New 10 year retirement visa approved

[travelerjim]

The Prime Minister has approved the issue of the 10 year's Multiple Entry (retirement) Visa for citizens over age 50 of 15 Nations with requirements...


BANGKOK:-- Foreigners in Thailand will soon be able to apply for a 10 year visa.

First proposed in November 2016 as a way to promote Thailand as a medical and wellness hub, Thaivisa understands the 10 year visa was this week formally approved by the Prime Minister.

The new Non O X visa will be available to anyone who is over 50 years of age and from one of the 14 countries listed below.

Applicants will need to have a minimum 3 million baht in a Thai bank account, or a combination of 1.8 million baht in the bank and income not less than 1.2 million baht.

The 3 million baht must be kept in the bank as a deposit for a period of one year but can be reduced to 1.5 million under certain conditions.

Criminal background checks are required on all applicants, who must also have valid medical insurance from a Thai insurance company for the duration of the visa.

Foreigners are not permitted to work while staying in Thailand on the visa and 90 day reports are still required.

The visa will cost 10,000 baht and will be valid for 5 years, before being renewed for a further 5 years.

The new Non O X visa will be available from 11 August, with an official announcement expected imminently.

The Non O X visa does not replace the current annual retirement extension.

Thailand 10 year visa in brief:

- Over 50s only
- 14 nationalities eligible: Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Switzerland, Sweden, Great Britain and Northern Ireland, Canada and United States of America.
- Minimum 3 million baht in Thai bank account
- or combination of 1. 8 million in the bank and income not less than 1.2 million
- 3 million baht must be kept in account for one year, can be reduced to 1.5 million under certain conditions
- Criminal background check from country you hold passport
- Health insurance provided by Thai company, Outpatient coverage minimum 40,000 baht, Inpatient coverage not less than 100,000 thousand baht
- Not permitted to work
- Unlimited entry valid for 5 years
- Fee is 10,000 baht
- 90 day report still required.
- Visa issued in two 5 year periods


https://www.thaivisa.com/forum/topic/98 ... -over-50s/

Tj

[Gaybutton]

The Non O X visa does not replace the current annual retirement extension.

Ok, then I give up. For us expat retirees, what would be the advantage of this visa when you would still have to do the annual retirement extension - especially since you would have to tie up 3-million baht - assuming you have that much cash in the first place.

And health insurance has to be provided by a Thai company?

Thanks, but no thanks. Unless I'm missing something, I can't imagine why anybody would want to do this. Why they can't just make the 10-year visa available under the same rules that apply to the annual retirement visa goes beyond me. I think I'll just leave things status quo.

[travelerjim]

This is an 'additional option" for those age 50+ from 15 Nations.

It does not replace the annual 365 days extension of stay.

So now you have 2 choices of retirement in Thailand.

Tj

[fountainhall]

Actually it's the third choice. For the millionaires out there, there is still the Thailand Elite Programme! LOL

[2lz2p]

I read the same information from Thaivisa.com - but, the poster did not cite the source. While it most likely is correct, I would like to see some more authoritative source. It does state:

The Non O X visa does not replace the current annual retirement extension.

IMO, this means that those of us on current annual extensions, there will be no change. Awaiting clarification, it appears to me this will be another "type" of visa issued by Thai Embassies and Consulates - it may also, like the "O-A" Visa, be available only in your country of residence. It also appears that upon entry the "permitted stay" will be 5 years before a renewal is required - also, if it is a "multiple" entry Visa, the question that comes to mind is will that mean you get 5 years each time you enter Thailand while the Visa is valid (as with the one year each time if using an O-A multiple entry).

Whatever it turns out to be, I will pass on it and do my annual renewals. Otherwise, it appears if I want to use my income, I would still have to put 1.8 million baht in a Thai bank account. Also, the requirement to have insurance from a Thai company may be a problem for many, especially if they already have preexisting conditions, which are usually excluded by Thai Insurance companies. Another reason for me not to be interested since my US Health insurance covers my medical expenses here in Thailand.

It may be attractive to some, but it appears it will be available only for a small niche of reasonably well off and healthy people.

[Undaunted]

http://pattayatoday.net/news/latest-edi ... -dilemmas/

[travelerjim]

Yep... The insurance requirements will be difficult to meet
Especially if it is to be issued by a Thai insurance company.

Tj

[Gaybutton]

I read the same information from Thaivisa.com

Assuming the poster on Thaivisa got it right, my response to the requirements would be "Don't do me any favors." I don't know whether the person who posted about this got everything correct or not. To me, some of the requirements as he posted make no sense at all. Of course, the way things often work around here, making no sense is a good indicator that he probably got it exactly right.

I don't know of any Thai insurance that provides decent coverage to farang. If the purpose of the insurance requirement is so that Thailand doesn't get stuck with farang medical bills, then from that standpoint why does the insurance necessarily have to be Thai? I'm not about to give up or add to the coverage I already have.

What good is the visa if you have to tie up a substantial amount of money? Sorry, but I have better things to do with my money other than to let it sit, virtually untouchable, for no reason I can see as valid.

And what is the point of this visa in the first place if you still have to submit 90-day address reports and still have to renew your retirement extension every year?

Again, am I missing something?

The best analogy I'm coming up with is this visa is like when you invite someone to a party, and the only reason you invite him is because you know damned well he isn't going to come. But nobody can say you didn't at least make the offer . . .

[Undaunted]

It will be a windfall for someone's brother-in-law in the Thai insurance business.

[Smiles]

I must be missing something here. Please correct me if you can.

I have lived in Thailand on an original Non-Imm 'O' ("Retirement") visa which, after a full year, expired, but I keep on keeping on as everyone else does ... they go to Thai Immigration on or about their expiry date and receive a 12-month extension to stay in Thailand. What could be more simple than that?
Therefore I in fact already have what amounts to a 10+-year stay as long as I don't die, need to go 'home' for medical reasons, or end up in the Bangkok Hilton for raping a few Thai Bad Boys.
So who needs a million+baht in some bloody bank in order to bother with a special 10+ year visa when one already has one in actuality ... as I have since 2007.