Investing 5 million baht in CM

[chiang mai]

Why would OP ask TV members, 96.5% who don't have 5000 baht in the bank if investing 5 mill is a good idea?

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You'd be surprised how much some retired expats have in the bank, really.

And it's a valid question to this audience, many people face the same dilemma, what to do with a cash sum in these days of over liquidity.

And if the OP is a Brit who is non-UK resident, that means he, like me, can no longer use the services of onshore UK Independent Financial Advisers, people who might more safely answer his question - his options for seeking professional advice are limited to companies that are not regulated in Thailand, a minefield for cannon fodder candidates.

Edited December 29, 2015 by chiang mai

[1FinickyOne]

Air BnB sounds like you would be running a guesthouse business, once removed - needing lots of attention and likely having more problems as each individual customer brings a risk of not being kind to your property and needs to be taken care of - - probably better to just buy or rent a guesthouse if you want to be in that business...

As to rental apartments, sit down and make a list of the pros and cons of working that kind of business...

As any business, some will be successful others not - that usually depends on both how much work someone puts in, and how smart they are, how much knowledge and ability to learn of the markets and make adjustments as they go along… it will not likely be alot of money or easy money… this is a job and a career if you do it right… do you want to be running a business?

maybe cipher through what you know and what you might have learned here, if anything - sit down and make a list of pros and cons to this idea… Then see if it is something you want to do…

[MaeJoMTB]

And it's a valid question to this audience, many people face the same dilemma, what to do with a cash sum in these days of over liquidity.

I leave mine in a UK bank earning 0% interest. Little risk of loss.

And what there is will last me the rest of my life (probably).

Investing is for suckers.

Especially if it's property in someone else's name (in a foreign country).

Edited December 29, 2015 by MaeJoMTB

[GarryP]

Okay what about the case of a foreigner who has become Thai citizen and can own property in his own name. I would also have thought that if the bubble breaks next year, as so many people seem to think it will, then wouldn't it be a good time to pick up cheap property for long term investment. Some of us call Thailand home and fluctuations of currencies around the world has no bearing on our lives, we will not be going anywhere and are here until we are put in the ground or burned to a crisp.

What if you're deported?

What if VISA restrictions are changed, and you can't meet the new requirements?

What if civil unrest (or war) happens, and all foreigners are told to leave?

You might mistakenly call this country home, but you have no right to stay here.

You're only here while the Thai government let you stay here.

Wrong. Read the first sentence again.

[georgemandm]

OK, then let's say a guy has a Thai wife he trusts, so he intends to put the condos in her name and rent them out.

Sorry you trust your thai wife ? Ok

I would never ever trust a thai wife or a western wife but that is just me very smart now .

Most of us get burnt like 2 in 5 and you want to trust a woman . No way .

[ThaiPauly]

I suggest that you invest in your own country.

t

Me too, you never know what the future holds here, I have never invested more in LOS than I can afford to walk away from

[MaeJoMTB]

Okay what about the case of a foreigner who has become Thai citizen and can own property in his own name. I would also have thought that if the bubble breaks next year, as so many people seem to think it will, then wouldn't it be a good time to pick up cheap property for long term investment. Some of us call Thailand home and fluctuations of currencies around the world has no bearing on our lives, we will not be going anywhere and are here until we are put in the ground or burned to a crisp.

What if you're deported?

What if VISA restrictions are changed, and you can't meet the new requirements?

What if civil unrest (or war) happens, and all foreigners are told to leave?

You might mistakenly call this country home, but you have no right to stay here.

You're only here while the Thai government let you stay here.

Wrong. Read the first sentence again.

A fantasy situation, which doesn't apply to any of us, and never will.

How many people do you know that became Thai citizens without a Thai mother or father?

I can answer for you NONE!

[Inquisitorial]

Just another perspective for you: Buying a condo is not a bad thing providing you are aware that you are tying up your money long term and as you have probably read that resale of condos takes time so you will not be able to get your money in a hurry and you will probably not get the appreciation in value like you do in UK/Australia.

