Making the move, but how?

[Sunny Valentine]

Hello Everybody!

I made the decision to move to Thailand (permanently or for some longer term, I will see) in the last couple month after visiting this Land for about 10 Times in the last 5 or 6 Years.

I live in Austria, where I have set up my own small company which I will close in the next couple of month. I have some funds in the Bank, plus Real Estate, and a share in another Company, which I consider to keep and collect my share of yearly profits.

All in all, I can foresee a Yearly income (combined: rental of a House, Interest, Profits) which I believe will be enough to live a good life in Thailand.

I am 47 Years now, so working, even starting a business in Thailand, is not ruled out, but it won't be top priority, at least not in the first Years. I plan to make the Move next Summer, with at least to more 4 - 6 Weeks trips before that, in order to check locations and find a condo.

What do you suggest to me in Order to get a Visa?

I heard somethng about a one Year Visa for People who have 3 Million Baht in a Thai Account. I could come up with that Figure, but given the poor Interest Rates I would rather find another option, because (apart from the unsecuruity of the future of the Baht) this would bind a lot of my free Capital, and therefore quite diminish my interest Earnings.

I think about getting a 60 Days tourist Visa, and work from there, with some Visaruns (I like to travel a lot anyway, so this does not sound too bad to me, going to Neighboring Countries every 2 or 3 Month for a couple of Days) until I turn 50, and apply for a retirement Visa with 800000 Bt in the Bank. Is this possible?

Will I be able to apply for a Work permit after I have applied for a Retirement Visa, in case I change my mind and decide I want to work again?

Taxes are also of concern: I understand that my Rental as well as Company income will be taxed in Austria - although I have to work on that with my local tax Advisor to see if that could be avoided - other than that, is there any taxation concerns in Thailand? Will I have to pay taxes?

Any comment would be highly appreciated!

Sunny Valentine

[lopburi3]

Although your tourist visa/trips would have worked in the past things seem to be changing to prevent this.  Only time will tell but I would not count on that method.

You can not work, period, on a long stay/retirement visa.  You would have to change visa class if you change your mind.

At present tax is not a problem, but, like the weather, that could change.

Believe there is, or was; a visa available for condo purchase above a certain amount so you might want to check on that.

[dr_Pat_Pong]

How old are you now ?

[Sunny Valentine]

I am 47 Years now,

Sunny Valentine

see quote; will probably have turned 48 by the time I will start staying Longtime.

[Khun ?]

Why do you not put in 2 more years of hard work and see what your status is when you turn 50. The economy is picking up. Never know what will happen in the next 2 years, what

may seem hard now may just turn out to be easy in 2 years.

Sounds like you have alot going your way already. One good

or lucky break in the next 2 years or even if you work part time after saving for the next 2 years. Better spend 2 years now than 10 or 15 years later. Do not buy, rent is fairly cheap

and you may want to move after a year or so. Having a condo with no money is also no good. It is not that easy to get your money back if you need to sale it quick.

[Sunny Valentine]

Khun?, thanks for your Suggestion. I think there is always a good reason to wait one or two more years. But, in my case, there are also lots of reasons to do it now. Be assured that I have evaluated (and still evaluate) all pros and cons, and I feel that now (next summer or so) is the best time for me.

Sunny

[tks]

Hey Sunny,

Previous advice about waiting just a bit isn't the worst thing to do.  My little two cents is...I tell people back home to not leave a good job or income to come here, at least not unless one has just a ton of money where income for years and years or decades is already saved.  The people who I know that did leave a good job/income to come here have regretted it.  Those who either came her between jobs or left bad jobs seemed to be happier.

These are huge generalization with *many* exceptions.  I know the pull of this place and the desire to come sooner than a little later is strong.  One guy in the same age range as yourself came a bit too early financially, met a girl he wants to marry, and now he has had to go back home three times so far to refresh the savings, this last time for 6 months.  He did have money in the bank beforehand as you do and a business income coming in as well.

Additionally, many things here seem to have risen in price so, at least it seems, that living here isn't as cheap as even 2-3 years ago (not talking nightlife/drinking stuff either, which isn't even worth it anymore IMHO).

