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

[FunkyDunky58]

so, it's really a 5 year visa. No mention of what you have to pay when you 'renew' it after 5 years. A sting I suspect.

[ajarnmarc]

On 6/17/2017 at 8:09 AM, SheepLover said:

A 10 year visa that lasts for 5 years and maybe another 5 years or maybe not............?

And there's the missing cost for renewal of the second half of the 10 years.

It's certain that there will be another fee to be paid after the first 5 years are up, 

and the visa needs to be renewed for the remaining time.

[ajarnmarc]

37 minutes ago, FunkyDunky58 said:

so, it's really a 5 year visa. No mention of what you have to pay when you 'renew' it after 5 years. A sting I suspect.

I just saw your post, as your thinking appears to be inline with what I had wrote.

Sorry about that...

[gandalf12]

On 17/06/2017 at 4:18 PM, Kerryd said:

 

From information that came out last Nov/Dec when this visa was first announced.

 

On one site:

"The three million Thai baht must be untouched for 12 months in a time deposit, and cannot withdraw more than 50 percent. Proof must be shown that monies was spent in Thailand for, amongst other things: local property, medical and tuition fees."

 

On another site:

"Applicants must not only leave 3 million baht untouched for one year in a time deposit, but they cannot withdraw more than 50 percent, which they must show proof was spent in Thailand for such as medical, property, tuition or similar expenses, according to the resolution. Want to renew it five years later? Visa holders must again show 3 million baht in the bank or an income of at least 100,000 baht per month."

 

Basically every site I've seen has the same info. You can withdraw up to 50% after year 1, but only to spend on "approved" items (and have to supply proof) and when it comes time to renew, the 3 mil has to be topped up again (and left for one year again).

So you are going to end up tying up a lot of money for a long time, as 1.5 mil of the total has to be "locked in" for the duration of the visa.

I think I will stick with a retirement visa.

[sqwakvfr]

I just hope the requirements to renew for the O-A Extension of Stay stay the same.  I can't prove this but I suspect part of the reason for the  large deposit requirement is to increase the amount of cash into Thai Banks?  

[thaitero]

8 minutes ago, sqwakvfr said:

I just hope the requirements to renew for the O-A Extension of Stay stay the same.

Only way to have this option attractive is to change current retirement system. 

[nontabury]

On June 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?

The Gullible group.

[Tilacme]

On ‎17‎/‎06‎/‎2017 at 4:18 PM, Kerryd said:

 

From information that came out last Nov/Dec when this visa was first announced.

 

On one site:

"The three million Thai baht must be untouched for 12 months in a time deposit, and cannot withdraw more than 50 percent. Proof must be shown that monies was spent in Thailand for, amongst other things: local property, medical and tuition fees."

 

On another site:

"Applicants must not only leave 3 million baht untouched for one year in a time deposit, but they cannot withdraw more than 50 percent, which they must show proof was spent in Thailand for such as medical, property, tuition or similar expenses, according to the resolution. Want to renew it five years later? Visa holders must again show 3 million baht in the bank or an income of at least 100,000 baht per month."

 

Basically every site I've seen has the same info. You can withdraw up to 50% after year 1, but only to spend on "approved" items (and have to supply proof) and when it comes time to renew, the 3 mil has to be topped up again (and left for one year again).

So you are going to end up tying up a lot of money for a long time, as 1.5 mil of the total has to be "locked in" for the duration of the visa.

So what you are saying is that if your drop the deposit from 3m to 1.5m then not only do you have to prove its been spent on "approved" items but you also have to replace it 1 year before your renewal at 10 years or maybe 5 years.  Sounds like a financial harvesting.

[observer90210]

1 hour ago, thaitero said:

Only way to have this option attractive is to change current retirement system. 

changing the current system?

 

farang investment money will drastically drop as fewer people would purchase on freehold or leasehold in Thailand,

 

others will sell and leave and it will be  planting a spear on one's own leg!

[thaitero]

16 minutes ago, observer90210 said:

changing the current system?

 

farang investment money will drastically drop as fewer people would purchase on freehold or leasehold in Thailand,

 

others will sell and leave and it will be  planting a spear on one's own leg!

What you are talking is totally different thing.
I only said that to have this option attractive one have to change the current retirement system.
It is quite possible they do not want this option to be popular..

If so, what is the logic then..? Well this is thailand and no logic is needed or there is a hidden reason we do not know..
Time will tell..

[observer90210]

2 minutes ago, thaitero said:

What you are talking is totally different thing.
I only said that to have this option attractive one have to change the current retirement system.
It is quite possible they do not want this option to be popular..

