Thailand to target wealthy foreign retirees, make it easier to purchase property

[Kerryd]

4 hours ago, whaleboneman said:

You may have been away for awhile. The average home price in Vancouver is now over $1 million. Canadian dollars though so you get a discount.

Yeah, I left Vancouver in 2003 when I went to Afghanistan. I was a Sgt in the army and I couldn't afford a studio condo (unless I had half the price in cash and was willing to pay half my salary for a mortgage for the next 20 years).
Back then, people were already buying places in Hope and commuting to Vancouver everyday for work ! (That's 150 kms one way and no mass transit until you are basically in the city.) A lot of RCMP officers were turning down postings to the area because of the housing costs and they make more after 4 years as a cop than I was making after 20 years in the military !

Couple years ago I was reading that Vancouver (or the province ?) was looking at extra taxes on properties bought by foreign owners ? They were trying to do something to curb the skyrocketing housing prices, which were mostly (still) the result of Asian buyers (mostly Chinese) of which most weren't even living in Canada.

Yeah, Canada lets virtually anyone enter the country and buy LAND, even if they have no intention of living there (or at least not until the hammer comes down wherever they are living and they need to get away in a hurry, like a lot of wealthy Hong Kong Chinese).

I think Thailand got the idea of not allowing foreign ownership back in the Colonial days. They managed to avoid being colonized even though everything East of them was French and everything West was British. (One theory suggests the Brits and French agreed to leave Thailand "uncolonized" as a buffer zone between them.)

It is possible that the rulers at the time saw what was happening in neighbouring countries and decided that foreigners wouldn't be allowed to own land in Thailand as as a means of preventing them from ever having any say in Thailand's affairs.

That idea has been carried over for centuries now. Probably a good thing. Imagine where they'd be now if foreign ownership of land had of been a thing 40/50 years ago.
Most Thais (and expats) wouldn't have been able to live in/near the big cities as foreign companies would scooped everything worth having and jacked up the prices.

Not long ago there was an article lauding a multi-billion baht investment being made by the Chinese in a Condo project to be built in Jomtien. (Near Immigration - maybe the old Ocean Tower property ?)
You'd think they'd have to follow the same "51%" rules of ownership as anyone else but you can be sure that the "51%" are "Chinese-Thai" so no worries about getting scammed by their business partners or losing control of their investment.

Without those rules though, it would be open season on land here. A few years ago there was a lot of concern as "foreign controlled" companies were buying up large hunks of farmland in Isaan. They were offering cash to farmers who happily took it (and immediately spent it all of course) and  the land effectively came under control of "foreigners" - even though the companies actually buying the land were "51% owned" by Thais.

(That lead to a supposed crack down on "nominal" companies created just to buy land but the crackdown was short lived and the story faded away a few days later.)

I am curious to see what they are proposing when they say "making it easier to buy a home". Pretty sure they are actually referring to "buying a high end condo" (so long as the 51% rule is followed) and not actually buying "land".
 

[Crok]

I am a current investor in foreign owned condos in Thailand.  Why not also look after those who have already invested in Thailand? I am being forced to liquidate my assets because I cannot get an extension of my retirement visa. I am currently outside Thailand , cannot get back, my Thai  visa and  driving licence have expired and I cannot get any assistance from the Thai embassy as they said only my presence at an immigration office in Thailand can grant a new one. Have been told I will need to start over again when I eventually return to Thailand. Also I am puzzled about comments that you cannot leave property to your decendants. This is just so wrong. These keyboard warriors should consult a solicitor and they will find you can.

[cedel]

with 7 days or 10 days or 15 days quarantine ? Or maybe on a yacht ?

[mogandave]

2 hours ago, Edwin Cameron said:

Farangs aren't stupid..!

 

Really

[mikebell]

Countless auditors and lawyers will not allow this.  They have made a living assuring farangs that they can own their own house using the company scam.  When push comes to shove in court, then they reveal Thai share holders AND the farang company director face jail.  It cost me my house.

[Jack P]

What the government gives the government can take away.

[starky]

15 hours ago, Nanaplaza666 said:

First they want to make it easy for them to buy property and they actually think that those people will buy property and then will be living there all year round spending 10.000$ a month ???????????????? the only reason why those people will get into that market is to then own land and property for investment not to live there . 

Well to be fair its not 10 000 a month they said people who are willing to spend 100 000 baht a month rhats not 10 grand. 

  And though I agree with you in principle they are trying to attract rich people right? Not your average bloke. To a proper rich person 100k baht a month is sweet <deleted> all.

  They already got heaps on pensioners that can barely afford to live here and blokes in fan rooms out soi bhuakhao no need to attract them. Why they think truly rich people would choose Thailand is beyond me and ad I said earlier 100k baht a month hardly makes you rich.

