New financial regulations for retirees: Nearly a third of expats may have to leave - but half on Facebook say they're off!

[SuperTed]

    I think the Chinese numbers are larger than you might think.  As I have said before, the last 3 condos I sold were to Chinese buyers.  Most of the buyers that came to look at the condos were also Chinese.  They have money to buy at the 3.5 MB price point and also the over 10 MB level.  
    My partner and I just bought a getaway condo in a new project in Bangkok.  The project's foreign quota sold out--mostly to Chinese buyers. The other weekend we went to another new Bangkok project to look at the models--almost all the other people going through the models were Chinese. I was the only Caucasian and my partner was the only Thai that we saw.   We've seen the same thing when we visit condo model projects in Pattaya--and not just the huge multi-building One project in south Jomtien Beach that has a Chinese developer partner and seems totally geared to Chinese buyers.  Recent condo sales by several friends have also been to Chinese buyers.  

The Chinese are absolutely buying up the world, and the Thais are happy to have the money. And we are just discussing here the assets approved for foreign ownership.

Never mind all the assets now illegally owned in Thailand through strawmen. Like that Phoenix ferry.

I was in Khao Yai a couple years ago. There were so many Chinese developers in town looking to cut deals, or managing active developments. I was leaving China for a holiday and was surrounded by Chinese. In bloody Khao Yai!

It was an absolute boom town. I assume the same is true for most property developments in the more touristy or luxurious areas of Thailand.

[NoshowJones]

4 hours ago, FritsSikkink said:

Foreigners are wanted but they want the ones who can take good care of themselves.

Yes, the ones with the Elite Visas, and the short stay holidaymakers.

[marcusarelus]

5 minutes ago, Vacuum said:

At least the ones who can't comply

with the finacial rules, and have to rely on agents.

Reported above that agents will no longer be able to do it. 

[Vacuum]

6 minutes ago, bkkcanuck8 said:

planning on permanency on something that is temporary and is only there at the whims of someone else is -- well naive

You mean like a marriage?

[Sparkles]

3 minutes ago, SuperTed said:

The Chinese are absolutely buying up the world, and the Thais are happy to have the money. And we are just discussing here the assets approved for foreign ownership.

Never mind all the assets now illegally owned in Thailand through strawmen. Like that Phoenix ferry.

I was in Khao Yai a couple years ago. There were so many Chinese developers in town looking to cut deals, or managing active developments. I was leaving China for a holiday and was surrounded by Chinese. In bloody Khao Yai!

It was an absolute boom town. I assume the same is true for most property developments in the more touristy or luxurious areas of Thailand.

Chiang Mai too is rapidly becoming a southern Chinese province.In our village 80% of new homes being built are for them.Of course lawyers and agents are laughing all the way to the bank as they take care of legal ownership issues

[brokenbone]

54 minutes ago, side said:

So I'll say it again then "What did I just read? There are in excess of 35M tourists visiting spending up to 2 trillion THB or somewhere near 60B USD. The total income is the point being made. The average spend is a meaningless comparison. My theory is that the retiree impact to the economy is not hugely significant. Thailand's 2017 GDP was 455B USD."

 

What amount is larger? 1 billion, or 60 billion?

thailand ultimately get more out of even the poorest western retirees per year and person on an average then thailand can squeeze out of the average tourist

[taxin]

I hope these stats are true and 30% will be bailing out, I might actually get a seat in one of the 55 baht beer bars in LK Metro on a Saturday afternoon !

[bkk6060]

12 minutes ago, bkkcanuck8 said:

It is something that has been lost on many who seemed to think that getting a non-imm visa for the purposes of retirement -- made them morally superior to those that stayed on a raft of tourist visas... the visas are not that much different since the retirement visa is and always has been no more than a temporary visa (similar to tourist) just you don't have to prove your qualifications every few months but annually. 

 

The requirements/policy for allowing retirees is always dependent on what Thai officials believe are in the best interests of Thailand as a whole.  People that are just scraping by or are seriously stressed by small changes in requirements just may not be worth it (in the view of the government) -- not something to get angry about... well except to those that mistakenly thought that they had a right to stay here... which they did not.   Thailand does not owe you anything.  Blunt as it may be -- planning on permanency on something that is temporary and is only there at the whims of someone else is -- well naive. 

 

If the regulations come to pass, there will likely be a churn of maybe something less than 10%... but it is not going to make a major impact nationally speaking.

Because you seem like a mature adult and do not need to cry to mommy to fix your life.

Everything you said is right on.

It is their country and they will do what is best for them and their country.

Not what is best for you...

So, many need to get in touch with reality and grow up.

But, they won't.  Just keep complaining about their sad little lives and how important they think they are...…  Pathetic.

This place will cry for 5 minutes maybe when you leave.  Then do the mature thing and move on with their lives.

