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

[stament]

my, my 6 pages already. ?

 

 

[GOLDBUGGY]

1 hour ago, 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 can't tell either.

 

Many people in there 50's are still working overseas, which by this law seems they can't work anywhere at all. So it leads to the question of how one can have an Income of 1.2 Million Baht, when they are not working? Maybe in stocks and bonds. Not many would have a Retirment Income of 1.2 M, if they aren't working. Or at least I don't. 

 

Many people in there 60's would find it difficult to get Medical Insurance for 10 years, and a validty period of this Visa. So I guess this is aimed at the guy in his early 50's who has plenty of money and never has to work again. I know there is a few out there, but how many? Is it enough to make this Visa worthwhile? 

[KittenKong]

5 minutes ago, SOUTHERNSTAR said:

By the way they only said what the price of the visa was and not for the re-entry permit which they could load on top of it.

 

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.

[tharae]

7 minutes ago, Na Lee said:

Am i missing something? Each year I apply for a one year retirement visa 1900 baht. Over 10 years is 190000 baht. No money in the bank required, Health insurance none, go to imm. Every 90 days. So what's the benefit of the 10 years visa.????!?!?

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

Yes,  you're missing something. BTW, do you have any real estate to sell?

[whaleboneman]

1 hour ago, 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?

Thai banking group?

[KittenKong]

Just now, GOLDBUGGY said:

Many people in there 50's are still working overseas, which by this law seems they can't work anywhere at all.

 

Such rules only relate to employment within Thailand. They never care about what you may be doing elsewhere.

[Kerryd]

3 minutes ago, Denim said:

So you can open a bank account without a work permit now ?

 

Money talks.

 

Um - never needed a work permit to open a Savings or Fixed Term bank account.

 

I've had dozens of accounts in Thai banks over the last 13 or so years and never had a work permit.

(Though I believe you need one if you want to open a Chequing account. It seems a lot of people try to open a Chequing account instead of a Savings account and then get confused when asked for a work permit.)

[Lee4Life]

I would be interested if it was available through Royal Consulates and Embassies in my home country.

[GOLDBUGGY]

Well I guess anytime the government makes it easier for a long term Visa, then this has got to be good news for everyone and a step in the right direction. I can't really see this as any benefit to me personally, but maybe for some it is great news. 

[twizzian]

 

April came around very quickly.

Pointless, I don't see it benefits any one or even the wealthy, & only the western countries too!  Why is that?

 

[wombat]

''I bet soon after they remove the retirement visa.''

 

you could have hit the nail on the head

 

[Thomas Hannah]

1 hour ago, darksidedog said:

If Thailand keeps sliding downhill the way it has been doing of late, I am not sure I want to be here for another 10 years anyway.

Down hill of late.You must be new to thailand.Its been going down for at least the last 15 years.The last 7 ,its gone rock bottom.Thats why its dead there now.

[Kerryd]

17 minutes ago, SymS said:

So the 3 million baht  must be kept in the bank as a deposit for a period of one year only? After you can do what you want with the money?
10,000 Baht for the visa is for 5 years or 10 years?

 

As stated in the OP - the 3 mil is "locked in" for the first year. 

 

After that, up to half (1.5 mil) may be withdrawn to spend only on certain things (like a condo purchase) - the government has a list of approved things you can spend that 1.5 mil on.

 

The other 1.5 mil is locked in for the duration of the visa.

As the visa has to be renewed after 5 years, it would be safe to assume that the renewal will cost another 10,000 baht and you will have to meet ALL the financial requirements again. It is possible though that you may only have to keep the 1.5 mil locked in for another 5 years but I wouldn't count on it.

 

[Thomas Hannah]

5 minutes ago, Lee4Life said:

I would be interested if it was available through Royal Consulates and Embassies in my home country.

It is.All visa,s are.

[YetAnother]

2 hours ago, rooster59 said:

can be reduced to 1.5 million under certain conditions

and what might those be ?

[ToS2014]

2 hours ago, 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.

 

 

Perfect for all those rig monkeys but not for those retired from the military.....and yet to reach 50 let alone parting with 90K.  

