800k might not be enough

[Thailand]

34 minutes ago, emptypockets said:

 

If you bothered to read uj's post with an extract of the discussion inserted, a reasonable person may surmise it has nothing to do with retirees and everything to do with money laundering.

I missed it among the hundreds of other similar posts on the forum, should have seen it really being an aged retiree with nothing better to do.

But if I read any it's normally UJ's at the top of the checklist so you don't need to worry about me, I really am a reasonable person-most of the time.

[emptypockets]

1 hour ago, phuketrichard said:

I'd say the cost of just about everything has risen 20% or more in most of the country in the past 5 years.

The things i used to get to eat at the night markets,food stalls ave gone up at least that much.

My monthly Japanese meal at Fuji has gone up 25% in the past 5 years

When the minimum wage has been tripled, it is hardly surprising the cost of production increases and is reflected in the consumer pricing.

[Letseng]

20 hours ago, onera1961 said:

One can cook in the USA also. An American breakfast cost 120BHT in a restaurant and can go up to 160BHT. I can do the same in the USA also in many places. I was just giving a comparison. It may be little cheaper but not that much.  I keep my food budget to 500BHT when I'm in Thailand (6-month) and $20 when I am in Benidorm. I have lived with a food budget of $25-$30 in London also. American breakfast in Bangkok's sukumvit soi 5 foodland cafe is still 60 BHT. They sell 100s of those and with thin margin they can still make a profit, I guess.

Foodland meals may be cheap. Quality of ingredients is accordingly. 

[thailand49]

Common people!  This is from Thai news, it is beyond fake news?  They can't even add two and two is four?  Believe what you want! 

[onera1961]

2 hours ago, Khaeng Mak said:

In the wake of the currently unfolding house price crash in Australia the AUD is forecast to hit as low as 16 baht in the coming year.

I think it all depends on China's economy. Australia is too much dependent on China's import of raw materials. According to Wallet Investor, 2024 prediction is 14 THB for AUD (and 25 THB for USD). 

Edited March 27, 2019 by onera1961

[LomSak27]

Just now, emptypockets said:

1 hour ago, phuketrichard said:

I'd say the cost of just about everything has risen 20% or more in most of the country in the past 5 years.

The things i used to get to eat at the night markets,food stalls ave gone up at least that much.

My monthly Japanese meal at Fuji has gone up 25% in the past 5 years

When the minimum wage has been tripled, it is hardly surprising the cost of production increases and is reflected in the consumer pricing.

 

Inflation is a great Deflection I say work it guys. 

 

I Have no clue what it has to do with the Original Post, regarding upping the amount a retiree visa holder must carry in a Thai bank account, but hey you do what you have to do.   

[vukovar77]

This article is about entering to Thailand by investors who want to invest in some business!

[onera1961]

3 minutes ago, LomSak27 said:

Have no clue what it has to do with the Original Post, regarding upping the amount a retiree visa holder must carry in a Thai bank account, but hey you do what you have to do.   

I think upping the requirement is not warranted. When they upped the requirement 15 years, THB was extremely week just following the Asian financial crisis. All predictions indicate baht will get stronger and now there are two huge sources of foreign currency - Chinese and Indian tourists. Instead of upping the requirement, they should now invest in improving infrastructure, environment, labor skills, automation, and IT

[Inn Between]

3 hours ago, suzannegoh said:

But if your lifestyle involves never going out to restaurants, never going to bars, and cooking all your food at home, you could live darn cheap in rural America too and never have a sense that you are missing anything.

First of all, I didn't say I never go to restaurants -- just not often, and when I do, I'm happier with a modest Thai meal than a big expensive and grossly over-priced Western one. But food and bars are a very small part of life for me. I've never lived in rural America and have no desire to. I really don't understand the comparison between the two. I hate winter and cold weather with a passion, and I'm sure not going to escape that in bloody rural America. I love my near-daily walks along the beach, and being able to hop on my motorcycle to go over to the 7-11 at night to get a big serving of somtam from the ever-smiling  vendor out front. That's not going to happen in rural America. The friends that I made over my 17 years of working and living in Thailand don't live in rural America, and I could go on with many other reasons why there is no comparison between Thailand and rural America. No, I'd be miserable in rural America and would probably be another suicide statistic. 

