36 minutes ago, TroubleandGrumpy said:

Well I hope that happens and wipes that smug look off your face. 

 

I think you are losing the bubble here and missing the point.

 

BoI want investments in Thailand, and they see a visa with a high wealth requirement (to obtain those with a lot of money) to go for the visa - to obtain some of the investment BoI want.

 

BoI do NOT want these people to end up sticking Thai hospitals with a big medical bill because those people had no health insurance - so they insist on health insurance.  However rather than go the Type-OA route, they offer an option, for those who do not have health insurance, to self insure.

 

They likely looked at what could really go very wrong from health perspective, and decided they wanted those individuals whom they targeted with the LTR visa, to be able to pay for any such health insurance out of savings (in cash), in the case that those wealthy individuals did not have health insurance.

 

So they set the arbitrary equivalent $100k US health insurance by money in cash in a bank.  Note, the Type-OA visa does not have this benefit. Further, BoI knowing Thai interest rates are pathetic, they provided the option for this money to be in any bank account in the world (where interest rates can be much higher). But the money must be in cash. That is their requirement and that means wealth needed to not mind that. OK?  

 

This was their decision for a Wealth Pensioner.  Not mine. Not yours.  If they wanted this to be a poor pensioner visa, they would have labelled it such and lowered the requirements.

 

Now some of us had to restructure our finances/plans to meet the BoI requirements. I did.  I did not have to (I could have stayed on a type-O), but I preferred to avoid a repeat of the 90-day reporting hassle and the once/year reproof of finance hassle.  So I restructured my finances.

 

BoI figure for those without Health Insurance, $100k US$ equivalent is not an issue to self insure. And it is NOT for some of us. Clearly it is an issue for you.

 

For many others, who it is also an issue, then the LTR visa is not for them.  You have said so your self. Move on. Go with the Type-O.

 

But if you are going to speculate about changes in immigration and taxation that no one, not even BoI know what will transpire, then open up your view to consider all risks, which means risk to type-O visa is just as likely as risks to LTR. Which means everyone is taxed.

 

Your view to sit it out, will not help you here IF you plan to come to Thailand anyway. Even without the taxation benefits, the LTR is superior to the Type-O/OA. Your sit it out view ONLY makes sense if that means you will not stay in Thailand.  Else the LTR is superior.

 

Again - you note the Health Insurance causes you financial issues as the money in cash means less earned, and that annoys you. Clearly that means you don't fit the wealth pensioner criteria as laid out by BoI.   It is that simple. 

 

Go with (or stay with) the Type-O visa and take the risks with it (where a global taxation will hit those on a Type-O just as hard as anyone on an LTR and possibly those on Type-O will be hit worse if such global taxation came to pass). 

 

The Type-O likely fits you best, based on your TrubleandGrumpy assessments.

 

 

2 hours ago, K2938 said:

As I assume you really do not know what the BoI internally thinks or does more than anybody else of us, all this is speculation.  I happily admit that neither do I, but more likely than not in my opinion the politicians and bureaucrats who set up the criteria for the LTR visa just had no clue that putting 100k USD untouchably on a savings account is considered a bad investment by many sophisticated investors. 

 

I don't think they cared that it was not a good investment.  I believe they do not intend it to be an investment. They have never said the $100k US$ equivalent had to be a good investment.  They never wanted the $100k US equiv to be an investment.

 

They want the $100K US$ equivalent to be money both assured and immediately available. Which in their view means no equities, nor in an account where the money could be used to trade equities.  I tried to push them to accept that route and I failed.

 

I suspect they would be much happier if all LTR visa holders had Health Insurance from a company.

 

But BoI recognized there are some who have a LOT of money, where self insuring to $100k US$ equivalent in cash (at only ~4% interest) is simply not an issue.

 

Yes - there are those where such is an issue.  I suspect many.

 

And clearly for those, where $100k US in cash is an issue, and where buying good health insurance is an issue, then BoI do not want to pass to those people an LTR visa.  Its that simple.

 

And that is not the end of the world for there is the Type-O visa.  Whats wrong with the Type-O? Its a good visa. Most my expat friends are on that Visa.

 

2 hours ago, K2938 said:

And a bad investment does not become a better investment depending on one's wealth.  It is just badly designed.  Period.

 

 

No. I think it was deliberate.

 

You are looking at this the wrong way.

