Thailand proposes 10 year visas and land ownership for foreigners - again

[Airalee]

2 hours ago, AverageBloke said:

Please let me know where I can buy a 4 bedroom house near the beach for $400,000 and I'll jump at the opportunity. My old 3 bedroom house is 15ks from the beach and was valued at $700,000 two months ago. 

$400k AUD does sound low for a 4 bedroom house near the beach in a city.  However, I’m a condo guy myself, and looking at condos for sale in Perth  (which I assume is a pretty nice place but don’t know Australia), I can get much better deals there (for nicer, larger, and probably better constructed(?) units) compared to what I see currently for sale in Bangkok.

 

Are Americans allowed to immigrate to Australia?

[Salerno]

1 hour ago, Airalee said:

Are Americans allowed to immigrate to Australia?

We'll take anyone, even Americans.

 

1 hour ago, Airalee said:

(which I assume is a pretty nice place but don’t know Australia)

Quite nice but isolated.

[Airalee]

41 minutes ago, Salerno said:

We'll take anyone, even Americans.

 

Quite nice but isolated.

Looks like the income requirements are double Thailand, and I’m still too young.   If interest rates were higher and I was a few years older, I could qualify.  It’s too bad they don’t have a “money in the bank” option….oh….wait, they do…but AU$750,000 is pretty steep.

Edited July 17, 2021 by Airalee

[Salerno]

1 minute ago, Airalee said:

Looks like the income requirements are double Thailand, and I’m still too young.   If interest rates were higher and I was a few years older, I could qualify.  It’s too bad they don’t have a “money in the bank” option.

Worth a visit once the current issues are sorted; given they way people are being treated we could well be looking to top up on the immigrants we're about to lose so might even get easier to migrate to but personally wouldn't be my choice.

[Airalee]

3 minutes ago, Salerno said:

Worth a visit once the current issues are sorted; given they way people are being treated we could well be looking to top up on the immigrants we're about to lose so might even get easier to migrate to but personally wouldn't be my choice.

I see that there is also a one off (up to) 21% tax on condos when purchased with stamp duties/gst/land tax and developer levies.  Ouch.  I’m sure health insurance is probably more expensive too.  I figure that there are good (economic) reasons for Australians to retire in Thailand and it seems as if Australia is even more expensive for foreign retirees due to private health insurance requirements.  Would still love to visit there someday.

[kynikoi]

16 hours ago, wprime said:

 

Thailand did do something like this to help bring money in after the 1991 recession (the condo act), and in 1997 (the sale of various significant real properties to foreign corporations for development). It's not unprecedented and it will probably become necessary if Thailand seeks to rise out of the current recession quickly.

 

I for one am looking forward to acquiring a nice beachfront home if they go ahead with freehold for foreigners.

You remember but conveniently forget the condo thing was a mess, loaded with problems from first year and dropped.

 

Wealthy in Thailand will never allow outsiders to potentially drive up property prices they bid on to stash black money. At best look for 74% condo onwership.

 

With freeze and moritorim on payments and principal the fantasy / scam RE market will exist in a state of suspended animation forever. Every gambler at the table holding out for a better day which will never come. A bad investment is always a bad investment.

[kynikoi]

2 hours ago, Airalee said:

$400k AUD does sound low for a 4 bedroom house near the beach in a city.  However, I’m a condo guy myself, and looking at condos for sale in Perth  (which I assume is a pretty nice place but don’t know Australia), I can get much better deals there (for nicer, larger, and probably better constructed(?) units) compared to what I see currently for sale in Bangkok.

 

Are Americans allowed to immigrate to Australia?

Comparing living in walking distance to the beach and Bangkok. Not even close comparison especially given what the next 2+ years here looking like with covid and politics.

[kynikoi]

20 hours ago, NCC1701A said:

Mark Zuckerberg

Dropped out of: Harvard

Source of wealth: Facebook

Net Worth: $50 billion

 

Ted Turner

Dropped out of: Brown University

Source of wealth: Turner Broadcasting

Net Worth: $2.2 billion

 

David Geffen

Dropped out of: University of Texas

Source of wealth: Geffen Records

Net Worth: $6.9 billion

 

Michael Dell

Dropped out of: University of Texas

Source of wealth: Dell Computers

Net worth: $37 billion

 

Larry Ellison

Dropped Out of: University of Illinois and  University of Chicago

Source of wealth: Oracle

Net Worth: $70 billion

 

Bill Gates

Dropped out of: Harvard

Source of wealth: Microsoft

Net Worth: $107 billion

 

All exceptions that proved the rule. I bet they employ tens of thousands of college grads.