[INV]

1 hour ago, ravip said:

...and you come to live with these morons? Are you a smarter moron than them?

first 15 years I lived here was good, last 4-5 years its getting worse and worse, and yes I would say

I am total moron my self that TRY to stay but I feel obligated to my longtime girlfriend that been there for me when

I needed help and it's not easy to just pack and leave. If only me as single easy, gone tomorrow but very hard

now. I have reason to be a moron, thanks for your input

Edited March 27, 2019 by INV

[gentlemanjackdarby]

6 hours ago, Dmitry2222 said:

Maybe it's because of the election, so many announced changes... I guess guys who plan to retire in the future will take in attention instability of immigration rules.

I know I sure am

 

It seems that every time I look, there is a change or some sort of proposed change, which is part of life and so to be expected, but at least as far as Thailand is concerned, there never seems to be concrete, and most times no, details on how the change will be accomplished.

 

FOR EXAMPLE, and I'm just throwing it out there because I read it on the TV news feed yesterday (SO IT MUST BE TRUE ????), one of the powers-that-be was proposing that the fine for accommodation owners not reporting foreigners staying in their hotel, etc. be more strictly enforced.

 

The fine, as I recall is THB 10,000 and, besides momentary thoughts of xenophobia and movie scene flashbacks of Cold-War era eastern European men in trench coats and fedoras with turned down brims demanding 'papers please', I figure any fines not imposed directly on foreigner property owners will likely still somehow find their way out of foreigners pockets.

 

I've pretty much crossed Thailand off my list of places in which to base myself in retirement and will likely just visit for extended periods using an O-A, since that seems at this point to be the easiest way

[Aussieroaming]

No maybes about it, prices will increase

[onera1961]

35 minutes ago, gentlemanjackdarby said:

I've pretty much crossed Thailand off my list of places in which to base myself in retirement and will likely just visit for extended periods using an O-A, since that seems at this point to be the easiest way

O-A is my plan also for now. If they impose health insurance requirement and force to buy insurance from selected companies only, I will revert back TV only for my 6-month stay in Thailand. Get one in the USA, extend it it for 30-day and then get another in Penang and then extend it for another 30-day. 

[phuketrichard]

1998 was apx 41   800,000 baht was ONLY  $19,500

99  37  $21, 600

2001  44   $18,100

 

 

Its now about $25,300

[gentlemanjackdarby]

3 hours ago, suzannegoh said:

You're looking at it from the POV of someone who is strapped for cash.  If that money would otherwise be sitting in a cash account in the West and you spend more than 800K baht/year anyway, then there's not much downside to putting that money in a Thai bank.

I can't agree that folks who don't wish to park money in a Thailand bank account are necessarily strapped for cash

 

THB 800K isn't, in and of itself, a significant part of my net assets; however, at the end of the day it's still about USD 25K

 

It's a no-brainer, no-risk option to earn 2.30% in a Charles Schwab purchased-money fund today; things like bank CDs, U.S. Treasury bills, and BBB or better corporates are paying significantly more, depending on how long one cares to hold them. An additional benefit of having those funds in the U.S. is that should one run into financial difficulties, there's a ready market in which to sell quickly with the only loss being related to interest rate risk on the bills and bonds. That's really not much of a risk just now since it doesn't look like interest rates are going up anytime soon

 

Of course other folks who have an appetite for more risk can choose riskier options, such as BBB- and below corporates, floating rate funds, equities, etc.

 

As well, since one must have one's fixed deposit on deposit 3 months before (after the initial extension) the application and 3 months after the extension is granted, one's money is unusable for half a year anyway, so living expenses for that period must come from elsewhere.

