New Long Term Visa - Not Easy To Obtain.

[Stargazer]

It remains a good option for some people.

Excluding health insurance costs I would save 10,000 Baht over 10 years + the the hassle of not doing extensions or getting reentry permits

Well analyzed, Co-co. It may be that there are no insurance costs for some above what they already have. The re-entry permits are now 1600THB a trip, which can add up if you travel much. 2 international trips a year x 1600 x 10 years = 32,000THB. I imagine it really only looks great if you just happen to qualify on income anyway. In that case, other than paying up front for the 10 years, it's cost-effective. One big deal (for me at least) is that the capital deposit (if required) does not have to be in Thailand. Apparently that requirement is to prevent people from just borrowing $100,000 to qualify, when they don't really have the assets. I'll report on how they come down on health care.

 

[Stargazer]

If I had an income of US$80,000/ monthly I sure as hell wouldn't be in Thailand. lol

Give it a go. 'Horses for courses...'

Yeah, that would be nearly $1 million per year. Sorry. Meant $80,000 per year. Most people including Co-co figured that out.

 

[Coffee]

I'm applying through the 'Wealthy pensioners' provision. For that you must be over 50, have a monthly pension/income of $80,000 USD per month or more (in certain cases, you can have just $40,000 plus some property investment in Thailand), and qualifying health insurance.

As written above if I had a pension of US$960,000 annually I'd certainly investigate other options well understanding happiness is found where the heart is...but assuredly I'd try various options off the B100 menu.

SL Tahoe, Coure d'Alene, Maui, Kailua-Kona, Whitefish, Mazatlán, Tulúm, Taos...just for appetizers depending on the season.

Mel, don't get me wrong as I'm very content living in hua jai Thai Isaan with the family I have.

 

[Stargazer]

I just learned about the new Long Term Visa (10 years) and have applied for it. If you meet the qualifications, they make it very easy. You can do the whole application remotely, on line, from anywhere. The downside: you have to have a substantial income, and qualifying health coverage, or invest a bundle in Thailand.

I'll report on my experience here. There is an excellent Youtube video about it by Chris Parker: Long term visa details

I'm applying through the 'Wealthy pensioners' provision. For that you must be over 50, have a monthly pension/income of $80,000 USD per month or more (in certain cases, you can have just $40,000 plus some property investment in Thailand), and qualifying health insurance. I realize that doesn't apply to everyone hanging out here, but if it does, it is a game-changer.

Once accepted, supposedly within 4 weeks, you get a renewable 10 year visa, no more re-entry permits required, no monetary deposit requirement in a Thai bank, and only have to report online once yearly! It costs 50,000฿ up front for the 10 year period. I'm not sure they've thought through what the renewal process/cost will be. They are currently swamped with applicants, 40% of whom fall in the 'wealthy pensioner' provision. 1,000 applicants in just a few months. They are targeting a million...I think they'll need more staff.

I walked into the Board of Investment, and without an appointment got to see Kantarot Laopradith, who is the exec interviewed in the video. Excellent command of English, and a great attitude. She has asked me to provide some technical advice to help them improve their application website. This is a great new direction for Thailand. Thailand has seemed to be trying to punish everyone in order to prevent poor backpackers from overrunning Thailand as a cheap place to live. I'm not dissing them, but do understand the issue that concerns the government. They are considering allowing farang under this visa to buy and own 1 rai of land to build a house. More later...

Sorry. $80,000/$40,000 per year Yes, a typo.

 

[Coffee]

Straight from the horses mouth
High earners must have proof of personal income of at least USD 80,000 annually at the time of application
In case of having personal income only between USD 40,000 to USD 80,000/ year, the applicant must invest at least USD 250,000 in Thai government bonds, foreign direct invest or Thai property.
The visa issued will be for five years with a second 5 year visa to be issued.

@Mel Malinowski
Well Mel (technically) I might receive over $40,000 annually once I turn 70+ and opt for Soc Sec prior to Medicare deductions and taxes ...along with additional 'income' by taking annual SEP distributions as required by law.

US$250,000 investment here in LOS? Why would I? (Unless real estate paid for but not in my name on a chanote is inclusive.)
Initially it's just a 5-year visa with a 'promise' attached.

Personally I just don't smoke that much these days.

 

[Stargazer]

Not right for all. The promise is just that at five years you prove you still meet qualifications (like you’re alive?) But you pay for ten up front, and some don’t make it to the finish. No refunds Longevity incentive program?

 

[CO-CO]

@Mel Malinowski
Well Mel (technically) I might receive over $40,000 annually once I turn 70+ and opt for Soc Sec prior to Medicare deductions and taxes ...along with additional 'income' by taking annual SEP distributions as required by law.