 

Everyone that liked the post gave feel good emoticon for their lack of higher education and perceived success in life.

 

Finally, money isn't everything and hopefully an education is more than a vehicle to make monnee. The humanities speak to who we are as a culture and civilization.

[Airalee]

5 minutes ago, kynikoi said:

Comparing living in walking distance to the beach and Bangkok. Not even close comparison especially given what the next 2+ years here looking like with covid and politics.

Completely agree.  I was just commenting on how reasonable Australian property (condo) prices appear compared to the ridiculous asking prices I see in many areas in Bangkok.  ฿15-20,000,000 for a 1BR condo? Insane.

[Chelseafan]

Rich’ global citizens would need to be able to

 

prove income of at least $80,000 over the last two years - TICK

and have $1 million in assets - TICK

They would also need to be able to invest at least 16 million baht in property or government bonds - Over my dead body

[Chelseafan]

4 hours ago, gearbox said:

There are properties that you can buy in this range say between Proserpine and Cairns. A bit of a problem for a retiree is that a decent hospital would be quite a bit away...with heart attack or stroke it is doubtful if one would make it. But nevertheless it is an option.

I was looking at some properties there, but what puts me off is the presence of saltwater crocs. I like to swim open water and kayak, a bit on the edge there. And of course 6 months in an year the beaches are mostly unusable with irukandji  and box jellyfish around.

 

[kynikoi]

Another overreach i see here is the belief the the Chinese investor will save the day.

 

1. HK Chinese with money have already applied to UK, US and Oz. They most certainly not willingly choose to relo their families to a vassal of PRC and a failed state with totalitarian government. Even the best universities here are marginal on world stage. Their children will need to be abroad.

 

2. Whether its digital currency or social credit scheme China will continue to monitor its lumpen proletariat. Expect only better, stricter methods to control funds outflows.

 

3. Covid-19. This is being horribly managed by Thailand. I don't ever see any return to normalcy but would imagine if vaccine arrives in May 2022 perhaps Jan 2023 might be a crack of light in the mire.

 

4. Covid-19 part deux - the corruption is in place. A vertible industry built on everything from bureaucratic mandates, covid exams, insurance, coe, approvals, ASQ, wearing masks despite being double vaccinated. Wealthy people need, want to travel.

 

5. Chinese would readily run from PRC but without citizenship they're just gypsies. The article alluded to housing estates and enclaves - this the Chinese will go for as have been established in Philippines, Malaysia and Cambodia. This will do thailand zero good as they will end run everything and keep the money and wealth circulating only in their communities.

 

6. Chinese like a holiday in the sun but they're cold weather people. Samui, Phuket, etc not appealing and no money to be made there as business and mafia all tied up locally.

Edited July 17, 2021 by kynikoi

[mikebell]

21 hours ago, ivor bigun said:

or keep a UK address ????

Don't you have to be on an electoral roll and pay Council Tax?

[10baht]

22 hours ago, J Town said:

The US embassy sent emails this morning to its registered citizens at 8:27 this morning, informing them of AZ jab availability. I wasn't aware of the email until 9:05. I went to enroll and got the following:

Too little to late and what about people outside Bangkok? Like the Chiang's CM  & CR ?

[Road Warrior]

ow we (THAILAND ) need the money !! 

[gearbox]

21 hours ago, Sydneydave said:

Wow! As an Aussie, to comply for an over 50 visa, I need to be earning over $54,000 a year ($40k USD) and buy a property for $330,000 AUD!

The whole point of me retiring to Thailand would be because Australia's more expensive. Yet here, I can buy a beautiful 4 bedroom house near the beach for $400,000 and work in a job that will pay at least $40,000 a year, which is enough to live on.

In Thailand, I'd be hard pressed to earn $10,000 a year, if they even let me work and there doesn't seem to be a decent yield on any businesses there, for the high purchase cost.

These super rich foreigners are mostly a figment of Thailand's imagination!

Relax mate, the current visa requirements haven't changed,  these are just "pie in the sky" proposals.

