Have I Missed the Boat ?

[Ben Zioner]

13 hours ago, lolex said:

Now I could sell up in Australia...raise around B9m and get a pension of about B40,000 per month. But if I live another 15 years the capital might not last long enough to leave some money to my daughter

Honestly OP, with these numbers,  i'm afraid there  never was any boat to be  missed. Move  to Armidale, get your family over and enjoy the rest of your life under Medicare. 

 

I am always staggered by the extent to which geezers underestimate the rate at which healthcare costs increase as one ages. Simply do not come to Thailand with a proper western style health cover, in OP's case this is only available in Australia. Remember he is 72.

Edited September 10, 2023 by Ben Zioner

[simple1]

OP: If you are able to live at partners place rent free, then IMO 40K per month is enough for reasonable standard of day to day living. I assuume at your age you have no desire to out to bars and so on on a regular basis. I understand foreigners living in Thailand on a marriage visa do not need medical insurance. At your age I would would recommend you make a Living Will (do not resuscitate) if you have a heart attack / stroke so money left available for wife/daughter. Last, but not least, make sure partner and daughter are comfortable for you to live with them - probably a good idea to visit Thailand for 2/3 months before making final decision.

[brianthainess]

So at 72 how much a month do you send your wife and child?

[4MyEgo]

14 hours ago, lolex said:

Now I could sell up in Australia...raise around B9m and get a pension of about B40,000 per month.

Have a listen to this video, as you may not be aware that there is a thing called Deeming, if you decide not to sell up, then there is the Capital Gains Tax situation for Non-Residents you would have to consider.

 

You can find out information on that on the ATO's website.

 

https://www.servicesaustralia.gov.au/deeming?context=22526

 

[metisdead]

Some insulting and unhelpful posts in violation of our Community Standards have been removed.

[spidermike007]

Just make the move. How much longer can you work? 

 

Don't worry about having enough to leave money for your daughter. Maybe you can, maybe you can't. She will survive. 

 

Self insure here. Medical costs are reasonable. Avoid the insurance mafia. They are slugs and will suck you dry. The cost of living is reasonable in a smaller town. Don't consider Bangkok. 

 

A retirement visa is still an option. Doubt that will change much. 

Edited September 10, 2023 by spidermike007

[BE88]

11 hours ago, simon43 said:

Or just live in Laos on the other side of the Friendship Bridge.  A 'retirement' visa costs $750 a year through an agent, no medical insurance or money in the bank required.

Thanks for the information, in the near future if the O visa leads to an increase in demands in financial terms, looking beyond the friendship bridge will become interesting for many.

[n00dle]

12 hours ago, DrJack54 said:

From one of my previous posts..

"At best you could live ongoing on extensions based on marriage which requires 400k in bank for only 2 months" 

 

So I have posted easy option.

If you cannot read into the OP his main concern is not family.

 

Again read from OP "WE HAVE NEVER LIVED TOGETHER" ????

 

Again, good doctor,  It is not for me to judge the ops situation. I pretend to no moral authority and entertain no sense of smug righteousness. Unlike yourself, it seems.

 

Nor do I claim knowledge of the ops interaction with the mother and daughter over the years, other than he does seem to have remained in contact and even visited.

 

Despite your moralistic squeals it would seem the abandonment you imagine was not total.

[n00dle]

2 hours ago, brianthainess said:

So at 72 how much a month do you send your wife and child?

Yet again you ask inappropriate and frankly bloody nosy questions.  

Edited September 10, 2023 by n00dle

[El Matador]

What worries me is time is against you.

Inflation will probably be higher than your pension rise as South Asian economies are catching up with China and the rest of the world.

40k for a familly is really not much and I can't imagine in 2030.

 

I would work and save for as long as your health allows you to do it while keeping your Australian healthcare. The family visa should be ok for regular visits and I don't see it becoming very expensive to maintain in the future as the spirit of those visas in any country is to make family life easier (retirement visas on the other hand will be harder without a doubt). What will be key is how you reinvest the money from your house. Having 5/6% on that money without touching the capital would add up a lot to your pension and could pay for some insurance while giving you some leverage against inflation. 

You can sell and rent a minimal accomodation while you still work. By doing that, you can save extra money while preparing a good end of life plan.

[brianthainess]

2 hours ago, n00dle said:

Yet again you ask inappropriate and frankly bloody nosy questions.  

It's not your OP and I don't consider it an inappropriate question, it is all relevant, ''to have I missed the boat''  IMO as to whether he can afford to live here or not on his pension. 

 

[JoseThailand]

20 hours ago, bignok said:

Cambodia has a $300 a year visa. No other hassles. Live in Siem Reap and fly to Thailand every 2nd month. Thais can visit Cambodia easy.

 

Not $300 anymore. Now it's around $600, as they require more papers, work permit, employment letter etc.

[bignok]

9 minutes ago, JoseThailand said:

Not $300 anymore. Now it's around $600, as they require more papers, work permit, employment letter etc.

Work permit for a retirement visa?

