Can I Retire In Pattaya

[Patrick66]

Okay, I am a 44 year old US citizen. By July 2012 I want to retire in Thailand (Pattaya). Currently, I have 400k USD in savings and by the time my target date comes around I will have enough to buy a nice condo in Pattaya with 400k still in savings. Current US bank interest rates are only 2% but shoud rise soon.. My question to those who are living, or have lived in Pattaya, is... Is 400k enough to retire on and still live a comfortable lifestyl?. That mens eating mostly Thai food and maybe going out on the town 3 or 4 times a month, buying a scooter, two visits to US each year, and staying single with no dependents. I will not be able to collect retirement until I am 65, about 20 years out. My 401K will rollover into an IRA... Any suggestions?

Respectfully,

Patrick

[Jingthing]

As someone who is doing something rather similar, I'd say you're a marginal case. What do you estimate your life expectancy to be based on your health and family history? Sounds morbid but it's relevant. Also, you do realize you need to be 50 years of age to get a retirement visa in Thailand.

[maprao]

You need to scan the forums here and you will get lots of info. 400k wisely ivested will be more than enough. I am not sure about the 2 trips every year back to the USA though.

Search the forum for the types of visa available with info on age, financial requirements and other criteria start your search here thaivisa.com and then look at the visa part.

Try and invest and leave most your money outside Thailand unless you go for Investment visa.

[JomtienEats]

A few points to consider -I'd expect the cost of living in Thailand to continue rising in US Dollar terms. Partly because of inflation, but also because of the competitive devaluation of western currencies. I'd keep that in mind when making your plans.

Cash is the new risky investment - you sound focussed on the interest rate on savings accounts but I hope you'll be more diversified than that. Equities are safer and have more potential for return in the current climate IMHO.

You'll need to be aged 50+ to get a retirement visa. Potentially you could do a 5 or 6 year ED visa until then . . I guess you'll want to learn the language if you'll be spending the rest of your life here?

[sotsira]

If you use your 400K USD to live on for the next 20 years you will not be able to assume it will rollover in to your IRA.

The 400K capital will average out at 50,000bt per month for 20 years, thats just about break even point when you

estimate inflation over 20 years, and thats only if you do as you say and stay single without over elaborate lifestyle.

If you do buy a condo to live instead of rental expenses then you really have to still have the 400K clear for capital

after your purchase of any condo.

If you do have to rent then 50000bt may not be enough.

Also if you do spend the 400K over the next 20 years, will your pension be sufficient for you to continue to live on after

your 65.

What you need to do is find a way to use the 400K capital to return an income of min 5% per year that would give you

20,000usd or 600,000bt = 50,000bt per month. So 5% or more is what you need as a min return.

[chops]

Only a fool would have their money in US Dollars. The dollar will be debased substantially in the coming years.

You will blow it in a decade and then end up in a bitter old man.

[Jingthing]

Of course he can roll over his 401K into an IRA and that's what should be done after leaving the final job. With the IRA of course you can't take funds out until age 59.5 without incurring a penalty. There is a complicated way of doing that before that age, detailed here, but it seems most people need professional help to get this right --

http://www.retireearlyhomepage.com/wdraw59.html

The OP didn't say what percentage of his funds will be liquid (outside IRA) vs. non-liquid in IRA. Depending on that, using one of the "72(t) exception" options detailed in the link may be critical to his cash flow until age 59.5. I agree he is way too young to rely on interest bearing options, needs to be much more aggressive. Also not told, how much money to be spent on the condo.

Don't forget inflation and currency risk and Medicare can't be used in Thailand.

My initial take stands, I think he's probably too young to do this with those funds without a high risk of failure, except if he has reason to expect a less than average life expectancy. The success or failure will also largely be determined by the investment performance of the pot of cash in the EARLIER years of retirement, a pot that will be subject to annual withdrawals for living.

I also think expecting an education visa to last six years is a bit optimistic. Immigration policies change, and an officer 3 years down the line may decide he's studied long enough.

Another point. Even retirement extensions aren't exactly lifetime security to live in Thailand. They are permission for one year. Some might question the wisdom of foreigners buying condos in Thailand, period, but based on the 3 month extensions you get using ED visas, they might question that even harder. Buying a home in a country which doesn't really guarantee you can LIVE in that home. It's risky and real estate is not liquid.

