15 hours ago, stat said:

I do not agree. My international brokerage account pays way higher interest then my German savings account. So Grumpy is right that for most people 100K in a tradional account that is accepted by BOI loses a lot of interest vs for example a 5 years US bond investment with 3.8%. Regular German account pays 1 to 2% max!

Sorry to hear the German banks only pay 1 to 2% interest. I hope the rates get better for you.

 

During the Covid years when the US told most people to stay home and everything came to a standstill, the Federal Reserve lowered interest rates to almost zero in a bid to spur the economy. Then, came the high inflation years, and the Fed started raising interest rates to combat inflation. I was fortunate to be able to lock in a sizable amount of cash in some 5-year CDs paying 5.05%. Now, the Fed is lowering rates. A 1-mth CD is paying 4.20%, money market rates dropped from 5% to 3.8%, and my high-yield savings at Capital One is paying 3.5%, down from 3.9%. Rates look like they will be going lower, because the Fed is getting trememdous pressure from Trump to lower rates further. Regardless of what rates do, I will always keep at least 5% of my portfolio in cash instruments. That's not going to change. Wealthy people who keep a good portion of their assets in liquid risk-free accts are not idiots. I understand some feel they need to earn as much as they can on their assets, but others (like me) have plenty enough already where they do not need to risk all of their assets for a few dollars more.

15 hours ago, stat said:

I do not agree. My international brokerage account pays way higher interest then my German savings account. So Grumpy is right that for most people 100K in a tradional account that is accepted by BOI loses a lot of interest vs for example a 5 years US bond investment with 3.8%. Regular German account pays 1 to 2% max!

Thanks - it is obvious to me that many people here do not actually manage large amounts of money. What you are doing is what all people with money do - maximise their returns and minimise their costs (especially taxation). 

 

I once met Robert Holmes à Court in Sydney - he was a very intelligent and nice man.  I was a young upcoming businessman and he talked to me for some reason.  One thing in particular that taught me a lot in that conversion so many decades ago was - 'No on can afford cheap shoes'.  I bought a very expensive pair of Italian shoes (over $1000 today) and they lasted me for all my career - resoled twice - son now keeps them as a pair for special functions etc. After that I bought good shoes only (not that good again), but only when I could afford it - after a few years I had 5 pairs and they lasted me my career. I took the same approach with suits - and most things.  Even one of the richest men in the world knew that buying cheap shoes was expensive in the long run - that is how they think. 

PS - I backed his horse in the Melbourne Cup and it one - Black Knight.    

16 hours ago, JimGant said:

Diversified portfolios should all include some liquid, safe, low paying assets. And, of course, you're well advised to have a diversified portfolio. For some of us, we live very nicely on our monthly pension and social security checks. And what's in our investments is just gravy, meaning: we have the option to plunk all/most into risky (but potentially high rewarding returns); or to have all/most completely in risk free investments. Since I have no need to increase my investment portfolio (since most will go to nieces and nephews, 'til I can find a nice soi dog foundation) -- maintaining my investment status quo, with annual interest covering inflation, is just fine: I'll never outspend the current investment amount, so no need for any risky enhancement. 

 

So, yeah, if you need your investments to appreciate to cover your life style -- certainly having money in a savings account defeats this purpose. But for those of us comfortably rich, and not requiring any risk in our investments -- a chunk of our investments in a reasonably paying savings account is a reasonable option.

 

So, glad the wealthy friends you have prefer risk over stability. But, actually, if you're very comfortably rich -- it actually makes no real difference in which direction you go. 

Could I ask something - Why are you living in Thailand with that sort of money?? Serious question. 

Surely Singapore or Macau or somewhere like Malaysia, Portugal, Panama etc. where you can buy and own land? 

Or maybe even with that sort of money, back in your home country in an exclusive estate with all the benefits of a 1st class medical (ambulance and hospitals) and safer road system and less corrupt police and a decent unbiased Court system and not as much Xenophobia and Citizenship etc etc etc.

