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As the title of this video suggests, we are discussing “recalibrating” Retirement Visa issues. Now I am going to dig into a pretty dense and long article from ASEAN NOW, aseannow.com. Quoting directly: “Thailand, a perennial magnet for retirees due to its enchanting blend of affordability, warm climate, and vibrant culture, is recalibrating its approach to foreign residents - a shift with significant implications. Known for golden beaches, delectable cuisine, and the famed hospitality that has earned it the moniker, “land of Smiles.” Thailand has historically welcomed foreign retirees with open arms, offering them a slice of tropical paradise that’s both accessible and affordable. However, new policies suggest a distinct pivot towards the affluent, leaving many long-time admirers questioning their future in a country once synonymous with retirement tranquility.” Quoting further: “For decades, Thailand’s Retirement Visas were considered a golden ticket for retirees aged 50 and over. The longstanding Non-Immigrant O-A and O-X visa categories.” – well first of all, long-standing? The O-X has only been around for, I don’t know, maybe 5, 7-8 years and I can tell you, few people have used it that I have seen. Maybe some more recently but when it was first rolled out, it was almost dead on arrival and then I have heard anecdotally of people getting them, I could say unequivocally here at the office we haven’t seen anybody get one of those. The O-A needs to be distinguished from the standard O Retirement Visa, which is the classic Retirement Visa here, but the O-A is issued from Embassies and Consulates abroad. Yes, it is in wide use, but I think that whoever wrote this was basically saying, sort of the O Retirement Visa category generally and then you have got the O-A and the O-X are specific sub-categories thereof. That said, quoting further: “..presented viable pathways into this Southeast Asian haven. Requirements were straightforward: either stash 800000 baht (approximately US$20,000) in a Thai Bank or show a monthly income of 65,000 baht (around US$1,800), alongside proof of a clean criminal slate and health coverage. These terms made Thailand one of the most welcoming places for middle-income retirees – a financial comfort unmatched by many other Asian destinations. ”Yeah, and we are doing a video on this for our paid news service, Integrity News Service. Those interested in that you can check out the email, we put it below, send us an email, [email protected]. I am going to title this upcoming video I am going to be making contemporaneously with this one, I am going to title it, Where is everybody? Because really this low season is LOW. We have got restaurant clients who are talking to us and saying, “hey, numbers are down”, - I am just walking around the streets, and it is just like, where is everybody at? Nobody seems to be much around. Now part of that could be sort of the aftershock if you will, especially in the context of the recent earthquake, but sort of the rebound if you will from high season. When you get a really high, high season, there does tend to be a lower, low season because people have already been here. If they are vacationers, they are not going to come here twice in a year oftentimes. That said, it is worth pointing out and I am going to get into great detail on the paid news service on this, middle income retirees; that has been the bread and butter of Thailand, and I don’t think that they are given the appreciation that they deserve quite honestly. That said, quoting further: “Yet as 2023 unfolded, Thailand threw a curveball with the unveiling of the Long-Term Resident (LTF) Visa.“ They also threw a curve ball with the memorandum regarding taxation that came out in that year; again, something I will get into in the paid news service. Quoting further: “This new tier, waved like a shiny lure, targets wealthy global citizens with steep prerequisites: a minimum of US$80,000 annual income sustained over two years and US$1million in assets. This hefty financial threshold has effectively priced out all but the wealthiest of prospective retirees.” Fair enough, and good point. But it also needs to be pointed out there are also the O options. The standard Retirement Visa options are still out there especially for renewal; the one thing that should not be taken away from this video is the notion that renewals are not possible. Now as I have talked about in other videos, opening Bank Accounts is getting more and more difficult; we have been hearing a lot of anecdotal evidence about that. Also, they have tightened up substantially regarding conversions and issuances of new O Retirement Visas, and if you recall, I have talked about this for a number of years that you could see problems if they try to consolidate the O Retirement Visa category and basically make a one-size-fits-all set of rules. That could have substantial implications, especially for folks coming in new but in the sense of renewals, understand, we