Foreign property owners now allowed to return to Thailand

[transam]

3 minutes ago, Pattaya Spotter said:

You're not giving the money to the "regime," you're putting it in the bank.

And those who don't have the extra cash....?

[Banana7]

Sounds like the Thai banks are running low on cash and so is the government. Recently they raised the deposit insurance to 5 million on THB savings accounts, but only temporarily. The banks are holding onto lots of none performing loans, and assets, like repossessed cars, houses, land, at values that are far too high in the current market.

 

[Kadilo]

6 minutes ago, holy cow cm said:

Guess I did. I best go to the bathroom now to take a deep breathe and spank the bad little monkey soldier to calm down. 

I would feel the same if I had similar assets. 
 

Their recent policy and thought processes are making decisions easy for the of me to stay away and look elsewhere to spend my retirement pot. 
 

[mberbae]

I would post this on Twitter and FB, but with the recent episode of a foreigner Jailed for tweeting about a

hotel, best not do anything of the sort.

What in the name of Common Sense does 3 MILLION baht have to do with ANYTHING regarding a property

owner returning to live in his/her home or condo ? His 800K baht bank account already has earned him that right.

No problem with the COVID requirements, but 3 Million baht is either Extortion or a clear indicator of foreigners NOT wanted here.

[keithkarmann]

4 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.

I hope you are not hinting at racial discrimination.

 

[holy cow cm]

3 minutes ago, Pattaya Spotter said:

You're not giving the money to the "regime," you're putting it in the bank.

It will be used by the bank and one of my main banks is state owned. Look at who has shares in these banks and who can manipulate and use them as a tool. Don't kid yourself that this money will not be used in one way or the other by the you know who.

[Jomtien Beach]

It looks like Thailand only wants to pose a problem for us who went to our homeland when covid 19 pandimi broke out. Requiring us to have 3 million in an account in Thailand to return is rude when you already have a valid visa. You become less infected if you have 3 million in one account. Is it time to sell a condo and move to another warm country?

[Gianluca]

In this case is the quarantine still compulsory?

[realfunster]

1 hour ago, Pattaya Spotter said:

More like 3-5M for most...if they've spend more for their housing then they can surely meet the financial requirements to return at this time.

Doubtful.

 

Even if someone is reasonably wealthy (let’s say USD 1m+ net assets), unlikely that many with a sensible investment portfolio (considering a property asset already held in Thailand) would be holding USD 100k in a Thai bank or Thai Government bonds.

 

Seems to me they are offering the option to those interested and rich enough to make these investments in order that they will be allowed into the promised holy CoVid-free land.

 

[pennine]

5 hours ago, 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.  

A good point, but what would you suggest one should do with funds above one million baht?

[AlfHuy]

2 minutes ago, pennine said:

A good point, but what would you suggest one should do with funds above one million baht?

I will send you a PM with my private bank account details.

[Isaan sailor]

Desperate people do desperate things.  That never changes.

[phetphet]

If anything, this makes me a little nervous about monies I have in Thai banks. Are they getting that desperate for funds that the government has to think up ideas like this to boost their currency holdings?

 

If  genuine, surely even they must see that this is a non starter as a means to re-enter.

[PEE TEE]

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 

[Airalee]

1 hour ago, Pattaya Spotter said:

I am mystified why they set the amount at 3M baht, why not make it around 1M, which is at least close to the figure for annual retirement extensions.

That’s exactly the point.  If they want to set it at 3M baht fine.  I would gladly move 3M baht to an account just to hedge exchange rates...but not when the deposit insurance is being lowered to 2M baht. 
 

Of course, the big shot with the avatar of a car that is more befitting of an Alabama trailer park loves to paint any and all of us who question that 3M baht requirement as being “broke Farangs”.  

[PEE TEE]

6 minutes ago, phetphet said:

If anything, this makes me a little nervous about monies I have in Thai banks. Are they getting that desperate for funds that the government has to think up ideas like this to boost their currency holdings?

 

If  genuine, surely even they must see that this is a non starter as a means to re-enter.

It is possible that some banks could go to the wall bye  bye money  

[realfunster]

3 minutes ago, pennine said:

A good point, but what would you suggest one should do with funds above one million baht?

Depends on your risk appetite but for example better options might be, offshore banks, real estate, gold, bonds (I hear 3m gets you into Thailand????), stocks, index funds, ETFs, bitcoin etc.

These can be Thai or overseas investments, I have a bit of a mix myself.

