Thais warned against becoming foreigners’ nominees in businesses reserved for Thai nationals

[BritScot]

22 hours ago, nigelforbes said:

I did the math once. If you add up the annual financial contribution from every Westerner in Thailand, including their 800K in the bank for their visa and subtract it from GDP, if they all left tomorrow, the impact is about 3% of GDP......less than peanuts.

If you think 3% is less than peanuts you must be a very wealthy person considering the UK runs (in some calculations) 4th/5th strongest military in the world on 2% of its GDP (even have submarines with engine and aircraft carriers with aircraft) and quite often less. Tourism  and its importance in brining in foreign currency as do expats which the country desperately needs (you see this nearly every day with bogus exaggerated figures TAT produce nearly every day). There is a core in these figures of friends and family who visit the expats in Thailand.  

[nigelforbes]

33 minutes ago, BritScot said:

If you think 3% is less than peanuts you must be a very wealthy person considering the UK runs (in some calculations) 4th/5th strongest military in the world on 2% of its GDP (even have submarines with engine and aircraft carriers with aircraft) and quite often less. Tourism  and its importance in brining in foreign currency as do expats which the country desperately needs (you see this nearly every day with bogus exaggerated figures TAT produce nearly every day). There is a core in these figures of friends and family who visit the expats in Thailand.  

A few points:

 

3% of USD3.2 trill. (UK) is over six times bigger than 3% of 502 trill. (Thai), not quite the same thing!

 

Thailand's foreign currency comes mostly from exports, which represent roughly 65% of GDP, exports bills are settled in USD. International tourism represents about 11% of GDP, not much of which attracts USD. So, Baht strength is mostly reliant on exports, not tourism although Foriegn Currency Reserves are reliant on both.

 

Whilst the 200k or so western expats represent about 3% of GDP (as I recall) and is in the larger picture of things, peanuts, visits by the friends and family of those expats amounts to less than the value of the plastic bag the peanuts came in!

 

 

[nigelforbes]

2 hours ago, PCUSHING said:

Show your friend these articles -

 

https://www.nationthailand.com/thailand/economy/40021361

 

https://theaseanpost.com/article/growing-gap-between-richest-and-poorest-thais

 

https://www.aseantoday.com/2019/01/thailands-wealth-inequality-is-the-highest-in-the-world-what-does-this-mean-for-upcoming-elections/

 

In 2019 1% of Thailand owned 67% of it's wealth.

 

As for their "wealth creators", i think you mean the same families and clans, many with Chinese lineage.

Nepotism at it's finest.

 

 

Um, I asked him, he said, you didn't answer the question.

[Scott]

Baiting, bickering posts and replies reported and removed.  Continue and face a suspension.

 

[EVENKEEL]

I'm not a fan of much of Thailand's thinking but this one subject I'm fully on their side. They are doing the right thing keeping foreigners away from land ownership. Would I like to own land here? Sure... But I understand the reasoning and I agree.

[Misty]

On 1/18/2023 at 7:16 AM, EVENKEEL said:

I'm not a fan of much of Thailand's thinking but this one subject I'm fully on their side. They are doing the right thing keeping foreigners away from land ownership. Would I like to own land here? Sure... But I understand the reasoning and I agree.

I wonder if this investigation is expanding now. In one of the local newspapers today there's an article saying that the DBD is going to check "400-500" foreign businesses, most of which have Thai nominee structures and may illegally use Thai proxies. Most (but not all?) are in property and tourism. If DBD isn't satisfied with the checks, the DSI will be asked to take a look.