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

[FritsSikkink]

40 minutes ago, stanleycoin said:

There wont be much opportunity to relocate there families in the own country due to not enough money in the pot. so they will just dump the Thai family. 

Oh, I was just starting to think they stayed here to help out these poor people.

[phantomfiddler]

Corruption is so ingrained in the Thai administration that the outcome will probably be the farang will have to pay twice instead of the once ! Nothing will be allowed to kill the cash flow to the Thai authorities.

[FritsSikkink]

25 minutes ago, lmaxv said:

It sure seems to me that the government is making things difficult for the retired population with no added benefits for the country. If each expat retired in Thailand spent a VERY conservative 25,000 baht per month for the year, that's 300,000 baht. If say there are 40,000 retirees spending the 25K per month, that's 1 billion baht PER MONTH! If half are leaving, thanks to immigration authorities, they're taking 500 million baht with them that will not get spent in Thailand. If the requirement was simply 800,000 B on deposit at the time of extension and maintaining a 400,000 B balance for each month of the following year would simplify things. So think what these officials are willing to pull out of the hands of the common people in Thailand! Six billion baht per year...conservatively! So tell me, where's the benefit of chasing people away from Thailand? If any have better figures than this, chime in... 

6 billion a year is 10 million Chinese spending 600 THB each, peanuts.  

[side]

What's wrong with having expats who wish to live here provide actual evidence that they have the means to live here, without becoming a burden?

 

The actual amounts of money required by law have not changed unless I missed something. The procedure to prove it has changed somewhat, inasmuch as you have to actually really prove it, rather than swearing on your dog's life to your embassy official that you do have that income coming over.

 

The toys-out-prams tantrum on here that it is all some kind of xenophobic plot to rid the country of all foreigners is laughable. It's simple, when you're in another's house, you respect the rules, you don't cause any trouble.

 

The number of expats living here on retirement or similar is around 100K, that number doesn't move the economic needle much. 

[HuaHinHim]

Well to be honest I have been trying to leave for about 5 years but can’t sell the house so i’m stuck and i’m Not going to give it away so I am force to stay at the moment 

[Teddy3943]

I experienced that actually many Thais hate the farangs, although they seldom express this openly. Times will change if the businesses get less dependant on farang spendings...

[Spaniel]

I'm thinking of switching from the B800,000 method to married.    Where can I find out the requirements for the married visa method?

[natway09]

If they are going to moan & groan about the goal posts being moved ever so slightly (& for a good reason) along with raving  on about having to deposit a little money in their adopted country 

then good riddance to them.

The economy will not even miss these bottom feeders.

Most countries that I would be interested in living in have more severe financial

requirements than here

[Stoker58]

I’ve been here 12 years now, and I honestly expected things to get better as time went by, but it hasn’t. It’s getting worse. Every month there’s some new stupid “condition” introduced.

  The main reason I’m still here is because my wife is at home here, but Cambodia is starting to look better with every passing year.

[Denim]

I think we need a lot more threads like this.

 

Lots more.

 

Lots and Lots more

 

Catharsis seems to work wonders for some people.

[Proboscis]

The really big deal about this is not the amount that retirees can afford now but the question that all retirees to Thailand, current and prospective, is that no matter what you sign up for when you retire, the Thai authorities can change the rules at any time and you have no say.

 

Having made your life in Thailand for a decade or two, you could find yourself with the choice of being forced to leave the country or having, at an advanced age, to engage in a marriage that you would not otherwise have engaged in or having to find work that would get you a work permit or starting an appropriate business, none of which you wanted to do when you decided to retire!

[side]

4 minutes ago, Teddy3943 said:

I experienced that actually many Thais hate the farangs, although they seldom express this openly. Times will change if the businesses get less dependant on farang spendings...

What will change? Are you predicting public lynchings?

 

Thailand makes significant money from inbound tourism. Not so much from a large handful of retirees of mostly modest means. The contribution to the country's economy from this small group is going to be negligible if compared. 

 

There are hoops to jump through in order to be able to retire to any country, not just here.

[kamahele]

3 hours ago, geriatrickid said:

LOL. No, it won't. The loss of the lower end of the financial strata will be insignificant, because of the change in visitor  demographics. The Russian and Asian visitor segments are experiencing double digit growth and they  present a much better value proposition for the Thais.

I would have to agree. Those leaving I would think would be those fudging the fact that they didn't really have the financial resources they stated on their financial declarations. I would hope that in actuality those that don't have the required funds for a retirement visa have some other option to stay provided to them by the government although I wouldn't count on it.

[stanleycoin]

15 minutes ago, FritsSikkink said:

Oh, I was just starting to think they stayed here to help out these poor people.

Mate, what do you think will go on, Happy families ?

 

Ps Nice edited highlight from my post, good job 

[aripengu]

I would wait and see, it will not be easy to implement, some officials have already complained. It also may scare off new applicants, not because they don't have money, but because of the constant hassle. The always changing conditions also don't create much confidence for retirees who want to buy property and settle down.

Looks to me the officials high up don't understand their own rules, the 800k are supposed to be the money to use during the year. Will they ask those who have a monthly pension, not to use any money the first 3 months and only half of their pension the rest of the year?

It shouldn't be too difficult to get the agents that fake the deposits and the officials who stamp the dodgy visas, they have been advertising in the open for many years. When I was 10 we used to play detectives, I would have solved the case in less than a week. ????

