new 10 year visa for over 50's

[bkkguy]

 

 

Applicants must either earn a monthly salary of at least 100,000 baht or have more than 3 million baht in their bank account, which cannot be withdrawn within the first year after receiving the visa. They must also have health insurance that covers hospital stays and provides at least USD$10,000 in annual coverage.

"It was not immediately clear when the plan would be implemented" but that is probably not the only reason many here may not be interested!
 

http://www.khaosodenglish.com/news/business/2016/11/22/govt-approves-10-year-visas-foreigners-50/

bkkguy

[TMax]

I like this one very much.

[anddy]

the Bangkok Post article has a bit more detail in that it states the planned visa fee of 10,000 Baht, which is very reasonable. I'd totally go for that.

 

http://www.bangkokpost.com/business/tourism-and-transport/1141756/10-year-visa-for-senior-tourists

[Jasper]

I see they raised deposit from 800,000 Bhat to 3,000,000 Baht.

I guess this replacement visa would wipe out many low - modest income retirees looking for a warmer and cheaper alternatives than back home.

[pong]

Not just that-that 3m also needs to be in a NON-withdrawal bank account for at least 1 yr.

AND there must be a monthly income of at least 100,000 bt (=ca. 2600 eur by now). AND you need to have permanent medical insurance for at least 10kUS$ payout. Apparently the dreaded registration at immigr ev 3 month is also to stay-so what about those only staying half-year in TH-but do that every year?

As always with this: much more info-and tons of very predictable comments on dedicated sites like thaivisa.

Southern neighbour MY=Malaysia has introduced such a thing recently, seems mostly a copycat. About any dispute/questions are pretty worthless by now untill real fixed details have appeared.

[TMax]

Actually it says have a monthly income of at least 100,000 baht or a bank deposit of at least 3 million baht not AND

[Guest]

If planning to stay in Thailand for 10 years, bringing 3 million baht in at the start does not seem unreasonable.  

Leaving it in a bank account where it cannot be touched for a year seems a lot less sensible.

 

Considering there is already some scheme for over 55 year olds, what counts towards a monthly income there ?

1  A documented pension  ?

2  Annual dividend payments from stocks  ?

3  Capital gains from stocks or other investments ?

4  Rental income ?

5  Bank interest ?    At current western interest rates, it would need a very substantial holding.   Plus a safety margin in case your home currency fell.

 

Or a few brown notes handed over with the paperwork ?

 

I suppose there would not be many 50 year olds getting a documented pension sufficient to satisfy this new scheme.

[Bob]

Not counting the medical insurance requirement, the differences between what the new plan offers and the standard one-year extension deal provides is (based on 35 baht per US dollar):

(1)  Currently, the bank method requires a deposit of about $22,857 and the income method requires monthly income of about $1,857 (annual income of about $22,285).  Historically, the income requirement has been proven by showing proof to your embassy/consulate and they then notarize the income statement (with the exception of the US where you don't have to show any proof at all)....and there's no reason to believe that this method of income proof will change at all (z909 - surely all forms of income will be counted as they always have been).  The "visa" (extension) cost over 10 years is 19,000 baht.

(2) The new scheme provides for a deposit of about $85,714 or a monthly income of about $2,857 (annual income of about $34,285).  The 10-year visa cost is $10,000.00.

 

I believe about half the falang I know here would have no problem (financially) at all with this new scheme and may very well go for it to avoid the annual renewal hassle.  Many I know simply leave the bank money untouched in perpetuity anyway....some do it as a safety net provision and others do it because they can earn 2-3 times the interest here on bank funds as they can back in their home countries (on the other hand, not many with the financial wherewithal really want to keep 85 grand in a bank versus in the stock market or other investment vehicle).

 

As for the medical insurance issue, I also don't see that as stopping anybody.  At least half the falang I know already have medical insurance coverage that easily exceeds the minimum numbers the new plan envisions plus, no doubt, some insurance companies will certainly come up with new plans tailor-made to fit the new criteria; besides, those with the higher bank funds or the higher income won't likely have a problem affording the coverage.

 

So, based on what we know now, currently it seems this new deal is a viable option for a fair number of falang living here in Thailand.

[traveller123]

Posters on another forum seem to think that the 10 year visa will REPLACE the current annual visa which of course will result in a big difference to the capital requirement 3 million versus 800,000 baht.

