10-Year Visas Now Available: Thai Immigration

[Mad mick]

4 hours ago, cornishcarlos said:

So this 10 yr visa (that is seems no immigration staff know about) comes in two 5 yr installments !! So it's a 5 yr renewable visa then ?

 

Where's the 5 yr visa for married or parents ? 

welcome to kwailand amazing thailand , go vietnam stay 5 years on tourist multiple entries 3 x 3 months  after 5 year can apply for dual citizenship and vietnamese passport + keep your country of origin passport , no need for dumb 3 million baht left in bank , for what not 10 years only a 5 years , then they change the rules who know's the place is a screaming mess  "  thai immigration wont get their heads around it , for decades waste of fn time

Edited August 16, 2017 by Mad mick

[Thaidream]

My  take on this is that a Visa will be issued for 5 years via Immigration or a Thai Embassy/Consulate and a person will be given a 1 year extension of stay and then have to report to Immigration each year for another extension o stay and also do the 90 day reports. I don't know of any extension of stay that goes for more than 1 year at a time including the Elite Visa.  Unless they have modified the police order to indicate a person will get the Visa and then a 5 year extension of that stamp at one time-it certainly is not worth it. I would like to seethe actual details and paperwork and the length of the stamps placed in the passport. I would also like to know if one gets this type of Visa and then cannot meet the requirements at the 5 year mark- can they revert back to a normal extension based  upon the current requirements.

There is a lot of information that needs to be clarified on the Visa itself and the extension process.

Edited August 16, 2017 by Thaidream

[diehard71]

3 hours ago, globin said:

I like the picture of the silver haired couple on the spotless and deserted beach...I want a visa for that place, where is it? inside the hollow moon!

looks like panama city beach in florida.

[impulse]

36 minutes ago, 4MyEgo said:

Extension of stay based on marriage to a Thai is easier and only requires 400,000 baht in the bank, less risk IMO, and no real hoola hoops to jump through either from this end.

 

Unless you've already taken the plunge, I'm not sure getting married here is less risky than any plan the government may come up with,.

[chainarong]

3 hours ago, Luckysilk said:

Thanks but no thanks, noooooo way in hell am I putting 3M in Thai baht in this country when I'm treated like crap.

My thoughts exactly

[Mad mick]

3 minutes ago, Thaidream said:

My  take on this is that a Visa will be issued for 5 years via Immigration or a Thai Embassy/Consulate and a person will be given a 1 year extension of stay and then have to report to Immigration each year for another extension o stay and also do the 90 day reports. I don't know of any extension of stay that goes for more than 1 year at a time including the Elite Visa.  Unless they have modified the police order to indicate a person will get the Visa and then a 5 year extension of that stamp at one time-it certainly is not worth it.

its an fn joke they don't know what they are doing , one thing 4 sure after 3 years they have fd thailand up more than anyone could believe is possible  , 

[janpharma]

Was this invented by a "lady-bar"?

[Thaidream]

In addition to my reservations about this- where is the actual police order that spells out how it all works so we can read it directly to include the requirements. No one with any sense is going to apply for this Visa without doing some serious research.

[SunsetT]

3 hours ago, Suradit69 said:

A whole lot of people seem to get marriage extensions (not visas) without any problem. If you're facing difficulty getting a one year extension, why would you assume getting a visa or extension for a longer period would be problem free?

 

I have no plans to apply for this visa, but why would you assume that many retirees have less of a connection to Thailand than you do. Many retirees are married to Thais and have children here. 

I have an eighteen year connection to Thailand and get retirement extensions every year. Why is someone who chose to get married so much more "connected" to Thailand?

Stop asking 'why?' in Thailand or your head will explode.

[Ossy]

Just what is Immigration's need for big money in an old farang's bank account? And, what difference does the 3M make re the granting of this mega visa? Could our army friends possibly be thinking of freezing these assets if ex-pats' presence in Thailand is seen as some sort of trumped-up threat . . . bad-mouthing them, pre-election time, perhaps. No surprise, then, that my bank keeps my cash in a matchbox!