And another. Assuming the OP is still here at 50, then he would be using the banked method to qualify. Currently that means tying up over 30K USD every year for 3 months so it's really 30K plus three months living expenses. By the time the OP is 50, nobody here can know how much that requirement will be in dollars. I don't think it would shock anyone if it was over 50K USD by that time.

Investment visa not realistic for the OP based on what he stated.

Also keep in mind, it is typical that a man who "drops out" at 44 and comes back home a failed retiree at 54 would be unemployable.

There are a few other countries he could retire to right now with that cash and not have to play games playing the older student ...

That said, I reckon the OP is probably going to do this anyway! So, welcome to the club.

Edited April 11, 2011 by Jingthing

[LeCharivari]

Simple answer: NO.

If you've only got $400,000 now then unless you've made it all very recently one year's savings won't buy you a "nice condo", for starters. If you have made it all recently then you would be unwise not to carry on saving the big bucks for a couple more years.

If your plan is "eating mostly Thai food and maybe going out on the town 3 or 4 times a month, buying a scooter, two visits to US each year, and staying single with no dependents" then what are you going to do the rest of the time? Stay in your one room condo all day looking at cable TV and notching up a few thousand posts here? Go to the beach and look at what you can't afford? Go to the food courts and wander round the shopping malls? That may be fine for the geriatrics, but that's surviving, not living. Sorry, but doing nothing, particularly in Pattaya, costs money.

[Jingthing]

Also I assume you would be looking forward to social security pension at age 65. I assume you have enough work credits to be eligible but depending on your exact earnings, it's probable the level of your check will be low due to all the zero earnings years.

I am not going so far as to say No, but I do think the plan has a high risk of failure. That's doesn't mean it will fail though. Ironically, the best chance of it working is taking rather high risks with your money and if those investments do well in the early years of your early retirement, it will probably work. If you stick it in safe low interest accounts, you really don't have enough. You are too young to safely be too conservative with investments. Being super conservative like that is best suited to much older people with healthy pensions and little need to grow their money for much longer. That isn't you.

Some of those lifestyle issues are also relevant. Do you plan on buying a small condo? I think that could be maddening and better suited to sunbirds than full time residents. Also keep in mind that many people who thought they will come over here and eat cheap Thai street food everyday can be found at the French restaurants here or a Villa buying 9 dollar jars of peanut butter. Cheap Thai food everyday gets really tired for most expats, and indeed many Thais. Your imagined expat self and the real one are likely not very related.

Also of course two visits to the US annually is an expensive thing to do. It is quite a bit harder to get good airfares in Thailand going to the US than the US going to Thailand for some weird reason. Airline travel is likely to get much more expensive in the future as well.

Edited April 11, 2011 by Jingthing

[ronz28]

By the time you are ready for social security, the retirement age might be 75 with a requirement of 100 work credits vs. 40 credits or some new requirement or means testing. Expect the unexpected to happen. As long as millionaires continue paying lower effective tax rates than you, due to loopholes they qualify for and you don't, the government will have to take back its promises of age 65 retirement, medicare you paid for, etc. ... just to prevent hyperinflation. Maybe getting your investments right would make it work, but it won't be easy.

[Tiger7Moth]

Move to Thailand, transfer your $400K into Thai baht. Live here for two years, learn you lessons. Since the US $ is going down the tubes - in two years, convert your baht back into $ and return to the US. You will be much wiser and your profit on currency conversion will cover your costs for having been here for 2 years.

[gguy]

Go for it. The worst that can happen is if you run out of money, you can go home and get a job.

Don't wait until you are an old man.

[craigt3365]

If you use your 400K USD to live on for the next 20 years you will not be able to assume it will rollover in to your IRA.

The 400K capital will average out at 50,000bt per month for 20 years, thats just about break even point when you

estimate inflation over 20 years, and thats only if you do as you say and stay single without over elaborate lifestyle.

If you do buy a condo to live instead of rental expenses then you really have to still have the 400K clear for capital

after your purchase of any condo.

If you do have to rent then 50000bt may not be enough.

Also if you do spend the 400K over the next 20 years, will your pension be sufficient for you to continue to live on after

your 65.

What you need to do is find a way to use the 400K capital to return an income of min 5% per year that would give you

20,000usd or 600,000bt = 50,000bt per month. So 5% or more is what you need as a min return.

