spambot

The responses to your question is very good and balanced content from the contributors.

Retirement here is a very contextual decision and can only really be understood by being here for some time - I would suggest for this for you to invest £750 on a 3/6 months for flight and stay - Your living costs in a non expensive part of Bangkok can be around £550 / month (Rent, food, beer, travel, utilities) - The costs in saving from not being in UK will somewhat / pay offset the Bangkok cost for same things. And for example just on savings from utilities, House insurance, Local authority charge(UK), food, beer can be a significant contribution to lowering your offset amount.

Location - Making this investment will help you become a wiser man to make the choice more easy for you. I recommend you make Bangkok your base for the ease and options to travel from Bangkok to potential areas to investigate the location possibilities for longer term retirement

On the financial side - Your earnings from state pension are doable, but as everyone on this forum knows everyone has different needs and lifestyles - However there are many that are living on what your earning on state pension and having a good life here.

Health costs can be a problem if you have a sudden need arising and this is a worry that most of think about by being here - But also need to balance this with feeling better everyday by being here and possibly being more healthy - If you do not go off the rails with the temptations on offer.

State pension fixed - It does get fixed at a level once you retire here, but this is not immediately since you are not considered as being resident by UK until you have been here 2/3 years - Also you can reset the freeze on the retirement pension fixed point by periodically going back to UK and becoming a resident again in UK - The rules on all pension you do however need to talk with UK Gov pensions since there have been a number of changes in how long it takes to be a non resident and also what are the conditions for resetting the pension indexation as being regarded as resident in UK. So my details here are for general guidance only.

Your first paragraph, I have been here eight years, and never heard about that. What about other posters?

Can you be more specific - It is not clear what you are asking.

What I'm asking is, if someone on a UK state pension comes to retire in Thailand, does it take 2/3 years before the WDP accepts he is retired in Thailand?

If that is the case, then that would mean he would still get his annual pension increases for 2/3 years, wouldn't it?

YES he would.

Nice to see some good advice here people...

Yes - I agree - It is sensible advice - And all genuinely trying to help. It is good to see!

The responses to your question is very good and balanced content from the contributors.

Retirement here is a very contextual decision and can only really be understood by being here for some time - I would suggest for this for you to invest £750 on a 3/6 months for flight and stay - Your living costs in a non expensive part of Bangkok can be around £550 / month (Rent, food, beer, travel, utilities) - The costs in saving from not being in UK will somewhat / pay offset the Bangkok cost for same things. And for example just on savings from utilities, House insurance, Local authority charge(UK), food, beer can be a significant contribution to lowering your offset amount.

Location - Making this investment will help you become a wiser man to make the choice more easy for you. I recommend you make Bangkok your base for the ease and options to travel from Bangkok to potential areas to investigate the location possibilities for longer term retirement

On the financial side - Your earnings from state pension are doable, but as everyone on this forum knows everyone has different needs and lifestyles - However there are many that are living on what your earning on state pension and having a good life here.

Health costs can be a problem if you have a sudden need arising and this is a worry that most of think about by being here - But also need to balance this with feeling better everyday by being here and possibly being more healthy - If you do not go off the rails with the temptations on offer.

State pension fixed - It does get fixed at a level once you retire here, but this is not immediately since you are not considered as being resident by UK until you have been here 2/3 years - Also you can reset the freeze on the retirement pension fixed point by periodically going back to UK and becoming a resident again in UK - The rules on all pension you do however need to talk with UK Gov pensions since there have been a number of changes in how long it takes to be a non resident and also what are the conditions for resetting the pension indexation as being regarded as resident in UK. So my details here are for general guidance only.

Your first paragraph, I have been here eight years, and never heard about that. What about other posters?

Can you be more specific - It is not clear what you are asking.

The question is in the title, but since some of the times of matches are little unsociable and with the curfew (Seems like some relief on times might be possible before the world cup starts) - To make the usual pub / bar visit for communal screen shouting difficult.

So does anyone know the TV channels that will carry the matches - And since I only get Stadium 1 and 3 (and most Thai channels - non premium) does anyone have any guidance on what I might be missing?

One other thing I forgot to mention:

Ask them to put their current proposal in writing - Tell then it is so you can get professional advice upon their proposal.

I am not clear if what they are requesting has any justification and so it is possible they might retract their position in fear of the results.