 

BoI do not see the $100k as an investment they want you to have. They do NOT want you to use that money as an investment.  Further, they do not care if you or anyone else sees it that way.  If the $100k US$ equivalent is used as an investment, then BoI are very clear, they do not want that investment used as self health insurance. They do not.

 

This is very clear I would think. One need not be a rocket scientist to make that deduction.

 

Now - if one wants the LTR, then simply buy health insurance if one does not want to have the $100k in cash in a foreign bank account earning only ~4% interest. 

 

And, ..  If one can not afford to buy health insurance, and if one can not afford the $100k sitting in cash and only earning ~4% ( instead of ~17% or so on the stockmarket) , then again, the LTR visa is the wrong visa.

 

Go for the Type-O visa.   The Type-O is a good visa.

 

7 hours ago, stat said:

Thanks for your post! FYI Type OA Visa is possible with a foreign health insurance as stated on the website of Frankfurt consulate. I have obtained an OA visa in the past with unlimited foreign health insurance for the price of 69 Euros per month! The thai health insurace is not much help to my understanding as it is capped.

 

My understanding is the foreign health insurance , as stated on the website of Frankfurt consulate, is only good for the permission to stay in Thailand associated with the validity date of the foreign obtained LTR visa.

 

Once one is (inside Thailand) past that Type-OA validity date, then one is into annual extensions of one's permission to stay in Thailand (for reason of retirement).   

 

And you will find out, when you go for your first annual extension of your permission to stay in Thailand, that your foreign health insurance is NO LONGER ACCEPTED in Thailand by immigration.  Believe me, I have been through that route.

 

If you do not want to buy health insurance in Thailand, then the choices IMHO are:

(1) leave Thailand (to invalidate the type-OA) and return either on a type-O (if you can obtain such from Frankfurt) or return visa exempt to Thailand and apply for a Type-O in Thailand. Type-O has no health insurance requirement, or

 

(2) leave Thailand (to invalidate the type-OA) and simply obtain a new type-OA (and pay for the foreign insurance) - and visit friends in Germany every year, and every year get a new Type-OA, or

 

(3) if one has a Thai wife obtain a new type-OA (based on marriage) from Frankfurt.  I don't know if that possible (to get a type-OA based on marriage). Why marriage? No health insurance required if one has visa (or 1 year extension) based on marriage and if one has a Thai wife, or

 

(4) if one has a Thai wife, then after the first year in Thailand on Type-OA (for reason of retirement), for first annual extension and buy the health insurance, but in the second year (for the 1 year extension) switch to a permission to stay based on marriage to a Thai.

 

but again, unless there was a big change, foreign health insurance is NOT accepted for extensions of one's permission to stay on a Type-OA visa.  Foreign insurance can only be used for the initial obtaining of the Type-OA visa.

  

5 hours ago, TroubleandGrumpy said:

Only those pretending to be wealthy, willingly throw money away. 

I'm not sure I understand the meaning of your comment.

 

Are you saying anyone who spends money on things that you won't spend money on is just pretending to be wealthy, and is throwing money away?

 

Just trying to understand because I know several very wealthy people who spend money on things I would never spend money on. In fact, one just spent over 90MM on 3 condos in Bangkok & Pattaya, and routinely spends upwards of 50k on a night out. I would never do that, but if that's how he wants to spend his money, that's up to him. He's not pretending.

13 hours ago, stat said:

Thanks for your post! FYI Type OA Visa is possible with a foreign health insurance as stated on the website of Frankfurt consulate. I have obtained an OA visa in the past with unlimited foreign health insurance for the price of 69 Euros per month! The thai health insurace is not much help to my understanding as it is capped.

 

Assuming you got your OA visa after "new" rules went in effect years back that required specific medical insurance vs the old OA rules where health insurance was "not" required & you got that 69 Euros/month insurance just because you wanted health insurance regardless of the visa type, it can be VERY hard to get a foreign insurance policy approved for OA visa usage because of a specific certificate by the Thailand Office of Insurance Commission that your foreign insurance company must sign with multiple signatures and also stamp.   A foreign insurance company signing such a "foreign government form/certificate" that certifies health coverage in Thailand is very hard to do as insurance companies tend to be very reluctant in signing any forms that are not forms from the insurance company as it can be a legal trap for them. 