You've left out taxes. And there's no guarantee he can get 5%. Especially if invested in the stock market. It's great now, but not so great a few years ago when most lost money there...or bailed out and let it sit in accounts earning very little. Not everybody is good with finances...even he admits interest rates are only 2%.

Go for it. The worst that can happen is if you run out of money, you can go home and get a job.

Don't wait until you are an old man.

Problem is, the older you get, the harder it is to get a job. I retired in my mid 40's. 9 years later have briefly contemplated going back to my old line of work...but have found out there is no way that will happen. Luckily, I don't have to. But that door is closed.

IMHO, you don't have enough unless you are really, really good with finances. And since you only have 400k, and mention 2% interest rates, sorry to say, this is probably not the case.

Work a few more years in the US and save, save, save. Or come over here and teach English and rent a cheap apartment. You don't make much as a teacher, but it helps with the bills and would allow you to live here. A big plus would be to get a teaching degree before you left the US. You would be able to earn much more money here with some good credentials.

It's really easy to spend money here...especially if you have nothing to do all day.

[fredob43]

If you use your 400K USD to live on for the next 20 years you will not be able to assume it will rollover in to your IRA.

The 400K capital will average out at 50,000bt per month for 20 years, thats just about break even point when you

estimate inflation over 20 years, and thats only if you do as you say and stay single without over elaborate lifestyle.

If you do buy a condo to live instead of rental expenses then you really have to still have the 400K clear for capital

after your purchase of any condo.

If you do have to rent then 50000bt may not be enough.

Also if you do spend the 400K over the next 20 years, will your pension be sufficient for you to continue to live on after

your 65.

What you need to do is find a way to use the 400K capital to return an income of min 5% per year that would give you

20,000usd or 600,000bt = 50,000bt per month. So 5% or more is what you need as a min return.

You've left out taxes. And there's no guarantee he can get 5%. Especially if invested in the stock market. It's great now, but not so great a few years ago when most lost money there...or bailed out and let it sit in accounts earning very little. Not everybody is good with finances...even he admits interest rates are only 2%.

Go for it. The worst that can happen is if you run out of money, you can go home and get a job.

Don't wait until you are an old man.

Problem is, the older you get, the harder it is to get a job. I retired in my mid 40's. 9 years later have briefly contemplated going back to my old line of work...but have found out there is no way that will happen. Luckily, I don't have to. But that door is closed.

IMHO, you don't have enough unless you are really, really good with finances. And since you only have 400k, and mention 2% interest rates, sorry to say, this is probably not the case.

Work a few more years in the US and save, save, save. Or come over here and teach English and rent a cheap apartment. You don't make much as a teacher, but it helps with the bills and would allow you to live here. A big plus would be to get a teaching degree before you left the US. You would be able to earn much more money here with some good credentials.

It's really easy to spend money here...especially if you have nothing to do all day.

To give you an idea I dont live in Pattaya. My cost's other than fuel/electric are about 20% less IE 50bt for a large Leo in bar, I have a house so no rent, car/paid for, expences Tax/Ins: I have not included. Dont go out much twice a week, cook at home, leave the Girl's alone. And I cant make it on 45,000bt a month. Thailand's not cheap any more.

[craigt3365]

To give you an idea I dont live in Pattaya. My cost's other than fuel/electric are about 20% less IE 50bt for a large Leo in bar, I have a house so no rent, car/paid for, expences Tax/Ins: I have not included. Dont go out much twice a week, cook at home, leave the Girl's alone. And I cant make it on 45,000bt a month. Thailand's not cheap any more.

There's dozens of threads here in TV regarding how much do you need to live here. As we all know, it varies widely. Where you live, how you live, kids, health, etc...all play a major part.

You can live here on 8000B/month if you want to live Thai style. I know as my relatives are doing just that. I have many friends here who spent 200-400k Baht/month. We average about 90k or so...depending on our travels.

One rub...healthcare. As long as nothing happens, you are OK...if something does...there goes a good part of your nest egg....

For sure, Thailand ain't as cheap as it use to be!

[fredob43]

To give you an idea I dont live in Pattaya. My cost's other than fuel/electric are about 20% less IE 50bt for a large Leo in bar, I have a house so no rent, car/paid for, expences Tax/Ins: I have not included. Dont go out much twice a week, cook at home, leave the Girl's alone. And I cant make it on 45,000bt a month. Thailand's not cheap any more.