If someone does have that big a bankroll, I would think there are other more foreigner friendly countries to go to with that kind of money.  Some of the anti-foreigner stuff coming from the government is hype, but when these new laws start coming down, it just doesn't look great for us.

Oh well, I know this is not what one wants to hear, but better to learn from others than go through it yourself I always say.  Someone passed on some great tips to me before I moved here so I am just passing it on for what it is worth.  

Don't mean to be a downer..so...Good luck either way!

[Khun ?]

TKS

Very good input. If Sunny is well planned he will be able to

move in time and not all at once spending more time and

keeping things alive back home as well. The worst thing

would be to make the move in such a manner as to be not adaptable to changes. Making yourself being able to move on to other interest and countries would be wise and even keeping the back home a reprieve instead of a hassle.

Happy here and Happy there is the way to go Thailand is

not the garden of Eden forever. Do not make it like eating one type of food everyday you will regret it.

[KevinN]

tks, I think that is very good advise, I remember living in Mexico about 15 years ago when the peso was adjusted,,I had friends that believed what was being said and transered large sums of money to mexican banks from US banks,great interest and great treatment, 50 or one hundred thoudand dollars in a mex bank and you couldn't spend the interest,,went to bed one nite a rich man and woke up the next morning and didn't have enough money to buy a cup of coffee after devaluation of the peso,so now they have houses that they can't give away,and only own the house,not the land it sets on.

[Sunny Valentine]

First, let me say thanks to all for the input.

Lots of good advice, arguments, important thoughts.

Let me just get some things straight:

I am 47 years now, still plan to make a move preferrably middle of next Year. Right now I sort out my business, will sign a 10 Year contract of rental for the house, set up a deal with my business partners for payment on the share of the business.

In case most of these things clear up in more or less the way I see it, then I will have:

* About three to four hundred thousand Dollars cash.

* About 1800 euros monthy income from the rent and the business, after taxes in Austria.

The House, worth about 300000 Dollar.

I am a person who wants a change right now, and needs a longer rest period, but not forever, I have no reason to think that I cannot find some work in Thailand, maybe not to finance a great expat retiree liefestyle, but a decent one.

For now, the next couple of years, I see no good reason other than extreme catastrophies (which can hit you and me everyday, everywhere) not to keep the flow of 1800 euros a month. An amount which I believe should be sufficient for a good life in Thailand; and - no, I won't attend the Gogos every other night!

In the meantime, I could expect my cash capital to grow on average 5 or 6% a year, without any bigger risks.

After some years, maybe one or 2 or 3, I could consider starting some work, opening a business, or whatsoever, to augment my safings, or to compensate from a possible shortfall from the income, which I beleive is rather unlikely in the first years (by no means impossible!), but the chances of a default in the rental or company income might raise over the years.

If everything goes just perfect, I could be in a situation in 10 Years from now as follows:

Best case: I have 700000 to 800000 Dollar Cash (doubled, which would me Average return 7% p.A.), still income from the rental and the company, and I could retire, as I could then live on the interest, until my pension (not high, I could expect 600 - 700 Dollar) kicks in when I am 65.

A sale of the house by this time would further increase my capital.

Worst case: I am broke after two years, because I lost my money on some girls and dodgy beer bar investments, bought the wrong Securities which rocketed to zero right after I bought them, my company would file bancrupcy a year after I left, and the house burned down, a day after I forgot to pay the fire ensurance.

 

Well, I do not believe that the worst case would happen, also, similar things could happen to me at home as well.

So, it all comes down to: Do I want to take a chance? Yes, I do.

And: Do I want to do it now? Yes, there are personal reasons as well as Job related ones.

So, again comes the question:

Should I pay in 3 000 000 Baht into an account in Thailand in Order to get a Visa for the first two years, and then either apply for a retirement Visa, or try to get a work permit?

Or should I buy a Condo for 3 Million Baht (I understand from another post in this Forum, that this is also an Option)?

How about investing 3 000 000 Baht in Thai Stocks, held in a Thai Brokerage Account? Does this Qualify? Or are there other Thai Securities (Bonds) that give you a higher interest than the one percent I heard of, which would be accepted?

For the Condo: Would it be possible to buy 2 Condos for a total of 3 000 000 Baht and then renting one?

Or how about buying a condo for 2000000 and leaving 1000000 in the Bank?

Sunny