Foreign property owners now allowed to return to Thailand

[Time to grow]

5 hours ago, pi2005ni said:

They really are intent in getting rid of the dead beat foreigners. If you are genuinely retired here 3 million baht is not a fortune to have in the bank .

Given the credible and potentially imminent threat of a banking crisis, it most certainly is. If you have been paying any attention, keeping currency in a bank during these tumultuous times is asking for trouble.

[P100]

Thai government going wild!

 

It is definitely time for all farangs to turn their backs on Thailand and comment it also thru all media.

 

What is a country, that you have chosen to be the place of your retirement, worth, if you are unwanted, worthless and only a dirty farang in the eyes every low educated do-nothing, know-nothing, but racicst, nationalist and xenophobic lowlife Thai person???

 

Time to face it. They don't want you and using Chinese Covid as an opportunity, will set up new obsacles on daily basis to make it impossible for you to come back.

 

They have separated you from family and your life savings. Now they will take all that you have to buy yourself the way back into Thailad. Nothing to do with Chinese Covid. Only to do with the money they try to extort from you.

 

Governments should respond to the ongoing hostile ill-treatment of their citizens and freeze the assets of these Thai generals who have hijacked the country, postponed elections multiple times and for years, then hold but rigged elections and now running down the county, while they remain still the wealthiest Thais....with golden watches (just borrowed) and many  houses and exploding bank accounts within Thailand but also outside of Thailand, even hidden in the name of their useless sons and daughters....

 

Hey general, how about some more submarines to play with while your days are so boring? Not that you really need them for the best of Thailand, there are no Thai interrests abroad to be defended by weappons of attack, no international missions you would be willing to take part in, no threat of being invaded by other countries,  but sure there are some nice kickbacks for you if you buy them from your big brothers...

Edited October 10, 2020 by P100

[Pattaya Spotter]

3 minutes ago, Airalee said:

I understand the difference and also understand why Goldman switched from the latter to the former.

 

WaMu had triple the assets of Bangkok bank.  A bank is only TBTF until it isn’t.  

 

once again....if they REQUIRE a 3 million baht deposit yet only provide insurance for 1 million....no thanks.

Yes...and WaMu was merged into another bank and no depositors lost a penny (not so for the shareholders). If Bangkok Bank is on the brink of failure, they'll be bigger problems than losing your money.

[Airalee]

2 minutes ago, Pattaya Spotter said:

Yes...and WaMu was merged into another bank and no depositors lost a penny (not so for the shareholders). If Bangkok Bank is on the brink of failure, they'll be bigger problems than losing your money.

No depositors lost their money if they were within FDIC limits.  It’s not about the affordability of having the 3M baht for me.  It’s not about the value of my condo.  It’s strictly about the deposit insurance...period.

[from the home of CC]

possibly the money requirements may be due to the proclivity to use 'agents' in meeting visa regulations in normal times combined with the refusal of the UK embassy to verify assets/income a few years back..

[Thaiophil]

32 minutes ago, Jen65 said:

My worry is that as a Non Immigrant O-A (retiree) visa holder with valid extension of stay to April next year , I am going to run into problems getting back in November

Why? O-A is allowed. Only non-O retirees not allowed

[Pattaya Spotter]

1 hour ago, Airalee said:

During the last financial crash, in the US, they raised the FDIC limits from $100k to $250k.  I slept safe and sound.  Here, it is the opposite...they lower the deposit insurance while requiring foreigners to deposit 3x the sum of said insurance.  The loans (mortgages) the banks have written (well over 100% LTV, negatively amortizing mortgages, adjustable rates) put the banks in very precarious positions.  
 

I’m sorry you have such a hard time understanding that.

Thai bank deposits were insured for like $ 2M originally...the changes to these limits to lower amounts was started many years ago; and in a planned and public manner. It has nothing to do with the current virus induced economic slowdown. It was in fact done to induce people to reduce the amount of money they kept in safe insured bank accounts and put it to work in more productive but riskier investments like stocks and bonds; and thus create deeper and more robust domestic capital markets. I'm sorry this is so difficult for you to  comprehend.

[Pattaya Spotter]

6 minutes ago, Airalee said:

No depositors lost their money if they were within FDIC limits.  It’s not about the affordability of having the 3M baht for me.  It’s not about the value of my condo.  It’s strictly about the deposit insurance...period.

Wrong...all depositors, no matter the amount, were made whole in the merger and didn't even notice the change in ownership. At least get the basic facts straight.