There's dozens of threads here in TV regarding how much do you need to live here. As we all know, it varies widely. Where you live, how you live, kids, health, etc...all play a major part.

You can live here on 8000B/month if you want to live Thai style. I know as my relatives are doing just that. I have many friends here who spent 200-400k Baht/month. We average about 90k or so...depending on our travels.

One rub...healthcare. As long as nothing happens, you are OK...if something does...there goes a good part of your nest egg....

For sure, Thailand ain't as cheap as it use to be!

I didnt include my travel's as the op said he wasn't doing any. But if I include that another 20k+ a month. Last time I was in Pattaya, "8 day's" a month ago, I made a big dent in 40k. Edited April 12, 2011 by fredob43

[PhilHarries]

A few points to consider -I'd expect the cost of living in Thailand to continue rising in US Dollar terms. Partly because of inflation, but also because of the competitive devaluation of western currencies. I'd keep that in mind when making your plans.

Yep, that's the sucker punch that many people forget or just ignore because they don't want to hear the bad news. Last year I sat down and analysed my situation, added up my assets, worked out my monthly outgoings and divided one by the other. Got the great news that my money will last me 20 years before factoring in the pension, indefinately when I do. But then factor in inflation, 5% brings the figures down to 13 and 25 years respectively, 10% and it's 10 and 16.

So make sure you build in a healthy allowance for that demon as you don't want to be stuck in Thailand in 10 years time another penniless basket case on visa overstay.

Don't take too much notice of these doom brains predicting the demise of any particular currency. I've been reading such predictions for 20 years and, apart from a few blips along the way, things haven't changed that much. These people like to sound like they're such economic experts but just ask yourself "why are they wasting their time on an informal internet forum instead of making their fortune in the big world?". The answer is obvious.

[chops]

If you use your 400K USD to live on for the next 20 years you will not be able to assume it will rollover in to your IRA.

The 400K capital will average out at 50,000bt per month for 20 years, thats just about break even point when you

estimate inflation over 20 years, and thats only if you do as you say and stay single without over elaborate lifestyle.

If you do buy a condo to live instead of rental expenses then you really have to still have the 400K clear for capital

after your purchase of any condo.

If you do have to rent then 50000bt may not be enough.

Also if you do spend the 400K over the next 20 years, will your pension be sufficient for you to continue to live on after

your 65.

What you need to do is find a way to use the 400K capital to return an income of min 5% per year that would give you

20,000usd or 600,000bt = 50,000bt per month. So 5% or more is what you need as a min return.

You've left out taxes. And there's no guarantee he can get 5%. Especially if invested in the stock market. It's great now, but not so great a few years ago when most lost money there...or bailed out and let it sit in accounts earning very little. Not everybody is good with finances...even he admits interest rates are only 2%.

Go for it. The worst that can happen is if you run out of money, you can go home and get a job.

Don't wait until you are an old man.

Problem is, the older you get, the harder it is to get a job. I retired in my mid 40's. 9 years later have briefly contemplated going back to my old line of work...but have found out there is no way that will happen. Luckily, I don't have to. But that door is closed.

IMHO, you don't have enough unless you are really, really good with finances. And since you only have 400k, and mention 2% interest rates, sorry to say, this is probably not the case.

Work a few more years in the US and save, save, save. Or come over here and teach English and rent a cheap apartment. You don't make much as a teacher, but it helps with the bills and would allow you to live here. A big plus would be to get a teaching degree before you left the US. You would be able to earn much more money here with some good credentials.

It's really easy to spend money here...especially if you have nothing to do all day.

To give you an idea I dont live in Pattaya. My cost's other than fuel/electric are about 20% less IE 50bt for a large Leo in bar, I have a house so no rent, car/paid for, expences Tax/Ins: I have not included. Dont go out much twice a week, cook at home, leave the Girl's alone. And I cant make it on 45,000bt a month. Thailand's not cheap any more.

It's inflation that's killing us. Not only do I get less baht for my dollars, the prices for everything keeps going up. Especially booze.

On a positive note, I just got back from eating at a food stall. Total cost was 25 baht. Okay but wouldn't want to eat that stuff everyday. So you can still live here cheap but not that well anymore on 45k.