If that is not a concern then consider:

• Do your homework.
• Location, location, location!!! (near beach, with views or near BTS if in Bangkok but not too noisy )
• check that the foreign ownership is less than 49% in the complex you look at before making offer. (agent will let you know but get your lawyer to double check this).
• Purchase in good quality complex that is well managed - you will see the difference when you are viewing them.
• Consider locations where expats live i.e. Sukhumvit Bangkok or suitable for tourist - you will get better rental return/occupancy rate.
• Don't pay the asking price I am sure there are some good bargains to be had out there especially with foreigners selling up
• engage reliable Lawyer to assist you with the purchase process.
• Check that they condo you are looking at allows short term rentals if that what you are looking at.
• Engage a reliable real estate company to arrange your tenant - they take one month rent to do this of a 12 month lease.
• Take a look at Tripadvisor site for holiday rentals - will give you an idea of whats out there.
• Furnish with good quality furnishing so yours stands out from others.
• Make Thai Will

We found a book called "How to Safely buy Real Estate in Thailand" by Rene Philippe R Dubout very useful well worth the $20 investment.

[theguyfromanotherforum]

Advice for the OP. Forget it.

I think the economy in Thailand is going to get worse.

If you haven't noticed Canadian currency is in a dump. I mean it's worse than Aussie dollar and has been dropping against every currency in the world. 5 Milion baht (which was 6 million just 2 years ago) is less than 200,000 dollars once you get hit with wire transfer rates for a condo purchase.

I have about the same amount in Cash as you. I thought of investing in 2 condos, but the quality of build here is just lacking. I am actually thinking of doing the reverse. Investing in Canada. Even my gf who owns her own place tells me that condos are a terrible investment in Thailand.

When I was planing my purchase I joined about 10 different facebook pages with different developers. I can tell you that every single one has customers where they post pictures of leaky windows and mold on walls. It doesn't matter how much you paid, one million of 15 million - same problem.

Gutting the place and renovating? In a condo? I haven't lol'd in a while. Gutting what? This is Thailand. Perhaps the guy who suggested that should stick to TLC channel.

Is not the rate against the Canadian dollar irrelevant as the Op has already said he holds the currency in Thai baht

This doesn't make any sense then.

The condo purchase must be done with the funds from abroad.

[Tanlic]

you cant own land....who said you have to own land to own it? I know several people with plenty land it sits under their house.

100 times better investment than buying several cheap condos which will be worth about half what you pay for them in 15 years if the maintanance fees seem cheap....id rather stick my money on the first fav at newmarket

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[GarryP]

Okay what about the case of a foreigner who has become Thai citizen and can own property in his own name. I would also have thought that if the bubble breaks next year, as so many people seem to think it will, then wouldn't it be a good time to pick up cheap property for long term investment. Some of us call Thailand home and fluctuations of currencies around the world has no bearing on our lives, we will not be going anywhere and are here until we are put in the ground or burned to a crisp.

What if you're deported?

What if VISA restrictions are changed, and you can't meet the new requirements?

What if civil unrest (or war) happens, and all foreigners are told to leave?

You might mistakenly call this country home, but you have no right to stay here.

You're only here while the Thai government let you stay here.

Wrong. Read the first sentence again.

A fantasy situation, which doesn't apply to any of us, and never will.

How many people do you know that became Thai citizens without a Thai mother or father?

I can answer for you NONE!

I call you out on that one. I know several foreigners who have obtained Thai citizenship, some of them posters on TV. I have seen their ID cards too so it is not just talk on a web forum. So on this subject you clearly do not know what you are talking about. Not everyone is a retiree here. You do not need Thai parents either.

It is for this reason that the subject is of interest to me. I am interested in investing my money in my own name in the near future.

[MaeJoMTB]

I call you out on that one. I know several foreigners who have obtained Thai citizenship, some of them posters on TV. I have seen their ID cards too so it is not just talk on a web forum.

Yeah, most of them had a Thai mother.

You won't be getting citizenship.

[GarryP]

I call you out on that one. I know several foreigners who have obtained Thai citizenship, some of them posters on TV. I have seen their ID cards too so it is not just talk on a web forum.

Yeah, most of them had a Thai mother.

You won't be getting citizenship.

Wrong and wrong. I suggest you read the citizenship thread. However, as a retiree you would not qualify.

http://www.thaivisa.com/forum/topic/121353-story-of-my-thai-citizenship-application/page-59

[mcfish]

I suggest that you invest in your own country.

t

Me too, you never know what the future holds here, I have never invested more in LOS than I can afford to walk away from

Oh come on now since when have happy ending massages once a month and trawling happy hours been categorised as investments?

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Edited December 29, 2015 by mcfish

[alfieconn]

Why would OP ask TV members, 96.5% who don't have 5000 baht in the bank if investing 5 mill is a good idea?

Sent from my SC-01D using Tapatalk

You'd be surprised how much some retired expats have in the bank, really.

