Jump to content
BANGKOK
homeseeker

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

Recommended Posts

10 minutes ago, charliebadenhop said:

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?

 

 

 

You haven’t deducted taxes and exchange rates from your gains, small oversight. 

 

Personally for the simplicity and low cost I’d go for it.

 

im looking @ the 20 year Thai Elite ya the moment. If I don’t marry my gf in the next 12-18 months that is what I’ll be going for 

Share this post


Link to post
Share on other sites

I don't think it makes any financial sense. With 800K bank in a fixed deposit, you will at least get 12,500 per/year. And it is for perpetuity. 500K is only for five year. You can always bequeath the money when you no longer need (presumably at the time of your death). Elite only makes sense for perpetual tourists. 

Edited by onera1961
  • Haha 1

Share this post


Link to post
Share on other sites
On 2/2/2019 at 12:39 PM, New beginnings said:

Firstly if you pop out of Thailand just before the 5 year expiration date and re-enter before the elite visa expires you will get another full year on entry thus total 6 years.  Secondly you only have to go to immigration to extend if you do not leave Thailand for the full year as you automatically get 12 month renewal on each re-entry to Thailand. Still have to do 90 day reporting but these can be done on-line or depending where you live Thai Elite will do these for you if you drop of your passport to there local office.

 

I looked up the details of Thai Elite and it seems they will do the 90 day reporting for you only if you drop your passport and paperwork off with them at one of their (comparatively few) offices.  For the many of us not living near one of their offices, clearly a non-starter. Even for those living in a city with a Thai Elite office it is questionable how having to travel to their office is any easier than just going to Immigration. In short, no benefit.

 

And other than express lanes on arrival in the airport I did nto see a single other meaningful benefit to it. A  lot of fluff and nonsense. they clearly did not do any formative market research when they developed this.

 

If you on the other hand put 400/800K in a fixed deposit you will at least get some interest on it.

  • Like 1
  • Haha 1

Share this post


Link to post
Share on other sites
On 2/2/2019 at 12:39 PM, New beginnings said:

Firstly if you pop out of Thailand just before the 5 year expiration date and re-enter before the elite visa expires you will get another full year on entry thus total 6 years.  Secondly you only have to go to immigration to extend if you do not leave Thailand for the full year as you automatically get 12 month renewal on each re-entry to Thailand. Still have to do 90 day reporting but these can be done on-line or depending where you live Thai Elite will do these for you if you drop of your passport to there local office.

 

hello, please do you know ?

For someone who lives in Bangkok and Pattaya (2 addresses), where is it easier to have someone do the 3 months report for me without having to go to immigration ? Cheers.

 

 

 

 

 

 

 

Share this post


Link to post
Share on other sites

Please ,,, can anyone tell me of any person that has deposited 800,000 Bht in one 

of the "big 5" banks & lost it ????????   And you get minimal interest.

What is the matter with you people grizzling about this ?

You would think they want to steal it.

I fully understand the exchange rate problem but take that up with your home country,,,

It is not Thailand's fault.

For you long term stayers who refused put the 800,000 Bht away in a holding account

you are going to end up paying more anyway .

You cannot always have the chicken & the egg

Share this post


Link to post
Share on other sites

I bought a 20 year Elite visa 3 years ago for 1m baht, been very happy with their service. Its issued in 5 year stickers and makes travelling in / out of Thailand a doddle. I don't worry about Immigration moving the goalposts with retirement / marriage rules etc.

  • Like 2

Share this post


Link to post
Share on other sites
On 2/2/2019 at 2:18 PM, wazzadg44 said:

I'm fully aware that I could lose all 500,000 under certain circumstances. Under certain circumstances,not necessarily the same ones, you could lose 800,000. I'm not specifying how or when it would happen,just that it COULD.

So, you are suggesting that the Government's guarantee that foreigners who have cash in Thai banks will be safe currently up to several million bahts (but possibly limited eventually to just one million) is worthless? I think that even a Thai government would think twice about reneging on that particular guarantee.

Share this post


Link to post
Share on other sites

Seems a dumb question. If you are rich enough to afford the elite visa purely to avoid yearly hassle then there's no question. Just blow c the money and brag. If you're not, then what's the point of the question?

Share this post


Link to post
Share on other sites
5 hours ago, charliebadenhop said:

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?

 

 

 

 

Taking into account that you can actually get up to 6 years by leaving Thailand and re-entering just before the expiry date, automatically renewed 12 months on entering Thailand, this may help in your assessment.

 

This point has actually been confirmed by Ubonjoe the fount of all knowledge when it comes to a Thai Immigration issues.

Edited by New beginnings

Share this post


Link to post
Share on other sites

The elite visa I believe was developed for a different group of people than the retirement extension. It was developed during the Shinawat government to lure in high rollers who didn't want to deal with extension of stays. There was free golfing offered and a whole range of other goodies than eventually evaporated

  • Like 1
  • Thanks 1

Share this post


Link to post
Share on other sites
On 2/2/2019 at 12:37 PM, ubonjoe said:

They only have to do 90 day reports unless they never leave the country for a year they do not have to go to immigration for anything else.

If they don't leave and re-enter the country to get a new one year entry they would need to apply for a one year extension.

It's bloody ironic that they can make all the headaches disappear...

 

for a huge sum of money.

Share this post


Link to post
Share on other sites
4 hours ago, aussieinphuket said:

so seems my decision to take Thai Elite for my wife and i 2 years ago is turning out an excellent idea even though costly..

 

yes most of the comments are correct even though you still have to do the 90 days reporting if you have not been in or out of the country in that period you can do online, also your 24 hr residential reporting done online i did it 2 week s ago easy.

 

no money in the bank, no worrying about bank letters or minimum balances.... only thing to need to watch is that you do leave the country and return prior to a 12 month period so the visa is reset for a further 12 months so simple or if you don't do this Thai Elite will sort out for you...

 

peace and mind even thou as i repeatedly said before not for all due to the expense..

 

i just wish this country and its authorities would cease moving the goal posts and making it more and more difficult each time we have to visit immigration they obviously want to see farangs jump through hoops like monkeys....

 

good luck and i hope it works out for the others who need to maintain funds or get guarantees of incomes....

Why have they come up with the new regs. how about the people who have been scamming the system. Yes easy to blame Thailand for protecting there immigration laws. When the first change came about there were people openly discussing how to scam the new rules. Well guess what there will be new goal post erected to cover the new scams. Respect the laws of the country and there should not be a need to change the rules. The new change of 800,000 in the bank 3 months after extension is issued is just that to stop the scam of people using a agent to float their extension. Blame the cheaters not the people protecting there laws.

  • Like 1

Share this post


Link to post
Share on other sites
6 minutes ago, ozmeldo said:

It's bloody ironic that they can make all the headaches disappear...

 

for a huge sum of money.

Same every where 500,000dollars get you a green card today, no standing in line with all the rest of the poor people

Share this post


Link to post
Share on other sites
On 2/2/2019 at 2:08 PM, sirineou said:

Why would I lose the 800K?

As far as I know Thai banks are pretty safe.  I agree that there is a small chance that for whatever reason I might lose the 800k but I guaranty you are not getting your elite visa money back. 

Mmh. Thai Banks are NOT save as was proofed in 1997 where I lost a substantial amount of USD which I deposit in a Thai Bank which fill for bankruptcy; happen again in 2008 during the global crisis. Live is a risk...but this should not prevent living it.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...