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

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On 2/2/2019 at 2:08 AM, 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. 

That's not true. I've personally known people who lost their funds (likely because of skimmers). Thai banks did nothing. If they'd kept the money in a US bank they'd have gotten it back. 

Edited by moto77

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Thai Elite visas are fine for those who can afford it.

I can afford to keep 800,000 baht on deposit. My agent costs me 13,500 baht a year. That includes extensions and 90 day reporting. X5 = 67,500 baht  over 5 years. It's a no-brainer for me.

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8 minutes ago, Accidental Tourist said:

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.

The way I understand it, after 2008 there was  a deposit insurance program implemented, If I understand it correctly For the first year deposits up to 25 million bht are protected , the second year only only 15 million reduced progressively until after five years only 1 million bht is covered.

Not sure if it has being changed, I don't keep more than a couple of million in Thai banks so I have not really paid much attention and I am now out of the country to check. 

I would appreciate the input of someone who knows more about this than me. 

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2 minutes ago, sirineou said:

The way I understand it, after 2008 there was  a deposit insurance program implemented, If I understand it correctly For the first year deposits up to 25 million bht are protected , the second year only only 15 million reduced progressively until after five years only 1 million bht is covered.

Not sure if it has being changed, I don't keep more than a couple of million in Thai banks so I have not really paid much attention and I am now out of the country to check. 

I would appreciate the input of someone who knows more about this than me. 

The last one I knew of lost the money in 2015.

The program seems to apply to bank defaults, not fraud. 

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8 hours ago, JohnnyBKK said:

I have the elite visa and it will be over in 2020, I will not renew it. I think Thailand should welcome people like me with open arms instead of making us pay for the right to be allowed to stay. That's a lot of money for a stamp on a passport that still doesn't allow you to do anything else than to be a long term tourist, you can't even get the 5 year driving license.

 

You still need to make sure the TM30 is correctly filled by the landlord or you could get in troubles, also you still need to do the 90 days report by yourself if you don't stay in Bangkok, the elite office is only available in Bangkok.

 

It's not worth the money in my opinion, also Thailand is twice as expensive as 10 years ago, now there is other better options in the world. For the same price you could live in many good countries and without paying any taxes if you travel enough.

You have the Elite visa and yet it bothers you that the cost of living has doubled and other countries are cheaper. Something in your reasoning doesn’t add up!

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2 minutes ago, moto77 said:

That's not true. I've personally known people who lost their funds (likely because of skimmers). Thai banks did nothing. If they'd kept the money in a US bank they'd have gotten it back. 

 Over ten years , never had a problem.

sure there is always a remote chance that you might not get your money back  . But with the Elite program there is no chance that you will ever get it back

I don't do the retirement or the mariedge extension yet because I still work overseas and never spend more than three months at the time in Thailand, but I am following this because I will be retiring some time between June and September, (estimated time of completion of the project I am involved in) and will have to start the visa extension process, 

Perhaps not even then as I have being offered a consultant position after I retire, but I am tired living out of a suitcase in tiny apartments. 

I will give Thailand a couple of years to see if it is for me full time, any place can be great a few moths at the time, living there full time might be a different story, We will see, if not I have other options. 

Most likely I will go the Retirement route, even though I am married (easier) . I don't care that it will take a couple of hrs out of my time.

What else would I have to do? 

I would probably look forward to doing it as it would get me out of the house.

Anyway, it is all speculation, ask me again when I start doing it.

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24 minutes ago, moto77 said:

That's not true. I've personally known people who lost their funds (likely because of skimmers). Thai banks did nothing. If they'd kept the money in a US bank they'd have gotten it back. 

You can't be skimmed on a savings passbook. It's only the people who have debit/credit cards with a Thai bank who get scammed.

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Just now, Fairynuff said:

If you can afford the 500k without any impact on your lifestyle or finances and you want to avoid the “hassles” then why not get the Elite visa. It doesn’t suit the majority but why knock those who have or consider it?

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,  

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18 minutes ago, Lacessit said:

You can't be skimmed on a savings passbook. It's only the people who have debit/credit cards with a Thai bank who get scammed.

Thanks for clarifying that option.

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6 hours ago, myshem said:

 

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.

 

 

 

 

 

 

 

You need to do the report at the Immigration Office where you received your extension of stay/plan to do your next extension.

 

The easiest way to do it is online, or my mail.  Not all offices accept it online though.

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1 hour ago, moe666 said:

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.

Often wonder if the marriage extension reqs and procedures were as detailed as they are now.  My bias says no, new reqs were added along the way because farang chancers exploited the benefit of the doubt, and screwed it up for everyone.      

 

No photos to 1, 2 then 3.  Now it's a soft-core porno of you and the wife on the marital bed, with Yai and the village headman in the background giving big thumbs up!  😄

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800k sitting in a property fund paying 5-6% neto compounded over 5 years is your 5 elite visa paid

 

not to mention the 20 year elite option. just think what 800k in various property funds neto will make you over 20 years

 

lets see what the nationalists have in store with various changing of the visa goal posts over the next few years if they stay in power. Doesnt look that great for any of us

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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.

Only problem with the elite visa it only covers one individual my wife like me is British for it would cost us 800,000 for the 5 years and let’s face it nothing but nothing is guaranteed in Thailand a new government could come in and scrap it .

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800k sitting in a property fund paying 5-6% neto compounded over 5 years is your 5 elite visa paid
 
not to mention the 20 year elite option. just think what 800k in various property funds neto will make you over 20 years
 
lets see what the nationalists have in store with various changing of the visa goal posts over the next few years if they stay in power. Doesnt look that great for any of us
I dont understand your calculation.

First of all you have to pay 500K for Thai Elite in the beginning.

Additionally you need 800K in a fund for ~5% per year from which you earn 40K/year × 5 years = 200K
wich is not even half enough to pay Thai Elite Visa 5J and you should have 1300K in cash in the beginning.

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