[brianthainess]

6 hours ago, 4MyEgo said:

Have a listen to this video, as you may not be aware that there is a thing called Deeming, if you decide not to sell up, then there is the Capital Gains Tax situation for Non-Residents you would have to consider.

 

You can find out information on that on the ATO's website.

 

https://www.servicesaustralia.gov.au/deeming?context=22526

 

While I don't dispute this, I sold my house in OZ, put the money in my bank, have moved most of it here and never had to pay any capital gains tax. No money was owed on it.

[John Drake]

Some people seem to be working themselves into a heart attack by worrying so much about health insurance.

[lolex]

Thanks a lot.... a good range of opinions.... and food for thought.

 

A few points prompted by some replies....

 

* I am in daily contact with "wife and daughter via Line. I spend 5 mins to an hour on the video calls with my daughter every day.

 

* I don't draw an Ozzie pension yet... I work in a Call Centre for my sins and earn a fair wage.

 

* I don't worry about dieing. Every night I lose total consciousness... about the same thing I think.... except no waking up if you die.

 

* Government regulations changing all the time worry me as much as anything else... lack of certainty.

 

Thanks for your replies !

Edited September 10, 2023 by lolex

[BritManToo]

9 hours ago, Hummin said:

Live everyday like you would live forever, I'm confident and positive that will give you a lot more pleasure than living like everyday is the last? 

 

Just a positive outlook helps

I'm with Marx on this one ......

"I, not events, have the power to make me happy or unhappy today. I can choose which it shall be. Yesterday is dead, tomorrow hasn't arrived yet. I have just one day, today, and I'm going to be happy in it."

[zzzzz]

ignore all the naysavers
9 million is apx $265,000>  how many here have that much ?
At 72 years old
OK, take 1 million out and put in a thai bank and you  qualify for the retirement NON o and extension 
Leaves ya with $228,000 in bank back home earning what 4% conservatively?
$9,000/year 319,000 baht 26,600/month PLUS ur 40,000 pension 
One can EASILY live on 66,600 baht/month!!!
self insurance and dam the ones that say  NOOOOOOO

wont make comment on ur family as its your choice 

You HAVE not missed any boat
 

[zzzzz]

2 hours ago, JoseThailand said:

Not $300 anymore. Now it's around $600, as they require more papers, work permit, employment letter etc.

BS its  actually ONLY $185 if you do it direct and an agent its $275-300/year!!
there is no more paperwork for an ER extension now than there was 20 years ago
he's 72  doesn't need a EB ( work extension ) as not planning on working

[patman30]

23 hours ago, lolex said:

B9m and get a pension of about B40,000 per month

IGNORE all the ????s saying it's not enough, you are poor(er than them)
my wife and i never spend 40k in a month on living expenses
last year i sold all my condos, sold my nice big pool villa
i purchased 7 Rai of land for 3m baht (you wont need 7 rai, 1 rai should be plenty as you are too old to care for it)
i built a house for 1m baht (i dont advise this though lol)
i spent 1m baht on getting a well with tower, landscaping and solar (only solar need be)
we have no bills, and we grow food and have chooks and only expect to have more and more food and animals as time goes by
9m Baht is a great start, buy a house with a decent size garden, get solar installed even if only for daytime
give the 40k/month to the wife and she will make sure all is taken care of
and start looking after your health
 

[Hummin]

13 minutes ago, patman30 said:

IGNORE all the ????s saying it's not enough, you are poor(er than them)
my wife and i never spend 40k in a month on living expenses
last year i sold all my condos, sold my nice big pool villa
i purchased 7 Rai of land for 3m baht (you wont need 7 rai, 1 rai should be plenty as you are too old to care for it)
i built a house for 1m baht (i dont advise this though lol)
i spent 1m baht on getting a well with tower, landscaping and solar (only solar need be)
we have no bills, and we grow food and have chooks and only expect to have more and more food and animals as time goes by
9m Baht is a great start, buy a house with a decent size garden, get solar installed even if only for daytime
give the 40k/month to the wife and she will make sure all is taken care of
and start looking after your health
 

That's a lot of investments if he have to start all over again for some reasons! 

 

 

[DrJack54]

6 minutes ago, Hummin said:

That's a lot of investments if he have to start all over again for some reasons! 

 

 

Perhaps the OP can sell ALL his Condos and his BIG Pool villa. 

Buy some land (in wife name) along with some solar panels and hens. 

[Hummin]

15 minutes ago, DrJack54 said:

Perhaps the OP can sell ALL his Condos and his BIG Pool villa. 

Buy some land (in wife name) along with some solar panels and hens. 

Good idea ???? 

[DrJack54]

2 hours ago, lolex said:

I am in daily contact with "wife and daughter via Line. I spend 5 mins to an hour on the video calls with my daughter every day.

You haven't mentioned how often you visit Thailand.

BTW: if you sell up your assets in Oz better option than banks etc is to place those funds into your super fund.

You can make your own contributions up to $100k aud per calendar year and can consolidate that into 300k in one year then nothing for following 2 years.

 

You also did not mention if wife has any land.

You can build modest house for 1 million baht..