[Thomas Hannah]

1 minute ago, YetAnother said:

and what might those be ?

On anything that costs you more money.

[Kerryd]

12 minutes ago, GOLDBUGGY said:

Many people in there 50's are still working overseas, which by this law seems they can't work anywhere at all. So it leads to the question of how one can have an Income of 1.2 Million Baht, when they are not working? 

 

You would not be allowed to work in Thailand.

 

"Foreigners are not permitted to work while staying in Thailand on the visa"

 

Just like with the Retirement Visa/Extension. You can work outside of the country, just not inside of it.

[wombat]

14 minutes ago, tharae said:

Yes,  you're missing something. BTW, do you have any real estate to sell?

 

if they don't, i have a mate with some easily drained tidal swamp land with a view in Florida for sale at a good price

[hobobo]

2 hours ago, darksidedog said:

They must really wants the Brits. In the list of countries we are listed twice, UK and Great Britain and Northern Ireland.

You are so lucky; my list of the 14 countries includes Great Britain and Northern Ireland, but no UK (unless United States includes UK?)

[connda]

That will make Thai banks happy.  Deposits are guaranteed to 1 million baht after which the remainder becomes fodder for a 'bail-in' during the next financial crisis.  And Thai health insurance companies are kicking their heels too.  
Nope, for once I'm not going to complain.  I'll be happy to show up at immigration once a year for a few hours to process my extension based on marriage.  I'm assuming these folks need to still do 90 day reports Lol   

Edited June 17, 2017 by connda

[whaleboneman]

1 hour ago, silverhawk_usa said:

I think how you feel about this depends a lot on your regular income.  BUT,  even if you meet the financial requirements, a major contradiction I haven't seen discussed is the insurance. When first contemplated this visa was supposedly aimed at medical tourism and that may still be their basic idea.  However, even living here, if you need medical care, you more than likely have "pre-existing conditions" that will generally deny you the Thai Health Insurance, or at least deny coverage for those conditions.

Medical tourism for ten years? I think I'd consider the balcony leap in that case.

[Gramps]

No thanks. I'll stick to my "no money in bank, 65,000 baht per month, one hour at Immigration once a year for an extension and multiple re-entry permit"  scheme.  Works fine.

[Upnotover]

3 minutes ago, hobobo said:

You are so lucky; my list of the 14 countries includes Great Britain and Northern Ireland, but no UK (unless United States includes UK?)

They edited the list.

[Luckysilk]

Rich in, poor out.

 

Good luck trying to sell property in Pattaya/Jomtien now.

[DavoTheGun]

Trying to get Health Insurance if over 70 would be interesting, not!

[Na Lee]

Yes,  you're missing something. BTW, do you have any real estate to sell?

What is the missing part? No i don't have real estate to sell.

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

[Tidybeard]

Need to think this through ... 10 years for 10,000 Baht. ( inc free entries is I read it right ) 

Current AO visa would be  10 x ( 1,900 + 3,800 for re-entry ) = 57,000 Baht, so a saving of 47,000 Baht.

3m in  Thai account  -  but we get around 2.2% here instead of 0.2% in the UK.

Thai medical insurance is a pain, as we have Worldwide cover with an International insurer, so we would need an extra Thai policy which would be worthless - but I am guessing not too expensive either.

Criminal check - no problem, can do online in the UK.

 

Verses - application for extension to currently include ( In Samui ) 

Copy of :- Passport front page, visa page, departure card, medical cert, marriage certificate, 3 months bank statement, letter from bank, front page of bank book, house book or rental agreement, google map of house location, hand drawn map of house location, TM47,  

All x 2 for a couple....

 

Mmmm. Will have to consider it ...

 

[whaleboneman]

2 hours ago, janclaes47 said:

Maybe you could buy some new reading glasses with that 90K USD, because it clearly states in the OP several times that the money only has to be kept in the account for 1 year, and under certain circumstances even only half of that amount.

 

 

 

Maybe you should listen to yourself. Big sale at Big C today.

[timewilltell]

Thai banks in trouble - a quick way to boost assets maybe?  Really an unattractive option in so many ways.  Plus you are not allowed t3o move your money out of Thailand once its here.