 

Unless a person can convince their foreign insurance company to sign the Thai govt form which is basically rigged to push OA visa applicants towards buying a Thai insurance policy from a list of approx 12 preapproved Thai insurance companies for visa purposes then getting a foreign insurance policy accepted for OA Visa medical coverage purposes is very hard to do.  And when applying for an OA Visa Extension of Stay (i.e., annual extension) the same rules apply in terms of needing to have that special form signed unless you can get a wavier from the Thai govt.  It's hard.

 

From FrankFurt Thai Embassy for OA Visa regarding valid health insurance

https://frankfurt.thaiembassy.org/de/page/non-immigrant-visa-o-a?menu=655cc785830a7b77c4757b43

 

Link to download the Office of Insurance Commission form the foreign insurance company must sign

https://longstay.tgia.org/companiesoa

 

 

 

 

9 hours ago, TroubleandGrumpy said:

Simple and easy - I do the same and will be continuing to do so for the foreseeable future. 

I will switch to retirement (from marriage) shortly because the local Province we recently moved to does house visits for marriage.

I particularly like the fact that my money/investments is safe in my home country, and that Thailand knows nothing about them.

 

That sounds like a good idea changing the visa from marriage to a retirement status in order to avoid the home visit.

 

All they require to prove you live at the address with a 'retirement visa' is to have a picture of your standing outside the house and pointing at the number on the door or wall, oh and a printout of the latitude and longitude of the house on google maps. 

 

I took the TM30 with me on the last visa extension visit and they said it is no longer required. 

 

I will take it with me again on the next visit as we never know if the requirement have changed between visits. 

8 hours ago, oldcpu said:

(3) if one has a Thai wife obtain a new type-OA (based on marriage) from Frankfurt.  I don't know if that possible (to get a type-OA based on marriage). Why marriage? No health insurance required if one has visa (or 1 year extension) based on marriage and if one has a Thai wife, or

 

An OA is a retirement visa specifically (based on being over 50).  You cannot qualify for an OA based on being married to a Thai.

1 hour ago, BrandonJT said:

 

An OA is a retirement visa specifically (based on being over 50).  You cannot qualify for an OA based on being married to a Thai.

Interesting. Thanks.

 

I do note if on a Type-OA (based on being over age-50 for reason of retirement), one's first extension in Thailand, MUST be for reason of retirement AND one also must purchase health insurance from a Thailand branch of a Health Insurance company.  Insurance from the foreign branch of a health insurance company (which worked to first get the Type-OA visa ) won't work for the extension for reason of retirement.

 

However on the second 1-year extension of one's permission to stay in Thailand, based on a Type-OA visa, one can then switch to an extension based on marriage to a Thai.  And at that point, Health Insurance (when married to a Thai) is not a Type-OA visa requirement.  I know that to be the case because i did such.

6 hours ago, JohnnyBD said:

Are you saying anyone who spends money on things that you won't spend money on is just pretending to be wealthy, and is throwing money away?

 

Just trying to understand because I know several very wealthy people who spend money on things I would never spend money on. In fact, one just spent over 90MM on 3 condos in Bangkok & Pattaya, and routinely spends upwards of 50k on a night out. I would never do that, but if that's how he wants to spend his money, that's up to him. He's not pretending.

 

Indeed. My experience based on a number of people i know with a lot of wealth, and assuming they were not born into wealth (which is the case for those that I know), is that they work hard, watched their pennies, and made smart investment decisions to become wealthy.  However once wealthy, for many of them, that changed.

 

They no longer had to watch 'their pennies' as much, as their wealth was simply that large.  Those who are thought to be wealthy who watch their pennies excessively either (1) can not kick the watch their pennies habit, or (2) are not in fact that wealthy.

.

2 hours ago, JamesPhuket10 said:

That sounds like a good idea changing the visa from marriage to a retirement status in order to avoid the home visit.

All they require to prove you live at the address with a 'retirement visa' is to have a picture of your standing outside the house and pointing at the number on the door or wall, oh and a printout of the latitude and longitude of the house on google maps. 

I took the TM30 with me on the last visa extension visit and they said it is no longer required. 

I will take it with me again on the next visit as we never know if the requirement have changed between visits. 

Good point - thanks - I will take the google map printout with me next month.

