Popular Post JohnnyBD Posted March 16, 2019 Popular Post Share Posted March 16, 2019 (edited) 1 hour ago, onekoolguy said: That shows how bad a deal it is to buy here! But the women have a different view. I get reminded every month how much money I am spending on rent when all I have to do is "buy them a house" and I can live rent free! Most times it's cheaper to keep your money in the bank and rent, than to buy someone else a house that you can live in until they decide to kick you out... ???? Edited March 16, 2019 by JohnnyBD 3 Link to comment Share on other sites More sharing options...
elviajero Posted March 16, 2019 Share Posted March 16, 2019 1 hour ago, steve73 said: As far as I know 800k has NEVER been a minimum amount required to live here. You’re right. I didn’t make my point clearly. When you first arrive, and you’re using cash in the bank, you need 800K in the bank PLUS living expenses. That means you can’t retire to Thailand with only 800K in the bank because you need living expenses on top. So the minimum is more than 800K. 1 Link to comment Share on other sites More sharing options...
attrayant Posted March 16, 2019 Share Posted March 16, 2019 Just think about that for a moment. To get a retirement stay, you have to prove you can support yourself financially by showing 800K in the bank that... you can't touch to support yourself for five months of the year. 2 Link to comment Share on other sites More sharing options...
berybert Posted March 16, 2019 Share Posted March 16, 2019 If you sell the house and put the money in the bank how do you prove the money came from abroad ? Link to comment Share on other sites More sharing options...
JackThompson Posted March 16, 2019 Share Posted March 16, 2019 17 minutes ago, berybert said: If you sell the house and put the money in the bank how do you prove the money came from abroad ? Showing this is only required for an initial Non-O Stamp from immigration - not for an ongoing extension. If starting fresh, showing this is also not needed for a Non-O Visa from a consulate abroad, the use of which avoids needing the Non-O stamp from immigration in the first place. Link to comment Share on other sites More sharing options...
JohnnyBD Posted March 16, 2019 Share Posted March 16, 2019 1 hour ago, attrayant said: Just think about that for a moment. To get a retirement stay, you have to prove you can support yourself financially by showing 800K in the bank that... you can't touch to support yourself for five months of the year. Isn't that crazy... it makes no sense... but show you have 65k each month (could be recycled) and that's ok. Link to comment Share on other sites More sharing options...
newatthis Posted March 16, 2019 Share Posted March 16, 2019 30 minutes ago, JohnnyBD said: Isn't that crazy... it makes no sense... but show you have 65k each month (could be recycled) and that's ok. Or for some just an Embassy letter. 1 Link to comment Share on other sites More sharing options...
baansgr Posted March 16, 2019 Share Posted March 16, 2019 13 hours ago, thaitero said: There are a lot of people living on retirement extensions who do not have glue about requirements to get retirement extension by real rules because they have used agents to get their stamps. Now it is time to learn ???? The clever ones use agents that will still do at the same price next year....why loose 7% on 800k a year, its a lot more than the 12-15k agent fee Link to comment Share on other sites More sharing options...
elviajero Posted March 16, 2019 Share Posted March 16, 2019 5 hours ago, attrayant said: Just think about that for a moment. To get a retirement stay, you have to prove you can support yourself financially by showing 800K in the bank that... you can't touch to support yourself for five months of the year. What do people use to live on for the current 3 months they can't touch the money? If you spend the money it needs replacing somehow, so you've always needed 800K plus living expenses to use this method! 2 Link to comment Share on other sites More sharing options...
elviajero Posted March 16, 2019 Share Posted March 16, 2019 4 hours ago, berybert said: If you sell the house and put the money in the bank how do you prove the money came from abroad ? You don't - as a rule - have to prove where the money came from when applying for an extension of stay. But proof of the origin of the funds would have been required to buy the property. Link to comment Share on other sites More sharing options...
dotpoom Posted March 17, 2019 Share Posted March 17, 2019 "I was silly enough to take my cash out of the Kasikorn bankto buy a condo (mortgage free)." That was a neat trick ...it normally has to come from outside Thailand? 1 Link to comment Share on other sites More sharing options...
