Answered3 years ago
What are the details about the 5 and 10 year retiree visas in Thailand?
I read on the embassy site that there are 5 and 10 year versions of the retiree visa, but no details were provided beyond that.
Can anyone fill me in please?
Information came from the elite visa section, where it compares to retiree visas
Can anyone fill me in please?
Information came from the elite visa section, where it compares to retiree visas
Answer summary
The discussion revolves around the different types of long-term visas available in Thailand for retirees, specifically the 5 and 10 year retiree visas. Participants mention the Elite visa, which includes options for 5, 10, and even 20 years, emphasizing that it is more suited for individuals under 50 seeking long-term stay. The conversation also highlights the Long Term Resident (LTR) visa, which is available for 10 years at a cost of 50,000 baht but requires proof of pension income, and compares it against the Non-O visa. Key points include the financial implications and advantages of each visa type, with opinions diverging on the best choice based on personal circumstances and financial literacy.
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Lynn ********
If you are going to do elite you better do it soon-ish. They are getting rid of the current offerings and likely raising prices on whatever will replace them. The deadline to sign up under the old (current prices) is September 15th. The deadline to extend from 5 to 20 years if you already have the 5 year is August 15th. Official announcement coming August 3rd according to Thai Elite.
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Brook ********
90 day reporting can be done online in minutes, or you can hire an agent to do it for you for ฿2000/year.
I cannot fathom why those eligible for a Non-O visa extension based on retirement would ever consider a LTR or worse, an Elite Visa.
It’s not a financially literate decision.
I cannot fathom why those eligible for a Non-O visa extension based on retirement would ever consider a LTR or worse, an Elite Visa.
It’s not a financially literate decision.
Alistair **********
@Brook *******
what about the return on capital? The minimum 400k sitting in your bank account, generating near zero interest vs investing that cash somewhere else. Even getting a measly 5% on it would be 20k baht better off each year.
Jeffrey *********
@Brook *******
I paid 50k for the 10 year LTR visa, which comes to 5000 per year. For my non-O, I was paying 1900 per year for the extension, plus 3800 for a multiple reentry permit, which came to 5700 per year. So, the LTR saves me 700 each year, while eliminating the need for 90 day reports and annual visits to Immigration and keeping 800k in the bank, PLUS giving me Fast Track access at the airport. I think I pass the financial literacy test, but thanks for your concern 😉
Brook ********
@Jeffrey ********
Im not intimately familiar but I read on the official website you still must report annually (in Bangkok?), and renew the LTR after 5 years. I think I get fast track with Thai Airways status and *everyone* has to wait for their luggage together.
Marty *********
@Brook *******
You have to reapply after five years but there is no additional fee. You do have to check in at one year if you haven’t left the country. I’m not sure what is involved with that since it hasn’t been one year yet. Still it is a lot less involvement with immigration that any other visa.Marty *********
Brook Powers You are suggesting to pay 20,000 baht over 10 years? That’s literate? The LTR IS $90/yr more expensive than yearly extensions and that, to me, is well worth the convenience. Those that qualify for an LTR can easily afford $90 extra per year.
Brook ********
@Marty ********
Where do you get ฿20,000/year from. What is that for? The Non-O extension is ฿1900/yr or with an agent slightly more and 30 minutes of time.
Todd *********
Totally agree. It is definitely a very major factor that is often overlooked
Craig ********
OP@Todd ********
Letting 800k THB sit there and endure inflation is the biggest reason LTR is so much better.Todd *********
@Brook *******
It's remarkable that you can't fathom the obvious advantages that make LTR an absolute no brainer for anyone who qualifies. The LTR is a multi-entry visa. Not single. And what actual retiree doesn't travel at all in a year? A multi entry non O visa extension costs 5700 baht annually (1900+3800). 700 baht per year more than LTR. And you don't get fasttrack at airports, you still have to 90 day report (LTR doesnt) and you need to go to your bank and immigration every year to sort out the paperwork. And you also don't need to foolishly tie up 800k baht at less than 1% interest.Marty *********
@Brook *******
If anyone is paying an agent then the LTR becomes a better deal or at least a wash. I never used an agent for my OA extensions so it’s a legitimate question to me about the money which I’ve already answered.Brandon ************
@Brook *******
you said 2000 per year for 90 day reports X 10 years = 20,000Marty *********
I got a 10 year pensioner LTR (Long Term Resident) visa this past January. It is 50,000 baht for 10 years. I had previously been on an OA visa. It is not too expensive but requires an $80,000/year pension income.
Richard *********
@Marty ********
LOL while a No o extension requires 800,000 in the bank ( $23,000) or a monthly pension of ONLY 65,000 baht .year ($23,000 /year) and only cost ya 1,900 baht.cant see why anyone would spend the $$ for a ltr
can u imagine spending 50,000 baht an dying after 2-3 years?
