Foreign property owners now allowed to return to Thailand

[Seeall]

45 minutes ago, polpott said:

I have never bought a sim in Thailand. My wife buys them for me........in her name. Officially I own nothing and subscribe to nothing in Thailand.

Wife?  ah, they will never make the connection...

[polpott]

27 minutes ago, Seeall said:

Wife?  ah, they will never make the connection...

Another club I won't join in Thailand. Not legally married, zero documentation.

[fusion58]

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

Foreigners who own property in Thailand have been added to the group of non-Thais who are now able to apply to return to the country.

 

But before you get too excited, be warned there are a whole host of eye opening requirements that need to be met as part of the application process.

Note to self:

 

One more reason to never become a foreign property owner in Thailand.

[micmichd]

20 hours ago, Seeall said:

Wife?  ah, they will never make the connection...

Most of it is in the sim card, and for the rest I am IT professional.  To get my connection to the provider I can go to Big C or Tesco Lotus. 

Edited October 20, 2020 by micmichd

[Reigntax]

On 10/10/2020 at 2:49 PM, losername said:

Is this policy, or lack of it, aimed at keeping Covid 19 out or bringing money in?  I have not seen anything that suggests that rich people cannot be infected by Covid.  Only in Thailand can thinking be so muddled.  These are two entirely separate Issues.

Yes rich people get covid20 not that out of date covid19

[elliss]

On 10/10/2020 at 10:14 PM, Truth Will Set You Free said:

This is totally BS. This is why people should not invest in Condo or property in this country. This the the government way of saying we don’t want you nasty dirty farlangs back here. 
 

 

    Condos' , soon to be ground zero ..

     So sad . 

 

Edited October 20, 2020 by elliss

[elliss]

22 hours ago, fusion58 said:

Note to self:

 

One more reason to never become a foreign property owner in Thailand.

    Are there any farlangs , who are property owners in Thailand ?. 

    They may think , they are ..

[rott]

On 10/11/2020 at 2:57 PM, Airalee said:

Not sure how accurate the figures are but...

 

 

“Thailand issued almost 80,000 retirement visas in 2018, an increase of 30% from 2014, with Britons accounting for the bulk.

Research by Kasikornthai Bank estimated that in 2016, there were 68,300 foreigners over 50 years old holding long-stay visas, a 9% increase over the preceding two years.“

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

What exactly do they mean by retirement visa.? Are they including extensions of permission to stay.? 

Sloppy wording if so. 

[rott]

On 10/11/2020 at 4:03 PM, Airalee said:

 

 

In the last 15 years, (2005-2020) household debt has more than quadrupled whereas GDP and GDP per capita has less than tripled.
 

 

 

 

So for those who are not accountants, economists or financiers what are the likely ramifications of this? Any historical comparisons.?

[uncle_tom]

^{So, first they announced a return of charter flights with 1200 people a month - compared to the normal 100k per day tourism rate.} 

^{Seemed to tally not with the visit of regular tourists, but the number who have private jets.}

^{And now we have this measure - for the benefit of big property investors no doubt, who can't afford private jets and have to slum it in first class instead..}

Edited October 20, 2020 by uncle_tom

[Airalee]

40 minutes ago, rott said:

So for those who are not accountants, economists or financiers what are the likely ramifications of this? Any historical comparisons.?

GDP correlates with income.  Debt increased at a much faster rate than income, therefore, it is unlikely for there to be enough income to service that debt.  Put simply...the loans aren’t getting paid back.  The only way out is to print (inflate their way out of it) but from past examples such as the “great financial crisis of 2007-20??”) most of that helicopter money ended up in the pockets of the uber-rich and corporations.  Bottom line is...you cannot borrow your way to prosperity especially when the borrowing goes towards consumption vs investment.  
 

What’s the likely ramification?