And it's a valid question to this audience, many people face the same dilemma, what to do with a cash sum in these days of over liquidity.

And if the OP is a Brit who is non-UK resident, that means he, like me, can no longer use the services of onshore UK Independent Financial Advisers, people who might more safely answer his question - his options for seeking professional advice are limited to companies that are not regulated in Thailand, a minefield for cannon fodder candidates.

Why would he want to speak to an UKFA about investing 5M Baht in Chiang Mai ?

Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers ?

[MaeJoMTB]

Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers ?

Because the rules for British IFAs (and protection from the British financial authorities) only apply to British residents.

You tell them you're living in another country, and they won't handle your account.

But, you've gotta be daft enough to let them know, they don't check.

Me, I'm on holiday in France and Spain.

[theguyfromanotherforum]

Jo's right. What is this citizenship stuff which is completely irrelevant..... simply because 99.99999% will never qualify.

[chiang mai]

Why would OP ask TV members, 96.5% who don't have 5000 baht in the bank if investing 5 mill is a good idea?

Sent from my SC-01D using Tapatalk

You'd be surprised how much some retired expats have in the bank, really.

And it's a valid question to this audience, many people face the same dilemma, what to do with a cash sum in these days of over liquidity.

And if the OP is a Brit who is non-UK resident, that means he, like me, can no longer use the services of onshore UK Independent Financial Advisers, people who might more safely answer his question - his options for seeking professional advice are limited to companies that are not regulated in Thailand, a minefield for cannon fodder candidates.

Why would he want to speak to an UKFA about investing 5M Baht in Chiang Mai ?

Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers ?

"Why would he want to speak to an UKFA about investing 5M Baht in Chiang Mai "?

Because UK IFA's are regulated by the IFA and if passported, can offer regulated advice in different countries - please google UK IFA passport.

"Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers"?

Because, UK based IFA's who are not passported to the country the client resides in, cannot offer investment advice to that client. I am in reciept of many many such emails from UK based IFA's, all of which look like this one:

"My apologises for not coming back to you sooner I have been awaiting confirmation back from my compliance dept

Unfortunately I am unable to help with giving any advice to you even if you in the UK

There are a few reasons behind this but in particular it lies with my companies regulatory permissions and what are indemnity insurances cover

As you well know many firms have similar restrictions and I am sorry I cannot help you

I am also not aware of any firms that I am comfortable to recommend to you who may be able to help in your situation "

To date I have not found any UK based IFA that is regulated to offer financial advice in Thailand. One popular UK based company with offices in Singapore (regulated) and Hong Kong (regulated) is the closest we come. BUT, when the IFA offers his advice in Thailand it is not considered to be regulated advice.

[alfieconn]

Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers ?

Because the rules for British IFAs (and protection from the British financial authorities) only apply to British residents.

You tell them you're living in another country, and they won't handle your account.

But, you've gotta be daft enough to let them know, they don't check.

Me, I'm on holiday in France and Spain.

Iv'e told several British IFAs recently that i am living abroad and not one has mentioned that they can't handle my account ! do you have a link for this rule ?

[chiang mai]

Why can a non-UK resident no longer use the services of a onshore UK Independent Financial Advisers ?

Because the rules for British IFAs (and protection from the British financial authorities) only apply to British residents.

You tell them you're living in another country, and they won't handle your account.

But, you've gotta be daft enough to let them know, they don't check.

Me, I'm on holiday in France and Spain.

Iv'e told several British IFAs recently that i am living abroad and not one has mentioned that they can't handle my account ! do you have a link for this rule ?

I do not but as I understand it, it's a function of the Retail Review and a bi-product of money laundering regulations, a few simple Google queries with some of those key words should provide confirmation.

Also, are you UK non-resident for tax purposes or are you scamming the UK authorities with a bogus contact address, as to where you live?

Edited December 29, 2015 by chiang mai

[baywatch82]

The Government seems bent of continuously passing laws to make Thailand a much less attractive place for tourists.

TAT will tell you numbers are up- the Chinese/ Indian tours do not rent condos .

The country is getting more filthy by the minute,

The idea that you ( as a foreigner) can invest a few million here and actually make a decent return is madness.

Just enjoy your money.

1. Actually Government is trying to make Thailand MORE attractive for tourists. They just making it worse for those living here for 10-15k per month not contributing to economy at all.