Caine Posted March 17, 2019 Share Posted March 17, 2019 Sell your condo ???????????? you’ve got more chance of a tax rebate. Thousands of condos they can’t give away on agents books. Link to comment Share on other sites More sharing options...
JackThompson Posted March 17, 2019 Share Posted March 17, 2019 13 hours ago, baansgr said: The clever ones use agents that will still do at the same price next year....why loose 7% on 800k a year, its a lot more than the 12-15k agent fee Prices have gone up - the IOs gave themselves a "corruption money raise" under the fake-cover of "cracking down on corruption" with the new rules. Just imagine Orwell's description of "doublespeak" as an instruction-manual on how to run an agency's public relations and policy, and then it all makes sense. But even at the higher rates, it may still incur less financial and hassle forms of pain to pay off Immigration via agents, as many offices clearly prefer. 3 hours ago, dotpoom said: "I was silly enough to take my cash out of the Kasikorn bankto buy a condo (mortgage free)." That was a neat trick ...it normally has to come from outside Thailand? As long as the money in his Kasikorn bank originated outside Thailand (unless he worked a Thai job and saved it that way), there should not be a problem. Link to comment Share on other sites More sharing options...
malibukid Posted March 17, 2019 Share Posted March 17, 2019 (edited) use the Combo method. safer, less exposure to uncertainty and sell the condo Edited March 17, 2019 by malibukid Link to comment Share on other sites More sharing options...
Caine Posted March 17, 2019 Share Posted March 17, 2019 On 3/16/2019 at 10:23 AM, Tanoshi said: You can own a house, you cannot own land. So the house is only worth the pittance most Falangs pay to have them built if they’re lucky Link to comment Share on other sites More sharing options...
Caine Posted March 17, 2019 Share Posted March 17, 2019 I’ll give you 800,000 baht cash next week for your condo, and chance being done.???? 1 Link to comment Share on other sites More sharing options...
jacko45k Posted March 17, 2019 Share Posted March 17, 2019 On 3/16/2019 at 10:10 AM, EricTh said: My house is worth more than the 800k, immigration should take into account our property purchases as well. The 800k is (or rather was) about having the money to live off. A condo is not that. 1 Link to comment Share on other sites More sharing options...
Tanoshi Posted March 17, 2019 Share Posted March 17, 2019 10 minutes ago, Caine said: So the house is only worth the pittance most Falangs pay to have them built if they’re lucky If you say so! ???? 1 Link to comment Share on other sites More sharing options...
The Theory Posted March 17, 2019 Share Posted March 17, 2019 Sorry Mr, but the 1st priority is available cash for living in this land. Immigration is one of reasons that you need to keep reasonable cash amount handy. 1 Link to comment Share on other sites More sharing options...
mrfaroukh Posted March 17, 2019 Share Posted March 17, 2019 Sure you are not seeing the logic. Having even a 10 million condo doesn't mean you have money to spend on your daily needs. They don't care what is the cost of your condo. They want you to be able to spend at least 65000 a month. You don't really have to spend it but they want to know that you can if you want. When you spend money Thai people earn, they invest in business etc. But just buying a condo doesn't help them at all. 1 Link to comment Share on other sites More sharing options...
JackThompson Posted March 17, 2019 Share Posted March 17, 2019 12 minutes ago, mrfaroukh said: Sure you are not seeing the logic. Having even a 10 million condo doesn't mean you have money to spend on your daily needs. They don't care what is the cost of your condo. Actually, 10M gets you an investment-based extension of stay (if a new condo(s) was(were) purchased). No check on income is part of that scheme - nor the "elite visa" scheme. 12 minutes ago, mrfaroukh said: They want you to be able to spend at least 65000 a month. You don't really have to spend it but they want to know that you can if you want. Unfortunately, due to recent rule-changes, the 800K Baht is "locked up" for 5 months/yr, and 1/2 of it the rest of the year. The rationale used to be it was "money to spend" - but not anymore. What they say rules are "for" is often at odds with logic/reality. They seem to just make up baseless rationales as needed to support whatever underlying agenda is dominant (paying them off) at the time. 12 minutes ago, mrfaroukh said: When you spend money Thai people earn, they invest in business etc. But just buying a condo doesn't help them at all. I agree our foreign-sourced spending is great for Thailand - it literally creates jobs out of nothing, from their perspective. But the reason condo-purchases are allowed (by foreigners) and encouraged, is because that is also economic-stimulation activity. Link to comment Share on other sites More sharing options...
