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

[mrfaroukh]

You can use your own logic. Put 800 000 in bank and get the visa annually and when you don't need the visa anymore take your money and leave against paying 500 000 for 5 years visa and if you still want to stay in Thailand after 5 years pay another 500 000.

 

So which one do you think is better???

[Thailand J]

2 hours ago, mrfaroukh said:

 

So which one do you think is better???

I live in real world. Elite visa is not worth the money if you can get retirement ext. This is my 13th yr is Thailand. Elite Visa would have costed my 1.5M (500k x 3).

Not that i cant afford it, just not worth the money to be able to walk pass the immigration line and may be a free taxi home.

 

Edited February 4, 2019 by Thailand J

[kannot]

On 2/2/2019 at 3:57 PM, scubascuba3 said:

1m elite is not a bad option if people are forced to get health insurance.

until  they  say  u must  have  insurance  with  that  also,  and  their terms  say  they  can change ANYTHING when  they  want

[kannot]

23 hours ago, sirineou said:

1m/bht invested at 6% for 20 years would return 3,207,135

 

yer cant spend it when yer dead though........????

[galt67]

On 2/4/2019 at 6:58 AM, sirineou said:

1m/bht invested at 6% for 20 years would return 3,207,135

 

You're assuming:

 

1) Guaranteed, compounding, 6% for 20 years. GL with that. Past performance of ANY investment is not a prediction of future returns.

2) The BHT does NOT continue to strengthen.

It's up against all the majors in the past 15 years thus TE Visa increases in cost.

3) Most importantly, non-monetary 'piece of mind.'

For ME, and evidently some other farangs, we enjoy NOT having to hassle with Thai Imm regs annually.

 

I suspect MANY farangs would go the TE route IF they could 'afford' it.

 

[monkeycu]

On 2/2/2019 at 2:25 PM, sirineou said:

I don't understand this conversation .

It is really a very simple concept. When you purchase an elite visa, and a year later  you need money  they will not refund your money , on the other hand, with the 800k in the bank , you have 800k in the bank,

what is so complicated about that?

Nothing complicated to someone with half a brain, any less and it may be a worrying problem

[galt67]

3 hours ago, mrfaroukh said:

You can use your own logic. Put 800 000 in bank and get the visa annually and when you don't need the visa anymore take your money and leave against paying 500 000 for 5 years visa and if you still want to stay in Thailand after 5 years pay another 500 000.

 

So which one do you think is better???

Better idea:

Buy a 20-year visa for 1M.

 

Typical farang retiree is approximately 60 y/o thus gets life-long, hassle-free stay here. No more Thai Imm reg changes, etc.

 

 

[jacko45k]

12 minutes ago, galt67 said:

Buy a 20-year visa for 1M.

But I need a new truck!

[scubascuba3]

until  they  say  u must  have  insurance  with  that  also,  and  their terms  say  they  can change ANYTHING when  they  want

Yes that would be a kick in the <deleted>

[kannot]

1 hour ago, galt67 said:

You're assuming:

 

1) Guaranteed, compounding, 6% for 20 years. GL with that. Past performance of ANY investment is not a prediction of future returns.

2) The BHT does NOT continue to strengthen.

It's up against all the majors in the past 15 years thus TE Visa increases in cost.

3) Most importantly, non-monetary 'piece of mind.'

For ME, and evidently some other farangs, we enjoy NOT having to hassle with Thai Imm regs annually.

 

I suspect MANY farangs would go the TE route IF they could 'afford' it.

 

not really depends on your  age...at 55 Im too  young for this, I might take it out when im 70.....if  its  still around.............or if im absolutely  forced to do it by  immigration demanding too  much information from me Id  do it  now.

As of  now its not a problem but....who  knows??

[Jingthing]

3 hours ago, monkeycu said:

Nothing complicated to someone with half a brain, any less and it may be a worrying problem

But you're wrong.

It's not that simple a calculation at all.

There are costs in doing the annual extensions, especially to many people on retirement extensions.

Dead money could be invested elsewhere.

The new 800K method means creating an even larger slush fund for the FIVE MONTH seasoning period if you use it to spend from in Thailand and also 400K part of it is locked up for your stay in Thailand.

For those with 65K income, that's a lower cost but importing monthly could be some risk and depending on how you do it, could be a PITA.

Issues? Transfers coming in as domestic when they're supposed to be international. Mechanical issues. Missed month invalidating your entire application. SWIFT? In some cases quite costly per transfer. 