[Patrick66]

Thanks to all who have replied!! You have given me much to consider. My current job provides me an income of 130-150k a year. I have 0 debt, but no assets other than cash, 401K(100k), and future inheritance..... I will be able to continue in my current position as long as we (US) are in Afghanistan, but getting very tired of working in hostile environments. In the US my income is 60k. I never figure social security into retirement, as it will be history by 2016. Sad thing is, I no longer want to return to the USA and work paycheck to paycheck. My goal is to retire early outside the US, and Thailand has been the best place I have seen to date.... Philippines is too poor.... Central America too expensive..

I have heard that teaching English is a good option, but my degree is in business management. If I do go back to school, I was considering an RN degree. Anyone know if there is a need for RNs in Thailand;-)

Again, thanks to all who have posted a reply. I am impressed that the replies have been so helpful and civil... You are a good group!!!!

Cheers,

Patrick

[craigt3365]

Thanks to all who have replied!! You have given me much to consider. My current job provides me an income of 130-150k a year. I have 0 debt, but no assets other than cash, 401K(100k), and future inheritance..... I will be able to continue in my current position as long as we (US) are in Afghanistan, but getting very tired of working in hostile environments. In the US my income is 60k. I never figure social security into retirement, as it will be history by 2016. Sad thing is, I no longer want to return to the USA and work paycheck to paycheck. My goal is to retire early outside the US, and Thailand has been the best place I have seen to date.... Philippines is too poor.... Central America too expensive..

I have heard that teaching English is a good option, but my degree is in business management. If I do go back to school, I was considering an RN degree. Anyone know if there is a need for RNs in Thailand;-)

Again, thanks to all who have posted a reply. I am impressed that the replies have been so helpful and civil... You are a good group!!!!

Cheers,

Patrick

I have a friend who just transferred out of Iraq. He just couldn't take it. Tough places to be right now....

You mentioned 2 things that could have a big impact. Your 401k and your inheritance. Invest that 401k properly and it could be double or triple by the time you need it. Depends on how good and lucky you (we!) are. If you have a substantial inheritance, you might not have anything to worry about!

I also looked at the PI and Central America...as well as S. America. Agree with your assessments.

I have a biz degree also. I don't think you will make much as an RN here. If you go that route, stay in the US. Jobs are not easy to come by over here....especially ones that pay well. The local labor is sooooo cheap. People I know who make money here work offshore in the oil biz (i.e. gone for 1-6 months at a go) or are here on an expat package (i.e. their company moved them here).

It's a tough call. I could have stayed in the rat race and made a bunch more money. But it just wasn't worth it to me. I don't need to drive a benz...especially if I don't have to work! A Honda is fine...

[sunshinegirl]

Well I think at 44 you might be bored to tears in a short time once the novelty wears off. You should really start thinking about retraining for something so that you could get employment. You also need to factor into the equation you might meet someone and then your costs rise again.

healthcare is a must as well. I was only here 3 weeks and discovered I had BC and have racked up over $40 k so far in bills in 6 months.

To live comfortably I reckon nearer 65k THB. Again it all depends on how you want to live. Good luck whatever you decide.

[Tolley]

You don't have anywhere near enough money to retire at your age given life expectancy averages and factoring that you want to live in Thailand and not exist in Thailand.

Figure on 100k baht a month and generating around 5 percent return on investments after tax and you need about double what you have and of course I haven't factored in inflation so you would have to save a percentage of your 100k a month to take account of inflation and of course you would need some health cover and then housing and food and that is before you have any discretionary spending. The way the US is printing money you are also at risk if everything is in US dollars of your money devaluing further and of course the cost of living is rising raqpidly in Thailand.

Even with double the amount of money that you now have you will still have to budget carefully.

If you were 60 it would still be problematic but at 44 it is just pure folly to even consider.

I would recommend an extended holiday where you go for broke and get it out of your system and then go back and make some money.

[gk10002000]

Sorry, but the original post sounds a bit fishy. Saying that bank interest is only 2% doesn't seem to show much financial savvy. So many other investments out there that can return decent and better returns. A rated municipal bonds and bond funds that are tax free and AMT free are well over 4% interest. Higher if you want some lower quality bonds.

If the OP is real, I strongly suggest take a lot of vacation time but keep working to build up the stash. Take the middle road as they say. Completely retiring will drain your money and leave you little or no room for error. On the other hand, waiting too long, and you will be too old to climb the stairs and enjoy the time off.