 

Serfdom, debt slavery....whatever you want to call it for the debtors.  If you look at the way mortgage modifications were written (and some of the laws surrounding them) during the popping of the US housing bubble, it basically pushed people further into debt over a longer period of time.  Interest rates were crammed down but the common man was already tapped out and couldn’t borrow anymore.  The people who could take advantage of those low rates were the banks and the wealthy.
 

The banks (and the rich) won...and a few people who knew how to play the game.

 

For the average saver, inflation was basically a tax on their (cash) savings as re-inflation eroded their purchasing power.

 

It’s much more complex than what I laid out here, but I hope you can get the gist of it.  The housing bubble blogger community poked fun at it all.  This video would be a great example.

 

 

[Airalee]

58 minutes ago, rott said:

What exactly do they mean by retirement visa.? Are they including extensions of permission to stay.? 

Sloppy wording if so. 

I’m not sure but I agree...vague and sloppy.

[micmichd]

16 hours ago, elliss said:

 

    Condos' , soon to be ground zero ..

     So sad . 

 

Yet there's all kinds of new condos being built in the Pacific Coastline. Built by workers from Issan, and mostly built for foreigners. Go to Rayong for example. 

Just no Thai soil for foreigners, that's a taboo in Thailand. 

[Wizard of Oz]

Seems pretty easy for us Ozzies married to a Thai - don't see no need for $$ deposits foreign or in Thai.

Actually it's easier to get into Thailand as a husband of a Thai woman than it is to get into Australia as a spouse of an Ozzie.

 

Must be something about Pommies that the Thai gov wants proof of $500,000 deposited across 2 continents ???

 

https://canberra.thaiembassy.org/6-non-thai-nationals-who-are-spouses-parents-or-children-of-thai-nationals/

 

[Mr Meeseeks]

I am assuming this won't apply to those who use Thai shell companies to illegally own land or to circumvent foreign owned condo limits?

 

????

[alianware]

On 10/13/2020 at 1:16 PM, Pattaya Spotter said:

And neither is Vietnam ???????? 

If you think that you buy a property because of a easy or difficult visa regulation. Than you are a bad investor.

[alianware]

On 10/12/2020 at 4:56 PM, sdweller said:

Thank GOD we did not buy property in Thailand, this country is NOT what we thought it was!!!   Vietnam, here we come, (as soon as they open anyway lol)

 

If you think that you buy a property because of a easy or difficult visa regulation. Than you are a bad investor.

[Pattaya Spotter]

4 minutes ago, alianware said:

If you think that you buy a property because of a easy or difficult visa regulation. Than you are a bad investor.

I don't buy property for investment...I buy to live in.

[Thaifly88]

On 10/10/2020 at 11:15 AM, 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.

I think it’s 3 million baht in the bank for property owners - no additional 500,000. That is just for SETV

[Baerboxer]

On 10/10/2020 at 10:30 AM, Airalee said:

Only a complete financial illiterate would put 3 million baht into a Thai bank when the deposit protection drops to ONE million baht next year.  

 

Currently 85k in the UK. But the UK also added, rather quietly, that nice little change that all the European countries learned off Cyprus. The government can confiscate part of your savings in cases of emergency. Negative bank rates, paying for the privilege of banking whilst the government may or may not decide to cream off whatever % it fancies.

 

The reduction of deposit protection has been deferred more than once, like many things here. So before condemning others, check your own country's rules; your own banks' liquidity, and the liquidity of Thai banks.

 

 

[Awinkl]

So, if these requirements continue - then I will NOT be able to get back into LOS, since my CHANOD is in Thailand - as well as my Bankbook with the necessary 800.000 Bath that I needed for my Retirement Visa for the past 10 years.....

Wile I may be able to get the Money back from the Bank, but the Condo will then be a ..... Write-off??? This is an UNBELIEVABLE situation - but ...... TiT???

[GoodieAfterDark]

On 10/9/2020 at 8:45 PM, NorthernRyland said:

Seriously 3 million baht? This is no way to treat people who own condos. I wish sometimes we could do this <deleted> to the Thais that live in our countries. Maybe they would learn something in the process.