 

https://abcnews.go.com/Business/story?id=5905750&page=1

[Airalee]

1 minute ago, Pattaya Spotter said:

Thai bank deposits were insured for like $ 2M originally...the changes to these limits to lower amounts was started many years ago; and in a planned and public manner. It has nothing to do with the current virus induced economic slowdown. It was in fact done to induce people to reduce the amount of money they kept in safe insured bank accounts and put it to work in more productive but riskier investments like stocks and bonds; and thus create deeper and more robust domestic capital markets. I'm sorry this is so difficult for you to  comprehend.

I never said it was due to the virus and have already provided links to show the same things that you claim (originally was ฿100,000,000) coverage.  This has nothing to do with us being required to have ฿3,000,000 in an account that will only be insured to ฿1,000,000.   I keep all my accounts under the FDIC limit in the US in multiple banks as do most people with accounts that large.  
 

When you say...

 

“It was in fact done to induce people to reduce the amount of money they kept in safe insured bank accounts and put it to work in more productive but riskier investments like stocks and bonds; and thus create deeper and more robust domestic capital markets.“
 

I’m not given that choice...in fact, just the opposite.

[Pattaya Spotter]

50 minutes ago, bwpage3 said:

How do you define normal?

 

The answer is you don't.

 

You don't have a clue what the future regulations will be.

 

One change in the political winds and things can go from bad to even worse.

 

The thing about living in the third world is you just never know and if you think you do, well, you don't.

 

Lots of bull******* on this forum.

 

Do you really think rich people would be living in a condo in Pattaya?

 

The Thai government can change the rules at any time anyway they want.

 

That is the reality.

 

 

 

 

Been here 20 years...most changes have made living here easier not harder (like lowering retirement age to 50 and doing away with medical certificates). Nothing is certain in life, however, and I can live with that.

[connda]

3 hours ago, Airalee said:

No, they didn’t raise it to 5 million.  They just slowed the drop to 1 million by a year. (It was supposed to take effect August of this year (2020) but was postponed by 1 year.

 

“The Deposit Protection Institution Act took effect on August 11, 2008. Since then, the initial full-coverage protection limit of 100 million Baht per depositor per financial institution has been continuously reduced, to 50 million Baht on August 11, 2012 and to 15 million baht on August 11, 2016. From August 11, 2021, the Deposit Protection Agency will lower the deposit coverage limit to 1 million baht. To provide assurance to investors, the Deposit Protection Agency has continuously collaborated with Thai commercial banks to publicize information about the deposit protection limit and update the changes to depositors, so that they have ample time to make decisions.“

 

https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

Is the BOT drawing you a road-map to where Thai banks finally go insolvent and absorb depositor's money?  Connect the dots? And if they go pear-shaped, how many think that their 1M THB would actually be protected?  The US is in the process of hyper-inflating the USD.  Where goes the USD, so goes the rest of the world.  How do you really think Thailand is going to fare among other more well developed industrial counties while sitting on a stack of non-performing loans - sorta like 1997.  Just add Soros.

[DouglasTsui]

9 hours ago, Pottinger said:

Farookin' ridiculous! Three million Baht earning 0.1% in a Thai bank plus another half million doing nothing in your home country just how anxious do thisey think people are?

Expect a lot more condos to come up for sale.

me included....My unit at @Revolve 2 Ratchada is collecting dust and what else is there..

[86Tiger]

45 minutes ago, Jen65 said:

I'm about to go out of the country by necessity to get my personal effects / furniture etc packed and shipped from a house I sold in France in January this year .  Everything including my vehicle I had to put in storage at the time because of limited time available in France at the time and I was scheduled to go back and do this in May !! but then Covid happened !!!   I been advised my furniture and vehicle etc has to be moved otherwise it will be auctioned off so I have no choice but to go out and arrange shipment etc .

My worry is that as a Non Immigrant O-A (retiree) visa holder with valid extension of stay to April next year , I am going to run into problems getting back in November when my shipment due to arrive here and I have to be here to receive it !!!   

I don't have a property or anywhere to stay in Europe or outside Thailand - my home is here along with my partner , my boat, my car and 3 properties I own !!!  Even the newly issued information on foreign property owners being allowed back will defeat me because I don't currently have 3M baht in a bank account although I can show I did transfer a lot more than that to purchase properties !!!   I , like most retirees keep the required 800,000 baht on deposit to cover renewal of the extension but who on earth keeps 3M baht in deposit or other account ???   