[freedomnow]

40 minutes ago, lmaxv said:

It sure seems to me that the government is making things difficult for the retired population with no added benefits for the country. If each expat retired in Thailand spent a VERY conservative 25,000 baht per month for the year, that's 300,000 baht. If say there are 40,000 retirees spending the 25K per month, that's 1 billion baht PER MONTH! If half are leaving, thanks to immigration authorities, they're taking 500 million baht with them that will not get spent in Thailand. If the requirement was simply 800,000 B on deposit at the time of extension and maintaining a 400,000 B balance for each month of the following year would simplify things. So think what these officials are willing to pull out of the hands of the common people in Thailand! Six billion baht per year...conservatively! So tell me, where's the benefit of chasing people away from Thailand? If any have better figures than this, chime in... 

There is the multiplier/velocity of money effect of that money as well...but they don't care...it's westerners out and Chinese and Indians in. They can finally show their hand now the shift is happening.

[brokenbone]

2 minutes ago, side said:

What will change? Are you predicting public lynchings?

 

Thailand makes significant money from inbound tourism. Not so much from a large handful of retirees of mostly modest means. The contribution to the country's economy from this small group is going to be negligible if compared. 

 

There are hoops to jump through in order to be able to retire to any country, not just here.

nah...someone did bother to calculate,

a very modest 25k/month is a very low estimate,

that turns out to be 300k per year, that is many times more than nearly all tourists will spend

[Naamblar2014]

I told the missus to sell the properties and we are going to buy one of those old Bangkok busses that spew out all that black muck and just cruise Asia.  Oh wait I can't drive one of those busses,  because that is a job reserved for somchai.

[theonetrueaussie]

3 hours ago, NCC1701A said:

yeah, and I'm having sex with two blondes in a Ferrari tonight.

he never said they were GIRLS....????????????????

Lets face it the only real people I see staying are the ones with too much invested here, Most of the people that never put down roots or bought property have already left. Most others with no roots myself included are staying till our visas are up and then heading off too, With rising prices and the terrible exchange rate( predicted 1 AUD be worth about 18thb in a few years already 22 now), Constant tightening of visa rules, there are just too many other great places in this world to live. 

[BritManToo]

2 hours 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

50% of Americans couldn't pay an unexpected $500 bill (according to a survey), 800k is $20,000.

Most off the western world is the same.

[Naamblar2014]

3 minutes ago, BritManToo said:

50% of Americans couldn't pay an unexpected $500 bill (according to a survey), 800k is $20,000.

Most off the western world is the same.

99% of Thais couldn't pay an unexpected bill of 500 baht

(sorry according to farcebook)

Edited February 4, 2019 by Naamblar2014

[onekoolguy]

3 hours ago, sanemax said:

Have you not realised yet ?

Thailand is for Thais  , its not a place where foreigners are wanted  

That said, the ones who would really be hurt are the families, friends and their children who are supported by the foreigners. Others like myself, have substantially increased the living standard of Thais we care about, paid for health care, put kids through schools and universities, bought cars, improved homes, helped their elder parents, assisted them in starting businesses to increase their earning power and much more! We are not here for the "cheap living" We can live just about anywhere we choose. Thailand is my choice because I really like most Thais and I love the country.

[suzannegoh]

That’s an understandable first reaction but I suspect that most of those who say that they will leave will change their mind when they stop to consider the cost of living in farangland. 

[Cereal]

Talk is cheap. Remember all the Yanks that said they'd leave if Trump were elected? Where are they now? Oh yeah....they're in the USA.

 

If you want to leave and don't really care about beach time, come to Laos. It a nicer country all around, except for the beaches that is!

[Retiredandhappyhere]

3 hours ago, NCC1701A said:

yeah, and I'm having sex with two blondes in a Ferrari tonight.

What, again?

[BritManToo]

3 minutes ago, suzannegoh said:

That’s an understandable first reaction but I suspect that most of those who say that they will leave will change their mind when they stop to consider the cost of living in farangland. 

Why would you go there?

[NightSky]

For a decade or so globalization was being promoted..

 

..and this is just one of the symptoms of a global crackdown/pullback on immigration. Trump and Brexit are showing the way...

 

..others are free to follow suit.

 

Three steps forward one step back.

 

Things will come around again but there will be casualties as there are always.

 

[macanello]

Paying a mortgage here every month of 20,000 baht and the car payments are 13000 Baht. Dead money isn't an option for me as the capital is being used constantly and being used in this country.

[davidstipek]

3 hours ago, marcusarelus said:

Just you.  They want me.  Visa extension every year no problems 20 years.  All the Thai people I know are nice to me.  Navy beans are a bit expensive but other than that everything is fine.

Me too! 17 years no issues.... Money has always been in Bank, drawing interest! Started putting interest in separate account, good pocket change for side trips satisfy Wife's whims... Only thing that would Piss me off is for them to say these funds don't count! You need being making deposits monthly....

The only activity they would see on this account is the monthly withdrawals of the interest! (17 years x 12 months equals 204 transfers of interest!)

[NightSky]

1 minute ago, macanello said:

Paying a mortgage here every month of 20,000 baht and the car payments are 13000 Baht. Dead money isn't an option for me as the capital is being used constantly and being used in this country.

It looks like you need more money.

 

Welcome to Thailand!

 

PS - Don't shoot me I'm only a messenger

Edited February 4, 2019 by NightSky