 

While I don't necessarily share others' concerns that the Thailand banking system is currently 'shaky' and that presents a significant risk, their concern is valid; sooner or later, there will be a financial roiling of the seas in Thailand and the Thailand financial system simply isn't on par with those of the West, so who really knows what will happen

 

The biggest problem for me with parking USD 25K in a Thailand bank is the simple fact that Thailand's banking system, being less developed than that of the U.S., simply has no mechanism for designating a beneficiary for one's financial accounts when one dies, i.e., no Thailand equivalent of a U.S. Totten trust (payable on death). In the U.S., it's simple and quick to both designate a beneficiary and to transfer to a decedent's one's financial accounts upon death simply by providing a death certificate and proper identification of the beneficiary - no lawyers, no probate court, no dealing with claims of other survivors, and no costs worth mentioning.

 

In my case, when I go I want to make sure that my beneficiaries, who are young and to whom USD 25K will provide a measure of financial security and flexibility, get my money as quickly, easily, and cheaply as possible.

 

 

[murraynz]

On 3/27/2019 at 12:44 AM, from the home of CC said:

just my opinion but I think the days of 'grandfathering' are long past..

what does 'grandfathering' mean ????

[maprao]

The UK Full NI pension is now currently less than HALF the current requirement of 800K. Makes me wonder how pensioners survive in their native country.

 

It represents around 1/3 the UK "average " annual salary but circa 3 times the average Thai annual salary. 

 

Seems to me that they are clearly fed up with old people retiring in Thailand....

 

Before all the people here flaunt  their wealth I wonder how many of the "mightier than thoughs" will be caught if the tide rises to 1.6 million???

 

Never burn your bridges back home. If you have; try to re-establish them before you retire. Food for thought.

Edited March 27, 2019 by maprao
Spelling

[maprao]

Just now, murraynz said:

what does 'grandfathering' mean ????

Allowing people to stay under the old rules when the requirements change if they are already on extensions 

[ravip]

2 hours ago, INV said:

first 15 years I lived here was good, last 4-5 years its getting worse and worse, and yes I would say

I am total moron my self that TRY to stay but I feel obligated to my longtime girlfriend that been there for me when

I needed help and it's not easy to just pack and leave. If only me as single easy, gone tomorrow but very hard

now. I have reason to be a moron, thanks for your input

Yes... this is a very sad but a disgusting situation to be in. Do you intend to hang on here in Thailand forever bashing and insulting the Thais? This could be extremely unhealthy for you, even though you now have reason to be a moron, thanks for my input!

[JackThompson]

15 minutes ago, ravip said:

Yes... this is a very sad but a disgusting situation to be in. Do you intend to hang on here in Thailand forever bashing and insulting the Thais? This could be extremely unhealthy for you, even though you now have reason to be a moron, thanks for my input!

His "morons" attribution was referring to immigration, not "the Thais" in general.  Of course, not all immigration offices are the same, by any stretch.  Dealing with bad-offices is definitely unhealthy.

 

But even at the bad offices, I don't think the problem is that they "don't read" their own regulations - they simply don't care what they say, since no one will make them follow them as written.  They have free reign to "embellish" the requirements ad-infinitum.  And if they find a "useful" bit in the regulations - something they can use to deny service (sans-agent), for example - IOs at bad offices will eagerly quote that part. 

[JackThompson]

3 hours ago, emptypockets said:

People who can live comfortably and keep 800,000 baht in the bank on a year round basis have no need to feel under siege. Those who cannot and continue to find workarounds of the system may do and so they should.

Anyone who thinks otherwise is entirely deluded, not to mention an agent of paranoia which some people seem to thrive on.

If following the "golden rule" of Thailand - "Do not bring money here / or invest that which you cannot afford to lose" - the 800K takes on a different meaning than those who do not follow that advice.  Those with a "spare" 800K are ok though - for now; this news-article apparently doesn't indicate a change.

[HuskerDo]

On 3/26/2019 at 10:38 AM, INV said:

yea not a surprise, this morons can't even read their own regulations

You folks just can't resist slamming the Thais every chance you get. Why are you there? It's their country. Rules and regulations change and it takes time for them to understand the new rules just like it takes time for you to understand them. LEARN TO ASSIMULATE and understand things are done differently here else go home. Thank you and thank you from Big Joke too.