If so, what is the logic then..? Well this is thailand and no logic is needed or there is a hidden reason we do not know..
Time will tell..

yes my friend....

I was talking..speculating on potential...potential consequences, if the current system (that seems to suit a large majority)  would change

and solely the conditions  in this new 10 year ripoff scheme were applied!!

But as you rightfully say, anything is possible, anytime in Thailand, that seems to make it a bit unstable and to invest in too much money at the moment!

 

[scubascuba3]

I've found one positive, its better than the Elite visa so maybe that will be scrapped or run out of cash

[Pib]

Everyone seems to be talking the Bt3M in bank requirement but the Opening Post also listed another option only requiring Bt1.8M bank deposit combined with income of Bt1.2M.  See the bolded text/2nd statement below:

 

Quote

- Minimum 3 million baht in Thai bank account
- or combination of 1. 8 million in the bank and income not less than 1.2 million
- 3 million baht must be kept in account for one year, can be reduced to 1.5 million under certain conditions

 

Now a person can not work if getting this Visa so I'm assuming the allowed income is from retirement pensions/dividends/etc.   Bt1.2M/year is Bt100K/month (approx $3,000 USD/month) which I expect a good many retirees get per month from their retirement plans/pensions/dividends/etc.   I assuming an income letter from their home country embassy would be required like is required currently for the 1 year retirement Visa/extension of stay?

 

Then you still have the B1.8M deposit in bank requirement.  Does that 1.8M need to remain untouched for 1 year like the Bt3M option.   Assuming it can't be touched, then can it be reduced to a lower amount under certain criteria after 1 year?  Maybe reduced by half (to Bt900K) or maybe to around Bt800K like the current 1 year retirement Visa required which only needs to be maintained for at least 3 months?   

 

Anyone got any more info/insight on the Bt1.8M deposit combined with Bt1.2M income option?   

 

[Othello]

People this will fail on the medical insurance aspect. I know of no insurance company that would guarantee 10 years cover when u over any age. I would love to stand corrected but every company I know of runs year to year based on age and medical facts.


Sent from my iPhone using Thaivisa Connect

[Pib]

3 minutes ago, Othello said:

People this will fail on the medical insurance aspect. I know of no insurance company that would guarantee 10 years cover when u over any age. I would love to stand corrected but every company I know of runs year to year based on age and medical facts.


Sent from my iPhone using Thaivisa Connect

I'm sure the Thai govt understands no company would issue 10 year health care policy.  I expect it will either turn out to be just the typical annual coverage you would need to show when applying for the Visa and also sign a document the Visa could be invalidated if it's discovered the individual no longer carries the required health insurance (like doesn't renew the required coverage from year to year).

 

The announcements/press releases made to date are simply lacking a good amount of key information.  TIT.

[Othello]

Huge danger then surely that this visa is dependent on Thai insurance companies and thus an ill thought out waste of time?


Sent from my iPhone using Thaivisa Connect

[Sig]

Stupidity at best.
More like lunacy.
Not worth 2 seconds of thought.
Where on earth do they come up with such incredibly inane ideas???
I guess you can tell what education system they came out of....

[GOLDBUGGY]

11 hours ago, scubascuba3 said:

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

I think another very important point being missed here is you also have to have Medical Coverage for both In / Out Service for this Visa. Thailand has many Good Private Hospitals that needs to be financed and funded and to be used to make them profitable. Most Thais don't use this private service. 

 

But a person over 50 with lots of Money to spare and Medical Insurance would more than likely use this service. Even for routeen service like a Medical Check-up or Blood Testing. So I think this Visa is aimed at helping there Private Hospitals more then it is to helping Private Individuals.  

[Othello]

Yes many of us are insured for this but there is no way in the world any insurance co would provide a ten Year policy and if it then comes down to annual renewal then this visa is a load of rubbish


Sent from my iPhone using Thaivisa Connect

[dontoearth]

On 6/17/2017 at 7:54 AM, canuckamuck said:

Yeah I got 90k USD that I don't need. I'll just put it in a Thai Account for 10 years instead of making money with it.

I mean it's so worth it not to do lineups as often at immigration.

 

 

      It says the 90-day report is still  mandatory.   We need to line up for that first.   

[dontoearth]

On 6/17/2017 at 9:56 AM, KittenKong said:

 

The visa was described as "multiple entry". Therefore a re-entry permit should not be required.

