New 10 year Visa

[pmarlowe]

Will this new scheme affect the existing Thai Elite Visa program? While both require a substantial financial comittment, the Thai Visa Elite seems much easier, no bank account deposits and additional benefits with concierge .  I am just curious if this program will now be pre-empted.

Edited July 14, 2017 by pmarlowe

[mahjongguy]

Apples and oranges. With the Elite program you purchase your time in Thailand. Money paid and gone.

 

With the new 10/5 year visa, while we don't know yet a lot of very important details, it's clear that you pay a small reasonable fee and you place a large deposit in your own bank account. That money is still yours.

[pmarlowe]

Quote

12 minutes ago, mahjongguy said:

Apples and oranges. With the Elite program you purchase your time in Thailand. Money paid and gone.

 

With the new 10/5 year visa, while we don't know yet a lot of very important details, it's clear that you pay a small reasonable fee and you place a large deposit in your own bank account. That money is still yours.

Thanks...yes I do understand the differences but paying out a one time 15k USD charge versus tying up 3 Million THB in bank deposits for a year or more seems like a much better deal for the Thai government. But I suppose the two programs could co-exist.

[ubonjoe]

You have to 50 or over to qualify for the new 10/5 visas. You have to have a criminal background check done and a medical certificate. Besides the 3 million in the bank you also have to have medical insurance.

There is really no comparison the Thai Elite program and  the new one that is for retirees.

[TerryLH]

The newer info says that you can use 100k income instead of the 3M deposit.  

That was in the original proposal some time ago, but not mentioned in the more recent news releases - until now.

[ubonjoe]

3 minutes ago, TerryLH said:

The newer info says that you can use 100k income instead of the 3M deposit.  

That was in the original proposal some time ago, but not mentioned in the more recent news releases - until now.

It is a combination of the 2. It is 1.8 million in the bank and 1.2 million of income.

No 100k baht income is mentioned.

From a rough translation of the ministerial order posted in the royal gazette on June 12th.

Quote

(b) Having fixed deposit in the bank account in value (after currency exchange) in THB not less than one million and eight hundred thousand THB, and having annual income not less than one million two hundred thousand THB, or a deposit of not less than three million THB within a period of one year.

 

[ezzra]

I think that this new law will be massaged and reshaped many times over

before it will be announced to be the final product, let's face it, how many

foreigners can have the 3 millions in the bank for such period of time?

not may i guess, so what's the point of the new law if only a few can really

make a use of it?

but than again, not many things make sense in this country either....

 

[WhizBang]

It should be also pointed out that the Elite visa does NOT require any money in a Thai bank, nor does it require a police report or health insurance.

 

The Elite visa is basically, you pays your money, you're in.  No further hassles.  One has to wonder though, what they do with all that money.  When I go into their office to drop off my passport, all I ever see is a lot of hi-so wannabes sitting around doing absolutely nothing.  But a very nice, well manicured building and grounds.

 

[observer90210]

1 hour ago, WhizBang said:

It should be also pointed out that the Elite visa does NOT require any money in a Thai bank, nor does it require a police report or health insurance.

 

The Elite visa is basically, you pays your money, you're in.  No further hassles.  One has to wonder though, what they do with all that money.  When I go into their office to drop off my passport, all I ever see is a lot of hi-so wannabes sitting around doing absolutely nothing.  But a very nice, well manicured building and grounds.

 

Some of the money is perhaps shared with immigration obviously?

[TerryLH]

UJ says:

"It is a combination of the 2. It is 1.8 million in the bank and 1.2 million of income.

No 100k baht income is mentioned."

 

It is mentioned here in a new news release.  see below.

 

"To qualify for this people must be over 50, have 3 million baht or earnings of 100,000 baht per month up and sufficient health insurance."

 

So is that another example of bad reporting, or have they gone back to what was originally reported some months ago?

 

Terry

[scubascuba3]

It should be also pointed out that the Elite visa does NOT require any money in a Thai bank, nor does it require a police report or health insurance.
 