 

Frankly I see absolutely no advantage in a marriage extension over retirement - the only thing is 400K instead of 800K.  But I have a separate bank account with over that amount in it as my 'health insurance fund' - plus other bank accounts and my wife's accounts if ever required - plus invested money back home I can get in 2-3 days. 

 

Am I missing anything? Is there something that having a marriage extension/Visa gives a person that the retirement one does not.?  There was talk years ago that maybe they would make all O Retirement Extensions have health insurance like the O-A Retirement Visa. But the Thai Govt and Immigration never actually said anything about it - perhaps someone pointed out that was why the 800K bank deposit was made a requirement.  Either way it seems obvious to get retirement extension rather than marriage.  

27 minutes ago, oldcpu said:

 

Indeed. My experience based on a number of people i know with a lot of wealth, and assuming they were not born into wealth (which is the case for those that I know), is that they work hard, watched their pennies, and made smart investment decisions to become wealthy.  However once wealthy, for many of them, that changed.

 

They no longer had to watch 'their pennies' as much, as their wealth was simply that large.  Those who are thought to be wealthy who watch their pennies excessively either (1) can not kick the watch their pennies habit, or (2) are not in fact that wealthy.

.

      I think there's more of #1--cannot kick watching their pennies habit.  That was certainly the case with my parents, who grew up in the Great Depression.  Even in their later years when they were very well-off, Mom would still be telling us, Christmas Day, to "save the bows" when we opened our presents, so she could use them again next year.   We finally got her to forego saving the wrapping paper, as well.

     Although Dad often joked that he could have bought a new Cadillac every other year if they had not had 6 kids, when he could easily afford a new Cadillac every year, he never bought one, sticking with nice-enough Buicks.   I think they passed along those thrifty values to us kids, who are all doing fine, live well but sensibly, and are not in debt up to their ears like many are.  

13 hours ago, JohnnyBD said:

Yes, locking up $100k in a savings acct may not be the best use of one's money if one is not very wealthy, or if one will need that money in the near future. But, for those who have several million in their investment portfolios, and don't ever need to spend that money, keeping $100k locked up in a high-yield savings acct may be a good investment strategy. Capital One Bank is paying 3.5% on their high-yield savings acct. I guess it really depends on how wealthy one is, or one's own financial situation.

 

I keep $100k in a high-yield savings acct so my wife will have some money to live on in case something happens to me. I can use that money instead of paying for the LTR insurance. It works out well for my situation.

IMO anyone with that sort of money does not live in Thailand as an Expat in Phuket or Isan or anywhere else. They live full-time for tax purposes in Singapore - or other tax havens like Monaco - and they visit Thailand where they have a property or two,.  They have an Thai Elite Visa that gives them unlimited entries for 5, 10, 15 or 20 years.  Millionaires did not get the LTR - they got the Elite Visa - they will not 'report' to the Immigration Police once a year - that is why it has been so unsuccessful.  Only a 'wanna be' brags about qualifying for and getting an LTR Visa. 

16 minutes ago, newnative said:

      I think there's more of #1--cannot kick watching their pennies habit.  That was certainly the case with my parents, who grew up in the Great Depression.  Even in their later years when they were very well-off, Mom would still be telling us, Christmas Day, to "save the bows" when we opened our presents, so she could use them again next year.   We finally got her to forego saving the wrapping paper, as well.

     Although Dad often joked that he could have bought a new Cadillac every other year if they had not had 6 kids, when he could easily afford a new Cadillac every year, he never bought one, sticking with nice-enough Buicks.   I think they passed along those thrifty values to us kids, who are all doing fine, live well but sensibly, and are not in debt up to their ears like many are.  

True - same same.  The reason I had a very expensive Mercedes or two (and Audis), was not because I had money, it was because I did not waste any money. They were leased and a great tax deduction - and they are SO GOOD to drive.  Here in Thailand I drive a Honda CRV - I am not working so no tax deductions - and it is not wise in this country to advertise how much money you have as an Expat - quite the opposite in fact. 

47 minutes ago, TroubleandGrumpy said:

Millionaires did not get the LTR - they got the Elite Visa - they will not 'report' to the Immigration Police once a year - that is why it has been so unsuccessful.  Only a 'wanna be' brags about qualifying for and getting an LTR Visa. 

Ok, are you talking about me this time? Or, are you tallking about that other person? Just asking because of the "wanna be" millionaire comment...

