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

[SymS]

I'm still waiting for the "buy a condo get permanent residency" scheme floated at the end of last year.

 

[Captain Monday]

1 hour ago, starky said:

Again we are supposed to be talking about rich people right? 

  Don't see hiso Thais with multiple lambos, Ferraris etc worrying about it so why would a truly rich person.

  You think double pricing enters the equation?  And do you believe that any wealthy person is copping substandard construction or workmanship?????????????????‍♂️????‍♂️

  I think people in this thread are comparing it to thier way of life as they have no comprehension of how the other half lives.

  

Saw a MacClaren and a Lambo parked outside a club in CM, most popular.

Driven by young Thai men, probably with rich daddies.

In most countries this club world be considered to have low sound quality bad DJs and 

questionable levels of food and beverage. It does not even smell very nice.

But TIT. How are they going to get "rich foreigner" who want to live here? Let them come open businesses competing on a level field, work and invest freely, then have a decent chance for PR. 

They will then bring their capital and invest and spend freely.

Thailand is not like most countries. so to remain hidebound in backward ways and economically disadvantaged. At least they won't give up the precious plots of dirt in the moo-baan to foreigners.

[starky]

50 minutes ago, Captain Monday said:

Saw a MacClaren and a Lambo parked outside a club in CM, most popular.

Driven by young Thai men, probably with rich daddies.

In most countries this club world be considered to have low sound quality bad DJs and 

questionable levels of food and beverage. It does not even smell very nice.

But TIT. How are they going to get "rich foreigner" who want to live here? Let them come open businesses competing on a level field, work and invest freely, then have a decent chance for PR. 

They will then bring their capital and invest and spend freely.

Thailand is not like most countries. so to remain hidebound in backward ways and economically disadvantaged. At least they won't give up the precious plots of dirt in the moo-baan to foreigners.

I didn't say they were coming I actually said the OP was rubbish . And yeah they cars were probably rich daddies so not sure what your anecdote proves. Who cares what you think about the shoddy nightclub and how does it reflect in comparison to your post? What I said in response to your post and talk about double pricing and rich people accepting shoddy workmanship I stand by.  I don't think they will ever get rich foreigner not in what western terms is considered rich and spending 100k Thai baht a month certainly doesn't make you that. 

  Also baffled as to why they are targeting rich retirees seems like an obscurely specific demographic to aim for .

Edited April 2, 2021 by starky

[Road Warrior]

spend 200/330 k per month on what ,everywhere closed ?? and should make it easier to obtain a  1 yr visa too much paperwork and requirements  just have 1 million in bank no more bits ??? suffice to health care and living expenses 

[Captain Monday]

57 minutes ago, starky said:

I didn't say they were coming I actually said the OP was rubbish . And yeah they cars were probably rich daddies so not sure what your anecdote proves. Who cares what you think about the shoddy nightclub and how does it reflect in comparison to your post? What I said in response to your post and talk about double pricing and rich people accepting shoddy workmanship I stand by.  I don't think they will ever get rich foreigner not in what western terms is considered rich and spending 100k Thai baht a month certainly doesn't make you that. 

  Also baffled as to why they are targeting rich retirees seems like an obscurely specific demographic to aim for .

The point about the night club is not what I "think", is that it is not up to any reasonable international standard of excellence though there is nothing better available. I don't mind going occasionally, I just keep my expectations low so I'm never disappointed. I also never invested here more than I can afford to walk away from. Dealing with a low standard of professionalism+ attempts at constant overcharging , just another negativo . Every year these proposals are mooted, mulled then forgotten. Why?  Thailand cannot address the fundamental issue. 

 

"Rich" retiree, a small demographic many more much richer Asians nearby, why not target them? Not so easily "fleeced" are they?

 

Have you sampled the air here lately?