I am also not clear if there is a Gov Education or legal contract advisory (You could try the free ThaiVisa Legal option on this site) that can identify their right to do this. However you should find out your legal position in order to fully identify all options available to you.

Either way asking for formality in the process should identify exactly what whey want and why they want it and it also buys you some time from being pressured into giving a knee jerk reaction for an answer.

Generally:

Try to establish and reflect a proactive approach, rather than just reacting on the items presented to you - Try to change the agenda from the one proposed. Example are shown below

Create Stages for Negotiation:

It is obviously an unworkable and unreasonable request they have made since next term all parents might pay up on time - so what happens to the contract then. You need to get them to see that they have made a mistake in their logic - Tell them without apology clearly that 'you are not the one who is responsible for their profits, but even if you were responsible then simply reducing your salary now does not take into account the profits available in the future'.

Next stage: if they are insistent that it really does comes down to your contract reflecting their profit - Ask them to formalize this in the contract in a different way and come back with a new proposal based upon profits for the future and not losses of the past.

Obviously the above is designed to make them work and think more clearly about what they are actually asking from you and also for you to maintain some control in the process - Since making demands is easy, but thinking like an adult in the process takes more effort - So they need to work harder at getting what they want

If discussion eventually breaks down on the above suggestions and you want to continue the dialogue then have something else up your sleeve to hit them with that you can included in the contract to use as a form of compensation - For example other changes in the contract alongside the ones that they have outlined, say a change in the duration of the contract to 2 years rather than 1 year or a bonus payment at the end of the contract. However I am not sure what you actually find valuable and this is just as an example to illustrate a point, You need to establish what are the variables that are valuable to you then negotiate them into the contract - In the same way they ask you to accept what is valuable to them. The bottom line is manage this in a way that becomes a process of negotiation rather than one of acceptance or leave.

Summary: Establish some logic to show that their request is unreasonable and is based upon irrational reasoning and they need to rethink how to solve their problem. If this does not work then start to think outside this box and find other areas of value that can be gained in a new contract so as to include these alongside the changes that will generate the loss and in effect redistribute one loss in the contract for a gain somewhere else.

Blimey -

I guess that is probably the very reason - I had no idea!

Yup -

I am guessing this could be the case - I was using the site to check out the England line up for tonight - I could not think there would be much negative political comments there about Thailand B+}

The www.dailymail.co.uk/ - Website - Is being redirected - http://58.97.5.29/annouce/martial_law.html

The image on the redirect page is using a file named - nbtc-20140525.png - So I am guessiong that the file numbers are the date and the file has probably been reference named by the National Broadcasting and Telecommunications Commission - http://www.nbtc.go.th/wps/portal/Eng/Aboutus/History/MasterPlan

- Is anyone getting any other foreign online news media being blocked ?

- Has anyone got any idea why The Daily Mail would have been chosen?

I think Miss Thai Lovely winners probably did get large 'checks', but possibly not large cheque's - Bangkok Coconuts should do their own checks (for spelling mistakes).

why? because every body should write to the UK standard?

ironic, since in my experience some of the most illiterate folk on here came form the UK.

Interesting! - And my mistake - I actually did not know that the US spelled this word in this way - So my apologies....However please do not make overgeneralised negative comments about other nationalities - it adds little.

I would also like to know the answer.....Anyone out there?

I think Miss Thai Lovely winners probably did get large 'checks', but possibly not large cheque's - Bangkok Coconuts should do their own checks (for spelling mistakes).

I finally got the right to apply for the account after calling the call center and I only need to provide passport and proof of living in Thailand for last 3 years unbroken.

The 3 years is not a prerequisite time - It is just that they asked me how long I had been living at the same address I had been in Thailand and I gave 3 years. I am guessing that any time (subjectively long enough) supported by the rental agreement will suffice plus a passport with retirement visa would have done it.

Hope this helps.

Branch at Big C Extra in Pattaya - opened fixed deposit no WP and no problem.

Good Info topt - Thanks

I was refused at Banglamphu yesterday - Rang call center today - 30 mins ago - They say is OK with retirement Visa - They are calling the branch - So hopefully I can get them to give me clearance this way.

If Not - I will jump on a bus (Wed or Friday) from Ekamai and get a Songthew down to the Beach rd - Then Songthew up Central Pattay rd - And go to Big C there to open an account.

Thanks again.

