Popular Post webfact Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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 2 3 1 7 Link to comment Share on other sites More sharing options...
Popular Post zydeco Posted March 5, 2020 Popular Post Share Posted March 5, 2020 (edited) 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. Edited March 5, 2020 by zydeco 35 16 14 Link to comment Share on other sites More sharing options...
Popular Post Assurancetourix Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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 30 2 4 Link to comment Share on other sites More sharing options...
Popular Post RJRS1301 Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 53 1 6 6 3 Link to comment Share on other sites More sharing options...
Popular Post NCC1701A Posted March 5, 2020 Popular Post Share Posted March 5, 2020 20 minutes ago, webfact said: as the country opens up to a wealthier class of retirees. Hi! 6 2 47 Link to comment Share on other sites More sharing options...
Popular Post Ian Nagle Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 64 2 4 1 Link to comment Share on other sites More sharing options...
Popular Post madmen Posted March 5, 2020 Popular Post Share Posted March 5, 2020 <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 19 1 1 10 2 Link to comment Share on other sites More sharing options...
Popular Post Boomer6969 Posted March 5, 2020 Popular Post Share Posted March 5, 2020 (edited) 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. Edited March 5, 2020 by Boomer6969 2 14 Link to comment Share on other sites More sharing options...
Popular Post RJRS1301 Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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 5 Link to comment Share on other sites More sharing options...
Popular Post aussienam Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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! 21 2 14 Link to comment Share on other sites More sharing options...
Popular Post thaibeachlovers Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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? 21 2 Link to comment Share on other sites More sharing options...
Popular Post aussienam Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 8 2 3 Link to comment Share on other sites More sharing options...
Popular Post soalbundy Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 39 4 Link to comment Share on other sites More sharing options...
Popular Post smedly Posted March 5, 2020 Popular Post Share Posted March 5, 2020 is this the same author as the pile of junk posted a few days ago 10 1 3 Link to comment Share on other sites More sharing options...
Popular Post ianezy0 Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 1 10 Link to comment Share on other sites More sharing options...
albertik Posted March 5, 2020 Share Posted March 5, 2020 (edited) 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. Edited March 5, 2020 by albertik 2 Link to comment Share on other sites More sharing options...
Popular Post Vacuum Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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? 2 8 Link to comment Share on other sites More sharing options...
Popular Post TallGuyJohninBKK Posted March 5, 2020 Popular Post Share Posted March 5, 2020 40 minutes ago, NCC1701A said: Hi! I think the article meant the CHINESE and the INDIANS, not you!!!! 6 Link to comment Share on other sites More sharing options...
brokenbone Posted March 5, 2020 Share Posted March 5, 2020 i kinda like a challenge of this kind, it keeps me sharp Link to comment Share on other sites More sharing options...
Popular Post simon43 Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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... ???? 11 2 Link to comment Share on other sites More sharing options...
Popular Post phuketrichard Posted March 5, 2020 Popular Post Share Posted March 5, 2020 poorly researched, lots of errors and ommissions. and those lawyers, what a joke 5 Link to comment Share on other sites More sharing options...
Nyezhov Posted March 5, 2020 Share Posted March 5, 2020 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... Link to comment Share on other sites More sharing options...
phuketrichard Posted March 5, 2020 Share Posted March 5, 2020 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. Link to comment Share on other sites More sharing options...
Boomer6969 Posted March 5, 2020 Share Posted March 5, 2020 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. 1 Link to comment Share on other sites More sharing options...
Popular Post Ventenio Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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?" 5 2 4 Link to comment Share on other sites More sharing options...
Popular Post Stocky Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 3 1 1 Link to comment Share on other sites More sharing options...
Popular Post timendres Posted March 5, 2020 Popular Post Share Posted March 5, 2020 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. 10 1 14 Link to comment Share on other sites More sharing options...
Odin Norway Posted March 5, 2020 Share Posted March 5, 2020 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.????. Link to comment Share on other sites More sharing options...
Popular Post Chrysaora Posted March 5, 2020 Popular Post Share Posted March 5, 2020 1 hour ago, NCC1701A said: Hi! Wealthy people rarely discuss their wealth. Just saying. 9 Link to comment Share on other sites More sharing options...
BRUFC Posted March 5, 2020 Share Posted March 5, 2020 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? Link to comment Share on other sites More sharing options...
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