My wife and I would definitely not live here if we had that sort of money - we would visit a lot - probably own a villa on an island - but we would base ourselves and citizenship elsewhere for sure - and so would most Thais IMO.

Maybe I am missing something?   

1 hour ago, TroubleandGrumpy said:

Could I ask something - Why are you living in Thailand with that sort of money?? Serious question. 

Surely Singapore or Macau or somewhere like Malaysia, Portugal, Panama etc. where you can buy and own land? 

Or maybe even with that sort of money, back in your home country in an exclusive estate with all the benefits of a 1st class medical (ambulance and hospitals) and safer road system and less corrupt police and a decent unbiased Court system and not as much Xenophobia and Citizenship etc etc etc.

My wife and I would definitely not live here if we had that sort of money - we would visit a lot - probably own a villa on an island - but we would base ourselves and citizenship elsewhere for sure - and so would most Thais IMO.

Maybe I am missing something? 

Yes you are missing that people tastes and happiness differ and are uncorrelated with the number of digits printed on their bank accounts statement. A lot of rich people, foreigners and Thais alike, are enjoying living in Thailand.

 

If you're overall unhappy in Thailand why don't you base yourselves back to Oz? Is it worse than Thailand or can't you afford it?

2 hours ago, Yumthai said:

Yes you are missing that people tastes and happiness differ and are uncorrelated with the number of digits printed on their bank accounts statement. A lot of rich people, foreigners and Thais alike, are enjoying living in Thailand.

 

If you're overall unhappy in Thailand why don't you base yourselves back to Oz? Is it worse than Thailand or can't you afford it?

I don't understand why someone with less think they have a right to criticize someone with more about where they should be living or how they should manage their finances. I'm so glad I found the ignored user's button, it helps cut down on some of the negativity. I had a friend here a few years ago who was a very negative person. He was always complaining, and telling others how they should be living their lives. I finally realized his negativity was affecting my happiness, so I had to let him go. I feel sad for my ex-friend. He just wasn't a happy person. I don't want someone else's negativity in my life. Best of luck to you!

4 hours ago, TroubleandGrumpy said:

Please also understand that I am placing this post here, not just to answer you, but for others to read and to take into their decision making process about LTR.  

 

Along those lines (of your post), so to make a post for others to read and to take into their decision making process about LTR:     Please note that

 

- if one's finances are aleady appropriately structured, and if one already has excellent health insurance, the LTR is a GREAT visa. The LTR is about MORE than just taxation contrary to what some appear focussed upon.  

 

- the LTR  is no more expensive than a Type-O/OA with multiple re-entries, and it is arguably LESS expensive. It also has some great perks (no more 90-day reports, no more 1-year treks to immigration to renew one's permission to stay, no more (for some) paying an agent every year to obtain one's 1-year permission to stay).

 

- despite the LTR not being only about tax benefits, some (not all) of us may benefit from the LTR visas tax benefits.

 

- many of us on the LTR are very happy with this Visa.  

 

- I have not read of one on the LTR visa, who obtained the visa,  who is massively unhappy with the LTR visa (contary to reading about many on the Type-O and Type-OA where reading of complaints on those visas is common).  But maybe some (on LTR) will now post why they wish they were on a different visa?  Who knows? 

 

On thing for certain, I think everyone agrees, the LTR visa suits the financial position of some very well, and does not suit such of others.   This is not a one-size fits all visa.

 

The LTR visa is obviously only one of a number of Thai visas. Fortunately the Type-O is a decent visa IMHO.

7 hours ago, pablo el sueco said:

The required funds must be in a bank account and not in a credit union account

Any idea why, if so, they do reject credit union accounts?

5 hours ago, TroubleandGrumpy said:

IMO it is the health insurance and future income tax issues - which do not exist with Elite Visa or the standard 12 month Extensions.

How on earth could there be income tax issues with the LTR visa "which do not exist with Elite Visa or the standard 12 month extensions"?  The LTR visa is currently better tax wise than all the other visa and if as part of a tax reform these benefits were taken away, it would be the same as all other visa, but it would not be WORSE which is what you are implying.

