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New financial regulations for retirees: Nearly a third of expats may have to leave - but half on Facebook say they're off!

webfact

By webfact
in Thailand News

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jabis Silver Member

jabis

Posted
Posted
1 minute ago, FritsSikkink said:

It won't hurt the economy at all, only the ego's of the poor pensioners.

It will hurt the banks' balance statements quite a lot, if that projection is in any way quantitative - 800k * half of retirees pulling the plug

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sumrit Gold Member

sumrit

Posted
Posted
13 minutes ago, jabis said:

It will hurt the banks' balance statements quite a lot, if that projection is in any way quantitative - 800k * half of retirees pulling the plug

Think about it. The ones who say they are leaving are doing so because they haven't got 800k in the bank. They aren't going to hurt the banks. The only people they will hurt is the agents and IO's they have been bribing to get their illegal extensions.  

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jabis Silver Member

jabis

Posted
Posted
15 minutes ago, FritsSikkink said:

They pull the plug because they have nowhere near the 800K.

No they pull the plug because the new regulations are idiotic, nonsensical and a pretty good example how volatile the situation is for living in the country - pretty good time to apprise what you want from retirement????

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jabis Silver Member

jabis

Posted
Posted
Just now, sumrit said:

Think about it. The ones who say they are leaving are doing so because they haven't got 800k in the bank. They aren't going to hurt the banks. The only people they will hurt is the agents and IO's they have been bribing to get their illegal extensions.  

If you look at the percentages - I'd wager a lot more than unqualifying are voting with their feet - personally know few very well off couples that decided to leave purely based on the sentiment - I don't have an axe to bury here, am far off from retirement (based on IO regs) and will probably be naturalized before that time, but anyhow - very disturbing move IMO

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Sheryl Star Member

Sheryl

Posted
Posted
57 minutes ago, darksidedog said:

I suspect at the end of the day, many people saying they will have to leave, will find an agent who will sort it out for them, and the number of actual leavers will not be that high. this is Thailand after all, and they are very good at finding a way to make money scamming the system, and I am sure this will be no exception. The only difference is that it will probably cost more.

I suspect there will be a significant decrease in retirement extensions, though. Those who qualify will go for extension based on marriage instead. Those who spend a few months each year back in their home countries will go for O-A visas or METVs instead.  Makes total sense in both cases. 

 

Since nothing has been done about agents & corruption, the least affected people will be those with insufficient income. 

 

For the remainder, this is an annoyance and also shakes confidence about the future a bit (i. e. what other major changes will be unexpectedly sprung in the future, with no grandfathering of people already here?).  It will go onto the "con" side of the ledger of pros and cons  of living here but I doubt it will by itself be a reason for many to leave. It could be the last straw for those already considering it, though. And likely will deter future arrivals.

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farangx Rookie Member

farangx

Posted
Posted
1 hour ago, geriatrickid said:

Cambodia is a lawless corrupt, brutal place. Go there and you will be treated as a sexual predator or criminal by your home country. Vietanam's shine wears off quickly once you have to deal with the  mind numbing communist bureaucracy and insidious corruption.

Nah .... they are just trying to scare the joke out of him.

 

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Thailand Diamond Member

Thailand

Posted
Posted
3 minutes ago, Sheryl said:

I suspect there will be a significant decrease in retirement extensions, though. Those who qualify will go for extension based on marriage instead. Those who spend a few months each year back in their home countries will go for O-A visas or METVs instead.  Makes total sense in both cases. 

 

Since nothing has been done about agents & corruption, the least affected people will be those with insufficient income. 

 

For the remainder, this is an annoyance and also shakes confidence about the future a bit (i. e. what other major changes will be unexpectedly sprung in the future, with no grandfathering of people already here?).  It will go onto the "con" side of the ledger of pros and cons  of living here but I doubt it will by itself be a reason for many to leave. It could be the last straw for those already considering it, though. And likely will deter future arrivals.

Seventy + year old's applying for education visas perhaps, there seems to be little or no regulation there? ????

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Pilotman Ruby Member

Pilotman

Posted
Posted

I presume that those 'forced out' by the new rules are not able to meet the financial requirements.  If so, I imagine that one argument that the Authorities may make to themselves, is that those people must therefore make a minimal contribution to the economy and therefore would be a minimal loss to Thailand.  The ones I feel for the most, are those who have been here for years, are well settled and  who's income is fixed in some way (small pension, not index linked).  Without capital to back up a small income, those people have been royally shafted by the new rules and the poor exchange rates for many western currencies.   I guess that the Thai authorities do not care a jot for those people and I also guess that it is not their role to care much.  Sad but true.    

