@Gregory ********
Unfortunately, that's true. For someone who wishes to stay in Thailand long term (and not have to leave) the Non-O visa and retirement extension comes the closest to what you are looking for. There are financial requirements, of course, but you only have to visit immigration once a year and for 1,900 baht you can get a new extension of stay. Only your first 90-Day Report needs to be done in person, from then on you can do online. Setting an electronic calendar reminder to yourself when the next 90-Day Report is due (actually 15 days before it's due) can help greatly with not forgetting.
The Thai Elite Visa is not as good as the retirement extension because to stay in Thailand (and not have to leave) the Thai Elite Visa requires you to go to Thai Immigration once a year and pay 1,900 baht to get an extension of stay. The only thing missing is that you don't have to meet financial requirements for the Thai Elite visa annual extension. Of course, you've already paid 600,000 baht to get the Elite visa.
Also, just like the retirement extension, the Thai Elite visa requires you to do a 90-Day Report every time you have stayed in Thailand for 90 consecutive days.