Govt approves ten year visas for wealthy over-50s

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

Post by NOKYAI » Thu Nov 24, 2016 3:35 pm

Wouldn't a work around this be to have all your money kept in your own country and just transfer B100,000 per month as 'income'. Any unspent can be put back into the system when exchange rates were favourable.......
Now semi retired 60:40 Thailand: UK ( seems to be working well)

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

Post by StevePIraq » Thu Nov 24, 2016 3:50 pm

Now why would any country do that, then they have no cash in the bank, remember this is not for your benefit it's for the Thai governments benefit.
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Re: Govt approves ten year visas for wealthy over-50s

Post by Big Boy » Thu Nov 24, 2016 5:05 pm

StevePIraq wrote:If you read the last article link and my last post it is not going to happen. Just ignore it and carry on regardless.

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I did, but I don't understand why it isn't going to happen. A typical General's instruction, "Just make it so," but in my experience of UK Generals, if a General says make it so, the plebs will do it.
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Re: Govt approves ten year visas for wealthy over-50s

Post by Big Boy » Thu Nov 24, 2016 5:08 pm

StevePIraq wrote:Now why would any country do that, then they have no cash in the bank, remember this is not for your benefit it's for the Thai governments benefit.
And don't forget, you can only ever touch half of that 3 Million, and if you dare touch your own money, you have to prove it was spent on property, education or health.
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Re: Govt approves ten year visas for wealthy over-50s

Post by STEVE G » Thu Nov 24, 2016 6:38 pm

Big Boy wrote:
StevePIraq wrote:Now why would any country do that, then they have no cash in the bank, remember this is not for your benefit it's for the Thai governments benefit.
And don't forget, you can only ever touch half of that 3 Million, and if you dare touch your own money, you have to prove it was spent on property, education or health.
Certainly if it was achievable, I would prefer to die overdrawn rather than with 3 million baht in the bank!

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

Post by brianks » Thu Nov 24, 2016 8:03 pm

Whats that about 10,000 baht fee for the Visa. I'll continue with the 1,900 baht retirement visa fee and be out ahead at 5 years by 500 baht. Still have to do the 90 day check in. They must really think were stupid.

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

Post by Big Boy » Thu Nov 24, 2016 8:37 pm

The problem is, the articles states, "It would replace one-year renewable visas." Nereus has pointed out the only long term visa according to the MFA is the OA. If that is the case, the 1,900 Baht Retirement Visa will no longer exist.
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Re: Govt approves ten year visas for wealthy over-50s

Post by Nereus » Thu Nov 24, 2016 9:02 pm

The non-immigrant "O" visa is only good for 90 days(60 + 30). If you are eligible for an extension based on retirement, you are granted 1 year, if not then please do like the pigeons and flutter off.

The "O-A" visa is good for 1 year, and in the published link it states that the new visa is to replace the 1 year visa. Seems to me that the intention is to replace the "O-A", call it 5 years, and gather in some more funds.

No where does it mention scrapping the non-immigrant "O" visa, or the facility to extend it if eligible.
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Re: Govt approves ten year visas for wealthy over-50s

Post by DSB » Thu Nov 24, 2016 10:38 pm

I checked BUPA for health insurance, this could cost over 80,000 a year to include outpatient insurance. One question is that could the cash required be in a foreign currency bank account in Thailand?
I agree that this would not replace the existing retirement visa, and would be a ploy to suck more cash in to the system from abroad.

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

Post by Name Taken » Fri Nov 25, 2016 9:13 am

brianks wrote:Whats that about 10,000 baht fee for the Visa. I'll continue with the 1,900 baht retirement visa fee and be out ahead at 5 years by 500 baht. Still have to do the 90 day check in. They must really think were stupid.
They do.
The Thai Government likes to marginalize and embarrass foreigners at every opportunity and they also like to think that we are just walking ATM machines.
And the rose tinted glasses brigade just encourages this bad behavior and the continued vilification of foreigners in Thailand.

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

Post by StevePIraq » Fri Nov 25, 2016 11:34 am

In my opinion if this is implemented I believe the existing one year visa will be scrapped and those that wish to stay will have to comply with the new requirements or leave, leaving behind your house as you will never be able to sell it.
On the insurance side I wonder how they came up with $10k for in patient medical cover, 10k is only 355k Baht and that will not cover your for a great deal
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Re: Govt approves ten year visas for wealthy over-50s

Post by lomuamart » Fri Nov 25, 2016 12:39 pm

The more I read about it, the more I agree with Nereus that this is a replacement for the one year Non Imm OA visa.
Unless the proposers of the new rules have made the same mistake as many do on this forum and confuse an annual extension with a visa (and that is possible), then the only interpretation is the replacement of the OA visa.
Another, maybe less reliable pointer, is that those who take it up (should it be enacted) by putting all that money in a Thai account are being told what the money must be spent on. They've still got to live havn't they?
And there's mention of introducing the visa to make Thailand a medical hub.
At the end of the day, no-one knows yet but I'd be surprised if the one year extensions go.

