Thailand 10 year Visa

[urleft]

Well it is being said the 10 year visa is available except the immigration offices do not know that. 


10-Year Visas Now Available: Thai Immigration


 By Teeranai Charuvastra, Staff Reporter -                      August 16, 2017 12:49 pm

http://www.khaosodenglish.com/news/business/2017/08/16/10-year-visas-now-available-thai-immigration/

BANGKOK ? The much awaited 10-year visa for foreign retirees is now available, the top commander of the immigration police said Wednesday. , though staff seem to be unaware of the announcement.



Lt. Gen. Natthathorn Prohsunthorn said the new visa will come in two installments of five years each. It can be issued for foreigners from 14 countries who meet set conditions, such as having three million baht in bank account.



?It is now effective,? Natthathorn said by phone. ?Foreigners can apply for it at their provincial immigration offices. For Bangkok and neighboring provinces, it?s at Chaeng Wattana.?



Although the new retirement visa has been available since Friday, Natthathorn said he has not seen any applications come across his desk so far.


   ?I think the media should report this news. This is a much better story than the other incident,? the immigration police commander said, referring to complaints of long queues at Bangkok?s international airports.



A staff member at the Immigration Division I headquarters in Bangkok was unaware of the change and did not believe the 10-year visas were available. She referred a reporter to the immigration website.



No information about the new visa could readily be found on the site Wednesday.


Natthathorn said a memo was already sent out to staff at the Chaeng Wattana location, but some officials might not have read it. He advised potential applicants to push ahead with the application anyway.



?Maybe the reporter talked to someone who doesn?t know?? the police lieutenant general said. ?Just go ahead and submit the application.?



The government announced the new visa plan in November, citing a policy to promote Thailand as a destination for medical services and retirement. Previously, retirees could only apply for visas that required annual renewal.



Nattathorn said applicants must come from one of 14 designated countries, must not have any pending criminal convictions or charges, and have at least 3 million baht in their bank account.




BTW, the 14 countries are:  Denmark, Norway, Netherlands, Sweden, France, Finland, Italy, Germany, Switzerland, Australia, the United States, the United Kingdom, Japan and Canada. The application fee will be 10,000 baht.
http://www.khaosodenglish.com/news/business/2016/11/24/details-10-year-visas-meet-mixed-reactions/


 

[Starman]

Some of the requirements actually make this visa quite expensive, when compared to 10 x 1 year extensions (19000 baht).

The original fee is, as stated above, 10 000 baht.

The applicant must have a valid OA visa, which can only be obtained from their home country. Conversion of othere visa type can be done for 10 000 baht.

The applicant must show a bank balance of 3 million baht, as stated above,or a monthly income of 100 000 baht. These levels must be maintained for the duration of the first 5 years. After the first 5 years the applicant can withdraw 50% of the money from the bank.

Health insurance must be a minimum limit of 10 000 US dollars coverage per year and 1 000 for out patients.

[urleft]

"According to minutes of Tuesday?s cabinet meeting, the long stay, multiple-entry visa will be offered to citizens of 14 nations"
http://www.khaosodenglish.com/news/business/2016/11/24/details-10-year-visas-meet-mixed-reactions/


For 5 years, 5 retirement extensions are 9500 baht at 1900 each, and a multi entry visa is 19000 @ 3800 each year.  So that is 28,500 baht vrs 10,000 baht.    For those that habitually get a multi-entry visa it looks like a possible good deal, otherwise not so much.

And if you already have a home country heath insurance plan such as the US Military Tricare Overseas, it could be fairly easy to obtain.

However, since the actual Thai Government plan is not provided there can be changes to the calculations.

[Starman]

Good points made but what about the opportunity coast of leaving 3mil in a Thai bank? All of it for 5 years and half for the full 10 years.

3 mil, earning almost nothing in a Thai bank, must be able to attract around 4% a year somewhere.

That is 120,000 a year for the first 5 years and 60000 for the next 5. That works out at a hefty 900 000 over 10 years.

Also if you withdraw  any money you must prove that it has been spent in Thailand.

