It seems a day doesn't go by when I don't read a report on Thailands attempts at attracting so called High net-worth individuals.
What is this obsession with attracting these folk all about?
On paper I think I understand it.
They think that rich people coming here will spend more money.
What Thailand doesn't seem to understand is that the vast majority of this group are the tightest people you have ever met in your life.
they never tip, they love a bargain and cut corners wherever and whenever they can.
and they certainly do not like paying tax, and will do literally anything to avoid doing so.
'You don't get rich by giving it away' is their motto.
I almost consider myself to be in this category, though not quite..
Back when the story first broke about Thailand's plan to tax foreigners on their income earned overseas I slowly started liquidating all of my assets, both inside and outside of Thailand.
It was a long, arduous process that involved trusted friends and family, both here and abroad to help me out.
of course they all got a nice slice of the pie but ultimately I was left with just over 700,000 USD, that I now keep locked away in my safe.
The reason I did this was because I didn't want to pay tax!
I believe that many high net worth folk also think along the same lines.
if there is one thing these lot hate it's paying more tax.
so you see Thailand, by announcing such a ridiculous policy aimed at lining your own pockets you will have inadvertently put many of your so called wealthy targets off from coming here all together!
imo, Thailand would be much better off going after the backpackers again.
they are young, dumb and throw their money around like confetti in large numbers.
I think Thailand also needs to realize they are not Monaco or Luxembourg.
They are a middle of the road South East Asian country with a developing economy that is currently struggling to stay afloat.
bob.