The 800'000 Bht obstacle

[marcusarelus]

2 minutes ago, wgdanson said:

But if that 800,000 is 'stuck' in a Thai bank, it is not being used for the benefit of normal Thais, only for the investors who use that money to gain profit

You can use it 9 months of the year.  And banks and any business is for profit if not it is called a charity. 

[NanLaew]

10 hours ago, janclaes47 said:

Advertisement?

 

I guess those guarantees are guaranteed until they run off with the money?

 

 You mean they closed up shop already, while collecting the last " investors " money, before they disappear on the horizon?

 

If I was advertising, I would have mentioned the business entity. Don't shoot the messenger.

 

They have already passed through the fraught, hand-to-mouth, pyramidal phase of the operation and have audited accounts for those less inclined to jump in feet first.

 

The Soi 6 property refurbishments are just another example of Pattaya's retail churn which are traditionally debated in these fora in terms of the half-life of trading entities at Harbor Mall and the like.

 

Either way, you get all your money back + accrued interest when someone finally comes up with the estimated B6.8b to bulldoze the whole sad den of iniquity and plant a 5-star hotel (or 2) there instead.

 

Make hay while the sun shines, eh?

[CharlieH]

A post in all CAPS has been removed.

[Mac98]

15 hours ago, cyberfarang said:

Good post, swissie and my thoughts exactly.

 

The Thai government will welcome westerners if they feel are going to be of benefit to the country, one being, they want their money invested in Thailand and not abroad. Thailand is not a charitable kingdom to accommodate cheap charlies that are considered poor in their own countries that owes them a better quality lifestyle. To be given something, one has to give something back in return. 

 

Personally, I welcome this new policy by the embassies that will help bring better quality expats into the country that can pay their way.

 

As you rightly say swissie, 24000USD or £19000 is hardly a fortune these days. If pensioners over 50 cannot afford this amount to remain in the country, then I have to ask; what have they been doing all their lives?

Worked 40 years raising 4 kids in California. Then divorce at age 50, followed by the company you worked for the past 22 years going under. The money paid out went during one year unemployment and taking in my kids from the ex and getting my house back. Then I was retired early (age 62) on disability. Lots of medical bills. (No, everything isn't free in USA.) I had $120,000 equity in the house and put it up for sale when the global housing collapse hit and wiped out $200,000 in value. The bank got the house and I came to Thailand where my 65,000 baht Social Security pays my bills. I was just in the government hospital here for a serious problem. They fixed me up in three days for $500. So, no I don't have 800,000 cash and I'm not a layabout charity case.

[NanLaew]

9 hours ago, giddyup said:

Have a look at Ebay, Amazon etc and see the literally hundreds of thousands of watches for sale. Top sports people appear everywhere wearing and advertising watches. think watches are more popular than ever, perhaps not among the under 20's. They are as much a fashion statement as time tellers.

And the Deputy PM knows this already.

[HampiK]

2 minutes ago, Mac98 said:

Worked 40 years raising 4 kids in California. Then divorce at age 50, followed by the company you worked for the past 22 years going under. The money paid out went during one year unemployment and taking in my kids from the ex and getting my house back. Then I was retired early (age 62) on disability. Lots of medical bills. (No, everything isn't free in USA.) I had $120,000 equity in the house and put it up for sale when the global housing collapse hit and wiped out $200,000 in value. The bank got the house and I came to Thailand where my 65,000 baht Social Security pays my bills. I was just in the government hospital here for a serious problem. They fixed me up in three days for $500. So, no I don't have 800,000 cash and I'm not a layabout charity case.

Divorces are mostly a very expensive happening. And in many cases not always fair...

[NanLaew]

7 hours ago, EVENKEEL said:

So, a sort of silver lining for some is it's an awesome way to hit the trail honorably, you know.....go out for a pack of smokes and not return. Sorry Sheilla but.....I can't stay, you know those bastard Immigration people.

I see light bulbs turning on.....

 

 

Good grief you're right! There's a sad bugger posted recently about guidance on ditching his Thai bed-warmer of 3 years. Unfortunately, he wants to stick around and bang her mate instead so maybe his already dim light bulb will be off for a wee while more.

[AlexRich]

51 minutes ago, cyberfarang said:

Right and wrong.

