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


rooster59

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Who in their right mind would want to lend 3M to their Thai bank - (no interest like the 800K required now) -  for a full year? I am sure all the Rockefellers of the world will be queuing up to get this incredible visa. NOT.

Come on Thailand, you can do better than this. If you want to, that is...... 

 

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8 minutes ago, Thaidream said:

The requirements are simply too high and the amount of paperwork such as police check and insurance too bureaucratic.  Te cost of a medical policy from a Thai insurer for anyone 50 or over with the required coverage amounts will be expensive and increase continuously as one ages. The outpatient requirement of  40K is absurd as most everyone would pay out of pocket when going to a provider for out patient care.

 

This Visa appeals only to a millionaire- who could care less about tying up 3 million Baht and the other costly insurance- for everyone else- it won't have any appeal. I doubt they will get 100 takers of the Visa per year. Very Similar to Permanent Residency- small number of takers- high cost with little real benefits.

think for those well off the elite visa is better than this one.

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2 hours ago, jacko45k said:

Initially looked good , I would be happy not to do the yearly extension renewal....but...

3 million tied up and not usable.....and what are the conditions 1.5 million can be used.

Medical insurance is usually renewed annually,  not in 5 year blocks.

 

As it is a visa, I guess it must be obtained in my home country, so how do I verify 3 million in a Thai bank account?

How do I get Thai company medical insurance and why would I do that prior to getting the visa?

I enquired yesterday a about health insurance and the age limit is 60 that was Ocean Insurance Thailand.

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The New 10 Year Thai Visa sounds somewhat similar to the MM2H(My Malaysia 2nd Home).  The financial requirements in Malaysia for those over 50 are 350,000 RMB(Approximately $82,00) Deposit and a monthly income of 10,000 RMB(Approximately $2330).  I do not believe the new Thai Visa is an original idea. 

 

I could meet the monthly income and health insurance requirements but I don't have a spare 1.8 Million Baht($53,000) under my mattress.  Therefore, this new Visa is a definite no go for me.  

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Just now, connda said:

That will make Thai banks happy.  Deposits are guaranteed to 1 million baht after which the remainder becomes fodder for a 'bail-in' during the next financial crisis.  And Thai health insurance companies are kicking their heels too.  
Nope, for once I'm not going to complain.  I'll be happy to show up at immigration once a year for a few hours to process my extension based on marriage.  I'm assuming these folks need to still do 90 day reports Lol :laugh:  

There dosnt seem to be a stipulation that 3 or more separate accounts cant be used,

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So since it is a 5 + 5 visa will that mean that everyone who takes it will have to provide financial proof and proof of insurance at every 90 day report to ensure they still meet the requirements for the visa.

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3 hours ago, rooster59 said:

The Non O X visa does not replace the current annual retirement extension.
 

So even I would go for the 10 years vis I have to show up every year as I do now. The only difference is that I pay in advance and hold some money on account???

So why I should go for the 10 years thing?

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3 hours ago, quadperfect said:

Idiots. I bet not 1 person will get this visa.

If they do then they are fools?

A military run country is not a place i would put 90k in and its also why i dont put 25k in.

Why bother printing this crap.

I bet soon after they remove the retirement visa. 

Thailand is bent on destruction of expats amd tourists i read about it every day.

I dont think there is any hope for this place . 

Its all down hill since 2014

Just my opinion.

And you stay here because...

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3 hours ago, Pilot3Boz said:

Awesome to see this moving forward from the proposed idea... Looking forward to this... Will make my life much simpler for my requirements and schedule.... Thank You PM!! I know I will get pounced on for actually supporting this idea... 1.8M with income works.... I really like the multi entry aspect.....

50 K usd locked in a military controlled country earning nothing  to get a multi entry visa makes sense to you?  Just get the Elite and be done with it then Mr Branson.  

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2 hours ago, scotchonrocks said:

Total tosh again. If I had spare 3m baht i would rather buy flights in and out and rotate. Nonsense as usual!

i agree, it's fun to travel to other countries,

you can keep your own trusted insurance from a 1st world country,

don't need to go to immigratio and wait many hours..

can keep the money on a bank of your own choice or investment

and you don't risk a California Wow experience

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Maybe I'm missing the point?

You still need a Retirement extension?

You still need to do 90 day?

You pay B2k per year for multi entry vs B3.9k - okay there's a (little) benefit?

