Thailand's foreign retirees see their good life slip away

[fred110]

I'm loving it. Fewer old creepy white guys around town.

[wealthychef]

16 hours 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.

 

Non-sequitor of the day!  "I have money, and those guys look fine, so there cannot be any problem for anyone."  

My take on this is that one should never assume that things will not change.  Always expect a downturn and plan for it.  But I'm not going to blame people for their mistake.  

A wise man listens to the winds of change and adjusts accordingly without wasting time on bitterness or blame.  

[paddypower]

14 hours ago, Victornoir said:

The situations are not identical.

For Europeans, by example, there is practically no change to visa rules. We even appreciate an improvement for the 90 days online declaration.
Those who built their house in the days of fat cows are also relieved of housing costs.
Those who buy from Ali or Lazada see all products made in China drop considerably by the strength of the baht. Same for fuels.
Those who stopped drinking wine because of ridiculous astronomical taxes are now making serious savings and incidentally seeing a marked improvement in their health.

So where is the penalty? Some food or local service expenses that are still at incredibly low levels. For my part, the strengthening of the baht has almost no impact on my standard of living.

met a European lady at the local wine shop the other day. 'Wine's got so expensive, I've had to switch to vodka'.

[Jimbo2014]

Its not just the money, its what you can buy with it.  Now we have 5 months of severe pollution a year, not the best medicine for elderly people.  Roads are absolute carnage.  Bridge games get busted like Al Capone planning a heist.  Beaches are covered in plastic.  Whats to love?  ????

[Dogmatix]

I agree it is a poorly written article like most of the Asian Nikkei stuff and it is OK with me that I have no more free reading allowance with them.

 

But one thing of note is the assertion that Thailand is trying to attract a wealthier class of retiree. This is not the case. There is no constructive policy behind this. There are just trying to make it harder for existing retirees, I.e. destroy what they have, rather than upgrade or build something new.

 

If they want to attract wealthier retirees, they need to offer something new and look at their competition. They already tried the elite card Which offers minimal benefits at a high price and which corrupt official just turned into a thieving exercise until it had to bailed out by the government. Something like the Malaysian scheme could work, if they wanted wealthier retirees. Give 10 year renewable visas, the right to buy a house and land up to a certain size in certain zones, the right to import a motor car tax free, the right to bring your own maid with visa etc etc. in Malaysia the investment you have to bring in can be used to buy a house or deposited. Used to be equivalent to about B5 million.

 

There is nothing wrong with attracting wealthier expats in a meaningful way and keeping what they’ve already got. Why not have everything instead of throwing out what you’ve got and replacing it with nothing.

[Boomer6969]

12 minutes ago, paddypower said:

'Wine's got so expensive, I've had to switch to vodka'.

Since 2016 I have been buying over a 100 bottles a year, from Wine Connection mainly, and haven't seen any significant increase in price. I seems that the tax hike has been somehow absorbed by the seller.

 

This, of course, isn't the case for fruit wine. But we were talking about wine, weren't we, "Cheap Charlies"?

Edited March 6, 2020 by Boomer6969

[bkk6060]

What a great thread.

Really just another example of who is truly all about the money.

[Jack P]

The growth in business a strong currency can create will probably do more for the Thai economy than some skint retirees. Some businesses will feel pain, others will do well.

[paddypower]

31 minutes ago, Orton Rd said:

some people are easily pleased

 

Just make the Mrs co signature (not joint account) then she could go in after you die and take it all out. Technically fraud but they will never know you died.

i don't see how a term deposit in your name can have a co-signatory? I must chek that out.

[kwak250]

54 minutes ago, Brer said:

Mate we have lost much more we used to get nearly 33 baht to the dollar. Your maths is <deleted> or you really don’t know where to change your dollars for the best rate.

Never ever come across Thai’s or other nationalities looking at us as cheap Charlies that’s term is reserved for Poms only. 

Poms never stop whinging, they can only talk about the weather or soccer, and you can observe paying for beers sometimes counting out one baht coins or they wait for 5 baht change, now that is a cheap Charlie and there are heaps of them. The ones who come from the north of England are the worst the southerners have a bit better breeding.

We are elevated much above the term cheap Charlie. 

So I don’t know your personal circumstances but if you come across Poms calling us cheap Charlie’s give them a dig in the ribs and tell them to eat chit and bark at the moon.

 

 

Calm down sounds like your whinging.

[Millcx]

17 hours ago, RJRS1301 said:

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.

 

 

Maybe buddy that is their next plan .. Will save them stopping us and demanding the dosh ... Vietnam is the place to be methinks

[Orton Rd]

7 minutes ago, paddypower said:

i don't see how a term deposit in your name can have a co-signatory? I must chek that out.

Did it at Krungsri bank recently

[Sambotte]

22 minutes ago, Dogmatix said:

They already tried the elite card Which offers minimal benefits at a high price and which corrupt official just turned into a thieving exercise until it had to bailed out by the government.

Could you explain the corrupt part with Elite visa ? Honest question.

[DaleLemke]

It’s funny they write an article like this now literally just as the dollar has started taking off again and things have started improving so much. 