Edited April 2, 2021 by Captain Monday

[BigC]

On 4/1/2021 at 12:56 PM, holy cow cm said:

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?

all these comments anti Thai yet you all chose to live  here and moan and complain and complain  and moan and complain  complain  complaints  zzzzzzzzzzzzzz

[holy cow cm]

29 minutes ago, BigC said:

all these comments anti Thai yet you all chose to live  here and moan and complain and complain  and moan and complain  complain  complaints  zzzzzzzzzzzzzz

Umm..... Excuse me? This new cockamamy idea suggested is ludicrous if it does not open up to all people, not only just the ones for their money who are new that they want to come here and stay. Fair is fair and it is extremely prejudiced and unjust. zzzzzzzzzzzzz  back to you..

[rickudon]

On 4/1/2021 at 12:26 PM, webfact said:

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. 

Sounds rather dubious. 200 million? According to a quick google search, there are less than 50 million US dollar millionaires in the world, and they are not all retired. If you are not worth a million, and spend say 7,000-10,000 US dollars a month, you will probably run out of money before you die!

[greeneking]

8 hours ago, hotchilli said:

I almost feel sorry for any naive tourists coming here soon when Thailand opens up, if they don't know the value of anything here or have some street savvy it's going to be a fast and very costly learning curve.

After having your shirt taken off your back, skin removed and possibly organs taken... that's just the journey from the airport to your accommodation, then 7 days in quarantine followed by taxi mafia and all manner of rip-off merchants/bars/restaurants etc all trying to make up for 15 months of no income you might just get to return home.... barely alive.

I can not believe how lucky I have been. Nearly 20 years here and I have mostly been treated well by kind and friendly people.

I keep my eyes and ears open, my wallet is mine to open or close, and I try to have a good time.  It helps to spend your time with optimistic types.

[Mr Dome]

We have all seen this naive Thai government wish a number of times in the last 20 years and it's quite out of touch with reality.

 

- Do they know what makes wealthy people tick and select a destination, then come and stay for a longer period of time, did they pay for a detailed study? Or do they even understand Westerners at all?

- Can they ever acknowledge that deep in their hearts many Thais don't really want foreigners to get too comfy in their country? When even some Elite Card holders get treated like <deleted> at immigration, who there refuses to get the memo? There is this eagerness of immigration officials to catch you or humiliate you, which is just appalling.

- Do they ever consider political stability as a factor or shall we overlook forever that Thailand is a violent political eruption waiting to happen year in & out and this isn't going to change?

- Do they realize how more undesirable visiting Thailand has become for most visitors in the last 25 years? Can they be honest enough with each other to step away from this carved in stone internalized belief that Thailand is an unspoilt paradise full of visitor-loving people?

- What about the country's safety record?

...

 

etc.

[Bangkocker]

On 4/1/2021 at 4:52 PM, petermik said:

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

Exactly. Why on earth would wealthy effin falangs want to invest in what still looks like 3rd world in some places. As if. Falangs want to settle in affordable locations, where their sometimes meager pension buys a better standard of living; than their home country. Even more ridiculous is the notion of these wealth stuffed shirts wanting to spend 200k - 300k thb a month. But I guess some Chinese may be attracted. More and more I'm thinking the face of Thailand will look Chinese - with Xi JinPing at the helm.

[mikebell]

22 hours ago, smylee52 said:

 

I expect there is a lot more to this story that put you in a position to lose a home . 

My ex used the company auditors to fraudulently change the shareholders' names and % shares. (I signed all audit papers in Thai on her assurance.)  When I wanted to sell the property her ruse would have become apparent so she chased off the buyers and two agents. I was awarded 1.2 million for a 4 million house - it cost me over half a million in legal fees despite my lawyer being the firm who setup the company in the first place.  They advised me to settle as all  shareholders faced jail; they didn't make this clear when setting up the property-owning scam.

[SupermarineS6B]

I've had a bit of time recently to look back on all my years in Asia and especially Thailand and i've come to the conclusion that i never would of believed that the once great and free tourist mecca of Thailand has been turned into such a mess of uncertainty and intimidation that it is today.

I wouldn't dare say what i think on here, but i think many people are thinking the same thing.... I'm not scared of a virus, i'm more scared of the individuals who consider themselves able to run a country.....