B3m in the bank - ummmm I think I can do other things with the money.

Criminal record check; why when we're already here?

Why??

 

 

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3 hours ago, darksidedog said:

They must really wants the Brits. In the list of countries we are listed twice, UK and Great Britain and Northern Ireland.

And why is Belgium and Luxemburg  not in it ?  Better economy than Italy..

and if Italy in , why not Austria, spain, Portugal and Ireland ?

Better say all EU pasports ..

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I wouldn't park  $90K of my money in a bank for a whole year in Key West or Hawaii in my own country, let alone Thailand, much as I like Chiang Mai. I like Miami Beach too. Yeah, think I'll go park $90K in a Miami bank and live there. That's what the smart money does!

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33 minutes ago, sqwakvfr said:

The New 10 Year Thai Visa sounds somewhat similar to the MM2H(My Malaysia 2nd Home).  The financial requirements in Malaysia for those over 50 are 350,000 RMB(Approximately $82,00) Deposit and a monthly income of 10,000 RMB(Approximately $2330).  I do not believe the new Thai Visa is an original idea. 

 

I could meet the monthly income and health insurance requirements but I don't have a spare 1.8 Million Baht($53,000) under my mattress.  Therefore, this new Visa is a definite no go for me.  

My horrible Muslim-governed theocracy. Malaysia, truly Haze-sia, and truly Sharia coming to a town near you.

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3 hours ago, Pilot3Boz said:

Awesome to see this moving forward from the proposed idea... Looking forward to this... Will make my life much simpler for my requirements and schedule.... Thank You PM!! I know I will get pounced on for actually supporting this idea... 1.8M with income works.... I really like the multi entry aspect.....

You'll need to tell us how well this worked out for you as time goes on.  Especially around year 7 or 8!

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This certainly sounds like a complete waste of money.  As I read through the text outlining the program it just got worse and worse with each requirement.  There is really no advantage to this at all and you have to tie up funds in a Thai Bank.  No thanks!

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3 hours ago, Pilot3Boz said:

Awesome to see this moving forward from the proposed idea... Looking forward to this... Will make my life much simpler for my requirements and schedule.... Thank You PM!! I know I will get pounced on for actually supporting this idea... 1.8M with income works.... I really like the multi entry aspect.....

What is not clear is does the 5 year renewal also cost another THB 10 K ?

The cost of insurance is fairly high in later years, or virtually no-existent.

The multiple re-entry is a plus.

 

It is all about getting market share as other Asian countries are offering better deals. The pros and cons of  health care, political issues etc need to be considered of course.

 

At Chiang Mai Immigration they have definitely lifted their game and the chances are you will be processed quickly with helpful staff.

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2 minutes ago, micmichd said:

How do I get a passport valid > 10 years? 

A passport valid for greater than 10 years ? Not sure if any country issues passports that are valid for that long.

 

However, some countries (like Canada finally) issue passports that are valid for 10 years and even then, the visa is easily transferred to a new passport just like the current ones are (well, it was easy in my case anyways) !

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6 minutes ago, micmichd said:

How do I get a passport valid > 10 years? 

Some countries does give 10 year valid passports like Turkey (soon to be Islamic Republic of Erdogan or Erdoganistan).

Also, if it is 5+5 years, it means you can get 5 year extension on your brand new passport as long as you provide previous one to them for check and verify?

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3 hours ago, quadperfect said:

Idiots. I bet not 1 person will get this visa.

If they do then they are fools?

A military run country is not a place i would put 90k in and its also why i dont put 25k in.

Why bother printing this crap.

I bet soon after they remove the retirement visa. 

Thailand is bent on destruction of expats amd tourists i read about it every day.

I dont think there is any hope for this place . 

Its all down hill since 2014

Just my opinion.

It is just your opinion.It is very easy to obtain Visa for people 50 years or elder and very cheap.If you do not like Thailand,just move out and stop whining !

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2 hours 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.

 

 

You're leaving some pretty big holes in your calculations:

 

1. for starters, you neglected to figure the lost opportunity cost of potentially tying up 3 million baht, or 1.5 million baht, in a Thai bank account for the 10 year period at miserly interest rates vs. what you could be earning on those funds if you invested them yourself elsewhere and wisely.

 

2. You don't know what the Thai insurance cost implications are going to be, and even if you'd qualify for a Thai health insurance policy. There are relatively few options available for those 65 and older with Thai insurers.

 

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