 

800k bahts in a Thai bank, and 1900 bahts (plus a little bit extra for some paperwork needed) is all you need to stay here. 1900 bahts is a recurring yearly expense. In practice if you don't stay all year around,  there is also 3800 bahts multiple reentry permit fee. Not bad at all.

 

I most likely would meet all 4 proposed requirements, but I'm a tight a$$. 1900 bahts per year for a retirement extension, plus up to 50K per month expenses (only while I'm here) is all they can extract from me. Property,wife,children - thanks, I'll pass. The only new type of visa I would consider is one which would give me access to the Thai medical care at reasonable cost. There is nothing like that in the proposed new visas.

 

And don't burn the bridges leading back home...

 

 

[herfiehandbag]

Ten years would be handy - it looks like it will take that long to get vaccinated!

[Rookiescot]

14 hours ago, kynikoi said:

Another overreach i see here is the belief the the Chinese investor will save the day.

 

1. HK Chinese with money have already applied to UK, US and Oz. They most certainly not willingly choose to relo their families to a vassal of PRC and a failed state with totalitarian government. Even the best universities here are marginal on world stage. Their children will need to be abroad.

 

2. Whether its digital currency or social credit scheme China will continue to monitor its lumpen proletariat. Expect only better, stricter methods to control funds outflows.

 

3. Covid-19. This is being horribly managed by Thailand. I don't ever see any return to normalcy but would imagine if vaccine arrives in May 2022 perhaps Jan 2023 might be a crack of light in the mire.

 

4. Covid-19 part deux - the corruption is in place. A vertible industry built on everything from bureaucratic mandates, covid exams, insurance, coe, approvals, ASQ, wearing masks despite being double vaccinated. Wealthy people need, want to travel.

 

5. Chinese would readily run from PRC but without citizenship they're just gypsies. The article alluded to housing estates and enclaves - this the Chinese will go for as have been established in Philippines, Malaysia and Cambodia. This will do thailand zero good as they will end run everything and keep the money and wealth circulating only in their communities.

 

6. Chinese like a holiday in the sun but they're cold weather people. Samui, Phuket, etc not appealing and no money to be made there as business and mafia all tied up locally.

Ah you forget the most appealing aspect as far as a Chinese business man is concerned.

Its the wife.

He can buy property or a condo and set up his girlfriend in there to look after it then he visits at the weekend in order to do business here in Thailand.

Wife will never know.

If he was trying to do the same in China he runs the risk of being seen or indeed the wife wanting to come with him.

[friendofthai]

10 years visa is not 10 years visa extension. Visa-runs are needed. Nothing good.

[UKresonant]

On 7/17/2021 at 3:07 PM, Penefattore said:

8millions baht wasted on useless property or nearly zero yielding THB bank deposits/government bonds means losing an opportunity yearly income between 400,000/800,000 baht assuming a return in the 5-10% range.

Zipmex offers you a 6% on USDT ,other websites way more.

And the menace of being forced to the lethal injection (aka vaccine) is always there , Damocle's style

I think I will pass on this one.

Yes, I based the calc pro-rata an actual mixed global portfolio I reckon 27000/month+ (divs keep pace with inflation on average), on 8M baht..

So going to a major Bangkok property rental site Median Condo price pro-rata to 8 million baht, then gives a median rental of 29760/month. So I cannot see the attraction of directly investing in direct Thai property, massive risk not being a Thai national, where you could keep the asset in it's relatively less risky current position, and rent???? .  Potentially could work out to be a very expensive visa on the downside risk, and retiree may have $40k USD income but would they be asking to send it all to Thailand as you cannot get an Embassy letter ????

[Chelseafan]

Another thing that annoys me is that I support my Thai family and probably spend over a million baht a year doing so. I have no problems with this but it's a lot more than the Thai government give to my family -Just think, a million baht that trickles down into the economy creating jobs, paying wages, putting food on the table.

 

And yet, I am worthless to them. They want EVEN MORE from me for a 10 year visa. No thanks. I'll stick to the retirement/marriage visa when the day comes.

 

 

Edited July 19, 2021 by Chelseafan

[hottrader77]

On 7/17/2021 at 7:42 AM, ThailandRyan said:

Blah Blah Blah Blah Blah, all I hear is the sounds of lips moving and insincerity being bandied about by these clowns.  

Which rich foreigner wants to live under these crazy rules and at 45 baht to uk pound when 20 years ago it was 70 baht to pound they need their brain fixing.