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

[Momofarang]

2 hours ago, Nowisee said:

1 year cost = 3800 multi entry permit + 1900 for extension = 5700  (x 5 = 28500 baht 5 years)
Keep the $88,500 in bank (not tied up in TL bank) earning modestly .75% =  $660/yr = 17245 ($508 after tax)

2-5 years 1.5m baht - $44k @ 0.75% = $330/yr x4 = $1,320 or 34490 baht.  ($1,016 after tax) 17245+34490=51735 baht... potential loss based on interest of .75% APY.

I'm assuming that the money in the thai is not earning any interest.  

 

Not taking into account the possibility of earning at least 2% dividend (taxed at 15%) in any ETF and assuming no capital gains.   Too lazy to do that math. 

 

5 year visa = 10000 baht

1 year visa x 5 years = 28500 

 

28500-10000=18500 savings on visa costs.

18500-51735 = -33235 net loss

 

Cost -6647/yr  

 

Pay 5700 per year or lose -6647 per year?

 

Did I do this right?  555 

If I did... go easy on me  

 

 

 

No, you forgot the cost of the life insurance...

[Pib]

Also I expect a lot of people on a 1 year retirement Visa/extension of stay do not get/pay for a Bt3800 multi retry permit when getting their annual Bt1900 extension as they rarely leave Thailand. Instead they just get a Bt1000 single reentry permit as needed which may not be often. Heck I've been in Thailand 9 years now on retirement extension of stays...haven't left once...just no desire or need to leave for a while like a visit back to the home country.

And as already mentioned numerous times the cost and availability of Thai medical insurance, especially for folks above 65, is probably a bigger con/negative than the high income requirement for the 10 year Visa.

[jpinx]

2 hours ago, Pib said:

Also I expect a lot of people on a 1 year retirement Visa/extension of stay do not get/pay for a Bt3800 multi retry permit when getting their annual Bt1900 extension as they rarely leave Thailand. Instead they just get a Bt1000 single reentry permit as needed which may not be often. Heck I've been in Thailand 9 years now on retirement extension of stays...haven't left once...just no desire or need to leave for a while like a visit back to the home country.

And as already mentioned numerous times the cost and availability of Thai medical insurance, especially for folks above 65, is probably a bigger con/negative than the high income requirement for the 10 year Visa.

The Thai-in-winter / homecountry-in-summer retirees lifestyle can be covered by a single re-entry permit and only one visit to immigration, if you get your dates right, making the cost of fees for staying in Thailand a very small consideration.  1900 + 1000 + maybe 2000 for an embassy income letter and other incidental costs - and no need even to have a thai bank account when using the income method.

[dontoearth]

On 6/23/2017 at 7:48 PM, 1SteveC said:

 

"The visa is still valid because it can be used for renewal." NO it is not, and NO it can not.

 

Visas are not "renewed" !

 

"If you come a few months after the issue the last two or three months on a visa may require a re-entry stamp" - because the visa is no longer valid !!!

Read the post from Pib.   He really understand this...You don't.  And it is no use explaining it to you.

[TallGuyJohninBKK]

On 6/22/2017 at 8:58 PM, Andrew Dwyer said:

Let me assist using mine as an example:



Mine was issued 17 October 2016 and I have to enter before 16 October 2017 to activate the visa, this is also the date my visa expires.
Between these dates I can come and go as I please with no re-entry permit required.
Each time I enter I will get an entry stamp for 1 year ( - 1 day ) in the future.
I came back to Thailand yesterday and you can see my stamp 21 Jun 2017 - Admit until 20/06/2018
So, in my case, i can stay in Thailand until 20/06/2018.
BUT: I need to use a re-entry permit after 16 October 2017 when my visa expires and I am on permission to stay.
Then on, or before, 20/06/2018 I need an extension of my permission to stay.

I will have 1 year and 8 months from a 1 year visa, if I re-enter before 16 October 2017 it will effectively become 2 years.