Combo method? Right now lots of doubt. Probably still OK with embassy letters but for the many of whose embassies has shafted us by stopping the letters, there is serious doubt about them being accepted at all, especially this first year without a full 12 months of under 65K imports. 

I'm not even mentioning more unique personal circumstances where there might be other financial benefits to the Elite and also of course the psychological benefit which can't really be quantified of not having to worry about all the visa chaos as long your Elite thingy is valid.

 

Cheers.

Edited February 5, 2019 by Jingthing

[ubonjoe]

A baiting post and a reply to it has been removed.

[dcnx]

On 2/2/2019 at 2:43 PM, murraynz said:

800,000 is not a huge amount to earn much income, anyehere else....

That depends on if you know what to do with it or not.

 

[dcnx]

4 hours ago, galt67 said:

Better idea:

Buy a 20-year visa for 1M.

 

Typical farang retiree is approximately 60 y/o thus gets life-long, hassle-free stay here. No more Thai Imm reg changes, etc.

 

 

Curious, what happens if you live past 80? If you don’t have whatever sum to meet the new requirements 20 years from now, you’re screwed.

 

Thailand is such a horrible long term investment. I’m amazed at how many struggle to stay here. I don’t see the point unless you have more money than you know what to do with, and in that case, why live in an unwelcoming third world country when you can live in a real country where you don’t have to worry about such things?

 

That said, the 20 year Elite is a much better deal than the 5 year. It’s what happens after the 20 years is up that would worry me. You’re absolutely invested at that point and possibly too old to start over if you don’t meet the requirements then, which will no doubt be ridiculous.

[Will27]

3 hours ago, kannot said:

not really depends on your  age...at 55 Im too  young for this, I might take it out when im 70.....if  its  still around.............or if im absolutely  forced to do it by  immigration demanding too  much information from me Id  do it  now.

As of  now its not a problem but....who  knows??

Fifty five sounds like a perfect age to get one IMO.

 

Getting one at 70 would seem like I was pushing my luck.

[tingtongtourist]

On 2/2/2019 at 6:43 PM, 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....

 

exactly.

what earnings would make on 800k?

maybe at best rate in my country will get you 20k per year.

which over 5 years will be 100k.

 

so to secure retirement visa, a loss of 100k interest over 5 years is still way better than burning 500k for 5 years of the overpriced elite visa

 

 

[samsensam]

On 2/2/2019 at 7:25 AM, sirineou said:

I don't understand this conversation .

It is really a very simple concept. When you purchase an elite visa, and a year later  you need money  they will not refund your money , on the other hand, with the 800k in the bank , you have 800k in the bank,

what is so complicated about that?

 

plus interest.

[Jingthing]

Does anyone if it's still possible to legally resell a partial Elite membership?

[ubonjoe]

12 minutes ago, Jingthing said:

Does anyone if it's still possible to legally resell a partial Elite membership?

Yes 

But some of the newer ones are not transferable.

[Jingthing]

35 minutes ago, ubonjoe said:

Yes 

But some of the newer ones are not transferable.

Interesting.

Is the market value based on a percentage of time as if it was new or is there a discount for used?

Some new ones? Do you mean the 5 year ones compared to the 20's?

Do the Elite people broker and list these sales?

If not, how does that market work?

[ubonjoe]

24 minutes ago, Jingthing said:

Interesting.

I don't know how it works exactly.

 

24 minutes ago, Jingthing said:

Some new ones? Do you mean the 5 year ones compared to the 20's?

The 5 year membership doe not allow transfers. Not sure about the 10 year one. You could check the terms and conditions on the site for more info. https://www.thailandelite.com/?locate=en

[Jingthing]

This American lawyer is thinking in a similar way. With the new, very annoying, and very onerous Thai retirement visa extension, the Elite is starting to look like it makes more sense for more people. 

Anyway, it's an option!

As I am definitely NOT literally elite, will the limo drivers receiving my grand "elite" self at the airport know I'm a phony and diss me?

I've had that experience before when upgraded to first class. 

 

Edited February 8, 2019 by Jingthing

[Date Masamune]

Just watched. Even with the 800/400 requirements the American lawyer does not make a good financial case For the basic Elite it’s 500k even if you get six years out of it gone bye bye. For those who can handle the travel and meet requirements it would be cheaper to fly to US every 2 years for an O-A longstay, even business class.

[bkk6060]

Elite is a joke money gone .

You financial experts need to take some remediation classes. 

[fforest1]

32 minutes ago, bkk6060 said:

Elite is a joke money gone .

