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Hi,

 

Today one of my friends called me (he is french) and told me that he found a solution.

 

He contacted with a government run kind of visa agency (or maybe working with government) and they told him now thailand is doing something new because they need money. If he pays 2 mil baht cash OR pays monthly some amount, government will give him 10 year visa. Now i coudlnt understand clearly but i think he said something like elite visa. He is also married and on non-o. Before you guys ask yes its a well known visa agency. 

 

So i was wondering if this is real or not? Or there is something like this?

 

thanks

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This sounds like the fairly new (but pre Covid) O-X visa. There have been reports that, unlike the O-A visa, the O-X visa can be applied for in Thailand. In addition to the large deposit in the bank, health insurance is also a requirement.

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problemfarang: adding to jackdd's comment, you can get a 20-year visa for 1M baht (chunked into 1-year stamps):

 

https://thailandelite.com/at-your-service/card/elite-superiority-extension-membership

 

If your friend is planning on using it to get back to Thailand ASAP, then monitor this thread for updates on successful entries and associated latencies:

 

https://forum.thaivisa.com/topic/1184274-has-anyone-entered-on-an-elite-visa-after-july-2020

Edited by BradFinch
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Sounds like he has money to burn if he is considering that......Put the 2 million to work...... don't throw it away on a visa.

 

Invested at 6% pa, compounded, will result in more than 3.5 million in 10 years.

 

 

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He is referring to the O-X visa (not new) but he has the details a little wrong.

 

He does not have to pay 2 million baht. He has to show proof that he has either: 3 million baht in a Thai bank account  (in his sole name) or 1.8million Baht plus an annual income of no less than 1.2million Baht. There are restrictions on spending the money on deposit but it remains his.

 

There is also an insurance requirement which apparently has to be from a Thai company though not completely clear for the initial period.

 

This visa -- available only for certain countries (including France) and people over 50 years -- allows him 5 years per entry and has a 5 year visa validity so if timed right can yield 10 year stay (you leave and re-enter just before the 5 year validity of the visa is up, which stamps you in for another 5 years, after which you can still come and go if you get a re-entry permit.)

 

Another option is the Elite visa, unlike the O-X this has to be paid for, 500k baht for 5 years or 1 million baht for 20 years.

 

Another option is the O-A visa.  For this, the financial requirement is a bank deposit of 800,000 Baht which can be in home country bank, does not have to be in Thailand, or  proof of income of at least  65,000 Baht a month. This visa gives a one year stay and has a 1 year validity so if timed right (and no COVID travel restrictions in place!) can get 2 year stay out of it. Or can do annual in-country extensions based on it once the visa validity has ended. For that, same financial requirement but funds must be in a Thai bank. This visa also requires health insurance though it can be a foreign policy initially (would need local policy to do annual in-country extensions).

 

He has likely been talking to  http://www.thailongstay.co.th/retirement_visa.html

a company which will help obtain the O-A or O-X visa but at inflated cost and the only additional benefit is use of Fast Track at the airport.

 

He can get info on both the O-A and O-X visa on the Thai Embassy website and the application process is pretty straightfoward,  No need for an agent.

 

However  getting a visa is the least of the issue for travel to Thailand now,  Under COVID restrictions, all travellers have to get a "certificate of Entry" (COE) from the Embassy and these are currently not being issued to retirees unless married to a Thai.

 

So simply getting a visa doesn't get him into the country now.

 

Thai Elite holders are eligible, though.

 

The COE has its own long list of time consuming and expensive requirements and there is mandatory  14 day quarantine in an approved facility on arrival.

 

He would frankly do better to wait until COVID restrictions are dropped which is not going to be soon.

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3 hours ago, Surelynot said:

Sounds like he has money to burn if he is considering that......Put the 2 million to work...... don't throw it away on a visa.

 

Invested at 6% pa, compounded, will result in more than 3.5 million in 10 years.

 

 

 

The 2 million can be considered money working if you think about it too. Living cheaply for 10 years, limiting travel expenses and visa runs, etc. The alternative is to keep moving or live in a --most likely-- more expensive country.

 

However, you can get 10 years for ~1 million baht, which is of course a better deal.

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1 hour ago, andux said:

However, you can get 10 years for ~1 million baht, which is of course a better deal.

You can get a 20-year Thailand Elite membership for 1 million baht, or a 10-year membership for 800,000 as I recall.

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On 9/26/2020 at 12:49 PM, Sheryl said:

Another option is the Elite visa, unlike the O-X this has to be paid for, 500k baht for 5 years or 1 million baht for 20 years.

 

hi, yes i believe this is what he was trying to tell me. thanks

 

he is in Bangkok. not in an other country

Edited by problemfarang
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On 9/26/2020 at 4:44 AM, Surelynot said:

Sounds like he has money to burn if he is considering that......Put the 2 million to work...... don't throw it away on a visa.

 

Invested at 6% pa, compounded, will result in more than 3.5 million in 10 years.

 

 

You'll be lucky to get 0.6% right now...

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