I'm secretly hoping that when all this madness is over, the people who have destroyed Thailands tourism industry take their hands off the helm and go and play somewhere else.

Thailand used to be such a wonderful carefree country where you could enter anytime from any border without any trouble, now it's an absolute uncertain nightmare of nationalistic, isolationist, lunacy.......     What an absolute shame for everyone........ Mind you, at least it hasn't reached the levels of stupidity and insanity that Burma's currently experiencing.......  Mind you, give it time........

[rken2]

On 4/1/2021 at 8:30 PM, Pinot said:

Never buy property in Thailand. Or at least anything that you can't just walk away from. 

 

I don't know anyone who is happy with their purchase. I don't know anyone who owns and doesn't want to sell. I don't know anyone who isn't too far underwater to sell. 

 

Worst investment you'll ever make. And in Phuket with 10 years of inventory...they keep on building.

 

But it's such a great deal now! Tsk. 

What, I have seen a 15 fold increase in the value of my property. On more then one property. One piece alone provides enough income to live on (Rentals) I have a wonderful family. Would I sell one piece if the price was right, sure do I look stupid. I would just then move to the other piece. People complain, but I feel much freer living in thailand than I ever did living in the US. Permit to build, permit to change a faucet and on and on. Enjoying the good life. But that was the case when I lived in Hawaii too, almost 16 years ago. Like the man said love it or leave it. 

 

PS so now you know one.

[Surelynot]

1 minute ago, rken2 said:

What, I have seen a 15 fold increase in the value of my property.

?????

[rken2]

11 minutes ago, Surelynot said:

?????

yes, I bought at 150,000 per rai (chanote) and the property across the road just sold for 1.5 million per rai and another just down the road same price.  6.5 rai on this peace with 6 small house and one large house.  Another piece I purchase for 50 thousand per rai is now over 500 thousand per rai. So not bad for a poor boy. 

 

Some properties in the area now going for 2 mil per rai, not to mention the improvements which were done 15 years ago. Large house cost at that time 500,000 to build, Just built another one same floor plan and the cost was 1 million.  So all together I figure a 15 fold increase in value, but only 10 fold on the land itself.

Edited April 3, 2021 by rken2

[Boomer6969]

22 hours ago, rickudon said:

Sounds rather dubious. 200 million? According to a quick google search, there are less than 50 million US dollar millionaires in the world, and they are not all retired. If you are not worth a million, and spend say 7,000-10,000 US dollars a month, you will probably run out of money before you die!

Here I don't get what you are trying to say. You don't need to be a millionnaire to get that sort of monthly income. In Continental Europe any middle/upper management job will secure that sort of pension, provided you had a full and stable career. But the problem they will face that most of these people won't stay long here, they'll miss the opera, concert, winter sports, mountaineering in no time at all, this place is just way too rough.

 

I only stay here because I have two kids and 8 or 9 grand a month in Europe won't give any lifestyle to speak of anyhow. 

[sharksy]

On 4/1/2021 at 10:23 PM, DBath said:

One thing the article fails to consider is that most wealthy people do not become wealthy by spending their money foolishly. 

Very True.  But eventually, you have to spent it, particularly if you have noone to leave it all to.

[Henryford]

Great idea, you can pay way over the odds for a condo but you are not allowed to visit it.

[overherebc]

On 4/2/2021 at 3:21 PM, starky said:

I didn't say they were coming I actually said the OP was rubbish . And yeah they cars were probably rich daddies so not sure what your anecdote proves. Who cares what you think about the shoddy nightclub and how does it reflect in comparison to your post? What I said in response to your post and talk about double pricing and rich people accepting shoddy workmanship I stand by.  I don't think they will ever get rich foreigner not in what western terms is considered rich and spending 100k Thai baht a month certainly doesn't make you that. 

  Also baffled as to why they are targeting rich retirees seems like an obscurely specific demographic to aim for .

This is for sale in uk for around 1.2 million baht. It comes with a guarantee on quality etc from Bentley.