[observer90210]

Only suckers will fall for this latest Thai Immigration Hoax!

[Tofer]

2 hours ago, SpeakeasyThai said:

That's the best thing I have read from the story and the comments. THANK YOU.!...

I lived in Malaysia 2 years. 

 

I now now live in Thailand. What conclusions would you draw from that?

 

Of you go then, enjoy... Please don't send me an invite!

[aussienam]

The losses in foreign bank interest over ten years for 3 Million Baht makes this offer uneconomical for most

 

3 Million Baht?  So, this is my question; is the allure of a ten year (5 year split really) visa is worth putting 3 Million Baht into a Thai bank account that will earn virtually zero interest?  

Let's do some simple maths: 

 

If I leave my three million baht in my Australian bank account - in a 5 year term deposit account (that is also bank guaranteed under strict Australian government legislation) - approximately $120,000 Australian Dollars (based on roughly 25 Baht to the dollar) , I can currently apply for a 3.3% term deposit interest account up to 5 years in most banks.  

 

First 5 years: 

That equates to $3960 interest earned per year x 5 = $19,800.00.  That is almost 500,000 baht in interest (minus tax of course but that is variable according to one's tax structure).  

 

Second five years: 

 

So now you roll over the principal and interest received from the first 5 years:

 

$120,000 AUD or 3 Million Baht plus interest = $120,000 + $19,800 or 3 Million Baht + 495,000 Baht 

 

So the new 5 year term begins with the amount of  $139,800 AUD equivalent to approximately  3,495,000 Baht

 

That equates to $4613.40 interest earned per year x 5 = $23,067 AUD or 576,675 Baht

 

Total gross interest earned over 5 years would = $19,800 + $23,067 = $42,867 earned

 

That's the equivalent of 1,071,675 Baht - over 1 Million Baht in gross interest 

 

Even if you were to pay let's say an average Australian income tax rate of 32.5% (including Medicare levy which you may be exempt from as an expat) which for many would be less anyway, that's still approximately $28,935.00 AUD interest earned after tax or approximately 723,380 Baht.  

 

I understand the 1 year retirement visa also requires an amount deposited into a Thai account and/or some proof of a regular income stream.  

 

But as it stands looking at the ten year visa option one needs to ask whether it is worth losing more than 1 Million Baht in passive gross income over 10 years (based on Australian bank interest only) by leaving money in a bank for the use of the Thai economy with zero benefit to you?  It's a very large amount to pay for convenience.  

 

So unless you are a wealthy retired expat (I am sure there are many of you but many of us were not so fortunate) this amount is just way too much to just hand over.  

 

Basically you are paying 100,000 Baht per year (based off the gross interest amount) for the visa when you equate it to lost interest.  

 

There is no way I would ever pay that much to stay in Thailand unless I was close to death's door and wasn't going to pass on any inheritance anyway.  

 

There is way too much uncertainty as well about the future and it is a huge amount to hold in a bank account for ten years with no interest - plus the value of that 3 Million Baht depreciates with CPI (inflation) as well which means after ten years if you decide enough is enough that money is worth considerably less.  

 

Edited August 16, 2017 by aussienam

[rexall]

4 hours ago, Suradit69 said:

Not enough marriages last that long.

Good gawd, man!  How long do you think rerirees last? 

[rexall]

I suspect that this and similar schemes have to do with some diplomatic  reciprocity with immigration laws in other countries, and this is a way of complying with the "letter of the law" but not the spirit, and not really having to give anything up.

[garbolino]

4 hours ago, Luckysilk said:

Thanks but no thanks, noooooo way in hell am I putting 3M in Thai baht in this country when I'm treated like crap.

what interest rate would one get on 3 million baht??

[rexall]

37 minutes ago, Thaidream said:

In addition to my reservations about this- where is the actual police order that spells out how it all works so we can read it directly to include the requirements. No one with any sense is going to apply for this Visa without doing some serious research.

No one with any sense is going to leave B3 million in a no-interest bank account in a military dictatorship.