Edited April 2, 2021 by starky

[hotchilli]

19 hours ago, webfact said:

The types of foreign retirees targeted will be those who have a healthy pension pot, with the ability to spend 200,000 - 300,000 baht per month

Should just about cover the entrance fees into all the attractions..... 

[Cereal]

Ni hao......

[realfunster]

14 hours ago, Kerryd said:

so expecting "wealthy" foreigners to spend 100k a month (or 1.2 mil a year) isn't that much more than what a lot of "you" claim to already be living on.

 

As usual with Thai articles, the numbers are all over the place. I have already challenged their assertion of 200m pensioners with 200-300k per month disposable income (equating to USD2m funds)given a total consensus estimate of 30-50 million USD millionaires worldwide, which includes people still working.

 

They then mentioned 100k per month, which is obviously a huge difference from 200-300k. Even so, this still equates to a liquid pension fund of around USD 1m (1.2m per yearX25=30m/USD1m). Of course, you could always cash in your physical assets (home) and then move to Thailand...

 

Even in the worlds richest country with most millionaires (USA), the average liquid savings by retirement age is somewhere in the range of USD200k-250k.

 

On top of this is then a consideration of why such ‘elite’ pension savers would come to Thailand anyway ? What’s the differentiator and/or incentives being offered to get people to leave their home country ?

 

In short, an article and proposal with a Swiss-cheese look to it. 

 

[NoshowJones]

20 hours ago, BritManToo said:

Can't say I'm bothered, my heirs are Thai.

Long  term vISa or extension would be  nice though (5 years+)

The unelected "PM" and his soldiers will only do what increases their personal wealth, otherwise forget it.

[NoshowJones]

19 hours ago, klauskunkel said:

All you need to do is repair the 90 Day Online Reporting: If you fix it, they will come.

Rubbish! Stop this reporting nonsense completely, NOW! All it does is treat us like criminals. I never came here to Thailand to keep reporting to people, and I do not have a criminal record in my home country.

[ThailandRyan]

10 minutes ago, possum1931 said:

Rubbish! Stop this reporting nonsense completely, NOW! All it does is treat us like criminals. I never came here to Thailand to keep reporting to people, and I do not have a criminal record in my home country.

100% agree.  Imagine if in the US, the UK, and the EU, all immigrants having not attained citizenship had to show up and report every 90 days, what a fiasco that would be.

[Whale]

No one really expects anything to come of this do they? Its just an attempt to manipulate press coverage with "positive" sounding stories. Let's be honest Thailand is a bit of a dump with <deleted>ty infrastructure. The best bit of infrastructure in the country will be the high speed rail link bringing in their Chinese neighbours. 

 

 

[NoshowJones]

18 hours ago, SupermarineS6B said:

Yep, then just watch them goal posts widen until you're told to leave.........  and leave all your stuff as well......  Kop Khun Maak Khap...... 

Surely yes!

[NoshowJones]

17 hours ago, spidermike007 said:

They keep talking on and on about how they want to target rich people. Ok. It is a good market. But, how do you attract them? What are you willing to do, to attract them? What sacrifices are the ministers willing to make, to get them? Both rich tourists and ex-pats are fussy about the details. Are they being considered?

 

Rich tourists like to spend money when they travel. And they cannot do that here, as they do not like getting taken for a ride. Most wealthy people are smart with their money. Thailand could be making a fortune on a 25% luxury tax. Instead of the 100% or more, which discourages most people from buying. How many people do you see in the luxury stores here? They are almost always completely empty. Inane. Beyond inane. I have had many rich friends tell me they will not return to Thailand, as their wives do not like shopping here. They feel everything luxurious or imported is way over priced. What are the lame authorities doing about that dilemma?

Some regressive nimwits do not understand basic economics. By reducing taxes you stimulate the economy. In addition, if Thailand reduces its punitive wine taxes and luxury taxes, they might be able to attract more of those rich tourists they keep droning on and on and on about. The rich are smart with their money. And not only do they enjoy a nice bottle of wine with dinner, their wives also love to spend alot of money on luxury goods while they vacation. Impossible here. Who would buy a Prada handbag for $11,700 here, when you can get it for $4,800 in most world capitals? Same goes for wine. Who would spend $700 for a bottle of wine they could get for $125 at home.

It is referred to as self sabotage, or idiotic policy. An extreme lack of creativity forces retrograde politicians to become overly dependent on import taxes. Dumb and dumber. Plus, are they addressing critical issues, like the air and water quality, traffic safety, public transportation on the southern islands, rapid rail transport, and the lack of law enforcement?

 

No. Nothing, and I mean less than zero is being done.

"Some regressive nimwits do not understand basic economics." I don't think that will be taught at Military Academies. ????

[Nanaplaza666]

2 hours ago, starky said:

Well to be fair its not 10 000 a month they said people who are willing to spend 100 000 baht a month rhats not 10 grand. 

  And though I agree with you in principle they are trying to attract rich people right? Not your average bloke. To a proper rich person 100k baht a month is sweet <deleted> all.