( that's one point two, not 12 )

What is the 'rich retiree' going to get to drive around in? A nice pick up or a plastic XX from China and they can sit in the back seat drinking from a box of cheap wine with added fruit juice?

99% of people with 'loads' have loads because they spend carefully and buy with an eye to investment, not just to throw it away.

 

[overherebc]

On 4/2/2021 at 12:32 PM, Sir Dude said:

Hmmm... targeting retirees with $7-10k US a month to spend huh. That's a whopping disposable pension really and even if that many of that type wanted to move from where they were, then a whole truck load of things would need to change here and there's no way the authorities here would be ready to swallow that. As usual, someone in officialdom pulling random numbers out of their backside.

There isn't a truck big enough.

Edited April 4, 2021 by overherebc

[sky2498]

Lands of scam 

????????????????????????????????

300000baht per month 

if anyone has that budget go to better country and will buy some small island ????????????

time to rape foreigner in Thailand and feed government 

i will happy to know their drug dealer

i will buy that drug and get high and can think like them

Edited April 4, 2021 by sky2498

[Moonlover]

On 4/1/2021 at 12:26 PM, webfact said:

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.

How do you 'improve' the 90 day report? (other than getting the bloody useless on-line system to work properly of course)

 

I'd tell them how to improve the immigration requirements. Stop this tedious requirement that I have to prove, year after bloody year, that I'm still a pensioner.

[smylee52]

On 4/3/2021 at 8:43 AM, mikebell said:

My ex used the company auditors to fraudulently change the shareholders' names and % shares. (I signed all audit papers in Thai on her assurance.)  When I wanted to sell the property her ruse would have become apparent so she chased off the buyers and two agents. I was awarded 1.2 million for a 4 million house - it cost me over half a million in legal fees despite my lawyer being the firm who setup the company in the first place.  They advised me to settle as all  shareholders faced jail; they didn't make this clear when setting up the property-owning scam.

 

Well you clearly ran into a professional and sadly we Falang haven't got much of a chance in these

cons . I am sorry to hear of how you were so badly treated but thanks for sharing this cautionary tale.

 

They threw a curve ball at me when I bought my condo . Actually 2 curve balls . First they said I had to pay an extra 100k baht because the initial estimate was given as a 37 sq m but the official measurement came back as 40 sq m hence I owed an additional 100 k (approximate) . My initial reaction was <deleted> to that and the deal was off .  The agent assured me that I wasn't being cheated as this was standard practice and widely understood that the final measurement doesn't occur till the deal is finalized . OK I calmed down and said fine I'll pay . I wonder how often they over estimate the square footage and reduce the price . *unts.

 

Returned the next day with bank draft to finalize the deal and then the rep from the condo company who does the paperwork asked how I spelled my name in Thai . Like I would <deleted> know . She then phoneticized my name and wrote it down and that is what appears on the Chanote. All I know is it isn't spelled the same as the girlfriends so hopefully I'll be OK when it comes to sell.

[BritManToo]

On 4/2/2021 at 4:17 PM, BigC said:

all these comments anti Thai yet you all chose to live  here and moan and complain and complain  and moan and complain  complain  complaints  zzzzzzzzzzzzzz

it was different when we came here.

And the surrounding countries were a lot harder to enter.

If I hadn't produced Thai children in 'the good old days', I wouldn't be here today.

I'd be in Cambodia, or Vietnam or the Philippines.

[starky]

8 hours ago, sky2498 said:

Lands of scam 

????????????????????????????????

300000baht per month 

if anyone has that budget go to better country and will buy some small island ????????????

time to rape foreigner in Thailand and feed government 

i will happy to know their drug dealer

i will buy that drug and get high and can think like them

Disposable income of 200-300 a month who is willing to spend 100 a month so a little over 20 000 a week.  Did you even read the article? 5000 baht a day, for all expenses, a lot for you? Including all insurances, registrations, utilities, food, gas and other essentials? 

  Tell we where I can buy a small island for 600 dollars a week. Reading comprehension lacking.