US$250,000 investment here in LOS? Why would I? (Unless real estate paid for but not in my name on a chanote is inclusive.)
Initially it's just a 5-year visa with a 'promise' attached.

Personally I just don't smoke that much these days.

You don't need to invest anything.

Just evidence the required income, health cover (or $100k in a bank account), pay 50k Baht and you are good to go.

 

[Stargazer]

You don't need to invest anything.

Just evidence the required income, health cover (or $100k in a bank account), pay 50k Baht and you are good to go.

Not quite right. If you have $80k a year, true. If $40-79k, must have $250k invested. So some would meet it by buying a 9 million THB condo (starters on Koh Samui, and common in Bangkok now), or one rai and building a fancy house. But, as is true in my case, many may have their land and house in the name of the Thai wife, no help. Still, I think it (and the high tech job option) will attract quite a few customers. All of which would push Thai GDP up. Bhutan and Palau have adopted a program of targeting high end tourists as a way of controlling the impacts, while still bringing in foreign cash. However, this does not in any way ease the regulatory burden on the many solid middle income retirees like Coffee who are beneficial to Thailand. I fail to understand why they cannot move them to annual reporting as well. I'll bet they eventually up the cost of the one year retirement visa renewal as well as the 're-entry permit' fee. Ugh.

 

[Stargazer]

I'm going to try to convince them that (for Americans, anyway) Medicare coverage is sufficient and qualifying. They're not being wise about this. They should look at it like insurance does: very few if any folks who have paid for 10 years, and have substantial ties here, are likely to not pay medical bills and get kicked out/visa revoked. So just have them sign an agreement that they agree to pay medical bills, and if they don't, their visa is revoked. If there are 10,000 LTV holders, and just 2 do so, the government is still money ahead. At 50,000THB each up front, that's a huge pool of money to back it up. I gather there is a lot of opposition to letting farang own even 1 rai of land. But it's not that different than allowing condo ownership IMHO.

 

[nomad97]

Not quite right. If you have $80k a year, true. If $40-79k, must have $250k invested. So some would meet it by buying a 9 million THB condo (starters on Koh Samui, and common in Bangkok now), or one rai and building a fancy house. But, as is true in my case, many may have their land and house in the name of the Thai wife, no help. Still, I think it (and the high tech job option) will attract quite a few customers. All of which would push Thai GDP up. Bhutan and Palau have adopted a program of targeting high end tourists as a way of controlling the impacts, while still bringing in foreign cash. However, this does not in any way ease the regulatory burden on the many solid middle income retirees like Coffee who are beneficial to Thailand. I fail to understand why they cannot move them to annual reporting as well. I'll bet they eventually up the cost of the one year retirement visa renewal as well as the 're-entry permit' fee. Ugh.

I'll bet they eventually up the cost of the one year retirement visa renewal as well as the 're-entry permit' fee.

Please go and wash your mouth out with soap and water. If they do raise renewal fees, we all know who suggested it.

 

[georgefromcanada]

I'm going to try to convince them that (for Americans, anyway) Medicare coverage is sufficient and qualifying. They're not being wise about this. They should look at it like insurance does: very few if any folks who have paid for 10 years, and have substantial ties here, are likely to not pay medical bills and get kicked out/visa revoked. So just have them sign an agreement that they agree to pay medical bills, and if they don't, their visa is revoked. If there are 10,000 LTV holders, and just 2 do so, the government is still money ahead. At 50,000THB each up front, that's a huge pool of money to back it up. I gather there is a lot of opposition to letting farang own even 1 rai of land. But it's not that different than allowing condo ownership IMHO.

With Fee Simple ownership there are far more rights than Strata or condominium ownership. Don't forget with condominium ownership you only own a percentage of the entire " package " and the 51% of the owners must be Thai.

The one Rai ownership for foriegners is planned for BKK and Chonburi only at this time, no foriegners will be owning their land and home in Surin.

I also believe the biggest fear Thais have is not
" farang" ownership but Chinese ownership, which given the relative size of their population and proximity seems fair.

Personally I believe that their needs to be reciprocity between nations on this issue. If Chinese, Thais or Japanese can buy land in the USA, Americans should be able to buy land in China, Thailand or Japan. One only has to look at the cost to buy land in Honolulu or Vancouver to see how foriegn ownership affects a real estate market.