The Elite visa is basically, you pays your money, you're in.  No further hassles.  One has to wonder though, what they do with all that money.  When I go into their office to drop off my passport, all I ever see is a lot of hi-so wannabes sitting around doing absolutely nothing.  But a very nice, well manicured building and grounds.
 

Big losses previously apparently, makes you wonder how

[jeab1980]

8 hours ago, mahjongguy said:

Apples and oranges. With the Elite program you purchase your time in Thailand. Money paid and gone.

 

With the new 10/5 year visa, while we don't know yet a lot of very important details, it's clear that you pay a small reasonable fee and you place a large deposit in your own bank account. That money is still yours.

Its yours but you cant touch it for 3 years and will make sod all on it.

[tonray]

22 minutes ago, TerryLH said:

UJ says:

"It is a combination of the 2. It is 1.8 million in the bank and 1.2 million of income.

No 100k baht income is mentioned."

 

It is mentioned here in a new news release.  see below.

 

"To qualify for this people must be over 50, have 3 million baht or earnings of 100,000 baht per month up and sufficient health insurance."

 

So is that another example of bad reporting, or have they gone back to what was originally reported some months ago?

 

Terry

100 K baht per month = 1,2 million annually

[Flustered]

For many, the big downer will be the Thai Health Insurance.

 

I do not see many Thai health covers for the over 70s and they would be a fair percentage of the "good class immigrants with money" the Thais want.

 

Tying up 3 million in a bank is not an issue for many and neither is self insurance for medical but any Thai insurance policy would probably be asking $1,000+ per month and would not cover existing problems.

 

The Elite visa is much easier. ! million down and a 20 year visa, no health insurance, no medical checks and no police checks. VIP treatment on arrival and assistance with 90 days and renewals.No brainer.

[jeab1980]

Tying up 3 million in a bank account for 3 years earning next to nothing on it is a real issue invested correctly that 3 million over three years would be a nice little earner.

[TerryLH]

"100 K baht per month = 1,2 million annually"

 

Your point?  I understand the math.

UJ says you need both the deposit and the income.  The news article I provided a link for says deposit or income.

They both can't be right - can they?

 

Just trying to figure out if this will work for me.

 

Terry

 

 

[Flustered]

This is the latest version of the 10 year visa plan. All very easy to understand and no ambiguities. I still think it is the health insurance that will kill it dead.

 

Thailand 10 year visa in brief:
 
- Over 50s only
- 14 nationalities eligible: Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Switzerland, Sweden, Great Britain and Northern Ireland, Canada and United States of America.

- 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
- Criminal background check from country you hold passport
- Health insurance provided by Thai company, Outpatient coverage minimum 40,000 baht, Inpatient coverage not less than 100,000 thousand baht
- Not permitted to work
- Unlimited entry valid for 5 years
- Fee is 10,000 baht
- 90 day report still required.
- Visa issued in two 5 year periods

[TerryLH]

That is the info from a couple of months ago.  Have you seen something more recent that says the same thing?

The article I saw was just a couple of days ago.

 

I'm hoping the most recent article is accurate, but I've seen what a mess is made of many facts in the local news.

 

One thing I didn't remember from your list is the 'unlimited entry valid for 5 years'.

Do you recall if that is with or without re-entry permits?

 

Thanks

Terry

[scubascuba3]

Why would someone choose the new 10 year one over the existing 800k option?

[ubonjoe]

11 hours ago, TerryLH said:

So is that another example of bad reporting, or have they gone back to what was originally reported some months ago?

I guess you failed to read the part of my post that stated the newest info was posted in the royal gazette on June 12th of this year. I even quoted from the ministerial order that was posted in the royal gazette.

You also need to learn how to use the quote function.

[CutiePi]

19 hours ago, ezzra said:

I think that this new law will be massaged and reshaped many times over

before it will be announced to be the final product, let's face it, how many

foreigners can have the 3 millions in the bank for such period of time?

not may i guess, so what's the point of the new law if only a few can really

make a use of it?

but than again, not many things make sense in this country either....