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Sheryl Star Member

Sheryl

Posted
Posted
2 minutes ago, Pilotman said:

I presume that those 'forced out' by the new rules are not able to meet the financial requirements.  If so, I imagine that one argument that the Authorities may make to themselves, is that those people must therefore make a minimal contribution to the economy and therefore would be a minimal loss to Thailand.  The ones I feel for the most, are those who have been here for years, are well settled and  who's income is fixed in some way (small pension, not index linked).  Without capital to back up a small income, those people have been royally shafted by the new rules and the poor exchange rates for many western currencies.   I guess that the Thai authorities do not care a jot for those people and I also guess that it is not their role to care much.  Sad but true.    

Mostly unable but also some unwilling.

 

People who have 800K or more in disposable income over and above their daily living costs are often those with investments, or at a minimum have taken care to seek out the most lucrative places to park their money, and this is requiring them to forfeit interest and other earnings  which goes against the grain. Most will probably put up with it in the end rather than relocate unless they have other reasons inclining them to do that, but please allow them to grumble a bit while they do!

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ChouDoufu Platinum Member

ChouDoufu

Posted
Posted

just another meaningless fakebook poll.  let's see what happens six months after the regulations take affect, and how many truly are forced out.

 

hollywood is full of celebrities who proclaimed they'd leave the country if he-who-must-not-be-named were elected.

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farangx Rookie Member

farangx

Posted
Posted
39 minutes ago, Thailand said:

There seems to be a consensus that this will affect only western expats when in fact it affects retirees no matter which country they come from including China, a much bigger picture than most realize.

Chinese numbers are not big yet.  If it becomes huge which IMO is unlikely, the rules will adapt.

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Date Masamune Explorer Member

Date Masamune

Posted
Posted
1 hour ago, worgeordie said:

Where are they going to go to,back home ,Cambodia,or Philippines,

save up a bit more money and the could be back.

regards Worgeordie

I think many COULD come back if they save resources.

 

Never thought there were so many on a shoestring here but 800k baht is not much money if you plan ahead

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OJAS Ruby Member

OJAS

Posted
Posted
1 hour ago, webfact said:

On the forum people were asked the question: Will the new financial requirements force you to leave?

 

7.9% said Yes

22.72% said it would seriously jeopardize their stay

69.38% said they would not have to leave.

 

This meant that nearly a third were in the category of leaving for sure or at least being in jeopardy.

 

On Facebook a similar question was more clear cut.

 

Asked if the tough new financial requirements for retirement extensions (visas) would force people to leave:

 

49% said Yes

51% said No.

Not quite the same, I think.

 

The Thaivisa question was aimed at seeking answers to each and every participant's intentions in person.

 

Whereas the Farcebook question was more generally aimed at what those participating thought as to what expats' intentions collectively might be.

 

I am certain as to which survey I personally find to be the more credible!

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Thailand Diamond Member

Thailand

Posted
Posted
5 minutes ago, farangx said:

Chinese numbers are not big yet.  If it becomes huge which IMO is unlikely, the rules will adapt.

I personally know 8 Chinese who are on retirement visas so I guess the numbers are growing,and their media seem to think that retirees from certain countries are the main cause of the pending changes.

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jabis Silver Member

jabis

Posted
Posted
2 minutes ago, Date Masamune said:

I think many COULD come back if they save resources.

 

Never thought there were so many on a shoestring here but 800k baht is not much money if you plan ahead

Depends on where you retire from. For a yankee that might not be much, but from high-income high-taxation country that might be your years pension in net ????

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smedly Star Member

smedly

Posted
Posted

The rules were fine before these changes - there is a principle here which causes me to reject these rules as totally absurd, we now have to season 800k baht for 6 months and not allowed to touch 400k baht of my own money - there is just something fundamentally wrong with that, it serves no purpose at all

 

They need to rethink this - very pissed off

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Genericnic Gold Member

Genericnic

Posted
Posted
1 hour ago, webfact said:

On the forum people were asked the question: Will the new financial requirements force you to leave?

I am anticipating leaving but not because the new regulations "force" me to leave. I am financially capable of complying with them. I am anticipating leaving because complying with the ever changing regulations is a continuing annoyance that I am tired of dealing with. 

 

I won't repeat them here but if you are interested in why I don't want to comply with the new rules, you can check my post in a different thread.

 

David

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cyrus9 Rookie Member

cyrus9

Posted
Posted

The reason for this decision is to stop fraud. There are some Indian sharks in Thailand who lend 800,000 Baht to some foreigners for a week with a high interest, just for those foreigners to get 1 year retirement visa. I hear there have been many cases like that.

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