 

All my income sources emanate from the UK legally as pensions. I probably do spend more money within the local community then the locals do. But in return I get to live cheaper and have a better quality lifestyle than if living in the UK on the same income. So it`s a give and take relationship between me and Thailand. I appreciate this and consider having to have 800000 baht in a Thai bank account as a bargain so I can enjoy my lifestyle here. It seems those who begrudge this are expecting everything laid on for free as if the world owes them a living and certain quality of life. We pay our money and only receive what we pay for.

 

That`s life, welcome to the reality.

 

Nonsense. A guy on a regular pension who spends to the max may well contribute more to the economy than a miserly type who has the 800,000 Baht but spends considerably less. The point of the deposit was to show you have the funds to live here, nothing more. So whether it comes in the form of a regular income or a lump sum is neither here nor there. No one living here is getting anything for free.

[NanLaew]

3 hours ago, cyberfarang said:

Our home here in Chiang Mai was already owned by my Thai wife before we met, now transferred into the names of our children, and all legal and above board. My children will have a nice inheritance once my wife and I are gone. If anyone asks me how I receive my incomes and assets, I have no problems telling them, the same applies with immigration. 

You've done your homework. How does the CM home ownership pan out if, heaven forbid, you somehow outlive your children? I am not acting in bad taste or trying to be clever here. I am interested in the mechanisms that need to be in place for such an eventuality. A similar scenario came up when discussing insurance and wills with a fellow, long-time and married Thai resident farang and the unfortunate scenario of one's wife or partner preceding you into the afterlife needs to be carefully addressed.

 

To save this thread going way off-topic, maybe a PM response would be better?

[PerkinsCuthbert]

Over the years I have brought into Thailand incrementally more for stock investment, and taken it out again, several times, but personally I would never bring 800k Baht in just to deposit it in an approved account for the paltry interest it earns, when there are both alternative ways of staying long term, and when the money could be working much harder for me. But you take your 1% interest, if that suits you.

[AlexRich]

1 hour ago, marcusarelus said:

Apparently Thai Immigration cares.  Who else matters?

Thai immigration don’t post on here bemoaning the cash liquidity of fellow expats. Schadenfreude is alive and well on here ... not my thing, can’t see the value in it.

[marcusarelus]

4 minutes ago, AlexRich said:

Thai immigration don’t post on here bemoaning the cash liquidity of fellow expats. Schadenfreude is alive and well on here ... not my thing, can’t see the value in it.

I believe they do by way of the BE and American embassy. 

[marcusarelus]

7 minutes ago, PerkinsCuthbert said:

Over the years I have brought into Thailand incrementally more for stock investment, and taken it out again, several times, but personally I would never bring 800k Baht in just to deposit it in an approved account for the paltry interest it earns, when there are both alternative ways of staying long term, and when the money could be working much harder for me. But you take your 1% interest, if that suits you.

So I keep 800,000 baht in a Thai bank for 90 days as opposed to you who keep in another bank in another country.  How much difference is the profit for 90 days when taking into consideration I live in Thailand and you don't. 

[NanLaew]

3 hours ago, HAKAPALITA said:

Go to the British Caymen Islands, their requirements are unique. Never whinge again about Thailand..

And while you're at it, check these too.

[PerkinsCuthbert]

3 minutes ago, marcusarelus said:

So I keep 800,000 baht in a Thai bank for 90 days as opposed to you who keep in another bank in another country.  How much difference is the profit for 90 days when taking into consideration I live in Thailand and you don't. 

Currently about 7.2 times. And I have lived here 31 years.

Edited October 27, 2018 by PerkinsCuthbert

[marcusarelus]

5 minutes ago, PerkinsCuthbert said:

Currently about 7.2 times. And I have lived here 31 years.

I'll try again.  How much difference is the profit for 90 days in baht or dollars between you and me for an investment of 800,000 baht?

Edited October 27, 2018 by marcusarelus

[HappyAndRich]

13 hours ago, KittenKong said:

I know several farang men who have lost everything they had that way. Some lost in the high hundreds of thousands of GBP.

That can just be called very stupid, or? We think we come to a country with very young women, that likes a fat bellied foreigner about 49-59 years older than the 21 year old beauty. Yeah, sure, that´s just natural, ain´t it?

[RoyDee]

12 hours ago, Thian said:

Not everybody is from Swiss which got rich from hidden (illegal) bankaccounts to avoid tax...

 

For me it's the fact that i don't trust thai banks so i won't put 800k on it...

 

Also don't forget that some folks have to pay very high tax because their government thinks is necessary to give loads of money to poor countries.....

 

 

 

 

 

Please explain when you were screwed by Thai banks and how. I'm 18 years here and never experienced such (Bangkok Bank). Plus, their e-banking is very professional. 