 

1 hour ago, TroubleandGrumpy said:

...  -at the smug one - who claims to be wealthy and the rest of us are inferior and not worthy of an LTR.

 

 

 Nonsense.  BoI have a definition for "Wealthy Pensioner" .   Not my definition. BoI definition.  Live with it.

 

You are griping because you can't meet the BoI definition of wealthy (because to do so would cost you some money that is unacceptable to you).   Its YOU who can't meet the BoI definition.  

 

i initially too failed to meet their Health Insurance requirement initially, until I restructured my finances.

 

Your assessment re: global taxation impact is also simply wrong  if you think Type-O will be excluded and IF your intent is to stay in Thailand for next 10 years.  If global taxation were to hit all in Thailand, the LTR visa and Type-O would at worst be hit equally, and at best the LTR (per current Royal Decree) not impacted. 

 

So if you intended to stay in Thailand for the next 10 years, waiting for some BoI decision provides you NO ADVANTAGE.

 

NONE.  Except - except you can stay with no health insurance and instead 'self insure' , ... insuring with an amount that BoI consider not appropriate for a wealthy person.

 

So your thinking to wait (for some BoI statement on LTR exemption from a non-existent global tax change) serves you NO ADVANTAGE. NONE. 

 

Believe it or not - I was actually trying to help you to see the error in your logic of waiting.  Waiting makes no sense other than avoiding paying for quality health insurance.

 

You don't like that,  so you resort to insult. 

 

No worries.  Stay with the Type-O visa. It is IMHO a good visa. 

 

Lets both hope (1) no increase in Type-O fees, (2) no future requirement for health insurance for the type-O, (3) hope immigration change the 90-day reports to 1-year (like LTR), and (4) hope immigration streamline better the annual process for type-O to annually re-prove finances.

 

 

57 minutes ago, TroubleandGrumpy said:

Millionaires did not get the LTR - they got the Elite Visa - they will not 'report' to the Immigration Police once a year - that is why it has been so unsuccessful.  Only a 'wanna be' brags about qualifying for and getting an LTR Visa. 

 

Nonsense. 

 

Clearly you do not know many millionaires, nor do you know many on the LTR visa.   Really posting about things in which you know nothing does not reflect well on you.

1 hour ago, TroubleandGrumpy said:

IMO anyone with that sort of money does not live in Thailand as an Expat in Phuket or Isan or anywhere else.

 

No. Not accurate.

 

Clearly you do not know many wealthy foreigners who live in Thailand.  

 

But i note "IMO" in your post, so given that word ( IMO ) , ...  fine. 

 

May I humbly suggest thou, widen your circle of acquaintances in Thailand. What you learn may surprise you.

 

27 minutes ago, oldcpu said:

 

No. Not accurate.

 

Clearly you do not know many wealthy foreigners who live in Thailand.  

 

But i note "IMO" in your post, so given that word ( IMO ) , ...  fine. 

 

May I humbly suggest thou, widen your circle of acquaintances in Thailand. What you learn may surprise you.

 

     Agree.  Plenty of wealthy foreigners in Pattaya, despite some AN posters thinking we're all living in small fan rooms, when we're not on a bar stool at 9am having our first beer.  Awhile back I posted that there are a number of housing projects in Pattaya with properties costing 20MB or more.  Someone promptly called me a liar, even though this is common knowledge for anyone actually living in Pattaya.  

28 minutes ago, newnative said:

     Agree.  Plenty of wealthy foreigners in Pattaya, despite some AN posters thinking we're all living in small fan rooms, when we're not on a bar stool at 9am having our first beer.  Awhile back I posted that there are a number of housing projects in Pattaya with properties costing 20MB or more.  Someone promptly called me a liar, even though this is common knowledge for anyone actually living in Pattaya.  

 

I believe it is natural for people to meet and hang out in certain circles of a acquaintances who have similar financial circumstances.  And then often they will not meet people outside that circle - and eventually they come to believe there is no other expats outside of that 'circle' in terms of finances.  When in fact, such is not accurate.

 

Some of us, actually like Thailand.

 

Some may have considered retiring in Germany, or Portugal, or Malta, or Ireland or Canada or USA  (like myself for all those places) but in the end chose Thailand, because we liked it, where money was not the driving factor.  Possibly also because we have Thai family through our spouse (like myself).  In such a case, the amount of money is not a factor.  its family and liking the culture where we want to live.

