Thailand to target wealthy foreign retirees, make it easier to purchase property

[webfact]

REUTERS FILE PHOTO for reference only

 

The government is considering making it easier for foreigners to own property in Thailand.

 

According to Deputy Prime Minister Supattanapong Punmeechaow, Thailand is looking to attract wealthy foreign tourists and investors, specifically from ‘S-Curve’ industries.

 

Wealthy foreign retirees, predominantly  from Europe, will also be targeted.

 

A proposal will also be put forward to the Centre for Economic Situation Administration (CESA) next month about making it easier for foreigners to buy houses in Thailand.

 

The aim is for the current regulations to be quickly updated and in place in time to start attracting wealthy foreigners from June, Bangkok Biz News reported.

 

In its article, BBN said that high income retirees from Scandinavia, Europe and East Asia including South Korea and Japan, as well as Australia and New Zealand would be targeted.

 

The types of foreign retirees targeted will be those who have a healthy pension pot, with the ability to spend 200,000 - 300,000 baht per month. 

 

A survey carried out by the government found that around 200 million people around the world fit into that group. 

 

If just one million people from that group move to Thailand, each spending 100,000 baht per month or 1.2million baht per year, that would generate 1.2 trillion baht per year for the economy.

 

The article also hinted that some immigration requirements could be overhauled, particularly those around visa reporting, which presumably refers to the 90 day reporting requirement.

 

While the article stopped short of saying the requirement would be scrapped, it did say that such a requirement would be improved.

 

-- © Copyright Thai Visa News 2021-04-01

 

- Whatever you're going through, the Samaritans are here for you

- Follow Thaivisa on LINE for breaking COVID-19 updates

[Surelynot]

Welcome to the land of scams...please feel totally confident in making a major investment.

[keith101]

14 minutes ago, webfact said:

A survey carried out by the government found that around 200 million people around the world fit into that group. 

 

If just one million people from that group move to Thailand, each spending 100,000 baht per month or 1.2million baht per year, that would generate 1.2 trillion baht per year for the economy.

LOL,LOL,LOL they really dream big don't they delusions of grandeur . 1 million they would be very lucky to get 1 thousand and what exactly do the expect them to spend 100,000  on every single month , cmon time for a reality check .

[simon43]

[quote]

...about making it easier for foreigners to buy houses in Thailand.

[/quote]

 

Sorry, but I simply don't believe this.  'Buying a house' in my interpretation means owning (not leasing) the property (with its land/garden) in my name only.  Any other scheme is just deception.

[86Tiger]

4 minutes ago, simon43 said:

[quote]

...about making it easier for foreigners to buy houses in Thailand.

[/quote]

 

Sorry, but I simply don't believe this.  'Buying a house' in my interpretation means owning (not leasing) the property (with its land/garden) in my name only.  Any other scheme is just deception.

 

 

Agree.

 

If I can not leave it to my heirs to do with as they please it is not mine.

[Surelynot]

4 minutes ago, simon43 said:

[quote]

...about making it easier for foreigners to buy houses in Thailand.

[/quote]

 

Sorry, but I simply don't believe this.  'Buying a house' in my interpretation means owning (not leasing) the property (with its land/garden) in my name only.  Any other scheme is just deception.

I guess at the end of the day they simply don't care.......there will be enough takers, oblivious of the minefield they have just wandered into known as Thai business ethics.

[BritManToo]

1 minute ago, 86Tiger said:

Agree.

If I can not leave it to my heirs to do with as they please it is not mine.

Can't say I'm bothered, my heirs are Thai.

Long  term vISa or extension would be  nice though (5 years+)

[rabas]

 

Is this before, or after going into space?

[Surelynot]

1 minute ago, rabas said:

 

Is this before, or after going into space?

Maybe some of the plots for sale are on the moon?

[petermik]

Calm down chaps...it`s just another "proposal"

[holy cow cm]

How about allowing the foreigners here already who are married and have family to own or joint own the house and land? How about giving us easy PR? How about not treating us like chopped liver and give us some respect?