[NanLaew]

2 hours ago, federico said:

it reminds me of this publicist friend of former president Sarkozy who answered a journalist about his Rolex watch and said that "if you cant afford a Rolex at 50 then you missed your life" 

there must be a load of loosers, in and outside Thailand....

I had my first (and last) Rolex at 24 years old and now down to selling body parts to make ends meet. Does that mean I peaked too early.

[RoyDee]

15 hours ago, swissie said:

Don't know. Maybe having invested too much of their liquid assets in "real-estate" in Thailand. Depending on location, hard to turn into cash.

Or they have spent their money on " Wine, Women and Song" upon arrival in Thailand. The rest, they have just squandered.

Cheers.

Accurate analysis. The dream is over for some. I have a bridge they can sleep under (not free).

[NanLaew]

9 minutes ago, HappyAndRich said:

That can just be called very stupid, or? We think we come to a country with very young women, that likes a fat bellied foreigner about 49-59 years older than the 21 year old beauty. Yeah, sure, that´s just natural, ain´t it?

Oh, please don't go there. Anywhere else is OK but not there. It's been done to death already.

[RoyDee]

5 minutes ago, NanLaew said:

Oh, please don't go there. Anywhere else is OK but not there. It's been done to death already.

555 ... "Happyand Rich" but still depends on social media on a Saturday night. Amusing.

[HAKAPALITA]

21 minutes ago, PerkinsCuthbert said:

Currently about 7.2 times. And I have lived here 31 years.

Allways fun when aged T,V Warriors think..., now where did i hear that before

[NanLaew]

19 minutes ago, marcusarelus said:

I'll try again.  How much difference is the profit for 90 days in baht or dollars between you and me for an investment of 800,000 baht?

You'd be up ~B16k if you buy into my the Soi 6 scheme.

[NanLaew]

2 hours ago, Naam said:

the tax-avoiders made Swiss bankers and themselves rich but the ordinary Swiss citizen did not profit.

 

you should educate yourself and take a look what Switzerland exports. it's high quality machinery and sophisticated weapon systems besides a little chocolate and chees. 

Don't they do a fair bit on guns and armaments as well?

[maprao]

Interesting many with income letters used to look down at border runners....now the 800k crowd looking down on the ones who can't put it together. Remember the last increase doubled the requirements from 400k to 800.  All the people on their perches may want to think about if it doubles again to 1.6 million and again to 3 2 million???

 

Never gloat at others misfortunes because you should remember " there by the grace of God go I"

 

I'm ok if the requirement doubles  several times.  But with the bad exchange rates and the change in rules some retirees have been caught out...

 

Those of you who scoff at my post. ..I hope you will never have to reflect on it should your plans and fortunes change

Edited October 27, 2018 by maprao

[marcusarelus]

2 minutes ago, maprao said:

Interesting many with income letters used to look down at border runners....now the 800k crowd looking down on the ones who can't put it together. Remember the last increase doubled the requirements from 400k to 800.  All the people on their perches may want to think about if it doubles again to 1.6 million and again to 3 2 million???

 

Never gloat at others misfortunes because you should remember " there by the grace of God go I"

 

I'm ok if the doubles it several times.  But with the bad exchange rates and the change in rules some retirees have been caught out...

 

Those of you who scoff at my post. ..I hope you will never have to reflect on it should your plans and fortunes change

I'm certainly not.  I find nonsensical the arguments about being rich and can't afford or don't trust or some other cockamamie reason for not putting 800,000 in the bank for 90 days.  Thai banks are as good as any other country and that's a phony excuse.  Fellows who are on hard times should take advantage of the safety net their countries offer.  

[Skeptic7]

IMHO your HO is not so humble. 

[NanLaew]

1 hour ago, wgdanson said:

But if that 800,000 is 'stuck' in a Thai bank, it is not being used for the benefit of normal Thais, only for the investors who use that money to gain profit

Instead of delving into the esoteric differences of the Thai demographic and what defines a 'normal' one, we probably need to consider the much more complex variants of farangs beyond those who can afford to stay here long-term versus them wot can't.

[simtemple]

The Philippines Government requires a US $10,000 deposit which can be used to puchase an apartment. They require evidence that you receive a pension, but they don't need certification from the applicant's embassy. Pension correspondence will suffice.

I don't believe 90 day reporting is required and Filipino pensioner discounts are extended to expat retirees in some instances. Just saying.