15 minutes ago, K2938 said:

Any idea why, if so, they do reject credit union accounts?

 

I have been puzzling also over this.

 

My speculation is, with emphasis on speculation, is that Thai banks, Foreign Banks and Foreign credit unions have a higher standard of regulation than Thai Credit Unions, and  that funds in Thai banks, Foreign Banks and Foreign credit unions are more guaranteed, than funds in Thai credit unions.  I speculate (again) that BoI are aware of this, and figure Thai credit unions too much of a risk for a foreigner want to use for self health insurance.  Again, speculation is the operative word. And further, I am not claiming BoI are correct in their approach.

 

Rather, like you, I too am puzzling over this.

5 hours ago, JohnnyBD said:

If that is their exact wording, then we have conflicting statements from BOI. I received my email reply from BOI just a few days ago in reference to changing from insurance to self-insurance, and it clearly states in the same bank,

 

Just to be safe, I will keep my money in the same bank account if I decide to go the self-insurance route. It would be very painful if one showed up for their 5-year renewal with money in several bank accounts and then be told that is not acceptable. Best of luck to you!

 

Maybe it was just a wording mistake. It might mean for each bank account you have the money making up the 100k, the money has to have been be in each of those accounts for 12 months, that could be an explanation?

5 minutes ago, JamesPhuket10 said:

 

Maybe it was just a wording mistake. It might mean for each bank account you have the money making up the 100k, the money has to have been be in each of those accounts for 12 months, that could be an explanation?

You can go back to the previous page and read my post showing the actual letter from BOI. It was specific, the same bank.

Just now, JohnnyBD said:

You can sctoll bzck to rhe previous page and read my post showing the letter from BOI. It was specific, the same bank.

 

Well I saw that and that is why I replied, it contradicted the reply another person had got from BOI so I was trying to see what had happened, I am assuming that English is not the first language of the BOI and I was trying to find which one of their statements was correct as if we can have the money in multiple accounts then I may apply for and LTR visa.

 

I was not being argumentative. 

26 minutes ago, JamesPhuket10 said:

 

Well I saw that and that is why I replied, it contradicted the reply another person had got from BOI so I was trying to see what had happened, I am assuming that English is not the first language of the BOI and I was trying to find which one of their statements was correct as if we can have the money in multiple accounts then I may apply for and LTR visa.

 

I was not being argumentative. 

I'm not saying which one is right. I received my email this week from. BOI. You could email them yourself just make sure. Please post back after you get approval. Thank you.

I sent email address. Waiting for them to approve posting 

4 minutes ago, JohnnyBD said:

I'm not saying which one is right. I received my email this week from. BOI. You could email them yourself just make sure. Please post back after you get approved. Thank you.

 

 I have not looked up the details of an LTR visa until this point and I do not have their email address, I could look it up but instead could you please pass it on to me.

12 minutes ago, JamesPhuket10 said:

 

 I have not looked up the details of an LTR visa until this point and I do not have their email address, I could look it up but instead could you please pass it on to me.

ltr[at]boi.go.th

@JohnnyBD rather than making another post that contains an email address (and also requires approval), why not just hide the address with an [at] and all will be good?

 

The second post is also a rule-breaker as a comment on moderation.

7 minutes ago, Crossy said:

@JohnnyBD rather than making another post that contains an email address (and also requires approval), why not just hide the address with an [at] and all will be good?

 

The second post is also a rule-breaker as a comment on moderation.

Sorry. Will do next time.

6 hours ago, TroubleandGrumpy said:

My wife and I would definitely not live here if we had that sort of money

That's good to hear. So why are you wasting your time, and ours, on the LTR thread -- if you're just a tourist?

 

1 hour ago, JamesPhuket10 said:

 

 I have not looked up the details of an LTR visa until this point and I do not have their email address, I could look it up but instead could you please pass it on to me.

 

Just go to the BOI LTR webpage below and then click the "Contact" menu....a box will then popup for you to compose/send a message.