Edited April 4, 2021 by starky

[starky]

8 hours ago, Moonlover said:

How do you 'improve' the 90 day report? (other than getting the bloody useless on-line system to work properly of course)

 

I'd tell them how to improve the immigration requirements. Stop this tedious requirement that I have to prove, year after bloody year, that I'm still a pensioner.

I'd say it's more about proving you have the ability to support yourself rather than questioning if you still a pensioner. Which is fair imo.

[starky]

On 4/3/2021 at 1:57 AM, Mr Dome said:

We have all seen this naive Thai government wish a number of times in the last 20 years and it's quite out of touch with reality.

 

- Do they know what makes wealthy people tick and select a destination, then come and stay for a longer period of time, did they pay for a detailed study? Or do they even understand Westerners at all?

- Can they ever acknowledge that deep in their hearts many Thais don't really want foreigners to get too comfy in their country? When even some Elite Card holders get treated like <deleted> at immigration, who there refuses to get the memo? There is this eagerness of immigration officials to catch you or humiliate you, which is just appalling.

- Do they ever consider political stability as a factor or shall we overlook forever that Thailand is a violent political eruption waiting to happen year in & out and this isn't going to change?

- Do they realize how more undesirable visiting Thailand has become for most visitors in the last 25 years? Can they be honest enough with each other to step away from this carved in stone internalized belief that Thailand is an unspoilt paradise full of visitor-loving people?

- What about the country's safety record?

...

 

etc.

Well reasoned and probably they most sensible quote on the whole thread, especially since it actually addresses the OP and isn't some rant from bitter pensioners about how no one would ever spend that sort of money here. Thank you.

[starky]

On 4/2/2021 at 7:14 PM, Captain Monday said:

The point about the night club is not what I "think", is that it is not up to any reasonable international standard of excellence though there is nothing better available. I don't mind going occasionally, I just keep my expectations low so I'm never disappointed. I also never invested here more than I can afford to walk away from. Dealing with a low standard of professionalism+ attempts at constant overcharging , just another negativo . Every year these proposals are mooted, mulled then forgotten. Why?  Thailand cannot address the fundamental issue. 

 

"Rich" retiree, a small demographic many more much richer Asians nearby, why not target them? Not so easily "fleeced" are they?

 

Have you sampled the air here lately?

Again your talking about your little part of Thailand how long has the air quality been known to be <deleted> in CM? Or is it a recent phenomenon? And you continue live there because? I think again you would find there are some very wealthy refined people living in Thailand granted mostly in Bangkok metro bit some other parts of Thailand who unlike you don't have perpetually low expectations I would argue the opposite is certainly true. 

 I dont know still why you would believe some nightclub in Chiang Mai would rate anywhere on anyone's thoughts about international standards of excellence. Is CM even considered a "wealthy" part of Thailand? Be on par with Isaan wouldn't it. Is it somewhere a wealthy person would consider to retire? It's not whether the scheme will work or not it's about people trying to debate something that has nothing to do with the OP. So I'll have agree to disagree I don't even think we seem to be discussing the same topic tbh. Cheers.

Edited April 4, 2021 by starky

[Captain Monday]

7 hours ago, starky said:

Again your talking about your little part of Thailand how long has the air quality been known to be <deleted> in CM? Or is it a recent phenomenon? And you continue live there because? I think again you would find there are some very wealthy refined people living in Thailand granted mostly in Bangkok metro bit some other parts of Thailand who unlike you don't have perpetually low expectations I would argue the opposite is certainly true. 

 I dont know still why you would believe some nightclub in Chiang Mai would rate anywhere on anyone's thoughts about international standards of excellence. Is CM even considered a "wealthy" part of Thailand? Be on par with Isaan wouldn't it. Is it somewhere a wealthy person would consider to retire? It's not whether the scheme will work or not it's about people trying to debate something that has nothing to do with the OP. So I'll have agree to disagree I don't even think we seem to be discussing the same topic tbh. Cheers.

I think we can agree that this proposal to "attract wealthy foreign retirees" will go nowhere.

Thailand is still a great place for people to retire on a reasonable budget