BUT IMPORTANT TO REMEMBER:
1st year is a multi entry visa.
2nd year is permission to stay and requires re-entry permits.

 

This is a good and correct explanation of how the O-A visa operates, and how a person can, depending on how they manage their entries, effectively get almost a two-year stay out of the single visa. After the initial year, the visa has effectively expired, but the person still is entitled to one-year additional permission to stay from the date of their last entry under the still valid visa. Any entries after the visa has expired, but during the 2nd year permission to stay period, require a re-entry permit to keep alive the permission to stay date.

 

[bill59]

Why would I ever do this when I can get a year for 1900 Baht and can simply renew?


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[TallGuyJohninBKK]

4 hours ago, bill59 said:

Why would I ever do this when I can get a year for 1900 Baht and can simply renew?
 

 

It's true, the requirements are somewhat tougher for the O-A vs in-country extensions, specifically, police clearance and medical checks are required for the O-A, and not for in country extensions.

 

The advantages of the O-A over the extension are:

--if you're doing bank deposits, those can remain in your home country bank. They don't have to be in a Thai bank.

--you end up dealing with the Thai consulate in your home country vs. Thai Immigration in country.

--the O-A as stated can cover a person for up to two years vs. 1 year at a time for extensions.

 

I choose to do extensions myself, mainly because, when I travel back to my home country from Thailand, I don't want to spend my vacation/travel time messing around with visa applications and the Thai consulate. On the other hand, for someone still living in their home country but planning to relocate, it might make sense as a first step.

 

[Andrew Dwyer]

 
It's true, the requirements are somewhat tougher for the O-A vs in-country extensions, specifically, police clearance and medical checks are required for the O-A, and not for in country extensions.
 
The advantages of the O-A over the extension are:
--if you're doing bank deposits, those can remain in your home country bank. They don't have to be in a Thai bank.
--you end up dealing with the Thai consulate in your home country vs. Thai Immigration in country.
--the O-A as stated can cover a person for up to two years vs. 1 year at a time for extensions.
 
I choose to do extensions myself, mainly because, when I travel back to my home country from Thailand, I don't want to spend my vacation/travel time messing around with visa applications and the Thai consulate. On the other hand, for someone still living in their home country but planning to relocate, it might make sense as a first step.
 

I went the O-A route as it seemed to be less hassle, the police check was all done online and they posted it to me in Thailand, the medical I did in Thailand as well ( mainly due to cost + some posters had stated difficulty in getting done by Uk doctors)
Plus, I still visit the uk regularly, so UK Embassy not a problem.

The fact that I didn't have to have money in a Thai bank didn't enter into it for me as I had already opened a Bangkok Bank account on a tourist visa to eliminate ATM charges plus I was going to buy a car here.

So, I guess whether you choose O-A or O doesn't make much difference, only your preference.
But, both seem better than this new 10 year visa, I mean what are the advantages of it ??

[SpokaneAl]

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... 

Agreed that one's money could be best put to work elsewhere. I do think that your example may be a tad overly optimistic. Splitting the difference and calculating $450 a month equals an annual return of 6%. Current dividends in "no nonsense mutual funds" are substantially lower than that number.


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[Kim1950]

Risky,  3 million baht in a Thai Bank. Then for whatever reason something changes or I make a mistake about some interpretation of the law, or catch a immigration agent on a bad day. Then get thrown out of the country and attempt to get my money back. What's the interest dividend on the 3 million baht while parked in the bank. Anyway, beats me, it might work for some people. Ya know, Medicare in the US ain't too bad. Then again, there some very nice boutique rehabs in Thailand. Not in my price range.

[SongSomSoda]

Would only put my holiday money in a Thai Bank. I once had "Thai Military Bank" still have the card but it's disabled. Still easy to get a thai bank account? Adress in Thailand still enough? ( I have my GF (hehe) has house in Ubon ? )

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[wakeupplease]

10 year visa that lasts for 5 years if you are lucky

 

Unlike some I am not that stupid

 

10 years is 10 years not 2x5 with a lot of luck also needed

[srchino]

What is with their obsession with the age of 50+? What happens at age 50, increased rate of viagara & cialis purchasing? At least in my home country 50 is nowhere near "retirement" age.