 

Under the current one year retirement extensions the capital and income requirements can be mixed (that is for example 50% of the capital requirement and 50% of the income requirement), I will be interested to see if this will be allowed for the 10 year visa.

[Up2u]

Posters on another forum seem to think that the 10 year visa will REPLACE the current annual visa which of course will result in a big difference to the capital requirement 3 million versus 800,000 baht.

 

Under the current one year retirement extensions the capital and income requirements can be mixed (that is for example 50% of the capital requirement and 50% of the income requirement), I will be interested to see if this will be allowed for the 10 year visa.

Replace? There has been no news reports to suggest Replace. Malaysia also has this visa option.

[traveller123]

As I said "posters seem to think", nothing definite.

TIT wait and see and then get different interpretations from different Immigration Officers 

[anddy]

About any dispute/questions are pretty worthless by now untill real fixed details have appeared.

 

TIT wait and see and then get different interpretations from different Immigration Officers 

 

EXACTLY!

[Guest]

So, based on what we know now, currently it seems this new deal is a viable option for a fair number of falang living here in Thailand.

It seems reasonable.  

 

However, the parts I'm not keen on are:

 

1  Whilst I would hope to start off with annual income in excess of the figure quoted, if much of that is derived from overseas, any significant movements in exchange rate could turn an income that is perfectly adequate in year one into an income that is under the limit a few years later, even if one could still adequately live on it.      

The pound has lost almost 40% of it's value against the baht since the start of 2007.

Fortunately my pension is invested globally.  

 

2  Having to keep the money moved to Thailand in the bank.  If stock prices looked interesting at some point, that's where I would like to put the money. 

 

3  Then is there a risk of existing pensioners having to leave, if the goalposts get moved ?

 

Moving the qualifying age to 50 would be nice.

[Alexx]

The qualifying age for the existing "retirement visa" IS 50, and has been for quite some time.

[traveller123]

Thailand recognising gay marriage and civil partnerships and putting them on an equal footing with a straight marriage for visa purposes would also be nice,

[zombie]

I am also reading that for this new 10 year Visa the insurance cover needed is not only insurance as an in patient, but also insurance for out patient too.

[Guest hunkster]

 

(2) The new scheme provides for a deposit of about $85,714 or a monthly income of about $2,857 (annual income of about $34,285).  The 10-year visa cost is $10,000.00.

 

Help me with this one.  Please explain to the arithmetically challenged...."The 10-year visa cost is $10,000.00."

[Bob]

Hunkster, according to what I've read (and those news articles possibly are distorting the actual deal), the cost [the fee you pay to Immigration for it] of the 10-year visa is 10,000 baht. I too wonder what is this so-called thing (re-registering?) one is required to do after 5 years under the new deal but nowhere have I read that it's a second 10,000 baht fee.  If it turns out that it is another 10,000 baht fee, then the total cost obviously would be 20,000 baht (which is 1000 baht over what we currently pay.....the annual cost for an extension based on retirement is 1,900 baht or 19,000 baht over a ten-year period).

 

[For what it's worth....not much....the new deal is likely a 10-year extension of stay versus an actual 10-year visa although I suppose it would be a 10-year visa if it can be obtained outside of Thailand]

[firecat69]

Bottom line is they don't want anyone who does not have that amount!

[bkkguy]

Bottom line is they don't want anyone who does not have that amount!

 

the bottom line is most of the immigration and other officials, like most of the boys in the bar, are tops so they would prefer the visiting falung just lay back and think of home while they get screwed

 

bkkguy

[Guest]

I am sure that Thailand is not the only country in the world to retire.

 

How about Malaysia, Phillipines, Indonesia where cost are equally low. Or just retire in Latin America.

 

I find Malaysia is less fun than Thailand.   Perhaps the dominant religion just chooses to interfere more in Malaysia ?

 

Phillipines, never been there before, but clearly the crime risk in Manilla is much higher than Bangkok or any Thai city.  I prefer to go where I can safely walk down almost any street.  Maybe there are nice safe places to live.

 

Latin America - Places like Rio would be much less safe than Thailand, although I'm sure there would be safe places. 

  I also prefer smooth polite Asian guys to big hairy South Americans.