That would be option rather than lock all funds into Super. 

Edited September 10, 2023 by DrJack54

[xtrnuno41]

I would first see IF you can get into Thailand for the rest of your life.

Once was thinking about elite visa (if I was to settle over there), but that one is now completely out of the question, due to the enormous raise, on membership.

 

Probably the ones answering are already in Thailand and have probably other (old) rules on extensions and dont have to start the process.

As some reading about visa made me already dizzy. And it looks like a health insurance is a real must for a visa.

So if you are 72 , can you find one and/or when will they kick you out then?

IF you are kicked out, you dont comply anymore (new way) to demands of visa and therefor you are kicked out of Thailand, leaving you in the middle of nowhere. 

If health insurances do so, you miss demand (new way) for visum, then leaving Thailand is a fact as well.

 

I was reading about visa and they even "kick" you out country to get appropriatie visum in embassy somewhere else.

If you were married, you could do a change in visum in Savannakhet, as they dont ask for 400 kbaht on a bankaccount?! Weird.

Also was said :

"Much like immigration offices in Thailand, the different embassies in places such as Penang, Hong Kong, Laos, Cambodia etc. all interpret the rules a little differently."

 

Non -o in Thailand, Siam legal: 

Other documents that may be required to be presented:*

Police Clearance

Medical Certificate

Health Insurance

* These are not usually required if the visa application is submitted inside Thailand, though there are rare cases, however, when an official from the Thai embassy or consulate may ask for them before issuance of the visa.

 

So wait for interpretation of rules, which are variable. Ill bet they will come up with it.

Is it wise to make Thailand your homeland? Im not sure anymore and im some younger. They somehow crashed my plans.

 

Also opening a bank account in Thailand, can you do it?

Many people have problems with it, others seem to be able to open even on a tourist visum. BUT you need an account, for your money, and a side one for visum demand. Better never to be touched again and only for visum.

800 kbaht for retirement, 400 kbaht for mariage. Of course there can be a mix, money and pension, of showing total amount. You could do the 40 kbaht on income when married, it would be just enough. So congratulations, you are going to get married.

BUT keep that money (400 kbaht, well all money) away from wife then.

Not long ago there was a Britt, who lost that money, his wife took it, leaving him in problems with visum and he was married long (26 years) time with Thai woman.

If the story was true. But when it comes to money, weird things (can) happen.

Dont think, it will not happen to me.

 

"Enter as a Tourist and Apply for the Non-Immigrant O Visa and Extension in Thailand:

The foreigner on a visa exemption stamp or a tourist visa can still apply for a retirement visa given that the foreigner has already met the requirements for the non-immigrant O visa and for the one year extension visa applications. This can be done at the immigration office in Thailand."

 

And there we are again, you need bank account and prior to application, money on it for 2 months.

Tourist visum, banks say no?! Then how? Switching to NON-o for 3 months and then bank account possible?

Not better to stay in Oz and move to Thailand for long (6 months) holidays?

 

Just ignore the people about how you should be a father and shame you.

There are fathers/mothers letting their children fry in a car, as they even dont think about their children, while having them close.

Enjoy as long as you can from time with family.

 

 

 

 

 

 

 

 

[DrJack54]

50 minutes ago, xtrnuno41 said:

Enjoy as long as you can from time with family.

Ridiculous rant with too much Misinformation to correct.

Edited September 10, 2023 by DrJack54

[xtrnuno41]

2 hours ago, DrJack54 said:

Ridiculous rant with too much Misinformation to correct.

And how long is a Chinese

[JimTripper]

If it were me I would just move to Thailand, live on the 40k, and not sell the property on oz (or rent it out via a property manager), and put 800k in for the retirement visa.

 

If there is a medical emergency just tap the retirement funds for payment, get care in Thailand, and return to oz if needed to the property you have.

 

I would not sell the property. At 72 you may need to move back and you will be stuck if something weird happens and not have a place. At 72 it’s going to be hard to buy another place.

 

Early wills don’t work for most people. Most run out of money. That’s “life”. Why not leave the house in oz to the daughter?

Edited September 10, 2023 by JimTripper

[Artisi]

8 hours ago, Hummin said:

Good idea ???? 

Not ????

Edited September 10, 2023 by Artisi

[Expat68]

On 9/9/2023 at 7:06 PM, Eff1n2ret said:

I agree that health insurance will be very expensive and keeping a fund to pay for your healthcare is the way to go. However, I don't understand what you mean by "will they chuck you out if...". There is no immigration requirement to keep B1m for "self-insurance". The requirements are 800k for retirement purposes or 400k for marriage. If you can't maintain those amounts then you are liable to be refused an extension when you next apply. 40k a month is not much to keep a wife and child on and have any sort of lifestyle, unless your wife is contributing.

Diversing a little, I have had health insurance (do not need it for my visa) from before I was 60 with Bupa Thailand, they were were taken over by Aetna, same schedule number, policy just carried on, I have reached 70 and this week a letter saying they will no longer insure me?? Not Aetna but Allianz Ayudha.