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BANGKOK 18 July 2019 06:26
Delight

What is the benefit of the 5 year retirement visa

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I read that 3 million Baht has to be deposited in Thailand 1 year before application and has to remain on deposit for 1 year  after the visa is granted.

Also health insurance is required -400,000 Baht cover.

Plus  a police report has to be submitted . Cost $339

Fingerprints have to be submitted

You still have to make annual visits to immigration.

I am struggling to see the benefit.

Maybe someone can enlighten me

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I assume you are writing about a non-ox visa that actually allows a total stay of 10 years. You get a 5 year visa when approved and then another one when the first one expires.

There is no requirement for the 3 million baht to be in a Thai bank for one year before your apply for it.

 

" 3. Financial qualifications

(a) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 3 million Baht; or

(b) Applicants must have money deposited in Thai bank located in Thailand with the amount of not less than 1.8 million Baht and have income with the amount of not less than 1.2 million Baht per year. Once the applicants enter Thailand, they must have accumulated money deposited in Thai bank located in Thailand not less than 3 million Baht within 1 year.

The money in (a) and (b) must be kept in bank account at least 1 year before withdrawing and, within another next year, the money must be left in the account with the amount of not less than 1.5 million Baht and can only be spent in Thailand."

Source: http://www.consular.go.th/main/th/other/7394/80938-Non-–-Immigrant-Visa--“O---X”-(Long-Stay-10-years).html

 

FYI you have to apply for it a embassy or consulate in your home country. The info stating you can apply for it a immigration is not correct.

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Posted (edited)

OP, I think any police check and cost etc would be subject to the country you apply in. Fingerprints and a $339 price may be a police check in your home country but another country it may be $20 and no fingerprints. I havnt seen that fingerprints is a Thai requirement, only a police check from your home country.

 

As for the benifits, probably not much and thats why they are not popular. At the end of the day its a visa so you can come and go over a 10 year period. I presume the yearly visit is an easy new stamp and not all the drama of an extension .

 

If you go back to the threads when it was first introduced it was aimed at being a medical long stay option.

Edited by Peterw42

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1 hour ago, scubascuba3 said:

I can't see any benefit. Some people might enjoy bringing it up in conversation that they have it and feel somehow superior but that's all i can think of

Wow! How to make a complete house with only three bricks.

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I wonder if the OX works like the OA in that you can get an extra year from it ( or even 2 on each of the 5 year visas ) ??
BTW, I am not interested in one just curious .

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1 hour ago, Peterw42 said:

 

If you go back to the threads when it was first introduced it was aimed at being a medical long stay option.

 Thanks Peter w42

Your post adds some  sense to this  visa option

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14 minutes ago, Andrew Dwyer said:

I wonder if the OX works like the OA in that you can get an extra year from it ( or even 2 on each of the 5 year visas ) ??
BTW, I am not interested in one just curious .

Would assume it does at least on the second visa. You get a 1 year stamp i suppose when entering?

Works for 5 year PE visa, should work here too imo

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1 hour ago, scubascuba3 said:

I can't see any benefit. Some people might enjoy bringing it up in conversation that they have it and feel somehow superior but that's all i can think of

I agree, a waste of money.    

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The advantage is that you get the visa once and then do not have to do anything more for 5 years, 10 if you leave and re-enter near the end of the 5 year period (in terms of visas or extensions of stay -- you still have the 90 day and TM30 reporting requirements)

 

Alternatives are O-A visa but that gives you only 2 years max, or an extension of stay which has to be done in country annually at local Immigration office.

 

But I quite agree that the disadvantages well outweigh the advantages. For extension of stay you need only 800K in bank or proof of transfer of 65K a month from abroad (or statement from your Embassy to that effect if your Embassy provides income letters, some do not).

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1 hour ago, Peterw42 said:

OP, I think any police check and cost etc would be subject to the country you apply in. Fingerprints and a $339 price may be a police check in your home country but another country it may be $20 and no fingerprints. I havnt seen that fingerprints is a Thai requirement, only a police check from your home country.

 

As for the benifits, probably not much and thats why they are not popular. At the end of the day its a visa so you can come and go over a 10 year period. I presume the yearly visit is an easy new stamp and not all the drama of an extension .

 

If you go back to the threads when it was first introduced it was aimed at being a medical long stay option.

That 'drama' you speak of has only taken me no more than 40 minutes my life every 12 months.  This visa is a waste of money, but I guess okay if you are very, very well off and don't want the 'perceived' hassle of extension of stay every 12 months. I am not at all surprised that it is not popular.   

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You must be feeling very insecure about yourself.
Not in the slightest, but guys definitely do things for status, maybe you're one of them
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depositing 1.8 million in a thai bank account is one thing, but try moving 1.8 million out of thailand, once you done with living on this land

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6 minutes ago, humbug said:

depositing 1.8 million in a thai bank account is one thing, but try moving 1.8 million out of thailand, once you done with living on this land

Yeah but if you spend it anyway?

 

Depositing 3 mio THB once and spending it over 10/11 years seems to be a better deal than locking up 800k THB forever or paying 1mio THB for PE Visa - for me at least.

You can start spending the money in the second year and 3 mio THB over that timeframe are not too much anyway.

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