[DaleLemke]

My good life improved last month by about an extra 6K a month because of the increase in the strength of the USD. I’m surprised it’s still holding up with the virus. But last month my pension payment increased a lot from the previous month because the USD is doing so much better now. 

[AAArdvark]

17 hours ago, madmen said:

<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 

 

 

For applicants for an 0-A, months ago.

[P Funk]

17 hours ago, zydeco said:

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.

So Zydeco, are you one of those unfortunate Brit expats too poor now to buy a full subscription ? So sad...

[JDGRUEN]

Of the hundreds of thousands of Foreign Expats most do not live in Pattaya. This article's content bears little resemblance to most Expats who live much less urban existences. Most don't need to spend 65K a month as a Retiree. Some have much more but doubtful they spend all they could each month. I personally do not like some of the changes and what seems like changes in attitude. At least the Thai Elites seem more open about their dislike for "Farangs".  But I interact with everyday Thai people who treat me well. And I am pleased with that. I will stay as long as I can afford it. 

[Dice Man]

This is a poorly researched and written article.What is the writer attempting to say - that UK people here are losing money - Yes but so is almost every other country .Time will tell whether the Bt is overvalued but if it is then it will be "unpleasant"

[cmarshall]

18 hours ago, zydeco said:

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.

No need for the rationing.  Download the following browser extension and read all of the Nikkei Asian Review you want:

 

for chrome and chrome-based:

https://github.com/iamadamdev/bypass-paywalls-chrome

 

for firefox:

https://github.com/iamadamdev/bypass-paywalls-firefox

[Henryford]

17 hours ago, aussienam said:

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!

I thought Australia was the wealthiest nation in the world. Anyone with a house there is a millionaire.

[findlay13]

18 hours 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 

Aussies too

 

[Bangkok Barry]

17 hours ago, from the home of CC said:

The good life slipping away lol, it's called being financially unprepared. Anybody who tries to retire in a foreign country on the cheap is a fool..

I'm managing okay, but the value of my currency has halved since I came to live here. If anyone tells me they budgeted and came prepared for that I'll call them a liar.

[SupermarineS6B]

Listen to this......"British expats have lost about 30% of their purchasing power following the pound's plummet in the wake of Brexit".   You're having a laugh, nothing to do with Brexit, i've watched the pound go from 72 bht to the pound well before anyone knew the word Brexit, right down to the lowest as it is today...... and that goes for most retirees/tourists of many nationalities, the only loser here is Thailand as more and more people are realising that there's more welcoming and cheaper countries around the world.........  If it's worth it, people will pay it, but as of recently Thailands old hat, and let's not forget the efforts of immigration to drive tourists away.........   Crappy slanted journalism as well....... 

[herwin1234]

18 hours ago, soalbundy said:

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.

lol. i love the China Boogyman detail. Its so original.

 

seriously, what a biiitch right, a country developing having a great economy year after year having strong currency, being independent and not bowing to arrogant cynical poor white trash that thinks Thailand is their Disneyland and Thai officials are their staff and complain and trash Thailand 24-7 the day they stepped out of the airplane.

 

Lol. Another ten years from now, Thailand will be strong like Japan, and Europe will be a place you dont wanna live except if you are a muslim refugee. lol.

[ChipButty]

I think more Thai's are seeing their good life slipping away No money to send back to Nakorn Nowhere for the sick buffalo 

[SupermarineS6B]

3 minutes ago, herwin1234 said:

lol. i love the China Boogyman detail. Its so original.

 

seriously, what a biiitch right, a country developing having a great economy year after year having strong currency, being independent and not bowing to arrogant cynical poor white trash that thinks Thailand is their Disneyland and Thai officials are their staff and complain and trash Thailand 24-7 the day they stepped out of the airplane.

 

Lol. Another ten years from now, Thailand will be strong like Japan, and Europe will be a place you dont wanna live except if you are a muslim refugee. lol.

"Thailand will be strong like Japan"  Ha ha, the last time Thailand thought that they would help or join the japanese they ended up having to feed the Malay peninsula and its leaders had to run away quickly before Churchill got hold of them......... I believe they were green uniformed as well........  Good runners though.....very good at hide and seek......

[Aspaltso]

18 hours ago, soalbundy said:

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.

This is a very good assessment of what is happening in my view. Thailand with its pride of never being colonised by a foreign power is essentially being colonised but in a "backdoor fashion" by China, and this trend will only continue with the decisions the government has made. I've had some amazing times in Thailand, but its time to move on. My home country the U.S for all its faults has a huge land mass, and plenty of opportunities to live a good life.

[Caine]

16 hours ago, NCC1701A said:

that is a old myth.

Dead right, I have 5 Multi billionaires living in 3000 baht a month properties near me in Pattaya. All have bald heads with ponytails, pirate type earrings, and cheap jailhouse tattoos average age 73 funny that they must be related. And I believe 4 of them were S.A.S. Majors 

[Henryford]

33 minutes ago, Bangkok Barry said:

I'm managing okay, but the value of my currency has halved since I came to live here. If anyone tells me they budgeted and came prepared for that I'll call them a liar.

Yes i retired here when the Pound was 71. I did a long term budget with the Pound at 60 worse case 50. No way would i have considered a rate of 36. Like you i am managing OK but the reduction is unexpected.