This situation promulgated by the Government for people like myself is MAD and very counter-productive !!!   If there is not a change of heart very soon , I and probably many like me , will start to look at the alternative countries to live in - those that are a bit more welcoming and appreciative of the money , business , employment of people and services we bring !!  

If I get stuck outside Thailand unable to return to my home , I shall none to pleased !!!!     

You may as well be "none to pleased" today.  You are going to run into problems coming back until further notice, said notice most likely will not be anytime soon.

[Airalee]

7 minutes ago, Pattaya Spotter said:

Wrong...all depositors, no matter the amount, were made whole in the merger and didn't even notice the change in ownership. At least get the basic facts straight.

 

https://abcnews.go.com/Business/story?id=5905750&page=1

Your article does not address the amounts depositors receive from the FDIC if a bank fails.  
 

There is no guarantee that any bank (here or anywhere else) will be taken over.

 

Here is how FDIC works.  I deal with facts.  Not past events nor your future prognostications.

 

https://www.fdic.gov/consumers/banking/facts/payment.html

 

Only a fool would have more than the government insured amount in any one account.

[rumak]

6 hours ago, whiteman said:

And I fully expect this is the Thai Governments chance to update the retirement visa requirements to say 1.2 million and 800,000 k for married people in the near future with a grandfathering allowance for existing visas.

Basically,  this pandemoniumdemic has been the "chance" to do a complete demolition of any past policies .   As time goes by the "plan" and the plot thickens.   It appears that this is the opportunity to

eliminate all the tourist blots spots that the world knows and makes fun of.   The Pattayas and the Samuis and Patpong and Nana  and foreigners parading around with Thai errrr   ladies .  Amazing how

quickly it was all accomplished.   Just don't let anyone in !

And now they want to keep it that way.  Probably many if not most Thais (EXCEPT in the tourist industry)

are even applauding .  Good riddance.   Though the percentage is not that high,  the bad guys are very visible ... in a bad way.   And often very vocal ...in a bad way.   Sure there are a lot of scams and attitude

by Thais in some tourist spots , but like anywhere in the world it is the "outsider" who stands out.

The collateral damage are the many good expats, retirees, married with families,  small business owners,  teachers, etc.     Collateral damage !  

I don't know how this will eventually play out, but i doubt a "return to old ways"  is in the cards.

The powers that be are shuffling.   and shuffling.  And only a mor doo (fortune teller) will tell you they know the answer.   For a price, of course .

[Pattaya Spotter]

1 hour ago, Airalee said:

If they are “too big to fail” then why not keep the deposit insurance at 5M instead of lowering it to 1M?

 

Bear Stearns and Lehman Brothers were also “too big to fail” 

Presisely because they're TBTF...the government will always step in and fund them if necessary...no need for high deposit insurance amounts. Other reasons too I explained above.

 

Bear Stearns and Lehman weren't banks.

[ourmanflint]

49 minutes ago, ukrules said:

That's what I think too, everyone's getting it hilariously wrong on this one, apart from you.

Surely they would have said only owners of properties worth more than 3 million will be allowed back if that was the case

[Airalee]

6 minutes ago, connda said:

Is the BOT drawing you a road-map to where Thai banks finally go insolvent and absorb depositor's money?  Connect the dots? And if they go pear-shaped, how many think that their 1M THB would actually be protected?  The US is in the process of hyper-inflating the USD.  Where goes the USD, so goes the rest of the world.  How do you really think Thailand is going to fare among other more well developed industrial counties while sitting on a stack of non-performing loans - sorta like 1997.  Just add Soros.

The 1M Thai baht may be protected.  It’s purchasing power is a different issue.  I’d rather take my chances with 1M vs 3M (Where only 1M is insured) in any single account.

[Airalee]

3 minutes ago, Pattaya Spotter said:

Presisely because they're TBTF...the government will always step in and fund them if necessary...no need for high deposit insurance amounts. Other reasons too I explained above.

 

Bear Stearns and Lehman weren't banks.

Show me that government guarantee...in writing.

[djuiiy]

9 hours ago, Pottinger said:

Farookin' ridiculous! Three million Baht earning 0.1% in a Thai bank plus another half million doing nothing in your home country - just how anxious do they think people are?