[Jingthing]

I think the poster is sincere.

Taxes may well be ZERO or very low until he gets a pension, if his only taxable income is taxes on interest, dividends, stock sales.

Is there a private pension expected in addition to social security?

Also, the expected inheritance, depending on the size, could be the deal maker.

[blubberboybob]

the biggest mistake you could make is taking on a girlfriend and greedy family......that 400k could be gone in no time.

[Jingthing]

Go for it. The worst that can happen is if you run out of money, you can go home and get a job.

Don't wait until you are an old man.

Not the worst that can happen. But bad stuff can happen anywhere.

[Beardog]

At any rate everyone that is living here now would fully agree that 50 years old is soooo much easier than doing the visa requirement dance if your under. You could pull it off on what you have but there as Jing & others stated so many variables to consider & I don't think much hinges on if you have dollars pounds or euro, there all down . The inflation is a major player as everyone else agrees. When I moved here baht was 40+ baht to the dollar & gas was 19 baht a liter. Gas has now doubled & then some. Even food has nearly doubled+ on some things. If you wind up with a girl I sure wouldn't disclose how much you have. Pattaya is known(as well as the rest of the country) for fisher women looking for a rich farang to take care of Mom & pops & the rest of the family & don't leave out a sick Buffalo or 2! If you live modest& don't fall into the keeping up with the jones's(jonesers)your longevity here will be greatly increased. I am sure you have looked into land or condo purchaces here? Be prepared to wait a long time to turn anything (unless your the one lucky farang) usually all the lucky farangs you see here have rolled it up or dove off a balcony later due to unreal expectations & illusions or delusions of grandeur.I am only 55 years old & sometimes feel I would have been better off moving here when I was 65. But I had it with the US. On Georges second term & it was time to roll the bones & get.

Take your time to make an informed decision. You will be making some major sacrifices & the typical experience is money is a one way street.Going out of your pocket unless you have funds working. I myself would stay working till you hit 49& 1/2 ...Keep making good money & then slide into a semi easy 1 year retirement program. And Traveling back to the U.S. twice a year can eat your funds pretty quickly even if you have great friends that put you up...after a while you may find that your friends patients will run thin on your quick visits.

Good luck in your decision!

[jackdawson]

a few points :

if u wanna come , come . u got the cash . all us americans know w/ it's insane political correctness and super high cost of living, america sucks (now). besides NOTHING'S permanent . u can always go back to the homeland (security) (god forbid)

it's not so much how u have , but how much u spend.

i'd forget about buying a condo . since pattaya is generally such a dump , one of the ONLY things that makes living there even remotely attractive are the cheap rents (and now all the great cheap , eating places at central festival) . owning a condo would both seriously diminish your savings AND limit ur freedom , neither of these is to your advantage .

ditto ; bag buying a wheels. public transportation here is cheap and super convenient. the cops will shake u down as u drive and sooner or later u'll hit a thai and / or his vehicle and then ur in reallly deep doo doo .

2 trips "home" a year seems high . that may pass over time . most of us ex pats basically never go back after living here a year or three.

yeah , u can do it . i AM doing it (6+ years now) on only a little more than the $400,000 you talked about . we're about the same age .

did i say come ? this place is changing FAST and if at least one or one half of the reasons u r coming is / are the cute girls , i give that 5 years more at the most .

Edited April 12, 2011 by jackdawson

[Jingthing]

If I were you I also wouldn't buy a condo. As I said before, I wouldn't have a high degree of confidence you will be allowed to stay here six years on an ED visa. So if that doesn't work, then what with your condo? They are not so easy to sell. Sure you could rent it but managing that from overseas managed by someone else would open you up to major headaches and potential expenses.

Of course you could buy the condo and if things work out really well and you stay here for life, you will probably be glad you did. I just don't like the odds given your situation.

Edited April 12, 2011 by Jingthing

[Basil B]

I just do not understand the mentality of someone who wants to jump on the scrap heap at 40.

My suggestion to the OP is if he really really does not want to work anymore, is to live the high life now because the boredom will kill him.

If the OP really wants to do something then think of investing in a business, if he is really dead set on Pattaya though I would suggest looking further afield why not look at being a franchisee of a proven business model.

As a franchisee managing his business, the business should pay him a wage and be an investment at the same time judging by the amount he has to invest he should not have a problem with a work visa either.