Thailand to launch new 10 year multiple entry visa for over 50s

[Dukeleto]

56 minutes ago, yellowboat said:

Delusional.  Laughable.  Out of step with the rest of Asia.

It's always been that way and it seems they don't really care.

[Bundooman]

quote:

Thailand 10 year visa in brief:
 
- Over 50s only
- 14 nationalities eligible: Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Switzerland, Sweden, Great Britain and Northern Ireland, Canada and United States of America.
- Minimum 3 million baht in Thai bank account
- or combination of 1. 8 million in the bank and income not less than 1.2 million
- 3 million baht must be kept in account for one year, can be reduced to 1.5 million under certain conditions
- Criminal background check from country you hold passport
- Health insurance provided by Thai company, Outpatient coverage minimum 40,000 baht, Inpatient coverage not less than 100,000 thousand baht
- Not permitted to work
- Unlimited entry valid for 5 years
- Fee is 10,000 baht
- 90 day report still required.
- Visa issued in two 5 year periods

 

So really, it's a 5 year Visa and then renewable for another 5 years? (+ another fee of 10,000 Baht?) and what about unlimited entry for the last 5 years? On renewal at 5 years, would the 3m Baht need to remain in the bank for a minimum of 1 year?

Hmnn!

[binjalin]

Some questions:  

 

• does the money have to be in the account one year BEFORE they issue the visa?
• do I just have to 'top up' the 800,000 by 2.2M?
• what about the multi entry visa?
• is it still classed as 'retirement'?
• can I, at any stage, just return to the 800k 'retirement' visa after the 10 years?
• can the 3m be in a savings account?

[trd]

Would the eqivalent of 3m baht in a foreign currency account in Thailand qualify? Somehow I doubt it.

[madmitch]

I won't be doing it but understand that for some this could be an attractive proposition.

 

The continuing 90 day reporting is annoying and I really don't understand the reason for the 40,000 baht outpatient medical insurance requirement. If you can deposit 3m in the bank then you'd be able to afford your the odd visit to the doctor!

[KittenKong]

7 minutes ago, ubonjoe said:

Sure but how long can stay in the US or Canada without leaving. Certainly not one year or more.

 

Indeed. I had some very wealthy friends with a Florida condo and a BMW who sold up and left simply because there was no way they could live there without leaving every six months.

 

That said, the USA does operate the opposite way to Thailand. The USA is very strict about who they let in, and has lots of border controls. But once in you can go anywhere and do anything without any need to report and without any controls at all. Thailand lets anyone in but then has masses of archaic tracking and reporting procedures.

[KittenKong]

1 minute ago, trd said:

Would the eqivalent of 3m baht in a foreign currency account in Thailand qualify? Somehow I doubt it.

 

It does for a retirement extension, so I dont see why not.

[HiSoLowSoNoSo]

A one year multiple E Visa (Business visa) in Cambodia is around 280 USD and no bank deposits or idiotic 90 days reports are needed. At the current time, work permits are essentially a non-issue. Most expats do not have them and the government rarely asks about it but easy to get for 100 USD.

[Revolutionary]

Why would I do this. I get my 12 month spouse visa every year in Australia. No money needed in the bank, no repeat photos of where I live in Bangkok, takes two minutes and passport returned in two days. 

[rexall]

I would be very surprised indeed  if Thailand would let foreigners run around loose for five years without some type of annual interview.  If this is for real, betcha there is or will be some fine print requiring something more than a 90 Day Report.

[jobwolf]

1 hour ago, canuckamuck said:

Yeah I got 90k USD that I don't need. I'll just put it in a Thai Account for 10 years instead of making money with it.

I mean it's so worth it not to do lineups as often at immigration.

 

 

You still have to do the 90 days reporting, so what has changed

 

[gk10002000]

From a USA perspective.

 

3 million baht will now mean you have to do that FBAR over 10,000 USD overseas thing. Some people just prefer  to involve the US government as little as possible.