They keep a low profile in the USA. Lots Thai restaurants and some massage business in my area. I have never been to any Thai massage parlor or spa. I have no idea what goes on there. I usually confuse them with Central Americans or even Mexicans . But there are always some rich half Thai arrogant  kids to enrich the environment around here. Go to San Francisco it is like being in Bangkok. 

[Percy P]

On 10/10/2020 at 10:15 AM, 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.

Quite agree, this is a way Thailand can gain Foreign money  virtually free . With all this Foreign money in their Foreign Currency Account there's no need to go to the International Monetary Fund for a lone should they need one .Foreigners are loaning them the money virtually free. And where is Thailand investing that money at a higher interest rate then there giving . 

With virtually no tourist no problem, foreigners here  are providing the money. But the hotels GHouses small businesses who rely on tourists will have to close down . The hotel I stay in normally in Bkk have shut up ,dismissed the staff. 

[Thaifly88]

On 11/11/2020 at 11:34 PM, Baerboxer said:

 

Currently 85k in the UK. But the UK also added, rather quietly, that nice little change that all the European countries learned off Cyprus. The government can confiscate part of your savings in cases of emergency. Negative bank rates, paying for the privilege of banking whilst the government may or may not decide to cream off whatever % it fancies.

 

The reduction of deposit protection has been deferred more than once, like many things here. So before condemning others, check your own country's rules; your own banks' liquidity, and the liquidity of Thai banks.

 

 

Don’t put more than 1 million baht into an individual bank - open accounts with as many as required to hold large sums of money. Krung Sri is (was in 2018) foreigner friendly and owned by Mitsubishi - recommended as a primary or secondary bank

[Awinkl]

Regarding the 3 Mill Baht In-the-Bank Issue. 

Does anybody know WHY the Authorities opted for THAT amount? 

I already had the required 800K in my Thai Bank for many years - to get my Retirement Visa, but WHY now the additional 3 Mill?

I only have a small Studio Condo (2 Mill) - the additional 3 Mill would make it almost impossible for me to get back there?

Any thoughts - except ....... waiting until the situation get's more reasonable ....in mid/late 2021 - or early 2022??

[Salerno]

8 minutes ago, Awinkl said:

Any thoughts - except ....... waiting until the situation get's more reasonable

 

Given you mention your "retirement visa" what's stopping you now?

[Thaifly88]

13 minutes ago, Awinkl said:

Regarding the 3 Mill Baht In-the-Bank Issue. 

Does anybody know WHY the Authorities opted for THAT amount? 

I already had the required 800K in my Thai Bank for many years - to get my Retirement Visa, but WHY now the additional 3 Mill?

I only have a small Studio Condo (2 Mill) - the additional 3 Mill would make it almost impossible for me to get back there?

Any thoughts - except ....... waiting until the situation get's more reasonable ....in mid/late 2021 - or early 2022??

My suggestion would be to come back when retirement visa/extension holders are allowed back, rather than this 3 mill baht requirement for property owners. It’s probably not far away. However if you are like me, your OA visa/extension may have expired by then.

[Awinkl]

5 minutes ago, Salerno said:

Given you mention your "retirement visa" what's stopping you now?

Firstly, I cannot leave Oz - until they open flights - and then, I'd hope to wait until they don't require Quarantine anymore? ...... and certainly, I don't want to have to stomp-up another 3 Mill.

[Salerno]

1 minute ago, Thaifly88 said:

My suggestion would be to come back when retirement visa/extension holders are allowed back...

 

They already are.

[Salerno]

Just now, Awinkl said:

Firstly, I cannot leave Oz - until they open flights - and then, I'd hope to wait until they don't require Quarantine anymore? ...... and certainly, I don't want to have to stomp-up another 3 Mill.

 

You can leave Oz easily given your situation. The 3 mil is a red herring and irrelevant to you. The quarantine sucks.