#arbitrary

[SongSomSoda]

What is with their obsession with the age of 50+? What happens at age 50, increased rate of viagara & cialis purchasing? At least in my home country 50 is nowhere near "retirement" age.

#arbitrary

Thais think = Longnose > 50 = must have money

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[Kim1950]

12 hours ago, srchino said:

What is with their obsession with the age of 50+? What happens at age 50, increased rate of viagara & cialis purchasing? At least in my home country 50 is nowhere near "retirement" age.

#arbitrary

Not an obsession in the US some public sector people can retire at 50. Even business owners retire at 50. Some people can cash out at 50. Besides in my case, I doubt, I would retire my life in Thailand, more like an extended travel visa. A base to visit all though South East Asia. Besides you can't work so all your cash is spent in country. There's little for any local social safety nets, so in some cases,, you become the safety net for a partner. On Healthcare, you do need to keep a bank balance and \ or defined income. You can find insurance. In any event, as a percent of whole population I am dubious that the extended stay over 50's are a big dead strain on the healthcare system. You might look at drunk tourists, doing harm to others and themselves that cost the system. 

[silverhawk_usa]

On 6/28/2017 at 5:48 AM, srchino said:

What is with their obsession with the age of 50+? What happens at age 50, increased rate of viagara & cialis purchasing? At least in my home country 50 is nowhere near "retirement" age.

#arbitrary

I retired and moved to Thailand at age 52.  Nothing wrong with my health and I haven't cost the Kingdom of Thailand a single baht. Although they have received plenty of mine.

[Othello]

They would quite rightly assume that very few are lucky enough to retire under 50 unless from some rather non-standard employment


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[yimlitnoy]

On ‎6‎/‎18‎/‎2017 at 6:18 PM, William C F Pierce said:

Some high interest accounts at banks do and some higher than 6%. Savings rates can be higher than in Western countries. You have to do your own research. High interest preference share would be another viable option if it was allowed, so I would not say this was.

Do you have any example for more than 1% interest in bank account in Thailand?  CITI give 0.85% on 20 million Thai Baht...  You can look on the website...  Would you trust any other Thai bank for this amount?

[srchino]

Well, on the flipside, if everything were logical and consistent in thailand then we probably wouldn't like it enough to tolerate the mosquitoes....

[Collins]

Even though the conditions are overly restrictive (e.g. insurance conditions), I still know a few people for who this Visa will be interesting. The annual trips to the immigration  for extension and re-entries are a real pain and if you can avoid this that is well worth the bit of money "lost" on insurance and/or missed investment opportunities for some. Still hoping for the end of the absolutely useless 90 day reports. 

[Pib]

6 minutes ago, Collins said:

Even though the conditions are overly restrictive (e.g. insurance conditions), I still know a few people for who this Visa will be interesting. The annual trips to the immigration  for extension and re-entries are a real pain and if you can avoid this that is well worth the bit of money "lost" on insurance and/or missed investment opportunities for some. Still hoping for the end of the absolutely useless 90 day reports. 

A real pain to do the annual retirement extension of stay/reentry permit?   I've done around 8 so far at the Bangkok/Chaeng Wattana Immigration and it's pretty fast (a couple of hours total) and pretty painless.   Knock on wood (my head)....never had a problem.

[cedel]

On ‎18‎/‎06‎/‎2017 at 8:30 PM, Marley01 said:

One wonders if the current arrangement of paying 15k to certain immigration officers will allow expats to renew the visa without any funds in their account.

If I remember good I was told 19K....lol

[Marley01]

1 hour ago, cedel said:

If I remember good I was told 19K....lol

No no, between 11-15k depending which office you go to.