How are you getting 3.0% from Kasikorn?

http://www.kasikornbank.com/EN/RatesAndFees/Deposit/Pages/Deposit.aspx

I can see 2.25% for a timescale of 8 months

There is 24-Month Super Taweesub Deposits but is not exactly 3.0% and is a rather long term TD at 24 month.

Am I missing the opportunity you are seeing somewhere else?

Thanks meatboy

I appreciate your time taken with responding to my question - I hope the therapy went well!

What return do you want? Based on 3.5M here's the numbers - gross before expenses and assuming 100% occupancy.

Monthly Rent Annual Rent % p.a. Return

10,000 120,000 3.42%

12,000 144,000 4.11%

15,000 180,000 5.14%

20,000 240,000 6.86%

30,000 360,000 10.29%

As you're unlikely to get 30k rent on a 3.5M condo (more like 12-15,000) and it would be unlikely to maintain 100% occupancy, the best return you could probably expect on average after allowing for reduced occupancy and expenses will be circa 4%.

Plus you have the drama of trying to release your capital eventually by selling the condo, and of course it will be a seller's market for years to come (joke).

I know 4 people that have done this and all regretted it with a passion. One chap owns three condos and is virtually cashflow destitute because he can't sell them and can't get regular tenants. Russian tenants trashed one of them last year and he can't afford to get it repaired. Another chap is getting 25,000 baht a month on a shop building he paid 17M for and can't give it away at 12M. His return is a massive 1.76%. p.a.

A return of arguably 4% is hardly worth the risk compared to a bank deposit, unless you want to hang your hat on capital gains and appreciation of the Baht over the next 3 to 5 years. I wouldn't, but then I'm naturally averse to residential property for investment purposes.

Three or four mill is a decent sum - consider the sharemarket balanced with TD's for a better return, not much more risk if done wisely, and certainly much more liquid.

EDIT: I should balance this with another aquaintance who I know very casually, but seems believable. He claims to have 8 condos and works them like a business. He's constantly networking friends overseas to be casual holiday tenants in some of them at inflated rents and also runs a website with online bookings/reservations etc. He essantially runs it like a business and is always on the hunt for tenants - to the point that he can become a nuisance to his resident friends/aquaintances. He claims to make over 1.5M a year, but I have no idea what the overall value of the condos are. If I assumed total value at say 18M, his return would be 8.33% p.a.

Good insight - I was looking at investing in condo in Rayong, but I could not see where the earning were coming from that would justify something significantly higher than a Bank TD - FYI Currently LH Bank is paying 2.7% without the need for TD i.e instant access.

This should also be a safer bet, but nothing is without risk - I was told by a few banks that the Gov guarantee (on Bank failure) of 50mill Baht will be replaced and dropped to 1million Baht - But non of the banks I speak to have any details when this will occur....Any knowledge here?

From the Deposit Protection Agency (click on thumbnail)

Brilliant - So it straight from the horses mouth (so to speak)!

yes me.

you need to read the bank interest forum its all there.

Thanks Meatboy - Just what I needed to hear, since every bank seems to start with the same i.e No work permit then no account opening so now I invest the time knowing - For a quick insight Which branch did you open your account?

yes I find it strange that there are a lot of banks asking for work permits,i have never been asked and have accs with,

L AND H,BKK.B.,TGSB,as I am past oap and look to old to work.i know about the acc.your talking about as I have my retirement extension money there for 15months they asked do I want the int.paid monthy into acc.under 500k at 2%.

Which branch did you open you L AND H account?

yes me.

you need to read the bank interest forum its all there.

Thanks Meatboy - Just what I needed to hear, since every bank seems to start with the same i.e No work permit then no account opening so now I invest the time knowing - For a quick insight Which branch did you open your account?

What return do you want? Based on 3.5M here's the numbers - gross before expenses and assuming 100% occupancy.

Monthly Rent Annual Rent % p.a. Return

10,000 120,000 3.42%

12,000 144,000 4.11%

15,000 180,000 5.14%

20,000 240,000 6.86%

30,000 360,000 10.29%

As you're unlikely to get 30k rent on a 3.5M condo (more like 12-15,000) and it would be unlikely to maintain 100% occupancy, the best return you could probably expect on average after allowing for reduced occupancy and expenses will be circa 4%.

Plus you have the drama of trying to release your capital eventually by selling the condo, and of course it will be a seller's market for years to come (joke).

