By now, everyone knows about the proposed taxes on "tax residents".
From "aliens" to "tax residents".
I am in touch with some friends who are/were considering to move to Thailand.
Friend one:
He sold his business a few months ago and is planning to move with his wife and 13 year old son to Thailand.
All taxes paid and doesn't owe anything.
He is in his early 50's.
He was very far ahead in his planning to move to BKK beginning of 2024.
He was in advanced talks to buy a nice condo in the Thong Lor area.
Price: 22,000.000 Baht
Furniture:
Probably another 2-3 Million Baht
Intended to buy a new Mercedes:
Price: 4,500.000 Baht
School fee for son:
Price: Around 750,000Baht a year plus extras
Private Health Insurance for the 3:
Around 120k a year
They love to dine out and travel.
So let's say: 28,500.000 baht straight spending on condo, furniture and car.
750k school
Average monthly spending including dining out and trips inside Thailand/
First year of staying in Thailand: 100kx12= 1,2 Million Baht.
120k health insurance
That's almost 31 Million Baht which would be spend in year one
He was applying to get a non-immi O_A
The money he would use to buy all things mentioned above come from his savings, accumulated in the years before.
No money from the sale of his business would be used.
As he reads about the new tax, he is inquiring about the MM2H visa and probably move to Malaysia.
He doesn't like to mess around and wants to plan his futures around facts.
Another friend , already living in Thailand was considering to buy land around HuaHin (in his wife's name/Thai) and build a house. Quotes around 18-20 Million baht.
He also abandoned this idea and continues to rent instead.
Next person I know put a deposit down on a brand new BMW electric SUV: Price: Around 6 Million Baht.
Delivery early 2024
He got out of the contract, lost his 50k deposit.
No new car anymore.
The money they think they will extract from farangs and the money they will finally get..
Do not spend the money you do not have or think you will get soon.
They were expecting to get 20 Million Chinese in with a 2000Baht visa fee.
That's 40 Billion baht they were already planning with and spending it.
See: the 10k digital wallet which will cost 350 Billion Baht.
I will be very careful with what I buy here. Rent, don't buy.
New car? why
Travelling inside Thailand and getting taxed on the money I spend here? No, there are beautiful neigbouring countries.
Don't P.... off the people who feed you.
The Kasakhs, Chinese group tours will not save you.