[cedel]

5 hours ago, Marley01 said:

No no, between 11-15k depending which office you go to.

I think they had many intermediate people to pay bribe ...

[bander]

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

Didn't the last time they tried something like this fold after a year or two and everyone wound up holding worthless paper?

You are right, they called it "Thai Elite Card". All scam and BS.  Price 500.000,- bath, valid for 5 years, no refund of course.

[bander]

On 6/17/2017 at 7:06 PM, fullcave said:

Have to report every three months regardless.

 

But the bit I find incredibly dull witted is - "Health insurance provided by Thai company, Outpatient coverage minimum 40,000 baht, Inpatient coverage not less than 100,000 thousand baht."

 

If you have 3 million sitting in a Thai bank why the hell would you need 100k of Health insurance provided by Thai company, do they worry you won't be able to afford 100K in medical bills or 40,000 baht in outpatient expenses?   

Just another rip off from the thai government, same old, same old. 

[maewang99]

oh yeah, the scheme to get me to change my assigned risk pool to one that includes a few thousand THB of outpatient coverage.. what for?

versus the old extension rule that involves 2 shopping mall trips a year... instead of 2 every 10 years.... hmmmm.... 

hey, we can watch a movie. then the mall experience time just flies by. that's at Central.. after sitting it out a hour or two at the Promendada because I made a big drive all the way into.... yech!!!!... Chiangmai City.








 

Edited August 3, 2017 by maewang99

[murraynz]

i believe a lot of the comments from people who are anti this offer and say only idiots would accept it-----are the very same people, who would say NEVER buy a condo here.....they simply dont have any money...

i have funds but dont like wasting money or having it sit idle---- i believe 1.8 m in bank plus showing an income of 1.2m is quite an attractive offer for the convenience of 2x 5yr visa and ability for multi entry....it doesnt say how long the 1.8m has to remain in the account---regardless,its still security,if ever needed urgently for medical etc....this is also a very much cheaper way-than elite visa....

[dundas]

21 minutes ago, murraynz said:

i believe a lot of the comments from people who are anti this offer and say only idiots would accept it-----are the very same people, who would say NEVER buy a condo here.....they simply dont have any money...

i have funds but dont like wasting money or having it sit idle---- i believe 1.8 m in bank plus showing an income of 1.2m is quite an attractive offer for the convenience of 2x 5yr visa and ability for multi entry....it doesnt say how long the 1.8m has to remain in the account---regardless,its still security,if ever needed urgently for medical etc....this is also a very much cheaper way-than elite visa....

I have the funds to buy a condo, but there are various reasons (concern about construction standards, long-term security of title to name just a couple) that suggest I won't.

 As for visas, if I can continue to fly in and out on 30 day exempt, that's my preferred choice. But that's related to the fact that I don't want to make Thailand my permanent home. Good luck to you if you do. 

[JoeBloe]

On 7/13/2017 at 9:57 PM, Collins said:

Even though the conditions are overly restrictive (e.g. insurance conditions), I still know a few people for who this Visa will be interesting. The annual trips to the immigration  for extension and re-entries are a real pain and if you can avoid this that is well worth the bit of money "lost" on insurance and/or missed investment opportunities for some. Still hoping for the end of the absolutely useless 90 day reports. 

I have owned my own condo for 9 years I think, so I already sunk cash here, for better or worse.

 

I just calculated by the end of the this year, I will have spent 195 days in Thailand and I won't have made even 1x 90 day report! I travel often. I have a non-immigrant O multi-entry.

I don't see at this stage what benefit this would have over an O-A 1 year for me which hs less onerous requirements. Or indeed the non-O I have now (but there are some things that need the O-A if I stay here longer)

I actually want to be fiscally resident here - hopefully my 195 days this year will accord me that privilege, but one never knows until the day one actually asks.

This place is somewhat byzantine I agree, but I had hoped for a better 10 year option - foolish boy me.