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homeseeker

Elite Visa now a serious alternative to 800k in bank?

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3 hours ago, homeseeker said:

With the new rule for retirees using the 800k in the bank method to obtain the annual renewal this in effect  means for long stayers they need keep at least 400k in the bank indefinitely. Might as well write of that sum.

My understanding is for the 5 year elite visa there is a guarantee of  5 years  hassle free living though the downside a one off payment of 500k.

Also Elite Visa holders who have made their home in Thailand still need to go to immigration annually and need do the 90 day report ..is that right?

So does anyone have any input as to which is best?

IMO, and apart from any of the fringe benefits, BKK airport limo, etc.,  Elite is still a niche for those under 50 years of age who have surplus income/cash and need an option to live/stay long term here until other Immigration options become available. 

 

I think the modest number of Elite members against the total population of long-stayers, speaks for itself.

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29 minutes ago, milwaukeeboy said:

"My friend" goes with the Elite Visa because he is American and cannot stand that the IRS forces him to file the FBAR every year which requires him to report all balances in foreign bank accounts. Even though 800K isn't a lot to him, he cannot stand the intrusiveness of what he considers to be a globalist police state.

well he is paying a lot for that little privilege, must be wealthy. 

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If you are under 50 and do not qualify for any other visa the 500,000 baht Elite Visa should be considered.

 

If you are 50 or over you qualify for a 1,900 baht retirement extension and you should only consider the Elite Visa if you are mathematically challenged.

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47 minutes ago, milwaukeeboy said:

"My friend" goes with the Elite Visa because he is American and cannot stand that the IRS forces him to file the FBAR every year which requires him to report all balances in foreign bank accounts. Even though 800K isn't a lot to him, he cannot stand the intrusiveness of what he considers to be a globalist police state.

Your friend sounds very confused. Where does he keep his money then an American bank or brokerage that reports income and balance automatically?

 

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Elite doesn't benefit your wife if you die 😉

Keeping 800,000 will go to wife and family. Or gf if she knows code.

The bankrate us very bad here.

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I do not currently have al Elite visa but I am thinking about it-

 

Here is my thinking- I have a fund I have been investing in that has been returning 10-12% per year for several years now Let's say 10% for easy calculations. 

 

B800,000 = roughly US$25,000 these says. 

So if I invest that in the fund I have my other money in, or research another fund, I can likely make $2,500 a year on the $25,000, but of course no guarantees.

$2,500 = roughly B75,000. 

 

Keeping to five years for the Elite visa at B500K, my first year would be close to a wash, since I had to pay B500K all in one clump, as compared to keeping it i the bank and getting close to zero interest. After that, I make about $2,500 in investing my $25,000, while averaging a yearly spend of $3,000 with Thai Elite. Close to a wash depending on a lot of unknowns. 

 

So for such a small difference in money, Thai Elite is starting to make a good deal more sense to me.

 

What do you think?

 

 

 

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21 hours ago, murraynz said:

i think some people are paranoia about security of our money in thai banks..

i think this is unfounded--they are as "almost' as safe as any bank -elsewhere...

i think those that make the most 'fuss' about depositing 800,000thb in thai bank---

simply dont have the funds--sure the interest rate is minimal-tax, but 800,000 is not a huge amount to earn much income, anyehere else....

I can think of a couple of English banks that have bankrupted in the last 2 decades but I’m unaware of any Thai banks that have done the same.

happy to be corrected 

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What is not clear is that if the funds go below 400k in the middle of the visa year extension will they tefguse a futhet extension?

Even if you have 800k in the three months before applying to renew?

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