  They already got heaps on pensioners that can barely afford to live here and blokes in fan rooms out soi bhuakhao no need to attract them. Why they think truly rich people would choose Thailand is beyond me and ad I said earlier 100k baht a month hardly makes you rich.

Sorry mate that was my mistake 10.000  a month is not that much i wanted to write 50k a month as that gets closer to the amount they are talking about , my bad . But still those people will not buy property to go and live there throughout the year and spend that kind of cash every month , they will buy it as an investment . Again this is the wet finger calculation of a Thai dreamer( or substance user????)

[Captain Monday]

Pricey imports of everything

Luxury taxes on vehicles

Wine and alcohol taxes

Inconsistent service standards, food quality and consistency

Fleecing by customs by mail and airports

Institutional dual pricing and hospital rip-offs

Construction quality and workmanship

 

[Surelynot]

Just now, Captain Monday said:

Pricey imports of everything

Luxury taxes on vehicles

Wine and alcohol taxes

Inconsistent service standards, food quality and consistency

Fleecing by customs by mail and airports

Institutional dual pricing and hospital rip-offs

Construction quality and workmanship

 

Newbies don't know all this and the ones that don't do research will be snared.........

[smylee52]

3 hours ago, mikebell said:

Countless auditors and lawyers will not allow this.  They have made a living assuring farangs that they can own their own house using the company scam.  When push comes to shove in court, then they reveal Thai share holders AND the farang company director face jail.  It cost me my house.

 

I expect there is a lot more to this story that put you in a position to lose a home . 

[hotchilli]

22 hours ago, webfact said:

Wealthy foreign retirees, predominantly  from Europe, will also be targeted.

Wealthy Chinese, wealthy Russians, Wealthy Indians, wealthy Scandinavians, wealthy retirees... wonder what coming next?

Wealthy martians?

[Surelynot]

5 minutes ago, hotchilli said:

Wealthy Chinese, wealthy Russians, Wealthy Indians, wealthy Scandinavians, wealthy retirees... wonder what coming next?

Wealthy martians?

I guess reads better than........"absolutely anyone who might have more money than sense"

[dallen52]

Let's be honest.

We just want your money.

[digger70]

23 hours ago, webfact said:

Thailand is looking to attract wealthy foreign tourists and investors

What in the name of Satan are they thinking. I don't think that People with that kind of money to spend would be interested in Thailand after they see the place.

[BobinBKK]

23 hours ago, Surelynot said:

Welcome to the land of scams...please feel totally confident in making a major investment.

No thank you ????

[hotchilli]

23 hours ago, webfact said:

Wealthy foreign retirees, predominantly  from Europe, will also be targeted

I almost feel sorry for any naive tourists coming here soon when Thailand opens up, if they don't know the value of anything here or have some street savvy it's going to be a fast and very costly learning curve.

After having your shirt taken off your back, skin removed and possibly organs taken... that's just the journey from the airport to your accommodation, then 7 days in quarantine followed by taxi mafia and all manner of rip-off merchants/bars/restaurants etc all trying to make up for 15 months of no income you might just get to return home.... barely alive.

Edited April 2, 2021 by hotchilli

[Sir Dude]

Hmmm... targeting retirees with $7-10k US a month to spend huh. That's a whopping disposable pension really and even if that many of that type wanted to move from where they were, then a whole truck load of things would need to change here and there's no way the authorities here would be ready to swallow that. As usual, someone in officialdom pulling random numbers out of their backside.

[starky]

2 hours ago, Captain Monday said:

Pricey imports of everything

Luxury taxes on vehicles

Wine and alcohol taxes

Inconsistent service standards, food quality and consistency

Fleecing by customs by mail and airports

Institutional dual pricing and hospital rip-offs

Construction quality and workmanship

 

Again we are supposed to be talking about rich people right? 

  Don't see hiso Thais with multiple lambos, Ferraris etc worrying about it so why would a truly rich person.

  You think double pricing enters the equation?  And do you believe that any wealthy person is copping substandard construction or workmanship?????????????????‍♂️????‍♂️

  I think people in this thread are comparing it to thier way of life as they have no comprehension of how the other half lives.

  

Edited April 2, 2021 by starky

[John Drake]

Few wealthy Americans would retire to Thailand (among the reasons I guess Thailand isn't targeting them). Were I one, I would retire to the likes of Hawaii, Tucson, Santa Fe, El Paso, or, if I wanted a foreign environment, there are still safe areas in Mexico, and places in Central America. Maybe some islands in the Pacific. 

[Mywayboy]

On 4/1/2021 at 3:33 PM, simon43 said:

[quote]

...about making it easier for foreigners to buy houses in Thailand.

[/quote]

 

Sorry, but I simply don't believe this.  'Buying a house' in my interpretation means owning (not leasing) the property (with its land/garden) in my name only.  Any other scheme is just deception.

Thai scam again poor Farang