Thailand's foreign retirees see their good life slip away

Surging baht and new rules dull the country's allure for budget-minded expats

GEORGE STYLLIS, Contributing writer

 

Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War.  (Photo by George Styllis)

 

PATTAYA, Thailand -- From the mountains of Chiang Mai to the beaches of Phuket, Thailand has long been a draw for foreign retirees wishing to spend their golden years in tropical bliss. But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees.

 

The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve.

 

But for those living here on fixed savings or pensions, the baht's strength has decimated their income. British expats have lost about 30% of their purchasing power following the pound's plummet in the wake of Brexit.

 

The financial squeeze comes amid changes to visa rules for retirees. As of February last year, foreigners must have a security deposit of 800,000 baht ($25,364) in a Thai bank account for two months prior to application or a monthly income of 65,000 baht; or a combination of the two totaling 800,000 baht.

 

Full story: https://asia.nikkei.com/Economy/Thailand-s-foreign-retirees-see-their-good-life-slip-away

 

-- NIKKEI ASIAN REVIEW 2020-03-05

Well, that was a shallow read on the situation. Another article where retired expats = British = Pattaya. Really dislike the fact that I used up my single Nikkei Asian Review free article for the month on this piece of superficial reading.

6 minutes ago, webfact said:

British expats have lost about 30% of their purchasing power

Not only british ; every people from " EU-27  " have lost more than 30% since about 10 years .

Even Norvegian people lost much and yet they don't have euro currency 

My personal concern about keeping the 800,000 in the bank, is not that I cannot access it,or afford to lock that amount up, but if Thailand decides to change the laws during a time of unrest, and  acquire the funds of farang and order us from the country, then we are royally screwed.

That is all some people have for security.

 

 

20 minutes ago, webfact said:

as the country opens up to a wealthier class of retirees.

Hi!

So dumb... the biggest losers are the Thai people. Still, that's no skin off the ruling 2% nose as, they plough their money into western real estate and international off shore ventures.

<deleted> journalism with zero due dilligance 

"Applicants must now also have health insurance" 

Really since when? 

 

800k or 65k. Wow amazing and never mentions the 400k

 

Nothing to see here folks 

 

 

Just got a 4.1% COLA (Cost Of Living Adjustment), that's about 10000 THB monthly, so this thread is totally pointless.

And, looking at the shape of the Farangs in the OP's pic, I'd reckon that these guys are better off than me.

4 minutes ago, Ian Nagle said:

So dumb... the biggest losers are the Thai people. Still, that's no skin off the ruling 2% nose as, they plough their money into western real estate and international off shore ventures.

And purchase river front properties at discount prices and large buildings erected by defence personel, as one of my former neighbours did in Nth Thailand

21 minutes ago, Assurancetourix said:

Not only british ; every people from " EU-27  " have lost more than 30% since about 10 years .

Even Norvegian people lost much and yet they don't have euro currency 

Yep, as well as Australia.  We have lost 25% since it was 25 Baht to 1 AUD, and we were always the 'poor cousins' of Europe and the USA.  Us Aussies have always been looked down on as the Cheap Charlies and now we are even cheaper!

34 minutes ago, webfact said:

The financial squeeze comes amid changes to visa rules for retirees. As of February last year, foreigners must have a security deposit of 800,000 baht ($25,364) in a Thai bank account for two months prior to application or a monthly income of 65,000 baht; or a combination of the two totaling 800,000 baht.

Who writes this stuff? Do they do no research at all?

16 minutes ago, NCC1701A said:

Hi!

Yes, if there was ever a run on the banks similar to what has occurred in other developing nations and the government blocked withdrawals then we would all be screwed.  And complain you'll be deported LOL.

Pride comes before a fall Thailand, be careful, you don't innovate, very little of what you produce is Thai designed and owned, that can also one day disappear like the snow in March and you will be left as a lengthened workbench for China where they dictate the price.

is this the same author as the pile of junk posted a few days ago

7 minutes ago, thaibeachlovers said:

Who writes this stuff? Do they do no research at all?

George Styllis wrote it, it says so at the top ????

His name is under the photo too.

 

We need to arrest and deport this chap before he 

surprises us with more up to date news such as: O-A peeps need health insurance and to not hide because the BMW’s will find you, etc. etc.

25 minutes ago, Boomer6969 said:

Just got a 4.1% COLA (Cost Of Living Adjustment), that's about 10000 THB monthly, so this thread is totally pointless.

And, looking at the shape of the Farangs in the OP's pic, I'd reckon that these guys are better off than me.

Where pray tell  did you get a 4.1% cola?   That is, if true.... excellent. Mine was only 1.6% but all is well. I am living the life, thank-you very much.

48 minutes ago, webfact said:

the country opens up to a wealthier class of retirees

Yes, we already heard this last year,  they were the Indian millionaires. Where are they now, did they even arrived?

40 minutes ago, NCC1701A said:

Hi!

 

I think the article meant the CHINESE and the INDIANS, not you!!!!  

i kinda like a challenge of this kind, it keeps me sharp

I'm happy that I moved to Laos.  I get 4% more Lao kip for my USD income than last year - sits nicely with my 6% pa interest savings account... ????

poorly researched, lots of errors and ommissions. and those lawyers, what a joke

2 minutes ago, simon43 said:

I'm happy that I moved to Laos.  I get 4% more Lao kip for my USD income than last year - sits nicely with my 6% pa interest savings account... ????

Yes Siem Reap is nice, glad I came over here, wish I could go to BKK to do some shopping though...

Camboida pays up to 8% ( - 7% tax) on 1 year term deposits

 

Nyezhov ,why cant ya go to Bangkok? or if in SR just hop over to surin.

54 minutes ago, albertik said:

Where pray tell  did you get a 4.1% cola?   That is, if true.... excellent. Mine was only 1.6% but all is well. I am living the life, thank-you very much.

UN New York COLA 2018 & 2019. 2018 was below 2% (1.7) so we get it only this year combined.

no face mask, banned.

face mask, ok

zero k, ok ok

now 400k or 800k 

check-in every 90 days or else

pollution

virus

chinese

less smiles

smart car

neighbor calling police on you

noise

 

-------------------

 

for me, THIS is still not bad enough to leave.  lol

 

but SOONER or later, some farangs will wake up and say, "good life?"

1 hour ago, webfact said:

But for those living here on fixed savings or pensions, the baht's strength has decimated their income. British expats have lost about 30% of their purchasing power following the pound's plummet in the wake of Brexit.

Decimated would be 10%.

 

More lazy phone in journalism.

My life here seems to get better every year. And I have noticed an interesting trend. It seems the less time I spend interacting with Thai girls, the better my life becomes.

1 hour ago, Assurancetourix said:

Not only british ; every people from " EU-27  " have lost more than 30% since about 10 years .

Even Norvegian people lost much and yet they don't have euro currency 

Norway have had the biggest loss since 2009 yes.From 16,8 to over 30 nok for 100 bath.????.

1 hour ago, NCC1701A said:

Hi!

Wealthy people rarely discuss their wealth.  

 

Just saying.

6 minutes ago, Chrysaora said:

Wealthy people rarely discuss their wealth.  

 

Just saying.

Lucky for you you're not a fish! You'd be on the bank and clubbed with a 'priest' before you know it. There's a nibble and a big bite....which did you decide to try?