When Will You Call Thailand Your Home?

[torrenova]

The retirement visa originally included owning a condo, bonds etc as an alternative to keeping 400,000 baht in the bank. Then wonderful Mr. Thaksin came along and doubled all the figures (200,000 to 400,000 for married folks, 400,000 to 800,000 for retirement), plus he eliminated the property ownership option. Owning a condo or townhouse counts not at all for a retirement visa. You have to show either the money in the bank or the minimum monthly income (60,000 baht).

 

As you say, who knows what Takky might do if he came back. He might decide to double the figures again, since he obviously has a hard-on about "poor" Farangs. If he doubled the figures, as long as I've been here, I would still be farked. (I am sure as hell not bringing that kind of money over here to sit idle in a bank.)

 

There isn't one know situation I know of though where people have not been grandfathered from the rules prevalent when they first applied, as long as they trot out the requisite forms and appointments each year. During my research, there was talk of people with way less than Bt200k requirements, perhaps Bt50k or Bt80k if my memory serves me correct. Just personal recollections though, not government paperwork.

 

As for doubling the figures, well, for GBP guys it is nigh on near double from 75 back in 2004/5 down to 42 or so now. Even when it was well over 60 and into the 70s, I made calculations based on 60 and conservative calculations then. I didn't see 40 on the horizon though or even 50 if I am honest. The truck I bought in 2005 for 875k was around £12k and now would be over £20k and nearer to double with inflation. That 6m condo was around £80k against £140 now.

 

However, the big shocker comes with how much you need to accumulate to live out your life in LOS. Based on withdrawing 3% pa and requiring Bt100k a month, you used to need around £500k stashed but today you'd need over £900k. This puts LOS out of reach for many many more folks who spent the 2000s thinking they could just about make it work on 60+ FX rates. No wonder the Philippines are becoming more popular.

[Flashermac]

The strong baht is a very negative factor. Not so many years ago, it was 40 baht/US$, now 29 baht. US$100,000 used to get you 4 million baht. Now its 2.9 million!

[Dexi]

There isn't one know situation I know of though where people have not been grandfathered from the rules prevalent when they first applied, as long as they trot out the requisite forms and appointments each year. During my research, there was talk of people with way less than Bt200k requirements, perhaps Bt50k or Bt80k if my memory serves me correct. Just personal recollections though, not government paperwork.

 

As for doubling the figures, well, for GBP guys it is nigh on near double from 75 back in 2004/5 down to 42 or so now. Even when it was well over 60 and into the 70s, I made calculations based on 60 and conservative calculations then. I didn't see 40 on the horizon though or even 50 if I am honest. The truck I bought in 2005 for 875k was around £12k and now would be over £20k and nearer to double with inflation. That 6m condo was around £80k against £140 now.

 

However, the big shocker comes with how much you need to accumulate to live out your life in LOS. Based on withdrawing 3% pa and requiring Bt100k a month, you used to need around £500k stashed but today you'd need over £900k. This puts LOS out of reach for many many more folks who spent the 2000s thinking they could just about make it work on 60+ FX rates. No wonder the Philippines are becoming more popular.

For the retiree,they could probably withdraw 5-8 % pa.This would mean some erosion of capital of course ,but whats the point of being the richest guy in the retirement home/cemetery For me personally if the £ dropped below 40 bt that would be me out - only short trips to LOS,no long term stay possible,unless I could live on " kao neeo nam pla and live in a shack somewhere

[torrenova]

For the retiree,they could probably withdraw 5-8 % pa.This would mean some erosion of capital of course ,but whats the point of being the richest guy in the retirement home/cemetery For me personally if the £ dropped below 40 bt that would be me out - only short trips to LOS,no long term stay possible,unless I could live on " kao neeo nam pla and live in a shack somewhere

 

I understand your thought process but some folks could potentially live 50 years as a retiree and you can't take out 8% in those cases. Of course, retiring at 65 is far different to moving at age 50 but more importantly is what you buy as one off items.

 

If you buy a property, not in some girlfriend centric Nakhon Nowhere but in a centre of civilisation near the coast, then you have insulated yourself against future rent increases, which makes life far more stable and eases the finances somewhat. Add onto that a new motor and you only have to account for replacement costs each year. All very different from someone who owns jack shit and is looking forward to life with a maximum upside of 26sqm in Nirun Condo !

 

As for FX rates, 40 is too near the current to be an insulating figure. You'd be better to work on 25 to £1 and around 15 to $1 as safe margins and that might not be enough over decades. That would leave Thailand 3 x as expensive as less than a decade ago and out of reach for all expect the wealthy.