Todd *********
Richard Reitman except it doesn’t only cost you 1900 baht. That’s for single entry only. And what retiree travels nowhere? So it actually costs 5700 per year including the 3800 for multiple entry. More than the 5000 annual fee for LTR. LTR is multiple entry, no 90 day reporting, fasttrack at the airport and zero annual visits to the bank and immigration. For less cost than a non-O 😂. Someone would have to be daft indeed to not choose LTR.
And if you die after 2-3 years… who cares? You are dead. And lost 35k baht. That’s barely $1000 USD
And if you die after 2-3 years… who cares? You are dead. And lost 35k baht. That’s barely $1000 USD
Craig ********
OP@Todd ********
Yeah it sounds great but because I'm retired I can't show 80k USD a year in income. I only liquidate enough investments to cover expenses and I don't spend 80k/yearTodd *********
@Craig *******
if you don’t qualify, it’s pretty much a moot point. If you qualify, LTR is simply a FAR better product. Costs less And it keeps you permanently out immigration and having to dance thru hoops with your bank. Although an agent can accomplish similar for a cost.Craig ********
OP@Todd ********
Yeah LTR sounds great, but I don't qualify. I don't have a pension, don't have a million in assets that would qualify, and realizing 80k/year in cap gains isn't worth it. I do my 90-day reports online so, I'm best served by the 1 -year retireeCraig ********
OPSo it seems like unless you work for a Thai company you need to prove a large net worth, and that's the catch? So no money in a Thai bank but prove 1 million USD in assets, or high income from non-salary sources?
Adrian **********
@Craig *******
that's it basically I own a few condos have business in uk so all the business accounts and tax returns neededCraig ********
OP@Marty ********
yeah understand, thx for the info :)Marty *********
@Craig *******
There are 4 categories of LTR. The pensioner LTR requires an $80,000/yr pension income. There is also an option for a lower income + investment but I don’t know the details. It is all on the Board of Investment website. My point was just to make people aware of the option.Marty *********
Richard Reitman I plan to be around for the full 10 years. It works out to be about 2x more expensive than my OA yearly extensions. There is no money in the bank requirement so I got access to my 800,000 baht. There is no 90 day reporting which to my surprise is really quite nice. At least it makes some sense for those of us over 50. The Elite visa makes no sense to me for retirees though, as I mentioned, I know wealthy retirees that have it with no regrets.
I am married but the hassle of marriage extensions vs retirement extension wasn’t worth it to me. I paid the 50,000 baht and if I die tomorrow what do I care? I easily met the LTR requirements and it was incredibly easy to apply for it. I’m quite happy with it 6 months later. It’s new since last September so I like to make people aware of it as an option.
I am married but the hassle of marriage extensions vs retirement extension wasn’t worth it to me. I paid the 50,000 baht and if I die tomorrow what do I care? I easily met the LTR requirements and it was incredibly easy to apply for it. I’m quite happy with it 6 months later. It’s new since last September so I like to make people aware of it as an option.
Adrian **********
@Marty ********
I have the LTR also, if you qualify its easy enough, my wife has recived hers today. LTR is harder at the front end but you dont need to keep cash in any bank and prove you have it every 90days. And 1 year report what is there not to like about it! Works out the same money you would pay for an OA over 10 years but with a lot less hassleMarty *********
There are 5, 10, and 20 year versions of the Elite visa. The Elite makes the most sense for those under 50 years old who want to stay long term though I’ve met retirees that love their Elite visa. It is relatively expensive. You pay a fee (600,000 baht for 5 years) upfront and that money is gone. The 800,000 baht deposit required for an O or OA yearly extension is still your money.
Brandon ************
OX visa. The only country it makes sense is if you're from Australia. Every other country with a Thai embassy requires you to have the money in Thailand, if they even offer it.
Craig ********
OP@Brandon ***********
I don't care about the money in thailand, i'm already on a 1 year retiree visa. But the elite section of the website mentions a 5 and 10 year version of the retiree visa as well (see link in original post and scroll to section on retiree visa)Brandon ************
@Craig *******
if you can qualify for the OX visa, you can probably qualify for the LTR visa which is better in basically every way.Brandon ************
@Craig *******
as I said. Look up the OX visa.Craig ********
OPYeah I've seen that one, I don't like all the financial requirements and disclosures. I don't need a work permit.
I'll probably just stick with the yearly retiree standard
I'll probably just stick with the yearly retiree standard
Brandon ************
@Craig *******
look into this one. It's less than a year old and a direct competitor to Elite now. **********************
Craig ********
OP@Brandon ***********
interesting, had not seen that one before. Max 10 years though, my visa can be extended forever. Also 3 million THB is too much to have just sitting in cash.Thx though, I guess this is what they were talking about.
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