[urleft]

IMHO it would be foolish to tie up 3 million baht in a Thai bank to meet that requirement (unless you only had that money).  The affluent with investments do not consider 100,000 baht per month a difficult bar. 

Note that the goal of the visa is to make it attactive to the affluent:  "The financial requirements alone are likely to exclude all but the most affluent."  Which from an economy standpoint makes sense, influence people to bring good money into Thailand.

 

[urleft]

One issue I have seen is that may be the health insurance has to be from a Thailand based company.  That would throw a wrench into the works for us Americans that have Tricare Overseas. 

I asked the leadership of the VFW if they had any information, the answer was no as the visa does not seem to be available yet.

[gotlost]

One issue I have seen is that may be the health insurance has to be from a Thailand based company.  That would throw a wrench into the works for us Americans that have Tricare Overseas. 

I asked the leadership of the VFW if they had any information, the answer was no as the visa does not seem to be available yet.

It is available at the The Thai Embassy Washington D.C.

http://thaiembdc.org/non-immigrant-visa-category-o-x-long-stay/

[Tod Daniels]

More and more thai consulates and embassiez are starting to update their websites to show the 10 year Non-Immigrant Type O-X visa.

FWIW: this is the most clearly explained version of how that "wonder visa" works
https://www.thethailandlife.com/o-x-visa-long-stay

Note; I have nothing to do with that website, I just thought it explained that visa clearly..

[urleft]

Asked about the 10 year visa at BI today, they said they have issued one and the person had 3 million baht in the bank.  They also called it a 5 year as noted it is issued for an initial 5 years. 

BI said 3 million baht in the bank was required, they were not aware of any monthly income verification standard. 

Unfortunately I have yet to find a specific Thailand Government site that would regulate local immigration offices on this visa.  The Ministry of Foreign Affairs for the Kingdom of Thailand does not provide data on the 5/10 visa in its visa section (that I could find):
http://www.mfa.go.th/main/en/services/4908

Nor did I find reference in the immigration website:  https://www.immigration.go.th/index

[Tod Daniels]

Most thai consulates scattered willy-nilly around the world have the Non-Immigrant Type O-X visa listed as an option now.

Even though all the thai consulates are run by the Ministry of Foreign Affairs I wouldn't trust the MFA website about ANY visa. Each consulate gets latitude to come up with their own criteria about visas so check where you're applying before hand.

http://thaiembdc.org/non-immigrant-visa-category-o-x-long-stay/


http://www.thaiembassy.org/london/en/services/7742/84508-Non-Immigrant-visas.html#8

[urleft]

Found a decent Thai website that explains the 5 Year visa application and requirements (Non-Immigrant Visa Category ?O-X? (Long Stay)):

http://thaiconsulatechicago.org/pages-Non-Immigrant%20Long%20Stay%20Visa.html


The visa application costs are $400.  It is not stated if 90 reports are required.


Unfortunately it appears the financial requirements are based on money in a Thai bank and specific Thai health insurance:  https://longstay.tgia.org/

From the website:

Applicant must have a bank deposit of not less than 3 million Baht in Thailand or a bank deposit of not less than 1.8 million Baht and annual income of not less than 1.2 million Baht per year.  Such amount must be maintained in bank deposit in full for at least one year, and keep at not less than 1.5 million Baht thereafter.

Applicant must have a Thai health insurance for the duration of stay, with coverage for outpatient treatment of not less than 40,000 Baht and inpatient treatment of not less than 400,000 Baht.

[urleft]

Applicant must have a bank deposit of not less than 3 million Baht in Thailand or a bank deposit of not less than 1.8 million Baht and annual income of not less than 1.2 million Baht per year.  Such amount must be maintained in bank deposit in full for at least one year, and keep at not less than 1.5 million Baht thereafter.

A possible strategy if you are from the USA and have $100,000 in an IRA or 401K is to open a retirement account at Citibank Thailand with that money. 


Here's a link:  https://www.citibank.co.th/en/investments/investment-retirement-plan.htm


If you haven't reached 59 1/2 it could be a smart move as you can't touch the money without penalty anyway.