 

In Phuket, the condos in the complex that i bought (which were selling for ~15-million in Thai baht in year 2016 ) are now selling for 27-million Thai baht.  Frankly I find the price increase shocking even for a 272 sqm unit (where i live).  But about 500 meters down the road is a new condo complex - starting price for units 1/2 the size of my unit is 30-million Thai baht.  Crazy high for 1/2 the size of my unit.  But that's next to nothing compared to two km away , where the asking price for (very large) new villas is 150-million Thai baht per villa.  And there are other places as well in our neighbourhood (but prices only about 40 to 50-million  Thai baht per villa) .

 

Why so much?  Ok, the places all have sea view and direct beach access - but still that is a lot of money, and yes people pay for it. Expats buy and live here.

 

As you note ... foreigners are still buying, at those high prices.   

 

I also note, about 2km away is a condo complex with about 200 units. Prices in that complex have dropped and when i last looked about 5 years back, had fallen to 1/2 of their original price. Prices were only about 5 to 10 million Thai baht back in 2016 for 1 and 2 bedroom units.  But why did the price drop?  Location not as good, with only a limited view, no beach access, and further, the complex was not well taken care of.  It was in bad shape.  The co-owners did not want to pay higher maintenance fees to maintain their complex.

 

One thing thou, living in this neighbourhood, is many of the expats i meet have absolutely amazing life stories. Incredible.  They are of many different nationalities, and it is fascinating to chat with them, as we exchange our experiences.  Exchanging stories about our lifetime experiences with the expats is one of the things I like about Thailand. 

 

 

2 hours ago, TroubleandGrumpy said:

They live full-time for tax purposes in Singapore

What should the tax benefit be of living in Singapore compared to the LTR visa?   Singapore is worse, not better.

18 minutes ago, K2938 said:

What should the tax benefit be of living in Singapore compared to the LTR visa?   Singapore is worse, not better.

Absolutely spot on and  I have lived in both places.

Maybe some have not noticed, but Thailand is attracting an increasing number of wealthy full time residents.

8 minutes ago, wordchild said:

Absolutely spot on and  I have lived in both places.

Maybe some have not noticed, but Thailand is attracting an increasing number of wealthy full time residents.

Yes, lots on the Darkside of Pattaya, and, of course, the beachfront high-end condos.

28 minutes ago, newnative said:

Yes, lots on the Darkside of Pattaya, and, of course, the beachfront high-end condos.

I suspect Pattaya is unlikely to be the  first choice (for the people i was thinking of) ,  not that it doesn't have its attractions! 

44 minutes ago, wordchild said:

Absolutely spot on and  I have lived in both places.

Maybe some have not noticed, but Thailand is attracting an increasing number of wealthy full time residents.

 

Singapore has many advantages over Thailand

   - a more stable country with  a strong rule of law

   - minimal corruption, at any level.

   - a strong and well regulated banking system.

   - English as the official language for education and Government.

 

  So for the (already) wealthy expat , its a great place to keep your money or to establish your Family Office or your kids Trust Fund, none of which means you need to be a resident in the country btw,  but as a place to actually live, Thailand beats it hands down.

 

And i speak as someone who lived (and worked)  in Singapore for several years

3 hours ago, oldcpu said:

4 hours ago, TroubleandGrumpy said:

Millionaires did not get the LTR - they got the Elite Visa - they will not 'report' to the Immigration Police once a year - that is why it has been so unsuccessful.  Only a 'wanna be' brags about qualifying for and getting an LTR Visa. 

 

Nonsense. 

 

Clearly you do not know many millionaires, nor do you know many on the LTR visa.   Really posting about things in which you know nothing does not reflect well on you.

I'm sure there are plenty of millionaire expats (USD, CAD, GBP, EUR, etc.) in Thailand on LTR visas. I know of several. Some are just acquaintances, and some are close friends. I posted earlier about one, a Belgium, who recently spent over 90MM Baht on 3 new condos (2 in Bangkok & 1 in Pattaya). I have a close friend who's also one, he just sepnt 20MM on a new house & 1.75MM on a new vehicle for his wife. As for me, I prefer not sharing my personal wealth level with strangers. I will just say I'm very comfortable.