2. Yes Chinese tourists do not rent condos. They buy them.

3. What you mean by filthy ? For me Pattaya is filthy, CM is getting less and less filthy.

[baywatch82]

100 times better investment than buying several cheap condos which will be worth about half what you pay for them in 15 years if the maintanance fees seem cheap....id rather stick my money on the first fav at newmarket

If my condo is 50% cheaper in 15 years I don't really care. Because I already made 50% profit by that time by renting it out. Plus I still own it and can sell it.

Edited December 29, 2015 by baywatch82

[Somnambulist]

OP here. Thank you very much, everyone. You've given me plenty to think about. My wife doesn't want to be married to me anymore but wants me to have the house, which is in her name. That's where the 5 million baht figure comes from. I have enough liquidity to live on (in Thailand) for several years so I'm going to hunker down and maybe just keep living in the house for now. I have a nice chunk of money coming soon from the sale of a property in Latin America. In the past I would have sent that to my favorite online broker in the U.S., which is where I'm from, but due to regulatory hassles that brokerage became unable to list my trades in CDN dollars, and then went entirely offline. I have another online broker that I can at least trade the NYSE with but Canadian stocks were always my bread and butter. I might send the Latin America money there and play the stocks (even though I'd rather not have 10 cents left in the U.S.) because Thailand won't let me invest here. Sigh, there's always Amazon FBA but damn, that's real work. I could even start teaching again, which is what I did way back when. Life is still good. And yes, I trust my soon to be exwife. We're still friends. But if she dies before I sell the house and she hasn't made a will, I'm out on the street, I assume. So much to consider.

[bangmai]

you're favorite online broker isn't online?

[MaeJoMTB]

And yes, I trust my soon to be exwife. We're still friends. But if she dies before I sell the house and she hasn't made a will, I'm out on the street, I assume. So much to consider.

Thailand has joint property laws.

If she dies, and you are still married, you will inherit at least 50% of the house.

[Somnambulist]

you're favorite online broker isn't online?

Not anymore. It was Penntrade, great for trading CDN stocks, but they were relatively small and these days if you're not one of the big boys you get buried under regulations that only the bigs can comply with. I still have my Online Xpress account, though.

[Somnambulist]

And yes, I trust my soon to be exwife. We're still friends. But if she dies before I sell the house and she hasn't made a will, I'm out on the street, I assume. So much to consider.

Thailand has joint property laws.

If she dies, and you are still married, you will inherit at least 50% of the house.

The divorce will be finalized in January.

[MaeJoMTB]

And yes, I trust my soon to be exwife. We're still friends. But if she dies before I sell the house and she hasn't made a will, I'm out on the street, I assume. So much to consider.

Thailand has joint property laws.

If she dies, and you are still married, you will inherit at least 50% of the house.

The divorce will be finalized in January.

She can give you the house in the divorce settlement, or the right to live in it until you die, or the proceeds on sale of house.

That way it can be yours with no need to sell. And no future challenge possible in court.

No need to change the land office documents. One of the few ways a foreigner can own a Thai house.

Amphur divorce, you just enter the details for the property dispensation in the relevant box.

(not sure what finalized means, implies court divorce, but still friends implies Amphur divorce by mutual consent)

Edited December 29, 2015 by MaeJoMTB

[Somnambulist]

And yes, I trust my soon to be exwife. We're still friends. But if she dies before I sell the house and she hasn't made a will, I'm out on the street, I assume. So much to consider.

Thailand has joint property laws.

If she dies, and you are still married, you will inherit at least 50% of the house.

The divorce will be finalized in January.

She can give you the house in the divorce settlement, or the right to live in it until you die, or the proceeds on sale of house.

That way it can be yours with no need to sell. And no future challenge possible in court.

No need to change the land office documents.

Amphur divorce, you just enter the details for the property dispensation in the relevant box.

(not sure what finalized means, implies court divorce, but still friends implies Amphur divorce by mutual consent)

Ah, OK, so "finalized" was a poor choice of words. It's completely ammicable so I guess that's an Amphur divorce. My new phrase. Thanks. So, that means I'd "own" a house in Thailand? Is there a time limit on that?

[MaeJoMTB]

Ah, OK, so "finalized" was a poor choice of words. It's completely ammicable so I guess that's an Amphur divorce. My new phrase. Thanks. So, that means I'd "own" a house in Thailand? Is there a time limit on that?

Nope you just get the Amphur office to enter the details on the divorce form.

'Family home 100% for husband, held in the former wifes name until sold, sole occupancy/control for husband, proceeds from the eventual sale to be 100% husband'.

Edited December 29, 2015 by MaeJoMTB