Author Topic: Gov’t Approves 10-Year Visas for Foreigners Over 50  (Read 653 times)

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Offline thaiga

Gov’t Approves 10-Year Visas for Foreigners Over 50
« on: November 23, 2016, 03:12:14 PM »
So the government has finally Approved 10-Year Visas for Foreigners, reports

You must be over 50yrs of age. That's great,  BUT ...

The stipulations are ... a monthly salary of at least 100,000 baht, or more than 3 million baht in their bank account which cannot be withdrawn for the first year of the visa, you need to have health insurance as well, and you still have to do your ninety days reporting so i guess most retirees will stay the same

Gov’t Approves 10-Year Visas for Foreigners Over 50
Anyone who goes to a psychiatrist should have his head examined.

Offline thaiga

There seemed no clear answers as to whether the visa would be a new offering or replace existing retirement visas

Now that statement alone is enough to frighten the nuts off any one. I'm sure it's an offering and the existing 1 year will stay. The 10 yr visa sounds good, as the 3 million can be put on interest i would of thought. But you cannot withdraw more than 50 percent, which one must show proof was spent in Thailand for such as medical, property, tuition or similar expenses.

The requirement that one must have health insurance, with an annual coverage of at least USD$10,000  350,000 bht to me is a bit over the top and anyone with 3 million in the bank wouldn't have a problem raising the hospital fees anyway.
The 5 year renewal you need 3 million in the bank again. :-[   All this talk about "VISAS" when most of us have "EXTENSIONS"
More from below

Thailand’s New 10-Year Visas Meet Mixed Reactions
Anyone who goes to a psychiatrist should have his head examined.

Offline thaiga

Re: Gov’t Approves 10-Year Visas for Foreigners Over 50
« Reply #2 on: November 25, 2016, 07:19:22 PM »
We need to know

There is talk on the forums and some are getting nervy, that the ten year visa might be their only option, i'm sure if this is correct, they would grandfather the rights of long stayers already here, they might make it the only way to go for newcomers, I'm not sure what the matrimonial rights are for people married to a thai.

The downside to this 10 year visa proposal for the majority, is not only the 3 mil in the bank needed, which i'm sure a lot of retirees could not meet. But insurance costs, if your over 60 yrs of age as you already know it's "PANG" and the older you get the more expensive it is.
If the 10 yr visa was the only way to go, a better option would be the elite visa, i think its half a mil for 5 yrs. and 1 mil for 20 yrs

Are retirement visas going to be replaced
Is this new visa just another option
Will present retirees be exempt if it is replaced, lets hope sense prevails.
Anyone who goes to a psychiatrist should have his head examined.

Offline thaiga

IMO the 10 yr. visa is less desirable than what is already on offer ie. 1 yr visa. The medical insurance from a Thai company would also be a problem for the older folk. Anyway how is it a 10 yr. visa. when you have to renew it at 5 yrs. and you are still required to do the 90 days reporting  :-[  With all these alterations and other deals on visas, i get the feeling that there could be a rise in the pipeline on the existing extension of stay, 800.000 baht in bank or 65.000 monthly income. Lets hope that doesn't happen, things are bad enough for some with the reduction we have had with the exchange rate.  Anyway i hear they have passed the ok, a bit more below from OPINION LETTERS TO EDITOR The Nation

Ten-year retirement visa doesn’t stand up to scrutiny

It is difficult to see who would rush to buy the new 10-year “retirement” visa announced on social media. It is actually a five-year visa renewable once, but the requirement to report every 90 days remains.

You now need to show Bt3 million, mostly or all in a Thai bank, and must have police clearance from your home country. The latter is difficult to obtain in some countries and virtually impossible if you happen to be American.

Medical insurance is compulsory, but must be bought only from a Thai company with the document written in Thai. This suggests that many farang will need to have two insurance policies, since the cover required for the 10-year visa is too low to cover many surgical procedures. Of course, many older foreigners can’t buy any kind of medical insurance as they are at higher risk of serious hospitalisation.

In fact there are alternatives to the complex medical insurance scenario, such as leaving a sizeable deposit in a Thai hospital to help cover future contingencies. But that would require a government initiative. If you speak to bursars in Thai private sector hospitals, they will tell you that many non-insured aliens are rich enough to pay all their bills. Not all are on the breadline or are basket cases.

It is a foregone conclusion that retirees will continue to opt for the one-year extension, which is

familiar and relatively straightforward.  But that assumes that new 10-year visa will indefinitely remain an alternative rather than a compulsory feature of the immigration menu! To be successful, the 10-year visa would need some perq such as the right to work part-time (as in Malaysia) or extended right to buy property (Indonesia) or hassle-free bureaucracy (Cambodia upcoming).

Barry Kenyon

Anyone who goes to a psychiatrist should have his head examined.