 

It is entirely true that the cost of a re-entry permit (3900B for a multiple) would have to be added to the cost of a retirement extension for comparison purposes, assuming that the person in question actually wants to come and go often as I mentioned.

Just because they made it multiple entry don't assume you won't need a re-entry stamp also.

[jpinx]

47 minutes ago, dontoearth said:

      It says the 90-day report is still  mandatory.   We need to line up for that first.   

Do it by post or online.  No queuing needed

It'll only be valid for the length of the passport, and the length of the insurance. Any renewal because of tone of those things expiring will probably involve another set of fees.  :S  

[dontoearth]

Just now, jpinx said:

Do it by post or online.  No queuing needed

      Most people doing 90-day report will tell u they tried online UNTIL they were  blue in the face.   A few get thru but you need a win 7 machine and IE 7 or so.   Some pretty obsolete stuff and of course there are those error pages like dbconnect not placed stable.   ????   I never did get the online version to work.   There is a whole discussion board on it.  It did work for some.  Not many!

       If they had a neat uptodate mobile version that would be nice.

       I never tried the mail in option.  I mailed stuff from here to my house years ago.  Still waiting???

 

     

[dontoearth]

On 6/17/2017 at 7:56 AM, Pilot3Boz said:

Awesome to see this moving forward from the proposed idea... Looking forward to this... Will make my life much simpler for my requirements and schedule.... Thank You PM!! I know I will get pounced on for actually supporting this idea... 1.8M with income works.... I really like the multi entry aspect.....

  Let us all know if you actually get this visa!   They made some such similar announcement about a year and a half ago and nothing happened.  My thai friends kept telling me it would be any day now and to keep checking with immigration.   LOL.  ROFL!   

[jpinx]

2 minutes ago, dontoearth said:

      Most people doing 90-day report will tell u they tried online UNTIL they were  blue in the face.   A few get thru but you need a win 7 machine and IE 7 or so.   Some pretty obsolete stuff and of course there are those error pages like dbconnect not placed stable.   ????   I never did get the online version to work.   There is a whole discussion board on it.  It did work for some.  Not many!

       If they had a neat uptodate mobile version that would be nice.

       I never tried the mail in option.  I mailed stuff from here to my house years ago.  Still waiting???

 

     

Indeed the online reporting has had issues, but some people seem to use it.  Maybe it depends on the immigration office involved -- not all are connected? 
Don't overlook the passport validity.  Most passports have a ten year life, so a ten year visa will probably not be fully used and a new fee will probably be needed to keep it alive. 

Insurance with a Thai company is a blatant way to get the money into the country.  There are plenty of non-Thai insurance companies who will insure older folks with pre-existing conditions, but the cost is going to be high - depending on cover and excesses.  Finding a policy that will deal with the hospital direct is by far the prefereable option as they will have a vested interest in keeping costs down and will take your own bank account out of the loop.  What level of coverage will need to be decided by immigration when they issue the visa -- maybe less coverage as the age increases?

 

 

 

 

[1SteveC]

7 hours ago, sqwakvfr said:

I just hope the requirements to renew for the O-A Extension of Stay stay the same.  I can't prove this but I suspect part of the reason for the  large deposit requirement is to increase the amount of cash into Thai Banks?  

 

You are joking right ? A couple of hundred million is absolutely nothing in the banking world. 

[1SteveC]

1 hour ago, dontoearth said:

Just because they made it multiple entry don't assume you won't need a re-entry stamp also.

 

Yet another joker - either it is multiple entry, (which it is), or single entry and requiring a re-entry permit, (which it is not).

[dontoearth]

2 hours ago, 1SteveC said:

 

Yet another joker - either it is multiple entry, (which it is), or single entry and requiring a re-entry permit, (which it is not).

      Some multiple entry Retirement visas still require the re-entry stamp.   I have no idea why this is true.  Call immigration if you would like to make your head spin.

 

[Momofarang]

15 hours ago, scubascuba3 said:

I've found one positive, its better than the Elite visa so maybe that will be scrapped or run out of cash

Funny you say that. I was thinking that the TE 20 years for THB 1 Million was probably a better option. This one would cost me about the same only for the Thai life insurance, as I am fully covered by my former UN employer. Actually I have coverage for my wife and two girls and would end up to pay yearly a 40000 or 50000 bribe to some friend of a friend who happens to be an insurer....

[Stargeezr]

Nice try Thailand, try again when you actually have a good idea that is good for your tourists and

expats, by the way only 14 countries, on this list, way to go!  Guess you don't have a good quality

world Atlas to use, you really should go buy one.

Geezer