 

https://ltr.boi.go.th/

4 hours ago, JohnnyBD said:

ltr[at]boi.go.th

 

Thanks

 

 

2 hours ago, Pib said:

 

Just go to the BOI LTR webpage below and then click the "Contact" menu....a box will then popup for you to compose/send a message.

 

https://ltr.boi.go.th/

 

Thanks

 

5 hours ago, K2938 said:

Any idea why, if so, they do reject credit union accounts?

 

From the text message exchange, my two-part question was --

 

Quote

 

1.  Can the funds be deposited in a savings account at a credit union, or must it be in a savings account at a bank?

 

2.  Must the entire 100,000 USD be deposited in a single account at a single financial institution, or may it be spread among more than one financial institution?

 

 

Their response was --

 

Quote

The saving must be in a bank account, and it can be spread across multiple banks or accounts as long as the total amount exceeds the required threshold.

 

My understanding of the exchange is that the funds must be deposited in a bank and not a credit union.  I encourage you to pursue the matter further with the LTR Visa Unit and post your results here.

21 minutes ago, pablo el sueco said:

 

From the text message exchange, my two-part question was --

 

 

Their response was --

 

 

My understanding of the exchange is that the funds must be deposited in a bank and not a credit union.  I encourage you to pursue the matter further with the LTR Visa Unit and post your results here.

Hi Pablo,

I notice you said text message exchange above.

Did you contact them by phone, text or email?

Was it the BOI LTR Visa Unit?

Did you get a reply by text message or email?

 

Just wondering if you have something in writing. It doesn't affect me because my money will be in one bank account, but it may be helpful for others to know who and how to best contact them.

1 minute ago, JohnnyBD said:

Hi Pablo,

I notice you said text message exchange above.

Did you contact them by phone, text or email?

Was it the BOI LTR Visa Unit?

Did you get a reply by text message or email?

 

Just wondering if you have something in writing. It doesn't affect me because my money will be in one bank account, but it may be helpful to know how best to contact them.

Sorry for the misuse of "text message".  I contacted them by email yesterday at the email address appearing in posts in this thread in the past couple of hours.  They replied by email this morning.  I think email is the best way to contact them.

11 hours ago, TroubleandGrumpy said:

Could I ask something - Why are you living in Thailand with that sort of money?? Serious question. 

Surely Singapore or Macau or somewhere like Malaysia, Portugal, Panama etc. where you can buy and own land? 

Or maybe even with that sort of money, back in your home country in an exclusive estate with all the benefits of a 1st class medical (ambulance and hospitals) and safer road system and less corrupt police and a decent unbiased Court system and not as much Xenophobia and Citizenship etc etc etc.

My wife and I would definitely not live here if we had that sort of money - we would visit a lot - probably own a villa on an island - but we would base ourselves and citizenship elsewhere for sure - and so would most Thais IMO.

Maybe I am missing something?   

I would not like to live in a big city like SG. Malaysia has very limited villa options IMHO, not sure about Panama though. TH is  a nice country to live in,even for filthy rich people 😉 

10 hours ago, Yumthai said:

Yes you are missing that people tastes and happiness differ and are uncorrelated with the number of digits printed on their bank accounts statement. A lot of rich people, foreigners and Thais alike, are enjoying living in Thailand.

I know you feel obliged to answer, even though no one asked, but retired Expats with as large a fortune as one person claims to have, are very very unlikely to live full time in Pattaya Thailand.  Cerainly rich Thais live here because they are rich and Thai - duh. But a multi millionare ($USD) retired Expat?  That is why I asked.

10 hours ago, Yumthai said:

.... why don't you base yourselves back to Oz?

In answer to your and other's smug virtue signalling question, that really only an ignorant would ask a stranger, my Wife's Mother is very old and was very sick 2 years ago. We have no kids and all the other Sisters have family and work - so we moved back here for her to be around and look after her when needed. We will move back to Oz after she passes and/or if one of us gets a serious medical issue (cancer etc.). 