[gobbledonk]

I asked my students in the international programme why they studied here instead of abroad. (Their families usually could afford it.) They said everything in Thailand depends on networking... whom you know. You mgiht get a better education abroad, but when you came back you would lack the necessary contacts!

 

Thailand needs more know-how and less know-who, right ? Not gonna happen in our lifetimes, Flasher.

 

(Munchy, I agree 100% re your earlier comments, but then you knew that. Think happy thoughts)

[cavanami]

Money in the Thai bank can get 3%++ a year...so not sitting idle!

 

The last few years, moving US dollars to Thai baht has been a good investment, IMO.

[Flashermac]

The university co-op pays 10% on "shares". Howsomever, evil foreign devils cannot take part it in. They could years ago, and those who were there and had sense enough to get in are happy as a toad. The rest of us are pissed off.

[torrenova]

Money in the Thai bank can get 3%++ a year...so not sitting idle!

 

The last few years, moving US dollars to Thai baht has been a good investment, IMO.

 

But you don't have to invest in a basket case like Thailand to do that. An easy option was SGD which was at 3 to £1 and is now around 2 to £1, a similar rebalancing as THB but without the risk of some crackpot or Chiang Mai refugee revisiting the idea of exchange controls, seen only a few years ago.

 

I think one of the best packages is the Malaysia 2nd home one. Not saying I'd want to live there but far easier to sleep at night if you're the nervous kind fretting over visas and property ownership etc. You could of course have bought into the Elite Card (I'll get my coat ....).

 

Want to live in a house but don't like the risks of ownership ? Then invest in condos, rent them out and get a mortgage on the house, paid off with the rent from the condos. Eventually you own the house and still have the condos !

 

What I did learn over the years living in LOS is that I can't live outside an area which offers enough to me as a westerner. When up in Buriram, Korat, Surin or Chiang Mai, I'd get bored in a week or less and I'd be on a plane or bus back to Bangkok or Pattaya pronto. Just fuck all to do and even if you wanted to go out and have a beer, just not enough people to engage with.

 

As I hate the Phuket rip offs and would happily see it slide under the waves, that leaves Bangkok and Pattaya really. Everywhere else is too small to live, though nice to visit. The duplicity of a house near Pattaya and a decent condo in Bangkok is probably the best set up for me but the reality may well be that I never live there again.

[gobbledonk]

There isn't one know situation I know of though where people have not been grandfathered from the rules prevalent when they first applied, as long as they trot out the requisite forms and appointments each year. During my research, there was talk of people with way less than Bt200k requirements, perhaps Bt50k or Bt80k if my memory serves me correct. Just personal recollections though, not government paperwork.

 

As for doubling the figures, well, for GBP guys it is nigh on near double from 75 back in 2004/5 down to 42 or so now. Even when it was well over 60 and into the 70s, I made calculations based on 60 and conservative calculations then. I didn't see 40 on the horizon though or even 50 if I am honest. The truck I bought in 2005 for 875k was around £12k and now would be over £20k and nearer to double with inflation. That 6m condo was around £80k against £140 now.

 

However, the big shocker comes with how much you need to accumulate to live out your life in LOS. Based on withdrawing 3% pa and requiring Bt100k a month, you used to need around £500k stashed but today you'd need over £900k. This puts LOS out of reach for many many more folks who spent the 2000s thinking they could just about make it work on 60+ FX rates. No wonder the Philippines are becoming more popular.

 

Roosters to feather dusters - same as it ever was - dont bang the door on your way out, chums. Good luck in PI - I'm sure the locals will welcome you with open arms. And outstretched palms.

[Central Scrutinizer]

"When Will You Call Thailand Your Home?"

 

When? Never I guess. The Chinese Thai overlords will not let me, don't want me here, do not want any competition from the farangs, and will no longer let a farang married to a Thai to own land in his name (without having to incorporate and all that hassle and horseshit).

 

So once my daughter graduates university I will likely buy property in Florida and spend some of the year there, and maybe do something in Malaysia, where at least we can own land/property, bring in a vehicle duty free of our choice, have a business if wanted, and the people speak better English and have some nice restaurants and music venues, bars and clubs, and a huge variety of good foods, native, Indian, English, and Chinese, as well as Thai and many good fruits and veggies as well.

 

Hopefully some day Thailand will grow up and become a true democracy with laws that are for all, less corruption, and they'll finally throw the Chinese overlords out and take back their country. Until then, I'm here temporarily. O visa, unlimited entry. I'll be using it to leave more often in the coming years.