Expect a lot more condos to come up for sale.

why is it ridiculous? It accomplishes the goal : bankruptcy of small tourist businesses so that big businesses with the savings to outlast this economic hit can takeover more of the market.
I've been saying this for 9 months.
I hope you realized that every time you moan about gov policy as ridiculous, you are pushing the gov's false narrative : that they are trying to fix the economy. You are helping them push false narrative, which keeps the public distracted and dumb.

 

[Pattaya Spotter]

9 minutes ago, Airalee said:

Your article does not address the amounts depositors receive from the FDIC if a bank fails.  
 

There is no guarantee that any bank (here or anywhere else) will be taken over.

 

Here is how FDIC works.  I deal with facts.  Not past events nor your future prognostications.

 

https://www.fdic.gov/consumers/banking/facts/payment.html

 

Only a fool would have more than the government insured amount in any one account.

I guess no one ever told you...there are no guarantees in life but death and taxes.

[Airalee]

1 minute ago, Pattaya Spotter said:

I guess no one ever told you...there are no guarantees in life but death and taxes.

Death, taxes and banking systems that will scam you in any way possible.

[redwood1]

12 minutes ago, rumak said:

Basically,  this pandemoniumdemic has been the "chance" to do a complete demolition of any past policies .   As time goes by the "plan" and the plot thickens.   It appears that this is the opportunity to

eliminate all the tourist blots spots that the world knows and makes fun of.   The Pattayas and the Samuis and Patpong and Nana  and foreigners parading around with Thai errrr   ladies .  Amazing how

quickly it was all accomplished.   Just don't let anyone in !

And now they want to keep it that way.  Probably many if not most Thais (EXCEPT in the tourist industry)

are even applauding .  Good riddance.   Though the percentage is not that high,  the bad guys are very visible ... in a bad way.   And often very vocal ...in a bad way.   Sure there are a lot of scams and attitude

by Thais in some tourist spots , but like anywhere in the world it is the "outsider" who stands out.

The collateral damage are the many good expats, retirees, married with families,  small business owners,  teachers, etc.     Collateral damage !  

I don't know how this will eventually play out, but i doubt a "return to old ways"  is in the cards.

The powers that be are shuffling.   and shuffling.  And only a mor doo (fortune teller) will tell you they know the answer.   For a price, of course .

A fortune teller only needs to read agenda 21  agenda 2030 and 2050 for answers..

[flyingfox1]

4 hours ago, PEE TEE said:

Get ready for overcrowded airports as they come in drones NOT i can't come myself as i only have a lease for 25 years but the  rest ... i do not have anyway  i'm sure at 72 years old i will be able to get a very cheap insurance policy meeting the requirements... NOT 

Think you mean Come in droves ???? 

[onebir]

4 minutes ago, flyingfox1 said:

4 hours ago, PEE TEE said:

Get ready for overcrowded airports as they come in drones NOT i can't come myself as i only have a lease for 25 years but the  rest ... i do not have anyway  i'm sure at 72 years old i will be able to get a very cheap insurance policy meeting the requirements... NOT 

Think you mean Come in droves ???? 

Or droves of *drones?

*socially distanced

[elliss]

9 hours ago, Surelynot said:

Razor wire and No Go zones?

 

       Farlangs ,  must have head saved , and tattooed . Alien .

 

 

Edited October 10, 2020 by elliss

[Morty T]

Welcome to Thailand. No really, we figured this out after the first 2 months. Sold everything while the market was still good and made out well. Feel bad for the deniers who wanted to " stick it out " thinking that the Thai officialdom would do the right thing and get all thus sorted out. After just 3 years in the LOS if you haven't figured out that efficiency here is nothing but a pipe dream, then you're feeling it now.

[elliss]

9 hours ago, Surelynot said:

OMG.....this doesn't apply to the Chinese as well...... does it?.......It can't do, they are flooding back into my condo at the moment.

 Fyi  Chinese,  not same same , alien / farang.

 

[ukrules]

37 minutes ago, rumak said:

I don't know how this will eventually play out, but i doubt a "return to old ways"  is in the cards.

Whatever brings the money in - it will go back to normal quicker than you believe once the money starts flowing to the right people

[madmen]

1 hour ago, ukrules said:

Doesn't mention balance does it......do everyone think they don't know what the word balance means and accidentally wrote 'deposit' instead?

 

I suspect the intent was 'previous deposit' / 'prior deposit'...essentially referring to the money transferred when you first purchased your apartment.

 

 

 

But Also says or 3 million in govt bonds. Why that be mentioned in a real estate section? and how do people get a hold of their deeds and bank statements if not allowed in..