Foreign property owners now allowed to return to Thailand

[heybuz]

53 minutes ago, Pattaya Spotter said:

I'm glad you're happy with your choice...why are you belittling Thailand; maybe you would rather be here?

Where was I belittling Thailand you better lay off the booze.

[Kevin Ball]

As an expat retiree who recently purchased my dream home in the country this feels like a stab in the back and lays bare the illusion of the “Land of Smiles”.
 

This latest unprincipled action on the part of the Thai authorities will surely Only heap further damage on an already mortally wounded economy and international reputation. 

[BritManToo]

14 minutes ago, overherebc said:

I would agree with rent if your company is paying.

The other option is if staying for long term then buy.

If you rent for 10 years and leave you might get two months deposit back. If you buy for 3 mil stay 10 years then if push came to a very big shove you could sell at a big discount but still walk out with some cash. 

All depends on how long you've been I suppose.

A 3M Bht property should bring in a rent of 14k/month ...... so 150k/year rent.

You'd need to sell it for 1.5M to break even, you'd also need to be able to live in it for those 10 years.

 

I think I'd prefer to rent and not have the hassle of selling, and the ability to walk away at any time.

Especially if they didn't allow me into the country.

That's just me though.

[Pattaya Spotter]

56 minutes ago, overherebc said:

How are people dealing with upkeep of condos that could be 'closed up' for months?

Let's face it the climate doesn't lend itself to the situation.

Thailand has these newfangled things called "condo associations" that collect monthly or annual dues from all the owners and are responsible for the upkeep and maintenance of the common areas. As for individual units, unless owners left the windows open when they left, letting the rain, dust, and bugs in, they should be fine.

[BritManToo]

Just now, Pattaya Spotter said:

Thailand has these newfangled things called "condo associations" that collect monthly or annual dues from all the owners and are responsible for the upkeep and maintenance of the common areas. As for individual units, unless owners left the windows open when they left, letting the rain, dust, and bugs, they should be fine.

I walk around my house every week spraying for the termites that creep in.

Once I looked at a house that had been vacant for over a year, all the door frames were just piles of dust on the floor.

[Pattaya Spotter]

6 minutes ago, heybuz said:

Where was I belittling Thailand you better lay off the booze.

And can you explain why people who have left Thailand for supposed greener pastures, or I guess in your case never came to begin with, still follow and post on a THAILAND centered internet forum? I'm always curious about this...like I don't read or post on any Australian boards because I have no interest in the  country.

[Pattaya Spotter]

2 minutes ago, BritManToo said:

I walk around my house every week spraying for the termites that creep in.

Once I looked at a house that had been vacant for over a year, all the door frames were just piles of dust on the floor.

Yep...they're hungry little buggers. It's important to keep the wooden parts of the house from direct contact with the ground (dirt).

[heybuz]

2 minutes ago, Pattaya Spotter said:

And can you explain why people who have left Thailand for supposed greener pastures, or I guess in your case never came to begin with, still follow and post on a THAILAND centered internet forum? I'm always curious about this...like I don't read or post on any Australian boards because I have no interest in the  country.

You know nothing of my ties to Thailand or anything else, whether I prefer to live full time there or not is my choice and whether I choose to keep up with Thai news via this forum is also my choice.As for no interest another assumption by you.

[chuang]

5555555555555555... ???? ???? LOL

[Pattaya Spotter]

23 minutes ago, Kevin Ball said:

As an expat retiree who recently purchased my dream home in the country this feels like a stab in the back and lays bare the illusion of the “Land of Smiles”.
 

This latest unprincipled action on the part of the Thai authorities will surely Only heap further damage on an already mortally wounded economy and international reputation. 

Actually, Thailand's international reputation, because of its handling of the Covid situation, has never been higher. All countries are suffering economically from the economic effects of the pandemic but to say Thailand is "mortally" wounded is a bit over dramatic. As to any "unprincipled actions" by the authorities,, polls show that large majorities approve of the steps taken by the government to control the spread of the virus in Thailand. One would think you would approve of what's been done to successfully stop the spread of Covid-19 in your "adopted" country.

[Pattaya Spotter]

2 minutes ago, heybuz said:

You know nothing of my ties to Thailand or anything else, whether I prefer to live full time there or not is my choice and whether I choose to keep up with Thai news via this forum is also my choice.As for no interest another assumption by you.

