

That's a good question. 

[Moonlover]

With an income/capital like that I can think of plenty of places that are a lot more agreeable to live in than Thailand.

 

And I wouldn't have to report to 'head teacher' every 90 days either!

 

 

[habanero]

On 6/17/2017 at 9:03 AM, ubonjoe said:

Sure but how long can stay in the US or Canada without leaving. Certainly not one year or more.

 

You may visit the US for up to 6 months on a visitor’s visa. However, note that if you regularly stay in the US for 6 months and only return to your home country for a short time, this may be viewed unfavorably simply because this visa was designed with visitation in mind (not permanent residency). Note: There are no laws that indicate how long you have to stay in your home country before returning to the US. However, it may lead to a shorter authorized stay or a warning at the port of entry.

[sqwakvfr]

After studying the details of the new10 Year Visa I took another look at the details of the Malaysia's MM2H Visa program.  The Financial Requirements are similar(large deposit).  I think the key word is "Deposit".  For me I interpret  "Deposit" like a security deposit.  This money is like guarantee money when one rents an apartment.  Of course i could be wrong.  I do not believe "seasoning" will be required under the 10 year visa.  

 

The part I do not understand is if one has retirement income of 100,000 Baht per month or higher then why is there is a need to put 1.8 Million Baht deposit into a Thai Bank.  Under O-A requirements a monthly income of 65,000 Baht or higher then there is no need to prove any money in a bank account.  

 

My concern is in the future the 10 year Visa could be the only way to obtain a retirement visa.  If this occurs then I would have to look elsewhere or even worse go back home.

[meatboy]

what about the 6million,plus car,that i have already invested,oops let me refraze that given to my wife.

the 2million in a bank acc.my name to cover any medical bill.

my retirement amount 800,000bht.thats been sitting [gaining interest] for 8yrs.

and you want me to fork out over 3.5 million more.

sorry i am not allowed to swear. so its a big NO NO NO.

[bluesofa]

There's an awful ot of replies, I hope I haven't missed any comment about the health insurance aspect?

 

"Criminal background checks are required on all applicants, who must also have valid medical insurance from a Thai insurance company for the duration of the visa."

 

How can you prove you have medical insurance for the duration of the visa. It appears the visa is really a 5+5 year renewal?

I thought all insurance companies offered an annual renewal, so how can you prove you have five years health insurance at the point of applying for this visa?

Or are there now perhaps companies that offer five year cover? I assume that if there are, you'd have to pay the premium in advance for the five years?

If so, I'd imagine the chance of your dependents getting a refund on any used premium paid for the remaining advance years would be zero?

 

[ukrules]

8 hours ago, observer90210 said:

if the 90 day reporting is still required....this visa is worthless!!!...sorry guys!!

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.