are not seeing, from what I have heard, substantial changes to renewal process although as it kind of ebbs and flows with immigration here, it does sound like things are getting a little bit more onerous to deal with on a day to day basis even regarding renewals which brings me to the further quote: “Furthermore, in the wake of Covid-19 and heightened scrutiny over immigration protocols, health insurance requirements for typical Retirement Visas have grown more stringent.” Well yeah, but the folks that were here and renewing in O Retirement status, they didn’t really have that issue. As we talked about when Covid happened, and I have all the videos and I made them at the time, yeah, insurance was a component of the O-A. For a fairly prolonged period of time, the O-A was the only way of getting into Thailand in retiree status. That said, quoting further: “There’s also a persistent undercurrent of speculation concerning potential increases in financial thresholds for these visas. Anecdotal evidence from retirees suggests increasing difficulty and opacity during application processes...” What does that mean? I mean look, the system is what it is. As we have discussed in other videos, each Immigration Office has their own way of doing things. Immigration Officers themselves are vested with substantial plenary discretion regarding whether or not to even issue a visa and quite honestly, that is their purpose. They are there to be the eyes and the ears of the Thai Government if you will, to decide whether or not someone should be granted ongoing status or status in the first place; that's more the case of folks that work at Embassies or Consulates abroad. But again, these officers, their function is adjudicating whether or not somebody should get a Visa. Yes, there are requirements but it's not a hard and fast set of rules because at the end of the day, all Immigration Officers have discretion to make final decisions regarding issuance on for example a visa to begin with or an extension of status. That said, quoting further: "There is also a persistent under current of speculation concerning potential increases in financial thresholds for these visas." Yeah, fair enough. There has always kind of been that talk. I'm not hearing anything yet - maybe I am wrong - but I am not hearing anything yet that says, "oh no, they are going to jack up the financial requirements significantly anytime soon." I haven't heard that yet. Quoting further: "Anecdotal evidence from retirees suggest increasing difficulty and opacity during application processes projecting a stark albeit quiet message: without considerable wealth, entry into Thailand is becoming an arduous endeavour." No, I don't necessarily agree with that. Yeah look, I think policy makers are always going to want high calibre if you will or high spending, high calibre is the wrong word because I know plenty of middle-income retirees who are perfectly good people and frankly Thailand should want them. They are spending all their money here and they are good people; they are not causing any problems, they are great. But look policymakers are always going to want to aim to have more people with more money coming to their country. And I think where there is disconnect between my conclusions and the conclusions drawn in this article are that look, it's not a zero-sum game; it's not going to be LTR replaces Retirement Visas. Yeah, we could see financial requirements for the standard Retirement Visas go up. I think it's kind of unlikely especially; the cure for a really low, low season in an immigration context is a really low, low season. Look immigration reacts to the polity if you will; they have political if you will overlords in terms of Members of Parliament and the Cabinet Ministers that in the end will eventually have to answer to the people. And look, if there's a super low, low season, nobody's making any money because there are no foreigners around, I expect, although it is not a foregone conclusion, there will be some relaxing of the rules if for no other reason than to get more foreigners in. Now when exactly that may happen remains to be seen. The other thing to consider is look globally, economically we are not exactly in boom times in the West and the West has traditionally been the source of a number of the retirees. That said, the boomers are retiring especially in America and as a result I think long term, we will see more and more of those folks coming in. So, I am hoping that policy makers here in Thailand will walk a middle path and understand, look “middle-income” retirees especially good ones, and the vast majority of them are good and by vast majority I mean like in the upper 90 percentile are good folks, they are just coming over here to retire. Those folks are great; they are going to be a benefit to Thailand. Don't count them out. Yes, we want to attract folks with the LTR and other Visa options like the Elite Visa, great, do that, but don't completely just throw the middle- income retirees under the bus.