 

[eddysmit]

5 hours ago, spidermike007 said:

It does appear that this administration, and especially the biggest joke, are trying to do everything in their power to discourage ex-pats from staying here. Does it not? These imbeciles should be making our lives easier, and making visa policy simpler. Rather they seem to be tightening the noose, every chance they get. To call them ignorant, fearful, xenophobic, non-visionary, and misguided would be a vast understatement. Biggest Joke said he would make things easier and simpler. He is doing just the opposite, and barely even disguising his contempt for foreigners. He is the single biggest threat to the ex-pat community right now. 

 

One can only hope that come election time, all of this nonsense will be over, and both Prayuth and especially the biggest joke, will be sent out to pasture for the rest of their lives. They are not doing anything that benefits their nation, and they are picking on good men, who are bringing a lot to the table. Dumb and dumber. What can one say? 

Well said,and spot on,it reminds me of years ago when on holiday, sitting at a bar in Pattaya,having a talk with the well seasoned stayers,they would say what the girls liked was when the American sailors visited,and the same for the Japanese ones,they were only here for a 'quick' day or two and splashed the cash,I'm not belittling the girls,they had to 'work' hard,the point is,is this the sort of thing the likes of 'Mr Joker' and friends, are up to,take the Chinese for one,a different place every day, and it looks like the banks and insurance companies are trying to squeeze the last drop of cash out of ex pats.

[NoshowJones]

11 minutes ago, marcusarelus said:

What criminal can report his address online or by mail?  My taxi driver reports mine.  You don't live in Thailand do you?  You don't even have to report your address now do you? 

If I don't want to do anything, I will do my best not to do it.

I am not into obeying peoples rules if I do not agree with them. 

I have not reported my address for more than five years.

I have lived in Thailand for thirteen years. Happy now?????

[Rimmer]

A post in French has been removed as this is an English language only forum.

[SupermarineS6B]

Both feet with one barrel !   Well done la la Land, when are these lot gonna get the boot ?     Isn't it time for another coup ?   

[SupermarineS6B]

6 minutes ago, bkk6060 said:

Because you seem like a mature adult and do not need to cry to mommy to fix your life.

Everything you said is right on.

It is their country and they will do what is best for them and their country.

Not what is best for you...

So, many need to get in touch with reality and grow up.

But, they won't.  Just keep complaining about their sad little lives and how important they think they are...…  Pathetic.

This place will cry for 5 minutes maybe when you leave.  Then do the mature thing and move on with their lives.

 

Hey when i came to Thailand there was nothing here, it was the expats that came here with pocket fulls of money and good time was had by all...... Now, nobody's having a good time, at least not a cheap one..... Pathetic ? have a look in the mirror......... Clueless........

[DJ54]

[Ctkong]

5 hours ago, lipflipper said:

I will take a wait and see approach before cashing in my chips here in Chiang Mai. As usual with Thai Immigration they seem to always have their heads up their collective ars...es. One week it's a new set of financial criteria, the next week it's something different. I tend agree that Thai Government Officials simply don't want us here on a long term basis so they go about putting these ridiculous impediments in our way. I have already begun to look at Phnom Penh as a new place to put down roots, that liberal Business Visa that is available to Expats is a nice change from the B.S. that Thai Immigration put us through. Also Nha Trang in Vietnam is a viable option as a five year Visa is available there. Keep putting money into my Bangkok Bank account every month to simply satisfy some Immigration Official ain't gonna happen.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app
 

Problem with Thai authorities is even if the expats (those who opt to go) leave, they are not going to get their knickers in a twist. Reason is those thai families they supported figure low in the authority’s radar. The elite couldn’t care less about those families. 

The resulting slack in the economy will be taken up by more tourist 

spendings. Even if by some time the economy goes to the dogs, those in power had already amassed enough wealth to last them a lifetime. So sadly that is the way thailand is and will always be.

[Griffo63]

Totally unrepresentative surveys. 

 

Not every expat is on Thai Visa forum or Facebook

 

The vast majority of contributors on TV are negative whatever the topic/question.

 

A properly constructed survey would need to reflect age groups, income groups, geographic location, sex and marital status across the expat community

 

 

 

[atyclb]

 friends are getting at least 7% . 

https://vietnam.deposits.org/accounts/ocb-1-year-term-deposit.html

 

 

1,787 usd interest/ year on 800K thai baht (25,533usd)

 

that will make a dent in paying rent or living expenses.  

 

vietnam 1 year mult entry visa done online. mine was approved within 6 hours.  no financial requirement

 

 

[marcusarelus]

19 minutes ago, TallGuyJohninBKK said:

 

Those are gross numbers driven by the size of the traveling population by country -- not per capita spending by individual travelers from different countries.

 

25,000 baht by each Chinese tourist.  Nielson.