I'm just going by the information you provided in your post. The impression was you planned on living in Thailand but had a change of mind and were happy about it. All well and good. Enjoy Australia  (locked-up until the end of 2021 according to the latest government reports) and others will enjoy Thailand.

[tomacht8]

3 Million in a Thai Bank.

The question also arises how safe the money is there. Many properties, condos, and hotels were bought with loans. Many car financing also on credit. Personal loans and credit cards maxed out for many.

It is obvious that many of these loans are currently not repayable.

Plus Banks with a very dense branch system aka rental costs, and a lot of staff on the payroll. To park "too much" money in a Thai bank with almost no interest at the moment contradicts my business sense.

[overherebc]

15 minutes ago, BritManToo said:

I walk around my house every week spraying for the termites that creep in.

Once I looked at a house that had been vacant for over a year, all the door frames were just piles of dust on the floor.

Friends neighbour brought boxes of paperwork home from his office. Didn't take long before a good few condos had termites in the woodwork. Traced back to the boxes.

[heybuz]

3 minutes ago, Pattaya Spotter said:

I'm just going by the information you provided in your post. The impression was you planned on living in Thailand but had a change of mind and were happy about it. All well and good. Enjoy Australia  (locked-up until the end of 2021 according to the latest government reports) and others will enjoy Thailand.

I think you're replying to the wrong person and have your wires crossed I never posted any such thing.

[Pattaya Spotter]

3 minutes ago, tomacht8 said:

The question also arises how safe the money is there. Many properties, condos, and hotels were bought with loans. Many car financing also on credit. Personal loans and credit cards maxed out for many.

Are you talking about Thailand or every other country in the world?

[Pattaya Spotter]

4 minutes ago, heybuz said:

I think you're replying to the wrong person and have your wires crossed I never posted any such thing.

If that's the case, please accept my apologies. In the 400+ posts, there has been a lot of back and forth and I may have got them crossed.

[tomacht8]

5 minutes ago, Pattaya Spotter said:

Are you talking about Thailand or every other country in the world?

Please do not shorten my post. Then it would also be clear that I am talking about Thailand, which is extremely dependent on tourism income.

[Pattaya Spotter]

Just now, tomacht8 said:

Ülease do not shorten my post. Then it would also be clear that I am talking about Thailand, which is extremely dependent on tourism income.

Most countries in the world have highly leveraged banking systems...it's not unique to Thailand...and stressed economies as well. Tourism is highly important to Thailand and the international tourist situation will need to be addressed. This is being discussed more and more by the government and the media and I'm sure this will happen sooner rather than later.

[holy cow cm]

3 hours ago, Albert Zweistein said:

Congratulations ! Your property WAS worth 7 million, now it's maybe half.

Err. It is for the kids and wife after I pass on and basically is a write off. I am here for the long road as everything in my corner is in control so far. The value spent is just a statement for how much I have so far loaded into this country. I can always make more money.

[tomacht8]

5 minutes ago, Pattaya Spotter said:

Most countries in the world have highly leveraged banking systems...it's not unique to Thailand...and stressed economies as well. Tourism is highly important to Thailand and the international tourist situation will need to be addressed. This is being discussed more and more by the government and the media and I'm sure this will happen sooner rather than later.

True.

But that doesn't contradict my statement to think about,  how "safe" 3 million Baht are in the account of a Thai bank currently.

[Peterw42]

6 minutes ago, tomacht8 said:

3 Million in a Thai Bank.

The question also arises how safe the money is there. Many properties, condos, and hotels were bought with loans. Many car financing also on credit. Personal loans and credit cards maxed out for many.

It is obvious that many of these loans are currently not repayable.

Plus Banks with a very dense branch system aka rental costs, and a lot of staff on the payroll. To park "too much" money in a Thai bank with almost no interest at the moment contradicts my business sense.

A lot of Thais have taken up some level of mortgage relief on offer from the banks, wife has a mortgage and hasn't paid it for 6 months and about to apply for another 3 months. 

Not everyone has lost their job, for many Thais, with non tourism jobs/businesses, its business as usual, 

For most Thais a tourism job represented a seasonal 300-400 baht a day job, many have just gone and found another non tourism job. 

[holy cow cm]

39 minutes ago, BritManToo said:

I walk around my house every week spraying for the termites that creep in.

Once I looked at a house that had been vacant for over a year, all the door frames were just piles of dust on the floor.