1 hour ago, oldcpu said:

 

I believe it is natural for people to meet and hang out in certain circles of a acquaintances who have similar financial circumstances.  And then often they will not meet people outside that circle - and eventually they come to believe there is no other expats outside of that 'circle' in terms of finances.  When in fact, such is not accurate.

 

Some of us, actually like Thailand.

 

Some may have considered retiring in Germany, or Portugal, or Malta, or Ireland or Canada or USA  (like myself for all those places) but in the end chose Thailand, because we liked it, where money was not the driving factor.  Possibly also because we have Thai family through our spouse (like myself).  In such a case, the amount of money is not a factor.  its family and liking the culture where we want to live.

 

In Phuket, the condos in the complex that i bought (which were selling for ~15-million in Thai baht in year 2016 ) are now selling for 27-million Thai baht.  Frankly I find the price increase shocking even for a 272 sqm unit (where i live).  But about 500 meters down the road is a new condo complex - starting price for units 1/2 the size of my unit is 30-million Thai baht.  Crazy high for 1/2 the size of my unit.  But that's next to nothing compared to two km away , where the asking price for (very large) new villas is 150-million Thai baht per villa.  And there are other places as well in our neighbourhood (but prices only about 40 to 50-million  Thai baht per villa) .

 

Why so much?  Ok, the places all have sea view and direct beach access - but still that is a lot of money, and yes people pay for it. Expats buy and live here.

 

As you note ... foreigners are still buying, at those high prices.   

 

I also note, about 2km away is a condo complex with about 200 units. Prices in that complex have dropped and when i last looked about 5 years back, had fallen to 1/2 of their original price. Prices were only about 5 to 10 million Thai baht back in 2016 for 1 and 2 bedroom units.  But why did the price drop?  Location not as good, with only a limited view, no beach access, and further, the complex was not well taken care of.  It was in bad shape.  The co-owners did not want to pay higher maintenance fees to maintain their complex.

 

One thing thou, living in this neighbourhood, is many of the expats i meet have absolutely amazing life stories. Incredible.  They are of many different nationalities, and it is fascinating to chat with them, as we exchange our experiences.  Exchanging stories about our lifetime experiences with the expats is one of the things I like about Thailand. 

 

 

   Great post.  Nice to see that--despite the thinking to the contrary on AN--I am not the only one in Thailand to have a property increase in value.   Your property description of Phuket mirrors today's Pattaya quite a bit, I think.

21 minutes ago, wordchild said:

I suspect Pattaya is unlikely to be the  first choice (for the people i was thinking of) ,  not that it doesn't have its attractions! 

      It seems you also, in your words,  "have not noticed" with regard to what is being built in the way of luxury housing in Pattaya today.  Understandable, as a lot of it is away from the tourist areas.  

Just now, newnative said:

      It seems you also, in your words,  "have not noticed" with regard to what is being built in the way of luxury housing in Pattaya today.  Understandable, as a lot of it is away from the tourist areas.  

Yes, good point, hands up for that one.

 

Troll posts removed. Discuss the topic, not other posters.

5 hours ago, TroubleandGrumpy said:

Good point - thanks - I will take the google map printout with me next month.

 

Frankly I see absolutely no advantage in a marriage extension over retirement - the only thing is 400K instead of 800K.  But I have a separate bank account with over that amount in it as my 'health insurance fund' - plus other bank accounts and my wife's accounts if ever required - plus invested money back home I can get in 2-3 days. 

 

Am I missing anything? Is there something that having a marriage extension/Visa gives a person that the retirement one does not.?  There was talk years ago that maybe they would make all O Retirement Extensions have health insurance like the O-A Retirement Visa. But the Thai Govt and Immigration never actually said anything about it - perhaps someone pointed out that was why the 800K bank deposit was made a requirement.  Either way it seems obvious to get retirement extension rather than marriage.  

 

I have a non-O visa. (Not O-A, I do not know what an O-A is?)

 

I got a 90 day visa in the UK and had to show I had at least £10,000 in an account in the UK for at least six months with bank statements.

 

This was then extended to a year in Thailand and no medical insurance needed.

 

Make sure the Google maps overhead picture of your house is clearly displaying the latitude and longitude coordinates otherwise it will be rejected , well that is the case in Phuket at the immigration office. 

 

The 800k has to be left in the account for three months, then it can reduce to 400k and then two months before you apply again it has to be 800k.