 

You'd  be suprised how many...and what would be the point of giving basically 5- 10 year residency to those who couldn't? 

Edited July 15, 2017 by CutiePi

[YetAnother]

as others have noted, the details are sketchy on the new 10;

example: say a person has one and some family emergency comes up and the 3 M is no longer in the bank and thus no renewal at the 5 year mark is available, can that person at that point 'revert'/change to a 1 year visa/extension ? or do they have to 'start over'

[JackThompson]

This scheme seems overly complicated. 

 

For health, require everyone entering the country purchase "stabilize and evacuate" insurance, which gets you stabilized and back to your home-country.  It should be cheap, given the large risk-pool, and given many will have other insurance, so will never use it.  Put a deductible on it, so small charges don't complicate things, and write it as 'last resort', so other insurance must pay first.  This could be tied to the Thai public-health system, providing some additional funding - win/win - though private-companies would also be happy to provide it.  Applying for an extension?  The applicant must submit proof of extending this bare-bones health-ins policy through the desired extension-date, first.  With this done, no foreigner's health issues will negatively affect Thailand.

 

For money, start with the existing retirement system - 65K or 800K or combination.  Want more years?  Add another 800K in the bank for a 2-years, another 800K for 5-years, etc.  The mo-income at 65K is enough.  For the 2+ year plans, require the money not be touched, and allow Immigration to check the balance (automated - I get SMS alerts when my balance changes, and weekly).  If the balance falls below "x" - your extension is revoked effective within 120-days, so anyone who is otherwise unreachable (though their address and phone should be on-file), would find out they must get-out or re-apply. upon submitting their next 90-day report, with time to spare.

Edited July 15, 2017 by JackThompson

[ubonjoe]

8 minutes ago, YetAnother said:

as others have noted, the details are sketchy on the new 10;

example: say a person has one and some family emergency comes up and the 3 M is no longer in the bank and thus no renewal at the 5 year mark is available, can that person at that point 'revert'/change to a 1 year visa/extension ? or do they have to 'start over'

Not sketchy at all. They are here in the royal gazette. http://www.ratchakitcha.soc.go.th/DATA/PDF/2560/E/157/33.PDF

There is nothing in the ministerial announcement that says you cannot get a extension based upon retirement after having the new visa.

[ubonjoe]

A inflammatory post and the expected replies to ti have been removed.

[TerryLH]

Thanks Ubonjoe

I was hoping that the income alone would work.

I guess I'll just keep doing one year at a time.

 

Thanks,

Terry

[scubascuba3]

Not sketchy at all. They are here in the royal gazette. http://www.ratchakitcha.soc.go.th/DATA/PDF/2560/E/157/33.PDF
There is nothing in the ministerial announcement that says you cannot get a extension based upon retirement after having the new visa.

Would be handy if it was in English.

What's the rule re the 3m baht, can an amount be withdrawn after a time and used for condo purchase for example?

[BobTH]

1 hour ago, scubascuba3 said:

Would be handy if it was in English.

What's the rule re the 3m baht, can an amount be withdrawn after a time and used for condo purchase for example?

 

Sorry I pasted a link before noticing that it had copyright restrictions. scubascuba3, if you want to message me I will supply you the link to information on the new visa in English that is pretty straight forward. 

Edited September 11, 2017 by BobTH

[ubonjoe]

2 hours ago, scubascuba3 said:

What's the rule re the 3m baht, can an amount be withdrawn after a time and used for condo purchase for example?

You can withdraw the funds down to a minimum of 1.8 million baht.

Info about the non-ox visa is here on the DC embassy website. http://thaiembdc.org/non-immigrant-visa-category-o-x-long-stay/

Immigration still has not come out with a list of requirements.

[observer90210]

Is the Thai Elite scheme not something better, with good visa renewal assistance and all the other perks, then this 10 year visa?

Edited September 11, 2017 by observer90210