Thailand's surging baht shatters expat dreams of easy retirement

[Scot123]

3 minutes ago, wreckingcountry said:

Ah another remainer not got offer losing ! People didn’t vote thinking “must protect the expats who left UK “


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

7 I've read this blame brexit rubbish often on here. Never new they had brexit in Australia, USA, Canada etc....... OMFG! GET OVER IT! Britain 5th largest economy in the world being bleed dry and weakend by Germany and France. Let's make Britain 4th largest economy in the world. OMG.... The country that made the modern world and saved Europe twice... Support your country and stop self hating. 

[transam]

3 hours ago, Matzzon said:

Yes, but of course the government in Thailand is to blame again. They have done a great job cleaning out one bad apple after another. After that they have created a super strong baht that is beating all the world currencies. They have started to enforce the rules that you only could read about before, so that everybody eventually must follow the law.

They are not treating you bad in any way and they leave you alone in peace, just as long as you follow the rules and regulations.

So, now to the point. Tell me now how they treat you bad as a foreigner in this country? 

Oh, you're back....????

[bert bloggs]

I must say that the more i read posts on here ,the more i realize that there are so many idiots in the world . always moaning ,complaining and telling others how they are right and you are wrong. and everything is someone elses fault .

[MartinKal]

Hard to say if rhe exodus is permanent or cyclic.

We do know of many less well off having to leave on account of the strong baht. Sterling has suffered more than most. 

But also many better off feel the disrespect in these location-tracker regulations.

As the world economy is shrinking, it would be a good idea for Thailand to try and hang on to these little golden geese They make pretty good ambassadors for the tourist trade too if treated kindly.

To finish on an anecdote. One guy I know is closing his largely-expat café with the loss of a dozen jobs and will be moving out. Direct, indirect and induced consequences. It's a real loss and shame.

[Kerryd]

4 hours ago, aqua4 said:

This story raises a few questions:

 

So there is only 80,000 retired expats in Thailand and before all of this there was only 56,000? Do those numbers look right? If those numbers are correct then there would be even less people on a marriage visa. So if all of these are correct then why is immigration always so full?

 

I'd say (too) that they are talking about the number of "new" visas that have been issued. Immigration puts out a spreadsheet that shows the number of foreigners here in different categories (in Thai so it makes it difficult to know which category refers to which visa class). Seems I've deleted the 2018 spreadsheet so I can't look up the numbers.

Offhand, the numbers here on "yearly" visas/extensions was in the 6 figures though. I couldn't tell if they differentiated between those on "retirement", "marriage", "ED", "Business" or other classes though.

 

So an increase of 30% in the number of "new" visas issued over that period could be accurate. Let us not forget that if the majority of tourists arriving are coming from India and China, then there would probably be a corresponding increase in the number of "Non-O(A)" visas being issued to people from those countries as well. It's not just fat old white guys that "retire" here you know !
 

 

[gearbox]

1 hour ago, quandow said:

I did. Honestly. I actually planned on having at least 50% OVER what I wanted/needed cuz in my 60 plus years on this planet I have NEVER seen prices going down.

Not completely true. Airfares have gone down a lot, and I spend quite a bit on this. Gadgets too.

[Cobby]

I do not understand 

expats or tourists from the west 

stop complaining 

we all have a choice 

so many other. Countries in Asia are open to us 

and are happy to welcome us

let the Thai government destroy  Thailand 

i always am sad for the real Thai people as they are the ones to always suffer 

but why do they voting for governments who the know will be corrupt 

so come on all you expats and tourists 

stop complaining and like so many others go to the other Asian countries 

who welcome us

[transam]

2 minutes ago, Cobby said:

I do not understand 

expats or tourists from the west 

stop complaining 

we all have a choice 

so many other. Countries in Asia are open to us 

and are happy to welcome us

let the Thai government destroy  Thailand 

i always am sad for the real Thai people as they are the ones to always suffer 

but why do they voting for governments who the know will be corrupt 

so come on all you expats and tourists 

stop complaining and like so many others go to the other Asian countries 

who welcome us

You are single then...?

[NCC1701A]

3 minutes ago, Cobby said:

but why do they voting for governments who the know will be corrupt 

[happy chappie]

47 minutes ago, bkk6060 said:

Anyone that would actually pay what you paid for it is extremely uneducated.

Lower the price you paid 30% and it is worth what you paid for it.

But, good luck.  Toss it on the market with the 10's of thousands of other properties and watch it sit....