I am constantly on cockroach and especially ant patrol on a daily basis. Very short term a house should be ok, but more than that it will degrade. Condos all depend on how old and how well managed from the outside. For termites it is a seasonal thing being only a couple times a year after a rain for when they are a danger. But anyway, like you said previously in a post, condo and getting your money back out after 10 years is very unlikely. 

[Airalee]

1 hour ago, renaissanc said:

I think that it has dropped to one million already. I asked last January and I was told the rule would be changed in August, which has passed already.

Postponed to next year.  Already provided a link in a previous post.

[EricTh]

Have a house in Thailand but need additional 3 million baht in Thai bank?

 

Most people who bought property in Thailand have only enough for monthly expenses. Only the very rich have additional 3 million baht, putting in 800k is a challenge for many.

 

That's the same as saying foreigners are not welcome except the very rich.

[EricTh]

The problem is that the Thai government has been too lenient towards short-term tourists inside the country that they keep on extending and giving them endless reasons to extend.

 

While the Thai government has been too harsh regarding long-term stayers like retirees who wish to come back to Thailand with all sorts of unrealistic requirements.

 

They have got their priorities wrong.

[holy cow cm]

33 minutes ago, tomacht8 said:

3 Million in a Thai Bank.

The question also arises how safe the money is there. Many properties, condos, and hotels were bought with loans. Many car financing also on credit. Personal loans and credit cards maxed out for many.

It is obvious that many of these loans are currently not repayable.

Plus Banks with a very dense branch system aka rental costs, and a lot of staff on the payroll. To park "too much" money in a Thai bank with almost no interest at the moment contradicts my business sense.

I have a secured credit card for quite a lot of thousands of dollars. Wife paid 2 weeks ago but there were new additional charges done on a recent Bangkok trip I had done afterwards. Yesterday got a nasty text from a debt collector of being delinquent by 2 days and obnoxiously pushing for payment of a puny 6000baht. The statement only came 5 days ago and we did not look at it as payment was made early being 2 weeks ago. Had to go down to the payment center and complain. They said payment has to be 2-3 days close to the due date and nothing less than that is accepted, but because we paid it off yesterday and was within 3 days of being after the due date, then nothing bad will go on the record. 

 

So what this says to me is the banks are hurting and sounds like an extortion method for the expats to return so they can have open money in the bank they can use, and if everyone is correct possibly default on after the 1 million only being secured. This offer is not above board to have the 3 million in the bank. Something is shifty about it.

[holy cow cm]

45 minutes ago, Pattaya Spotter said:

If that's the case, please accept my apologies. In the 400+ posts, there has been a lot of back and forth and I may have got them crossed.

I think you are responsible for at least 30% of those 400. Just kidding!

[tomacht8]

11 minutes ago, Peterw42 said:

A lot of Thais have taken up some level of mortgage relief on offer from the banks, wife has a mortgage and hasn't paid it for 6 months and about to apply for another 3 months. 

Not everyone has lost their job, for many Thais, with non tourism jobs/businesses, its business as usual, 

For most Thais a tourism job represented a seasonal 300-400 baht a day job, many have just gone and found another non tourism job. 

business as usual, I don't see it that way. The tourist destinations are partly ghost towns. But e.g. The shopping centers in Bangkok are also super quite. Many Thais just don't have any money. That runs through the whole economy. The production figures of cars, motorcycles, household appliances, clothing and luxury products are shrinking because no one currently has money to buy them. Hotels, restaurants, bars, street vendors, taxis, supermarkets, hairdressers, massage shops, airlines, insurance companies, tutors, etc. all have less revenue. Export figures significantly down. Apartment and business lessors have lost rental income Thais have never been known for building reserves for bad times. This will also have an impact on the banking sector

[KKr]

On 10/10/2020 at 10:09 AM, rooster59 said:

Firstly, property owners need to be able to provide documentation that shows they do indeed own a property, this could be in the form of a house registration book or proof of purchase documentation. 

Foreigners do not usually figure in the Blue Tabian Baan. The yellow Tabian Baan is not proof of ownership.

[Grumpy John]

3 minutes ago, KKr said:

Foreigners do not usually figure in the Blue Tabian Baan. The yellow Tabian Baan is not proof of ownership.

Your right.   The Bangkok Muppet show would know this already so a farang owner needs to show proof of payment.