You financial experts need to take some remediation classes. 

 

If your under 50 your mostly in a world of hurt for a multi year long stay in Thailand....

And by the time they are through putting the rest of the visas through the meat grinder I have no doubt the elite visa will become even more popular....

 

Is all this right? Nope.......Its all very wrong in my opinion... 

The pool of people who are will spend hundreds of dollars a month to just be in Thailand is not as huge as they think.... 

Edited February 11, 2019 by fforest1

[gentlemanjackdarby]

On 2/3/2019 at 7:55 AM, sirineou said:

No one is Knocking anyone who has an Elite visa , what we are knocking is the assertion that  it is a serious alternative to the 800k in the bank for reasons we stated above.

Personally if I had 500k to waste because I did not want to spend a couple of hrs of my time to deal with the extension requirements, I would buy my daughter a new car, or help my sister pay her mortgage. etc,  

C'mon...using words and phrases like 'serious alternative to the 800k' and '500k to waste' isn't knocking?

 

I'm a 'live-and-let-live' and a 'your money, your way, no one else gets a say' kind of guy and I have no skin in the game (yet), but I find it so difficult and so aggravating when folks look at a given situation solely from a dollars and sense point of view.

 

What the Thailand Elite visa offers is guaranteed access (as much as anything other than death and taxes can be guaranteed in this world) to Thailand for five years (six if one times it right) without being subject to a change in financial criteria (65K , 800K, etc.) or administrative whim (one monthly transfer isn't coded correctly so no extension for you or because of the exchange rate on such-and-such day, your foreign currency deposit was 796,135, so no extension for you, or 'you spend too much time in Thailand', so you can't support yourself while here, go away, etc.) or the inconvenience of having to deal with Thai Immigration.

 

Some folks who aren't counting every dollar are happy to pay for an intangible asset (insurance) to ensure that they get what they want (unfettered access to Thailand when desired) with no hassles or uncertainty - God Bless 'Em, I say. 

 

I'll bet there will be more unfavorable changes to retirement and marriage extensions within the next 5 or 6 years and likely there will be a lot of folks on here moaning about how they can't get in to Thailand or now have to leave, just as there will be some folks with the Elite Visa who won't care 'cause they're here enjoying themselves.

[gentlemanjackdarby]

2 hours ago, bkk6060 said:

Elite is a joke money gone .

You financial experts need to take some remediation classes. 

I wouldn't go so far that it's a joke, but I will agree that it's money gone after 6 years

 

And it's my view that anyone having the financial ability to pay for an Elite Visa likely doesn't need a financial remediation class - they should probably be teaching it

 

TAT has positioned the Elite Visa as a premium product for people that can afford it, want a reasonable guarantee that they will have trouble-free access to Thailand for a set period of time, and won't have to worry about changes in other visa types.

 

Judging by the abundance of name-brand premium goods in Thailand malls and high- and higher-end cars on their streets, I'd say that Thais understand premium goods pretty well - they're not meant for everyone.

 

From my perspective, the Thailand Elite Visa's existence and market positioning is similar to that of an Apple iPhone -  a premium product offering the most trouble-free experience one can have with a cellphone with great customer support, but the 'goodies' come at a premium price.

 

While I prefer to spend my smartphone budget on a less expensive phone that works for me, I would never denigrate anyone else's preference for an iPhone (or a Thailand Elite Visa).    

[Gweiloman]

I considered the 5 yr Elite visa but simultaneously, “a fool and his money is soon parted” popped into my mind

[Metapod]

If you don't plan to work or get married, then elite visa is really the only dog in the pony show for us younger guys. I'm most likely going to pick up the 20 year one. Thanks to Thailand's amazing tax laws regarding foreign sourced income and remittance, the elite visa will pay off after a couple years purely from the tax savings.

[humbug]

On 5 กุมภาพันธ์ 2562 at 1:19 PM, tingtongtourist said:

 

exactly.

what earnings would make on 800k?

maybe at best rate in my country will get you 20k per year.

which over 5 years will be 100k.

 

so to secure retirement visa, a loss of 100k interest over 5 years is still way better than burning 500k for 5 years of the overpriced elite visa

 

 

i understand people's choices for various visas thats still available to all of us, but to claim 800k over a year period makes 100k, come on, property funds here pay 5% after tax yearly(quarterly payment), compounded over 5 years thats around 250k earnings from 800k, people are really being asked to lose their right to earn with keeping money tied up in low interest accounts