 

8 hours ago, JohnnyBD said:

I don't understand why someone with less think they have a right to criticize - bla bla bla me me me 

So I have 'less' and are not as good as you eh? Like I said - virtue signalling LTR fanatic me thinks - answer the questions instead of giving a lecture maybe. 

 

7 hours ago, oldcpu said:

Along those lines (of your post), so to make a post for others to read and to take into their decision making process about LTR:     Please note that ................ 

I agree with all those points - the LTR is a great Visa if it suits your financial arrangements (income shown in a tax return but not the actual details) and you have decent BOI approved health insurance. That only 6000 have one, means that there are issues that BOI has not addressed about their requirements.  Plus I will again repeat my concern over the issue that affects me - to prove my income means fully providing details about my personal financial information - and if Thailand moves to a global taxation system (yes, if) then I dont want Thai Govt having that information.  

 

7 hours ago, K2938 said:

How on earth could there be income tax issues with the LTR visa "which do not exist with Elite Visa or the standard 12 month extensions"? 

Read my extensive previous posts that detail why there could be income tax issues if Thailand moves to a global taxation system. 

 

5 hours ago, JimGant said:

That's good to hear. So why are you wasting your time, and ours, on the LTR thread -- if you're just a tourist?

IMO that snarky answer means your claims are false - no attempt to give any reasons or answers. 

 

I started another post on LTR which was rolled into this one and I asked questions - I was thinking of applying and have been 'talking' to BOI on and off this year - I was genuinely interested - until I saw the gotchas. 

When I decided to not proceed with the LTR application I posted that and the reasons why I made that decision. 

This resulted in being attacked and criticised and told I was wrong and just dont have enough money and was not good enough etc etc. 

Seems there are several posters here who have an LTR and refuse to believe that it is not a great Visa.

They believe that anyone speaking anything negative about it is sacrilege and they defend LTR and themselves 'vigorously'

I find it amusing and clearly some of them are 'inconsistent' in their claims - so I called them out. 

I like Thailand a lot - it has many problems and issues - but if I was a multi millionaire (in $USD) retiree I would be visiting not living here.

 

Perhaps the LTR 'bars' will be lowered again next year regarding what they will accept as evidence of 'income', and maybe they will change the ridiculous 100K USD in a bank account, and maybe they will remove the Thai scam insurance requirement (those who have global insurance are lucky - keep it). But I doubt it. 

 

Plus maybe the global taxation system will be dropped and never implemented, and even if it is implemented, maybe the LTR Visa holders will be made exempt from that income tax obligation as well as their current exemption.  But I doubt it. 

16 minutes ago, stat said:

I would not like to live in a big city like SG. Malaysia has very limited villa options IMHO, not sure about Panama though. TH is  a nice country to live in,even for filthy rich people 😉 

Filthy rich as in a multi millionaire in $USD? 

6 hours ago, TroubleandGrumpy said:

Filthy rich as in a multi millionaire in $USD? 

 

Yes.

21 minutes ago, Misty said:

 

Yes.

Yes, me too. Some people can't handle the truth.

8 hours ago, TroubleandGrumpy said:

... retired Expats with as large a fortune as one person claims to have, are very very unlikely to live full time in Pattaya Thailand.  Cerainly rich Thais live here because they are rich and Thai - duh. But a multi millionare ($USD) retired Expat?  That is why I asked.

 

 

In Pattaya, I know a few (and I live in Phuket). I know more in Phuket.  

 

A lot depends on the circle of expats in which one is acquainted and with whom one 'hangs out'.  Also, an important point, after a certain point of being well off, expats also do not go about broadcasting their amount wealth. To do so is simply dangerous as an expat.

 

Also , another factor is family.  If an expat of "more than adequate means" (or wealthy possibly per your definition of wealthy) has a Thai spouse, that is also a very big factor where they live, especially when retirement comes, and especially if they have no children.   

 

The foreign expats who I noted (who have more than adequate means) are married to a Thai spouse where the spouse is university educated, and where the spouse comes from a Thai family that is by no means poor.  

.