bkk6060 Posted March 17, 2019 Share Posted March 17, 2019 17 hours ago, attrayant said: Just think about that for a moment. To get a retirement stay, you have to prove you can support yourself financially by showing 800K in the bank that... you can't touch to support yourself for five months of the year. Sure, if one only has 800,000 b in their life and no other income or investments, etc. Even city garbage collectors get some pension so I would ask that person what the heck they have done with their life? 1 1 Link to comment Share on other sites More sharing options...
jmd8800 Posted March 17, 2019 Share Posted March 17, 2019 (edited) 11 minutes ago, bkk6060 said: Sure, if one only has 800,000 b in their life and no other income or investments, etc. Even city garbage collectors get some pension so I would ask that person what the heck they have done with their life? Sometimes it is not a question of what an individual has done with their life. Lots of times it is what others have done to that person's life. 2008 financial crisis is a prime example. But your point is well taken, if 800K is all a person has and no income to add over the years it won't be long before the well runs dry. Edited March 17, 2019 by jmd8800 1 Link to comment Share on other sites More sharing options...
inThailand Posted March 17, 2019 Share Posted March 17, 2019 Isn't this post of selling out going to be more common and thus more fire sales are coming? Link to comment Share on other sites More sharing options...
baansgr Posted March 17, 2019 Share Posted March 17, 2019 17 minutes ago, inThailand said: Isn't this post of selling out going to be more common and thus more fire sales are coming? Very few retirees own condos....most rent or have houses in their tiraks name Link to comment Share on other sites More sharing options...
JohnnyBD Posted March 17, 2019 Share Posted March 17, 2019 (edited) 1 hour ago, Caine said: Sell your condo ???????????? you’ve got more chance of a tax rebate. Thousands of condos they can’t give away on agents books. Interesting you should mention it. I recently found out from a good friend how he and his attorney/visa agent does it. A foreigner with a condo needs money, so he goes to the attorney and borrows the money, no more than 50% loan to value, then the attorney has other foreigners like my friend as investors putting up the loaned monies. The attorney gets paid for his fees and takes a lien on the property and the investor gets 1% per month interest (12% APR) on the loan. If the property owner defaults, the attorney forecloses, puts the property up for rent & sale to generate income for the investor who collects the rent until it sells, then he is paid off. The attorney makes a profit on the property over and above the loan amount. My good friend told me he has 5 MM or so loaned out like that on several properties, some are paying and some are up for sale. He asked me if I was interested. I'm not. Now, I know why he gets such a cheap rate on his visa extension renewals from the attorney/visa agent. Edited March 17, 2019 by JohnnyBD Link to comment Share on other sites More sharing options...
inThailand Posted March 17, 2019 Share Posted March 17, 2019 Just now, baansgr said: Very few retirees own condos....most rent or have houses in their tiraks name Yup, making it even harder to find buyers for these properties and with an even more unwilling gf to sign the sales papers when she learns he's gone soon. Link to comment Share on other sites More sharing options...
newnative Posted March 17, 2019 Share Posted March 17, 2019 On 3/16/2019 at 9:34 AM, dcnx said: They should make an exception for everyone who has invested at a certain level here. Yes, they should. But, in the meantime, we all need to follow the rules currently in place. Link to comment Share on other sites More sharing options...
onera1961 Posted March 17, 2019 Share Posted March 17, 2019 (edited) 1 hour ago, JohnnyBD said: A foreigner with a condo needs money, so he goes to the attorney and borrows the money, no more than 50% loan to value, then the attorney has other foreigners like my friend as investors putting up the loaned monies. So, there is a way to get loan and put it in bank to get a visa if somebody owns a condo, say 1.6 mil. What is the going interest rate? Edited March 17, 2019 by onera1961 Link to comment Share on other sites More sharing options...
onera1961 Posted March 17, 2019 Share Posted March 17, 2019 1 hour ago, baansgr said: Very few retirees own condos....most rent or have houses in their tiraks name Tiraks' name doesn't count in most cases. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now