I didn't have to market it,the offer came to me.as for lowering the price 30% when I've been offered the price I paid for it would be a very uneducated move thanks.

tip of the week,don't take a job in sales/marketing.

I'm only interested in selling because of the situation of the baht/pound otherwise I'll just sit back and live off the rents.

[Kerryd]

1 hour ago, NCC1701A said:

they did not interview me. and no talk of boom boom. so they missed the whole point.

 

i am eating a nice can of cat food today. what could be better than that and boom boom? i heat it up of course.

You heat up your boom boom ? 

I've always found mine to be pretty hot just as it is, served up fresh and smiling ! 

Over the years though, it seems that there are more than a few people that are living "on the edge" of their funds. Teetering over the edge in many cases (and in some cases, falling completely over).
I remember years ago seeing people that would check exchange rates daily, hoping for a slight bump in the rates that might give them enough to buy an extra glass of draft Chang that week. Others were living precariously off of other people's money (borrowing from Peter to pay Paul with enough left over to get through the month so that they could then hit up Alex for a loan to pay off Peter and so on). 

It's not coincidence that a lot of them have multiple ex-wives back home and barely enough money to survive on here. If they were back in jolly old (wherever) they'd be flat out destitute (as well as being cold, wet and miserable). Here they can be wet and miserable but still be warm at least - and maybe even manage a bit of "companionship" once in awhile (that isn't going to cost them the rest of whatever meagre pension they may still have).
 

[alien365]

Having just spent the equivalent of 10 pounds on a wine that would be in a 2 for 6 pound deal in the UK, I concur.

[acenase]

Coming from an American. I think Thailand is very cheap, but that's because the USD to Baht was never SUPER high like how the Pound was.  I think just 6 years ago the exchange rate was around 28 or so? Then it SPIKED up to 36, and now it is somewhere in the middle, 30-31. So for an American it's still cheap.

 

But I completely understand how for British people, they could be completely turned off since they were used to having 60, and now that its down to 38, that's like almost HALF. So everything is doubling in price for you guys.

Edited October 4, 2019 by acenase

[helloagain]

5 hours ago, Dmaxdan said:

In fairness, from the point of view of British expats, the strong baht is only the tip of the iceberg. Brexit and our idiotic government are the main villains with regards to current exchange rates.

Do you really want europe to have control over our army, taxes, change to klms, change to euros, our parents fought to make sure we did not all end up speaking bloody german. Last year my thai wife flew business class to S. A., Botswana, Zimbabwe. This May we flew again business class to America for the month of may cos her 10 year visa was ending. I left school with 1 o level but loved my job. Not so many years ago you could get a 1 year bond with co-op paying 13% interest, did you do it, no, well i did. You have a choice. Boris is the best thing since sliced bread. Or you want to speak german

[Fore Man]

4 hours ago, Chicken George said:

I can relate to this. Luckily I can deal with it but cutting back.. The biggest problem is the pollution and the affect on my children.. Big decisions ahead

Me too and basically for the same reasons...unchecked pollution is primarily forcing our hand and we’re moving Stateside after 15 years spent here, our home quickly snapped up by a Chinese family.  I’m also getting fed up with being treated as an untrustworthy, unwanted guest resident by Thai officialdom.  All the foregoing compounded by a loss in USD buying power is far ample justification for my Thai wife and I to pull the plug.  We’ve discussed coming back one day but probably not to Chiang Mai or its environs, a city that has provided us with wonderful memories, but no longer healthy to live in. Enough is enough...

[quandow]

1 hour ago, bkk6060 said:

Yes,  smart as some have planned for the future, inflation, currency exchange changes, etc.

That is all part of a well balanced portfolio as one gets up in years.

Obviously, most worlwldwide don't have one or a plan and have no idea what a financial portfolio is.

Sadly, I tried to impart this wisdom to my son, and his attitude is the same as many "young" people" - they have no hope for the future so they just don't care.

[Jimbo2014]

It's a combination of factors.  High baht.  Increased cost of living.  Progress of thailand to a middle income country.  Increased pollution and environmental degradation.  In short its lost much of its charm as it develops but that's the nature of such things.

[RedPill]

5 hours ago, Matzzon said:

Yes, but of course the government in Thailand is to blame again. They have done a great job cleaning out one bad apple after another. After that they have created a super strong baht that is beating all the world currencies. They have started to enforce the rules that you only could read about before, so that everybody eventually must follow the law.

They are not treating you bad in any way and they leave you alone in peace, just as long as you follow the rules and regulations.