 

 

[RJRS1301]

Lots of surrendered or sold cheap condos soon available to locals , renovate sell to wealthy returnees or, newbies

[Banana7]

The 3 million baht in a Thai bank or in Thai government bonds, sounds like a trap or a scam.

 

If one transfers into Thailand foreign currency worth 3M THB or more, at the current ridiculous poor exchange rates of today,  then tries to transfer out the same amount in a few months, the exchange rates may have adjusted and one loses 10% or more. Or maybe BOT disallows the outbound transfer.

 

Thai banks have lots of non-performing loans (NPL), using a western country banking (GAAP) definition. Bank of Thailand has been changing the Thai definition of NPL, and also placed restrictions on Thai Banks, like not to pay dividends. Thai bank assets include repossessed property, now for sale at high prices that can't be sold in the current market. This is similar to the Asian Financial crisis back in 1997, when banks held lots of loans for property that wasn't marketable at the loaned value price.

 

If people start pulling out their cash from the banks, there will be lots problems.

Edited October 10, 2020 by Banana7

[connda]

So what Thailand is actually saying is that property owners can pack sand.  I imagine with the junk economy that Covid will leave in its wake that any "property owners" considering selling their properties and leaving will probably do so at a loss.  So they have a captive audience whom they don't want to actually allow into the country.  What's next.  Property confiscation if property owners don't show up in person. Well, unless you're wealthy. What a racket.  Absolutely roger those foreigners who are average citizens and who have invested in this country.  These people are inhuman and inhumane. But we know that already.  They're just allow the rest of the world to see.

[Brad88]

B-r-u-t-a-l!

[Don Mega]

Just now, connda said:

So what Thailand is actually saying is that property owners can pack sand. 

Pack sand ?

[Seeall]

2 minutes ago, Banana7 said:

The 3 million baht in a Thai bank or in Thai government bonds, sounds like a trap or a scam.

 

If one transfers into Thailand foreign currency worth 3M THB or more, at the current ridiculous poor exchange of today,  then tries to transfer out the same amount in a few months, the exchange rate may have adjusted and one loses 10% or more. Or maybe BOT disallows the outbound transfer.

 

Thai banks have lots of non-performing loans (NPL), using a western country banking (GAAP) definition. Bank of Thailand has been changing the Thai definition of NPL, and also placed restrictions on Thai Banks, like not to pay dividends. Thai bank assets include repossessed property, now for sale at high prices that can't be sold in the current market. This is similar to the Asian Financial crisis back in 1997, when banks held lots of loans for property that wasn't marketable at the loaned value price.

 

If people start pulling out their cash from the banks, there will be lots problems.

People can try to start but its not that easy.....

[OumarhindaOunsingha]

This is not news. It is insanity!

[AlfHuy]

All this after a new finance minister was appointed.

End of October, some banks might be in trouble with NPL if the help measures are not extended.

 

Coincidence?

[Airalee]

27 minutes ago, pennine said:

A good point, but what would you suggest one should do with funds above one million baht?

For me, as a US citizen, I would keep it in a US bank where the FDIC insured amount is $250k (฿7,746,250) and transfer it over as needed.

[rayjed2]

As soon as the borders open in Cambodia or Philippines, I suggest all the single Ex-pats relocate to them. A visa for Cambodia for 1 year is $280, renewable every year and forever.

Philippines, renew every 6 months. Check it out for yourselves.

I would never ever go back to Thailand, there are other Countries that you can live without all the hurdles they have and will in the future.

[Tambs2020]

We feel for all those who this affects.

 

glad we chose to give up the “Dream” And Stay lifewise in Australia.

 

we have the farm etc but there is no chance that even my wife will go back unfortunately :/ 

good luck and god speed fellas !

 

 

[Justgrazing]

5 hours ago, rooster59 said:

 

Next, (and this is the first of the eye opening requirements) they need to be able to provide a copy of a bank statement that shows a balance of at least 3 million baht deposited into a Thai bank account.

 

They also need to show a bank statement from a UK or Irish bank account that has a balance of 500,000 baht for the past 6 months

Alas the umbilical cord to the mothership of reality has become well and truly detached and they have drifted off into a galaxy of fantasia .. keep this up and it'll be disappearing into the tourism equivalent of an intergalactic black hole next .. 

[Airalee]

46 minutes ago, Banana7 said:

Sounds like the Thai banks are running low on cash and so is the government. Recently they raised the deposit insurance to 5 million on THB savings accounts, but only temporarily. The banks are holding onto lots of none performing loans, and assets, like repossessed cars, houses, land, at values that are far too high in the current market.

 

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