Govt approves ten year visas for wealthy over-50s

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Govt approves ten year visas for wealthy over-50s

Post by buksida » Tue Nov 22, 2016 6:32 pm

Affluent foreign residents over 50 will soon be able to apply for 10-year visas, a government spokesman said Tuesday.

Intended to promote Thailand as a hub for medical services, the policy was approved by the interim cabinet on Tuesday, according to spokesman Athisit Chainuwat.

It would replace one-year renewable visas and come in two installments of five years each, Athisit said. It was not immediately clear when the plan would be implemented.

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earn a monthly salary of at least 100,000 baht or have more than 3 million baht in their bank account, which cannot be withdrawn within the first year after receiving the visa.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.

Visa holders will still have to check in every 90 days with the Bureau of Immigration, Athisit said.

Applicants for the visa are expected to be foreigners who live in provinces such as Chiang Rai, Chiang Mai and Chonburi, the spokesman added.

Source: http://www.khaosodenglish.com/news/busi ... igners-50/
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Re: Govt approves ten year visas for wealthy over-50s

Post by Big Boy » Tue Nov 22, 2016 6:40 pm

It would replace one-year renewable visas and come in two installments of five years each, Athisit said. It was not immediately clear when the plan would be implemented.
Replace??? Oh sh*t!
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Re: Govt approves ten year visas for wealthy over-50s

Post by Bristolian » Tue Nov 22, 2016 6:45 pm

And the cost of the 10 Year visa will almost certainly reflect the wealth of the foreigner.

If only they would consider increasing the 90 day reporting period. "Wake up Bristolian TIT!"
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Re: Govt approves ten year visas for wealthy over-50s

Post by Vital Spark » Tue Nov 22, 2016 7:07 pm

Surely to god they're not going to make this the only way to retire in Thailand! I sincerely hope that it's another stupid idea thought up by an ignorant minion who believes that it'll bring much needed money into the country. I'm not going to get too annoyed about it, for now. Hopefully, like many half-baked ideas, it'll be consigned to the rubbish bin.

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Re: Govt approves ten year visas for wealthy over-50s

Post by Bristolian » Tue Nov 22, 2016 7:16 pm

^^ I believe the same and really would appreciate if the government took control of the Ministry of Silly Ideas until such time as the silly ideas become law.
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Re: Govt approves ten year visas for wealthy over-50s

Post by handdrummer » Tue Nov 22, 2016 9:26 pm

Bristolian wrote:^^ I believe the same and really would appreciate if the government took control of the Ministry of Silly Ideas until such time as the silly ideas become law.
the govt. IS the ministry of silly ideas. if this became the only way to retire here about 90% of the retirees would leave and no one would come. maybe that's the plan: Thailand for Thais. part of the insularity effect now sweeping the world. :banghead:

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Re: Govt approves ten year visas for wealthy over-50s

Post by lomuamart » Tue Nov 22, 2016 9:52 pm

Seems to me that it's a half way house between what we have now and the failed Elite scheme. I can't remember what the requirements of an Elite scheme are but maybe someone can enlighten me?
To me, from the OP, there's no intention of replacing the usual retirement extension.
It's just that this country would love really rich foreigners to invest more money into the country and the trade off is a longer extension. And go to expensive hospitals.
There may be some language lost in the OP between "replace" and "give another opportunity to gouge".
BTW, by the sound of things, you'll still have to go through the 90 day crap and all the mostly hopeless attempts to connect online.
Sod them.

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Re: Govt approves ten year visas for wealthy over-50s

Post by Nereus » Tue Nov 22, 2016 10:05 pm

I agree with Lumo. Bangkok Post are now running it and it reads slightly differently.

http://www.bangkokpost.com/business/tou ... r-tourists

10-year visa for senior tourists

The cabinet on Tuesday extended to 10 years from one the long-stay visa for foreigners aged 50 or more but they must report to immigration police every 90 days.

The visa will be valid initially for five years and could be renewed for another five, Col Apisit Chaiyanuwat, vice minister at the Prime Minister's Office, said.

The revised rule aimed to promote medical and wellness tourism in line with the government's policy.
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Re: Govt approves ten year visas for wealthy over-50s

Post by caller » Tue Nov 22, 2016 10:20 pm

Well, I really hope this new scheme is in addition to the current 'retirement' visa, as if not, I have to get my thinking cap on!

And to be honest, if money was no object, Thailand wouldn't be my first destination of choice.

But seriously, what is the real attraction of this scheme - £70k tied up for 12 months doesn't sound too great, nor the requirement to take out health insurance. Scrap the 90 day report and maybe there's something there, but what else?
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Re: Govt approves ten year visas for wealthy over-50s

Post by dundrillin » Tue Nov 22, 2016 10:34 pm

Where would be your first destination of choice ?

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Re: Govt approves ten year visas for wealthy over-50s

Post by lomuamart » Tue Nov 22, 2016 11:05 pm

Health insurance has been a bone of contention for years when those foreigners who need hospital treatment for whatever reason can't afford it.
That's all I'll say about that. The history of farangs who are seen to rip off the medical system are legion.
That's it really.

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Re: Govt approves ten year visas for wealthy over-50s

Post by caller » Tue Nov 22, 2016 11:14 pm

dundrillin wrote:Where would be your first destination of choice ?
UK Summer in the West Country, winter in Oz.
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Re: Govt approves ten year visas for wealthy over-50s

Post by Homer » Wed Nov 23, 2016 8:05 am

caller wrote:But seriously, what is the real attraction of this scheme - £70k tied up for 12 months doesn't sound too great, nor the requirement to take out health insurance. Scrap the 90 day report and maybe there's something there, but what else?
This should appeal to those from countries who must get a visa before entering Thailand and prefer medical care here. If one needs medical care that can't wait for a visa process, they can take the next flight.

I've never heard of someone on a non-imm type O for retirement being denied an annual renewal, but it could and probably does happen. Such a visa would suit those who worry about not being renewed.

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Re: Govt approves ten year visas for wealthy over-50s

Post by migrant » Wed Nov 23, 2016 9:31 am

It's a lot of money to tie up, as noted. The income side is a bit easier, I wonder if one letter serves for all 10 years, or you need to reconfirm.

If this visa did away with the 90 day reporting, then maybe a good option for some, but alas, no.
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Re: Govt approves ten year visas for wealthy over-50s

Post by huahin4ever » Wed Nov 23, 2016 10:42 am

This is just great! Most developed countries has good pentions, so we don't have to tie up any money. 100k baht per month is all that's needed, and I for sure will have that when I retire.
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