[INV]

34 minutes ago, JackThompson said:

His "morons" attribution was referring to immigration, not "the Thais" in general.  Of course, not all immigration offices are the same, by any stretch.  Dealing with bad-offices is definitely unhealthy.

 

But even at the bad offices, I don't think the problem is that they "don't read" their own regulations - they simply don't care what they say, since no one will make them follow them as written.  They have free reign to "embellish" the requirements ad-infinitum.  And if they find a "useful" bit in the regulations - something they can use to deny service (sans-agent), for example - IOs at bad offices will eagerly quote that part. 

Thanks, JackThompson. spot on, you explain it so much better than what I tried to do. My English sometimes is not the best and try write-in a balanced way when once life

getting changed in a very big and bad way and boiling inside is a bit hard. But life goes one. Tomorrow is a new day with new regulations and me (the real moron)

will try to adapt and do my best to follow them.

[baansgr]

7 hours ago, Tropposurfer said:

The price of food and other living costs has risen slightly in LOS in the last say ... . 5 years. If you live and eat western food, expect a western standard with your lifestyle, won't eat or don;t eat healthy good quality Thai food that's absolutely everywhere and hang in and live and spend your money in tourist fleecing savee areas yes you'll pay $20 $30 for a meal or more. If you drink with your meals then this is easily achievable in Patt's, Samui, Phuket, and BKK e.g. Sukhumvit. 

Food, gas, electricity, health insurance, motor bikes rego, vehicle insurance, furniture, clothes etc etc is still dirt cheap compared to any western city I've ever visited and or lived in. 

Whinging whining, half glass full folks   ????

Agree except for the health insurance.......certainly aint dirt cheap at almost 100K a year

[Caldera]

33 minutes ago, HuskerDo said:

You folks just can't resist slamming the Thais every chance you get.

It's Thai officials that are being slammed, not Thais in general. Big difference! Most Thais I know despise their officials more than I do. Unfortunately for them and for us, they feel powerless to rid their country of that incompetent and thieving lot.

[ravip]

6 hours ago, INV said:

Thanks, JackThompson. spot on, you explain it so much better than what I tried to do. My English sometimes is not the best and try write-in a balanced way when once life

getting changed in a very big and bad way and boiling inside is a bit hard. But life goes one. Tomorrow is a new day with new regulations and me (the real moron)

will try to adapt and do my best to follow them.

If we could all voice our opinions and thought here at TVF without insulting or calling others names it would make this forum so much better.

[UKresonant]

10 hours ago, maprao said:

It represents around 1/3 the UK "average " annual salary but circa 3 times the average Thai annual salary. 

 

Comment, and on this stat. 

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/averageweeklyearningsearn01

UK Whole Economy, weekly average earnings, Jan 2019 =£530

£530x52.14=£27635.71.

20% Tax on £15135.71=~-£3027

12% NI on £19185.71=-£2302

Average Earnings after tax and NI, approx.... £22306.71x41=914575THB net,

• 800000THB 87.5% of UK net average earnings????.

(Then someone in work would also have pension deductions etc. so it would be much closer to the 100% of)

Edited March 28, 2019 by johnwf1963

[Skeptic7]

On 3/26/2019 at 8:39 PM, Inn Between said:

If true, I guess that means the immigration people are forecasting that inflation in Thailand will be so extreme in the near future that 800k a year or 65K per month won't be enough for a retiree to survive properly. I can't see any other justification for it. 

555 since when does "justification" have to do with anything here??? 

[bkk6060]

20 hours ago, emptypockets said:

When the minimum wage has been tripled, it is hardly surprising the cost of production increases and is reflected in the consumer pricing.

Yes.

I think many people do not get it and must have missed their economic class in high school. ????

 

[bigginhill]

21 hours ago, BritManToo said:

I go back to the UK for a new passport, no point letting them know where I am.

This is something I'd like to know...

Do governments know where you are buy the use of the passport? Thailand keeps track of your use of the passport in and out. Does it know to which country you went?

Uk (or others) I doubt it keeps track like thailand. The schengan neither.

And I've always wondered why the stolen pasports could ever be used, is there no worldwide data base cancelling them?