[Dukeleto]

It's clear that they really thought this through and  they must have consulted many retirees both already here and in the targeted countries abroad to come up with such a well tailored retirement package. Well done and give yourself a solid slap on the back. I hope they don't change their minds before I can transfer the 3 million into a Thai bank account!

[Jimbo in Thailand]

4 hours ago, ferguston said:

It will be interesting to see how many of the dodgy "visa agents" start to offer the 10 year visa along with their current "dodgy retirement visas ".

I think they already have.  IIRC Isn't it called something along the lines of the Elite Visa program?

Edited August 16, 2017 by Jimbo in Thailand

[aussienam]

14 minutes ago, rexall said:

Good gawd, man!  How long do you think rerirees last? 

That's possibly part of the benefit to the Thai government that expats who do not have a WIll or specify what happens to money in a Thai bank account - therefore forfeited to the government.  A nice cash windfall for each expat that dies during the 10 year visa without a proper Will!! 

[StayinThailand2much]

4 hours ago, globin said:

I like the picture of the silver haired couple on the spotless and deserted beach...I want a visa for that place, where is it? inside the hollow moon!

They probably just copied it from Google.

[Kerryd]

16 minutes ago, garbolino said:

what interest rate would one get on 3 million baht??

Crap.

I was at the bank 2 weeks ago and asked them what their best rate was. 1.5% for a 1 year fixed term deposit. (Note - interest earned on Fixed Term deposits is taxed  when the term comes due.)

 

Possibly a little more if you chose one of the mutual fund plans and it does better than expected. (Note - apparently interest earned from Mutual Fund deposits is not taxed.)

Keep in mind that under the original terms of this new "visa", you would have to put the 3 mil in a locked in deposit for 1 year, after which you could withdraw up to 50% of it, but only if that money is going to be used for "approved things" (like medical treatment or a condo purchase). The other 1.5 mil has to stay locked in for the duration of the visa and then, when it's time to renew the "10 year" visa for another 5 years, you have to top up the account to 3 mil again (for another year after which you could again withdraw up to half of it).
So basically you end up with 1.5 mil locked into a bank for the entire duration of the visa. 

And you still have to do the 90 day reports !

[YetAnother]

maybe they can sell one

[Thaidream]

And I believe you will have to visit Immigration each year to get your extension on a yearly basis/The Visa will be stamped in for 5 years but nowhere does it say you will get an extension of stay for 5 years at a time.

[Wake Up]

4 hours ago, Luckysilk said:

Thanks but no thanks, noooooo way in hell am I putting 3M in Thai baht in this country when I'm treated like crap.

There are 196 countries in the world. Surely one will not treat you like crap. Please go find that country and live a better life for yourself and the rest of us. Peace

[Wake Up]

6 minutes ago, Father Fintan Stack said:

Correct and you will still have to report every 90 days. 

Yes you have to buy a postage stamp every 90 days. How can we all bare that huge expense and time consuming responsibility?  Damn this place is tough to live in. Please tell all the people in the two hour ques at both airports.  

Edited August 16, 2017 by Wake Up

[the guest]

Now why would you put 3 million baht in a Thai bank account?

[Thaidream]

Doing a 90 day report is not a tough thing to do per se. However, if a country is advertising a 10 year Visa with the requirement that you have to put 3 Million Baht in a Thai Bank and not touch a portion of it for at least a year and then top it up for the second 5 years- I and other expect more than a 5 year Visa Stamp; still an annual trip to Immigration and still doing 90 day reports.  How about making an offer no one can refuse-  what is being offered most people will refuse.

Edited August 16, 2017 by Thaidream

[maxpower]

10 minutes ago, the guest said:

Now why would you put 3 million baht in a Thai bank account?

To buy a BMW 3 Series GT

[zzaa09]

5 hours ago, Just1Voice said:

When I read all the requirements for it, I said "Screw that!".  I'll stick with my yearly Retirement.  No big deal.

 

Yep. Works just fine.

And has for years.