And if you do transfer the money into Thailand, presumably you will want to transfer it out later.  Just another round of paper work.

[Kerryd]

This visa does NOT replace the Retirement (or Marriage) Visa/Extension !!

 

It is a totally separate class - Non-O(X). It is likely that you may be able to convert an existing Non-O(A) to a Non-O(X) if you meet the other requirements.

 

Also keep in mind for the Non-O(X), the initial 3mil baht is locked into the account for ONE year, period. After that you may be able to withdraw half that amount to spend on approved items (like a condo or to pay medical expenses).

The remaining 1.5 mil baht has to be locked in for the duration of the visa.

 

It is likely that when you go to renew the visa after 5 years, you will be required to meet ALL the financial requirements again (so you will again need to have 3 mil locked into an account for another year). It may be that you will only have to have the 1.5 mil still in the account but somehow I doubt it. 

Of course many things can change between now and when the visa becomes available (August) and 5 years from now so who knows ?

 

[jobwolf]

Can ownership of freehold property be used as part or all of the 3.000.000 deposit??

[Thaifly88]

Unless this replaces the current retirement visa requirements, there appears to be no advantage and some downsides. I would expect that it will replace the current arrangements, perhaps phased in, over time.

The insurance requirement will address what is a real problem of older, sick foreigners with little financial resources using the Thai hospital system and being unable to pay for their care.

[1337markus]

Obviously the insurance companies are pushing this , lots of easy money to be made. BOT is desperate to prop up the economy so many farang bundles of 3 million baht will help, love the term special conditions apply to reduce the amount after 1 year, obviously no one has made that requirement up yet. So you end up with a 5 year gift that's expensive , no guarantee another 5 years will be granted, and nauseous 90 day reports. FAILED.

[tigermoth]

Not worth it. What sane person is going to tie up that sort of money, particularly in a Thai bank with the unstable politics of the country.

[KittenKong]

2 minutes ago, Thaifly88 said:

The insurance requirement will address what is a real problem of older, sick foreigners with little financial resources using the Thai hospital system and being unable to pay for their care.

 

I suspect that the official overcharging of all farangs by hospitals here more than covers the cost of provision of healthcare to farangs with no money.

 

The insurance requirement of this visa is OK assuming that the cost of the insurance will be capped in some way. If they are just obliging farangs to buy overpriced commercial insurance then it seems pointless, especially for anyone who is over 65 and/or has an existing condition.

[Juan B Tong]

Look my fellow curmudgeons,  Its a simple math problem.  

Based on cost of 10,000 every 5 years:  

Savings on annual visa, 1900 x 10 = 19,000 vs 2 x 10,000  = 20,000  (net + 1000)

Savings on annual multiple entry visa  4800 x 10 = 48,000 vs 2 x 0  = 0 (net = +48,000)

Unknown;  Cost of Thai insurance = unknown.  

 

I am 70 years so its just a matter of how much the Thai insurance would cost.

 

My current international insurance cost would be approx 750,000 for 10 years. Its basic $300,000 maxwith high $5,000 deductable (excess). Cost of Thai insurance unknown.If accptable to immigration unknown.

 

+1,000

+48,000

--------------

+49,000 possible savings.

 

Of course if you have no money to sit idle or an inadequate pension,  you can just continue your sour grapes rants.

 

 

 

[SOUTHERNSTAR]

Why only these countries? What about Oz or NZ ? Who decided on this list?  I wonder if they threw darts at a world map and listed the countries where the darts landed or was this the only countries they knew and could name ? 

 

[tigermoth]

A much more satisfactory and saner policy for both the government and the farang is to scrap the useless  90 reporting. Surely O and retirement visas need renewing yearly and this suffices for reporting reasons. It would also save much money for the administration in doing away with the enormous amount of time and paper work involved.

[tartempion]

Well no thanks.
I am an old farth and put my savings in a nice house and a luxury car.
If I still would have half a million euro in my bank account after 15 years of living in Thailand I would move to the South of France right now.
Absolutely not interested in locking myself into an other 10 years here.


