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Foreign property owners now allowed to return to Thailand


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Farookin' ridiculous! Three million Baht earning 0.1% in a Thai bank plus another half million doing nothing in your home country - just how anxious do they think people are? Expect a lot more co

So punters drop eg 5 to 15 million baht on a home and now need to show 3 million to use it   Sounds fair 

Let's face it...this is just another step on the road to clearing out foreigners (apart from their brothers and sisters in China).......It is all part of going down the (silk) road to become the next

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1 hour ago, Pattaya Spotter said:

More like 3-5M for most...if they've spend more for their housing then they can surely meet the financial requirements to return at this time.

Doubtful.

 

Even if someone is reasonably wealthy (let’s say USD 1m+ net assets), unlikely that many with a sensible investment portfolio (considering a property asset already held in Thailand) would be holding USD 100k in a Thai bank or Thai Government bonds.

 

Seems to me they are offering the option to those interested and rich enough to make these investments in order that they will be allowed into the promised holy CoVid-free land.

 

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5 hours ago, Airalee said:

Only a complete financial illiterate would put 3 million baht into a Thai bank when the deposit protection drops to ONE million baht next year.  

A good point, but what would you suggest one should do with funds above one million baht?

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6 minutes ago, phetphet said:

If anything, this makes me a little nervous about monies I have in Thai banks. Are they getting that desperate for funds that the government has to think up ideas like this to boost their currency holdings?

 

If  genuine, surely even they must see that this is a non starter as a means to re-enter.

It is possible that some banks could go to the wall bye  bye money  

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3 minutes ago, pennine said:

A good point, but what would you suggest one should do with funds above one million baht?

Depends on your risk appetite but for example better options might be, offshore banks, real estate, gold, bonds (I hear 3m gets you into Thailand😉), stocks, index funds, ETFs, bitcoin etc.

These can be Thai or overseas investments, I have a bit of a mix myself.

 

 

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2 minutes ago, Banana7 said:

The 3 million baht in a Thai bank or in Thai government bonds, sounds like a trap or a scam.

 

If one transfers into Thailand foreign currency worth 3M THB or more, at the current ridiculous poor exchange of today,  then tries to transfer out the same amount in a few months, the exchange rate may have adjusted and one loses 10% or more. Or maybe BOT disallows the outbound transfer.

 

Thai banks have lots of non-performing loans (NPL), using a western country banking (GAAP) definition. Bank of Thailand has been changing the Thai definition of NPL, and also placed restrictions on Thai Banks, like not to pay dividends. Thai bank assets include repossessed property, now for sale at high prices that can't be sold in the current market. This is similar to the Asian Financial crisis back in 1997, when banks held lots of loans for property that wasn't marketable at the loaned value price.

 

If people start pulling out their cash from the banks, there will be lots problems.

People can try to start but its not that easy.....

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27 minutes ago, pennine said:

A good point, but what would you suggest one should do with funds above one million baht?

For me, as a US citizen, I would keep it in a US bank where the FDIC insured amount is $250k (฿7,746,250) and transfer it over as needed.

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We feel for all those who this affects.

 

glad we chose to give up the “Dream” And Stay lifewise in Australia.

 

we have the farm etc but there is no chance that even my wife will go back unfortunately :/ 

good luck and god speed fellas !

 

 

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