So, now to the point. Tell me now how they treat you bad as a foreigner in this country? 

You are 48 years old.

 

Imagine you came here 5 years ago, age 65, on a 1.5/2k Pension, to relax your last couple of years on the beach.

 

Would you talk the same? 

 

If it doesn't work out, you go back to work.

 

You think it's a little different for a 65/70 year old?

 

You only see the world from your point of view ... all the time.

 

 

 

 

Edited October 4, 2019 by RedPill

[Lacessit]

It's only tough for those living close to the edge.

I just wonder why the Thai government can't bring itself to say to retirees - live here for three years with a clean slate, and we will scrap extensions, 90 day reports and TM30's. Transgress, we will kick you out. I could live with that.

 

[beau thai]

Australia just reduced rates, and now India. Lots of handwringing here about strong baht bad for exporters but no action. I don't believe it is because of imports. 

Maybe to help 'ruling' families make overseas investments?

[Isaan sailor]

Isaan wife & I hang on, hope for better rates.  The higher it goes, the less we spend.  Already several interesting States have a lower cost of living...

And more than a curious coincidence--the Chinese Yuan falls, and the Baht gains.  Hot money inflows coming to roost in Bank of Thailand?  We think so.

[Fairynuff]

1 hour ago, bkk6060 said:

Anyone that would actually pay what you paid for it is extremely uneducated.

Lower the price you paid 30% and it is worth what you paid for it.

But, good luck.  Toss it on the market with the 10's of thousands of other properties and watch it sit....

Absolute rubbish. Every property I’ve bought and sold here made a profit but for one which in THB was at break even. However I made a profit on FX rate. So I beg to differ... it’s you that seems to be uneducated.

[justin case]

expats are paid their weight in gold

 

golden salary, private school for children paid, free housing, maid, driver, car of choice

 

I guess they mean the rest of us:  long stay TOURISTS

[Fairynuff]

1 hour ago, Number 6 said:

stop asking for special treatment.

Think before you type. Nobody asks for or expects. Because people talk about an issue that affects them doesn’t mean they’re complaining 

[Fairynuff]

1 hour ago, Scot123 said:

7 I've read this blame brexit rubbish often on here. Never new they had brexit in Australia, USA, Canada etc....... OMFG! GET OVER IT! Britain 5th largest economy in the world being bleed dry and weakend by Germany and France. Let's make Britain 4th largest economy in the world. OMG.... The country that made the modern world and saved Europe twice... Support your country and stop self hating. 

Can’t help wondering where leavers learned all the same spelling mistakes. Is it any wonder people call them thick ????????

[couchpotato]

5 hours ago, sungod said:

I lost all interest when I started reading quotes from Niels Colov, it lost credibility at this point,  thousands leaving? Don't know of any personally.

Yes me also--Why would anyone believe anything that came from that source.

[HHTel]

Although I'm still 'afloat', I certainly didn't plan to live on half of what I was getting when I arrived.  The pound was getting 73 for a while and now it's half that coupled with rising prices.

 

For those (myself included) that bought a house then and if planning to leave should make a massive profit on the sale.  My house cost around 7 mill to build which was a little under 100,000 pounds.  If I get 10 mill for it now that converts to around 270,000 quid!

Of course that only works if you're planning to leave the country.

[Chongalulu]

5 hours ago, RichardColeman said:

Sounds like another fool not planning his life properly with no escape route.

So you’d say that not planning for a 37% reduction in income (exchange rate) and the effects of a military junta coming to power are poor preparations are you? 

[KhunFred]

Still cheaper than anywhere in the USA, but Thailand's government simply has no understanding of economics. A low "hassle factor" is as important as exchange rate. Both are going to heavily damage Thailand's efforts to keep recession at bay.

[MadMuhammad]

4 hours ago, CGW said:

Can track here

 https://fxtop.com/en/historical-exchange-rates.php?A=1&C1=GBP&C2=THB&YA=1&DD1=&MM1=&YYYY1=&B=1&P=&I=1&DD2=03&MM2=10&YYYY2=1988&btnOK=Go!

For many years as I remember it, the THB was locked into the USD & sterling fluctuations against the THB were similiar to the fluctuations GDP to USD

 

Exactly what I was looking for, thank you ???????? 

 

Now I’m definitely not a statistician nor very good with charts but to me it’s the GBP to THB looks to have a fair value between 40-50thb?

clearly the Asian Financial Crisis skews the results quite heavily 

 

Does anyone have specific chart analysis ability on this forum please 

Edited October 4, 2019 by MadMuhammad