Sent from my iPad using Thaivisa Connect

[meatboy]

what about the over 70's pm.

i have been spending my hard earned for over 35yrs.here in los.

the past 9yrs.every day.

health is getting old and starting to feel it.got the money to cover any illness.

never been in any trouble here or in my birth country.

been married for 28yrs.same one.

yet you treat me like a criminal.no different to someone on probation.

haveing to report my where abouts,every 90days,then you make me extend my permission to stay here every yr.

driving to and from immigration is not recommended by my doctor at my state of health.

so how about putting the goverment and your brains together and come up with something for us.

oh by the way my 800,000bht.has been sitting in a thai bank untouched for 8yrs. 

 

[SymS]

So the 3 million baht  must be kept in the bank as a deposit for a period of one year only? After you can do what you want with the money?
10,000 Baht for the visa is for 5 years or 10 years?

[theguyfromanotherforum]

It's another option. To me, it's definitely a better option than Thailand Elite as you will at least be earning 2% interest on your money.

 

As for the stock market gurus, that's gambling. "blue chip" stocks can easily go down long term as proven time and time again. Anyway, when you are retired, you shouldn't be investing in stocks, but safer long term options as your risk increases significantly. 

 

 

[Na Lee]

Am i missing something? Each year I apply for a one year retirement visa 1900 baht. Over 10 years is 190000 baht. No money in the bank required, Health insurance none, go to imm. Every 90 days. So what's the benefit of the 10 years visa.????!?!?

Sent from my BLL-L22 using Thailand Forum - Thaivisa mobile app

[SOUTHERNSTAR]

1 minute ago, Juan B Tong said:

Look my fellow curmudgeons,  Its a simple math problem.  

Based on cost of 10,000 every 5 years:  

Savings on annual visa, 1900 x 10 = 19,000 vs 2 x 10,000  = 20,000  (net + 1000)

Savings on annual multiple entry visa  4800 x 10 = 48,000 vs 2 x 0  = 0 (net = +48,000)

Unknown;  Cost of Thai insurance = unknown.  

 

I am 70 years so its just a matter of how much the Thai insurance would cost.

 

My current international insurance cost would be approx 750,000 for 10 years. Its basic $300,000 maxwith high $5,000 deductable (excess). Cost of Thai insurance unknown.If accptable to immigration unknown.

 

+1,000

+48,000

--------------

+49,000 possible savings.

 

Of course if you have no money to sit idle or an inadequate pension,  you can just continue your sour grapes rants.

 

 

 

Wrong friend. I got a quote last year from a Thai company and with a very big deductable included my cover here excluding inpatient cover would have been 3 times my international cover. The reason is simple they hit you with extra premiums due to higher than 25 BMI. So instead on paying B 54 000 for Thai cover I got US cover for B 17 000. My estimate is to get yourself covered will cost you more than B 120 000 that is if you can get cover. But try and let us know. By the way they only said what the price of the visa was and not for the re-entry permit which they could load on top of it. You must also bring in the cost of renewal at 5 years. Sit back first and see what happens and then do calculations. 

[KittenKong]

7 minutes ago, tartempion said:

If I still would have half a million euro in my bank account after 15 years of living in Thailand I would move to the South of France right now.

 

LOL

[Denim]

So you can open a bank account without a work permit now ?

 

Money talks.

[Thomas Hannah]

Best of luck to anybody who  needs this.but there will not be many of you.I remember the days they made people go cambodia for visa after 2 weeks that only came for a month .NOW ,Make you put a large sum of money in there banks ,make you pay 2000 baht a year,For 5 years in advance,Thats in case you snuff it.still have to go and report every 3 months,All so as you can spend your money in there country.That has no respect for you and looks at every chance to steal, cheat you from your money that might include helping you over a balcony.Yes best of luck to you.Not been for over 2 years,lived there for 12 years .Do you think this will bring me back.I dont think so.