[RubbaJohnny]

5 minutes ago, petermik said:

Calm down chaps...it`s just another "proposal"

 of course and before you know it a 'HUB'

[khunano]

Look at the calendar ???? 

[dr_lucas]

I think you could have come up with something better for april fools day... 

[Surelynot]

12 minutes ago, khunano said:

Look at the calendar ???? 

It's April 1st....but then it is most days here.

[crazykopite]

For a moment I thought WOW then I realised that today is All Fools Day and let’s be honest we all know the current government is full. of them

[klauskunkel]

All you need to do is repair the 90 Day Online Reporting: If you fix it, they will come.

[Misterwhisper]

53 minutes ago, webfact said:

with the ability to spend 200,000 - 300,000 baht per month.

 

54 minutes ago, webfact said:

If just one million people from that group move to Thailand

Are you sure there even ARE 1 million retirees who...

1) are able to spend up to $10,000 every month AND

2) who actually WANT to move to Thailand?

 

As usual, it just another scheme designed to milk foreigners for as much as they're worth.

 

Who actually comes up with these figures? Have they been pulled from hat? Has Mr. Supattanapong the slightest clue how many people 1 million actually are? Unbelievable!

 

I am beginning to comprehend why Thailand is pushing to send a spacecraft to the moon. It's because a good proportion of these politicians and officials who dream up these feverish schemes seem to be living right behind it. 

[condobrit001]

Truely rich foreigners are not interested in living or investing in third world countries with military governments and corrupt police and public officials.

[Surelynot]

Just now, condobrit001 said:

Truely rich foreigners are not interested in living or investing in third world countries with military governments and corrupt police and public officials.

Very true.....only the ones that are one step ahead of the Thais can risk it.........and that is the Chinese....no flies on them.

[xylophone]

12 minutes ago, Surelynot said:

and that is the Chinese....no flies on them.

But you can see where they've been........

[Surelynot]

Just now, xylophone said:

But you can see where they've been........

Oh don't....had someone spit in the swimming pool yesterday....they weren't even it....they were stood on the side.

[Aatsi]

Suddenly, reading this feels like an almost racist activity in which people are placed in such an unequal position, i.e., classified as people on the basis of income.
What about people with considerable wealth but no monthly income at all, are they also second class people?
How many Thais on deck earn 100,000 to 200,000 baht a month, or is this meant to just penetrate the wallets of the farangs?
I hope I completely misunderstood what exactly is meant by this article and are we still equal with each other?

[GeorgeCross]

all worthy goals (if not april fools..) but the devil is in the details and i'm sure they'll eff that up. something like forcing said retiree to prove income by sending it all to a thai bank rather than allowing them to invest it as they please.. that kind off thing, non-ox comes to mind.

 

update: not april fools its being reported in multiple media sources including our national english newspaper

[Boomer6969]

There is nothing wrong about this (yet another) pipe dream. Unfortunately they would be implementing it, in their usual  ways. So, wealthy retirees would have to go to the Immigration Office once a month, to show receipts that amount to 300000 Bahts expenditure.

 

[khunPer]

It's easy to do maths, but I would think that "wealthy" people with enough money would have plenty of excellent choices for retirement.

However spending 100,000 baht a month, it's about $3,000, is not what compares to "wealthy" in my view. A lot of retired "economic refugees" in Thailand already spend that amount of funds on a life-style, where they would need around the double amount, or more, per month to afford similar life-style in their home-country, and many other places.

I didn't find the facts in article about making it "easier to purchase property", which might be a decision factor for some...????

[Aatsi]

I guess it's an April Fool's Day joke 

[Willy333]

You got to love their nonsense car salesman math.

[ukrules]

Just now, Aatsi said:

I guess it's an April Fool's Day joke 

This, being Thailand makes it impossible to tell.

 

[Boomer6969]

Just now, khunPer said:

However spending 1 million baht a month, it's about $3,000

Errr... 33000.