 

[CO-CO]

I'm going to try to convince them that (for Americans, anyway) Medicare coverage is sufficient and qualifying. They're not being wise about this. They should look at it like insurance does: very few if any folks who have paid for 10 years, and have substantial ties here, are likely to not pay medical bills and get kicked out/visa revoked. So just have them sign an agreement that they agree to pay medical bills, and if they don't, their visa is revoked. If there are 10,000 LTV holders, and just 2 do so, the government is still money ahead. At 50,000THB each up front, that's a huge pool of money to back it up. I gather there is a lot of opposition to letting farang own even 1 rai of land. But it's not that different than allowing condo ownership IMHO.

I would just point out the obvious flaw in your argument - logic!

You are applying logic.....BIG mistake

 

[Stargazer]

I'll bet they eventually up the cost of the one year retirement visa renewal as well as the 're-entry permit' fee.

Please go and wash your mouth five out with soap and water. If they do raise renewal fees, we all know who suggested it.

Give me five strokes of the Singapore cane!

 

[gotlost]

Straight from the horses mouth

 

[Ivor the Engine]

I would just point out the obvious flaw in your argument - logic!

You are applying logic.....BIG mistake

+1

 

[lightfoot]

Amazing Thailand ! Since I've been consistently living here 15 years plus.
I've been coming to Thailand for about 40 years prior to living here for a 6 weeks or so every year.
Thailand does not make it easy to stay in the Land of Smiles and it cost you money !
I've examined my head without a solution for what the attraction is.
I know one of them is the women, in my case now, One Woman, how the hell did that happen ???? Maybe I discovered the reason, I'm getting old, Damn !

I might add that I've seen Thailand change the game in coming to Thailand & living in Thailand requirements a few times.
I like the comment that one member made, Logic ! Not sure it exists in Thailand

 

[Stargazer]

With Fee Simple ownership there are far more rights than Strata or condominium ownership. Don't forget with condominium ownership you only own a percentage of the entire " package " and the 51% of the owners must be Thai.

The one Rai ownership for foriegners is planned for BKK and Chonburi only at this time, no foriegners will be owning their land and home in Surin.

I also believe the biggest fear Thais have is not
" farang" ownership but Chinese ownership, which given the relative size of their population and proximity seems fair.

Personally I believe that their needs to be reciprocity between nations on this issue. If Chinese, Thais or Japanese can buy land in the USA, Americans should be able to buy land in China, Thailand or Japan. One only has to look at the cost to buy land in Honolulu or Vancouver to see how foriegn ownership affects a real estate market.

Or Auckland NZ

 

[Coffee]

Amazing Thailand ! Since I've been consistently living here 15 years plus.
I've been coming to Thailand for about 40 years prior to living here for a 6 weeks or so every year.
Thailand does not make it easy to stay in the Land of Smiles and it cost you money !
I've examined my head without a solution for what the attraction is.
I know one of them is the women, in my case now, One Woman, how the hell did that happen ???? Maybe I discovered the reason, I'm getting old, Damn !

Damn! is quite correct, lightfoot . ;-)

How did you/I/ we ever get wittled down to one woman year in and year out ?!?

It sure wasn't like that when all of us initially began to visit Thailand whether forty , twenty or ten years ago.

"We got old!"

 

[georgefromcanada]

"New foreign land ownership law in Thailand can be scrapped if Thais don't agree. "


The interior ministry’s draft regulation proposes that foreigners can own a house/up to one rai of land (1600 square metres) in Thailand providing the following requirements are met…


Foreigners who qualify to purchase land for residential purposes include wealthy foreigners with at least US$1 million in assets, pensioners with a minimum annual income of US$80,000, remote workers for well-established companies, and skilled experts in targeted industries.


The land must be located in Bangkok, Pattaya, the municipality area of provinces nationwide, or other “residential zones.”


The land must not be located in military exclusion zones.


The owner must have a Long Term Resident (LTR) visa and invest at least 40 million baht in government bonds, real estate funds, infrastructure bonds, or real estate investment funds for at least three years.

 

[Stargazer]

Coffee: If I had an income of US$80,000/ monthly I sure as hell wouldn't be in Thailand. lol

Give it a go. 'Horses for courses...'

Even though you don't, WHY are you in Isaan then, one of the 20 poorest provinces in Thailand? Friends talk about coming to visit Isaan, and I invariably say that it is not on the top 50 list for tourists in Thailand. Or the top 100. You have to have a good reason to haul yourself way out here in the rice paddies.

I'm here because it's part of our marriage agreement: must stay where wife's family is. Likewise, we stay our summers at my old family farm in Washington State. It's a deal, not a perfect one, but a pragmatic one.

Otherwise, I imagine I'd be in Koh Samui, Phuket, Kao Lak, or Petchabun. If I had Coffee's '$80,000 a month' income, maybe The Maldives or New Zealand.