[malibukid]

51 minutes ago, Caine said:

Who in their right mind would want to live in Thailand permanently anyway, only the morons who have burnt their bridges most not having a pot to piss in.

have you been to America lately?

[elliss]

2 hours ago, freedomnow said:

There was a mention on Khaosod or whatever it is called about a "10-year retirement visa'...(It was in the article about Big Joker and his rise through various departments). Not sure if has been mentioned as threads can move of first few pages fast.

 

It will probably probably be along the lines of the Elite visa lump sump payment plus mandatory medical insurance.... (pure speculation there on both counts).

 

Perhaps current retiees will be grandfathered into the current system, and future ones will have to tip their wallet upside down for a 10-year retiremement visa without all the 800k nonsense.

 

 

 

      Lots  of road traffic accidents  happen  in Khaosod  road ,  Big Joke ,,

[Sydebolle]

The writing is on the wall ....... 

[marcusarelus]

1 minute ago, atyclb said:

 friends are getting at least 7% . 

https://vietnam.deposits.org/accounts/ocb-1-year-term-deposit.html

 

 

1,787 usd interest/ year on 800K thai baht (25,533usd)

 

that will make a dent in paying rent or living expenses.  

 

vietnam 1 year mult entry visa done online. mine was approved within 6 hours.  no financial requirement

 

 

Interest rates figure in risk so Vietnamese 7% Thailand 2%.  Vietnam might be a good risk this year. 

[Lumbini]

Possibly this will greatly help Thailand get rid of the retirement community that is not wanted in Thailand and overall improve the quality of people who stay and retire here .

Look at this as an evolution as Thailand becomes a more upscale and cutting edge international country in Asia . Upgrade your profile or move on and find another place that was like Thailand was decades ago because so much is and has changed here . Nothing stays the same and be happy for Thailand as it becomes a more upscale and technologically upgraded location . If you don’t want make the effort to upgrade your profile to match the changes taking place in this country just move on but don’t complain about Thailand wanting to upgrade every aspect of its country and expat community . I remind myself I am a guest here and the country looks out for its own people first not the expat .

[atyclb]

the other thing to consider is "diminishing returns" and "cost+ hassles vs benefits" . these factors and ratios are especially exemplified for those that invested in condos.

[Ctkong]

1 hour ago, Nanaplaza666 said:

Yeah those are the real polite people to have screwing up your country ,russians and chinese .the most inconsiderate people there are . Very bad manners (most of them ) treat thai people like garbage ,why do you think thai people change so much. 10/15 years ago the thai where much more polite, but they are being treated like s..t so they start to change (the ones in the touristy areas ) the people who come from farms never in touch with farangs much are still real . I would become less polite also if people think they are kings of the country and think they can get away with everything . 

Maybe Thais changed so much especially in the touristic areas because their image of foreigners are badly damaged by the quality of recent tourists ( Russians,Chinese and Indians) and not to the better. Now they realized that foreigners can be just like some of them. 

Uncouth and boorish.  No more sahib culture anymore for the whites . That image was shattered the day the Russians landed. 

 

[marcusarelus]

Just now, atyclb said:

the other thing to consider is "diminishing returns" and "cost+ hassles vs benefits" . these factors and ratios are especially exemplified for those that invested in condos.

I agree It's my understanding that Vietnam is a nightmare of regulations and corruption much worse than Thailand.  Who would really want to invest there. 

[bkkcanuck8]

10 minutes ago, atyclb said:

 friends are getting at least 7% . 

https://vietnam.deposits.org/accounts/ocb-1-year-term-deposit.html

 

 

1,787 usd interest/ year on 800K thai baht (25,533usd)

 

that will make a dent in paying rent or living expenses.  

 

vietnam 1 year mult entry visa done online. mine was approved within 6 hours.  no financial requirement

 

 

I am not sure I want to convert to VND which is a controlled currency.

[IAMHERE]

I'm in the out queue too. I've been on the retirement extension for eight years now. Slowly the hoops and red tape have been raised and expanded, the Thai reception has deteriorated, death by a thousand cuts. The air has turned too thick to breath and the Thai experience is thickening too, time to leave. I have the wherewithal to visit three or so times a year, enough to see thirty days at a time and not be overwhelmed by the updated Thai ways. Just too aggravating these days.

[marcusarelus]

Just now, Ctkong said:

Maybe Thais changed so much especially in the touristic areas because their image of foreigners are badly damaged by the quality of recent tourists ( Russians,Chinese and Indians) and not to the better. Now they realized that foreigners can be just like some of them. 

Uncouth and boorish.  No more sahib culture anymore for the whites . That image was shattered the day the Russians landed.

You must not have visited Soi Buakhow ten years ago.

[JAG]

7 minutes ago, Lumbini said:

Look at this as an evolution as Thailand becomes a more upscale and cutting edge international country in Asia .

Umh, yes, right ho, upscale and cutting edge it is then... 

????