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

Post by laser » Fri Nov 25, 2016 1:01 pm

I don't think that journos are capable of correctly summarising more than 3 paragraphs. Below is the official communique regarding the two proposals on visa matters (http://www.thaigov.go.th/index.php/en/c ... er-22-2016). So far there are no extra information, only speculations, rumors, and guesses.

*************************************************
*************************************************
Title: Extension of period of stay for Long Stay Visa

The Cabinet approved in principle on proposals made by Ministry of Public Health on the extension of period of stay in Thailand for Long Stay Visa. Ministry of Interior is ordered to issue or amend related laws to be in accordance with the Cabinet’s resolution.

Gist of the matter

Ministry of Public Health reported that

1. At present, an increasing number of foreigners aged 50 and over have been travelling to Thailand for a long stay by obtaining Non-Immigrant Visa Category O-A (Long Stay). Ministry of Tourism and Sports also reported that in 2014, top 15 countries of which the citizens have been approved for a long stay in Thailand are: England, USA, Switzerland, Japan, France, Australia, Norway, China, Sweden, Netherlands, India, Italy, Canada and Taiwan. These are tourists with considerable potentials who prefer to stay in Thailand’s tourist destinations, such as Chiang Mai, Chiang Rai, Chonburi and other famous coastal provinces.

2. Ministry of Public Health and Ministry of Tourism and Sports have reached an agreement, at the 5/2016 board meeting of Thailand Development and Promotion on Medical and Wellness Tourism, to extend period of stay for Long Stay Visa from 1 year to 10 years for foreigners from 14 countries as follows: Denmark, Norway, Netherlands, Sweden, France, Finland, Italy, Germany, Switzerland, Australia, USA, England, Japan and Canada. The requirements are as follows:

1) Age requirement: Foreigner aged 50 or more who applies for Non-immigrant catergory O-A (Long Stay) from Thai Consulates in their countries or foreigner who travels to Thailand with other types of visa and wishes to change to a Long Stay Visa. Holder of this type of visa will be permitted to stay in Thailand for 5 years with multiple entry and granted for another 5-year extension with multiple entry.

2) Visa fee: 10,000 Baht

3) Financial requirement: Must have a bank deposit of at least 3 million baht or have a monthly salary of at least 100,000 Baht

4) Health insurance coverage: Must have with them medical insurance policy of at least USD 1,000 for OPD and USD 10,000 or more for IPD per year

5) Report to immigration: every 90 days to the immigration officer in his or her residence area

6) Others: Spouse or registered partner of the applicant aged 50 or more can request for a Long Stay Visa by providing a seperate bank deposit in Thailand or have monthly salary. Spouse aged under 50 will be granted with Non-immigrant visa catergory O, and childern aged under 21 can enter the country for education with Non-immigrant visa catergory ED. The applicant can also purchase private vehicle or condominium in Thailand with foreign funds transferred to Thai bank account, as well as will be permitted to conduct volunteer work without pay.

*******************************************************************
**************** Temporary tourist visa incentive ********************

Title: Incentive measures to attract more foreign tourists through visa exemption sought at royal Thai Embassies and Consulates and Visa on Arrival (VOA)’s fee reduction

The Cabinet agreed on proposals made by Ministry of Tourism and Sports on incentive measures to attract more foreign tourists through visa exemption at royal Thai embassy and consulate and Visa on Arrival (VOA)’s fee reduction as follows:

Objectives:

1) To enhance national competitiveness in attracting and facilitating foreign tourists

2) To attract more foreign tourists during this short-term High Season

Measures:

1) To exempt the 1,000-bath fee for visas sought at royal Thai embassies and consulates.

2) To reduce the 2,000-baht fee for visas on arrival to 1,000 baht for foreigners from 19 countries, which are Andorra, Bulgaria, Bhutan, China, Cyprus, Ethiopia, India, Kazakhstan, Latvia, Lithuania, the Maldives, Malta, Mauritius, Romania, San Marino, Saudi Arabia, Taiwan, Ukraine and Uzbekistan.

3) The measures will take effect for 3 months from December 1, 2016 to February 28, 2017.

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

Post by StevePIraq » Fri Nov 25, 2016 1:37 pm

Laser, the best and clearest post so far, great info.
No mention of when to be implemented
No mention of having to leave your 3m in the bank.
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Re: Govt approves ten year visas for wealthy over-50s

Post by caller » Fri Nov 25, 2016 3:43 pm

laser wrote:I1) Age requirement: Foreigner aged 50 or more who applies for Non-immigrant catergory O-A (Long Stay) from Thai Consulates in their countries or foreigner who travels to Thailand with other types of visa and wishes to change to a Long Stay Visa.
It is extremely helpful, so many thanks Laser, for digging this out.

The key phrase for many, I imagine, is the above, which does indeed clarify matters.

Phew!
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