I know 4 people that have done this and all regretted it with a passion. One chap owns three condos and is virtually cashflow destitute because he can't sell them and can't get regular tenants. Russian tenants trashed one of them last year and he can't afford to get it repaired. Another chap is getting 25,000 baht a month on a shop building he paid 17M for and can't give it away at 12M. His return is a massive 1.76%. p.a.

A return of arguably 4% is hardly worth the risk compared to a bank deposit, unless you want to hang your hat on capital gains and appreciation of the Baht over the next 3 to 5 years. I wouldn't, but then I'm naturally averse to residential property for investment purposes.

Three or four mill is a decent sum - consider the sharemarket balanced with TD's for a better return, not much more risk if done wisely, and certainly much more liquid.

EDIT: I should balance this with another aquaintance who I know very casually, but seems believable. He claims to have 8 condos and works them like a business. He's constantly networking friends overseas to be casual holiday tenants in some of them at inflated rents and also runs a website with online bookings/reservations etc. He essantially runs it like a business and is always on the hunt for tenants - to the point that he can become a nuisance to his resident friends/aquaintances. He claims to make over 1.5M a year, but I have no idea what the overall value of the condos are. If I assumed total value at say 18M, his return would be 8.33% p.a.

Good insight - I was looking at investing in condo in Rayong, but I could not see where the earning were coming from that would justify something significantly higher than a Bank TD - FYI Currently LH Bank is paying 2.7% without the need for TD i.e instant access.

This should also be a safer bet, but nothing is without risk - I was told by a few banks that the Gov guarantee (on Bank failure) of 50mill Baht will be replaced and dropped to 1million Baht - But non of the banks I speak to have any details when this will occur....Any knowledge here?

The LH bank

They are providing a savings account with immediate access i.e this is not a Time Deposit Account

They are paying 2.7% p/a.

The deposit needed has to be between 500,000 and 30,000,000 Bhart.

Further Restrictions (That need confirming)

I was told that they can only accept foreign applications with a work permit. But I know from experience that this is always the first statement that is made by bank staff on the front line (Kasikorn and Tisco told me the same on my first application). It seems that the manual that they refer doesn't mention retirement visa. However eventually after investing time and making several calls someone more senior has always agreed that the bank will accept my application. However this process can be time consuming and frustrating.

To ensure I am on the right track:

Has anyone on Retirement Visa applied and been accepted for an account at the LH Bank?

Hallo spambot :-)

1/ Be thankful that you didn't have those 'last thoughts' of yours while the policemen were still around because it seems to me that the last thing you might expect from them is a sense of humour... shouting at cops in a situation like that could get you into real trouble, and not just in Thailand!

2/ You tell your story with charming sincerity and a remarkable lack of aggressivity, even though it was obviously pretty unpleasant (except for that one little moment perhaps...? lol) and your tone should inspire people who tend to launch into abusive language without giving a moment's thought about how and why the 'other party(ies)' did whatever they did.

3/ If there are indeed lots of drugs around Kaosan (and I believe there are) then this kind of occurence is more or less inevitable and there is no such thing as a police search done nicely (except in our wildest dreams of course). As for the bomb threats... brrr... unfortunately it's probably true...

Thank you Yann - You write pretty good things yourself - And good thinking about the advice about sense of humor is a delicate balance to get right since when it is interpreted the wrong way it has consequence and so can be a risky strategy.

It is good to get your type of feedback - It is both positive and helpful - Thank you.

It is just exactly that arnold40844 The stuff that is not in your control and not entirely open management if unfairly target. It just feels like unbalanced - Since it would not take much for any situation like yours to go in a different direction if you were unlucky with the personal intent of the officials stopping you - Difficult to know how to swing the control back around when in a remote place with few choices to negotiate from.

What is the translation for "ton tee khon yoo kang lang".?

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I assume any countries police have the rite to frisk search a suspect no?

Op someone mentioned middle eastern guys and Israeli guest houses, do you fit the description of a dark haired or middle eastern look?

No not really - I from UK and I dress and look like a Sainsbury shopper - I always make sure to wear smart casual clothes, well groomed, no distinguishing outer symbols or markings, with no tattoos and no clothing typical of eastern people - I tend to overdress smart / never wear shorts or t-shirts even in warm weather.

And I would have thought I would be the least likely (by appearance) to suggest drugs (or bombs) carrying - stereotype.

Haha - a 'look like a Sainsbury shopper' - i feel inferior now, sure i look like a Tesco shopper !