Long Term Strategy.........

[86Tiger]

 

 

I am US citizen working in Europe.  I have Thai wife of 2 years, we have 2 children.  I plan to work several more years and, hopefully, we will stay together at my place of work most of the time {she goes back to be with her mother/sisters to have the babies}.   I have not obtained non-imm O visa, as when we visit I only stay 3 - 4 weeks and return to work.  Our long term plan is to make home in Thailand but until then we stay with her family.  

 

I have spent many hours reading the wisdom accumulated on the TV pages, along with a few varying opinions to keep the "discussions" lively.  Many of the lessons learned seem to be from immediate necessity,  i.e. no time to plan or explore options, simply accomplish the task at hand.  Knowing what you know now, how would you facilitate your long term stay in the kingdom if you were starting from scratch?

 

All of you that have lived in the kingdom an extended period, what would you do different if you had it to do again?  What would you have done immediately or what is not as important as it seemed on first glance?   If you had luxury of developing a long term plan for making Thailand your home, what would it be?

 

 

[james1995]

My friend has suggested taking out a huge loan.  He's converted the money to gold bars and enjoying his retirement.

[Rob13]

1 hour ago, 86Tiger said:

 If you had luxury of developing a long term plan for making Thailand your home, what would it be?

 

Long term planning isn't a luxury it's a necessity. Jaguars are luxuries.

[tonray]

Just make sure you can afford the lifestyle you plan to live. Easy as that. It all comes down to having enough to support how you want to live. if you don't, epic fail.

[Don Mega]

1 hour ago, Rob13 said:

 

Long term planning isn't a luxury it's a necessity. Jaguars are luxuries.

 

 

I agree, I hate cats but a jaguar would be cool to own and would provide great security roaming my yard.

[nausea]

Retirement visa/extensions is the easiest, and cheapest, option for an extended stay. Your biggest problem is you have two kids to educate. It's  all about money as "tonray" pointed out. If I had my time again I wouldn't do anything different, cos, altho I made lots of mistakes I had wonderful experiences. Just remember, reading a book on boxing won't teach you how to box.

 

 

[BritTim]

The most insightful comment was the one about planning for the kids' education. Other than that, you can pretty much adjust your lifestyle to the financial realities. If you want your kids to be educated in English, French or German in Thailand, this implies placing them in international schools here, and also limits where you can reasonably live. Research this well in advance, and ring fence money to finance their education through age 18.

[yellowboat]

If you are looking for active, interesting lifestyle, look at Thailand's neighbors. 

[connda]

I would have flow to Costa Rica.

[leggo]

Learn to speak Thai as fluently as possible( maybe you do already having a Thai wife)  and don't stress too much about moving to another country. Thailand is a beautiful, rich with culture country, the food is wonderful as are the people. The most important decision you will make is where you want to live as climate can play a big part in this decision - personally of all the countries of SE Asia it offers by far the most variety of lifestyles.

[chiang mai]

If I knew then what I know now is what I think you're asking?

 

I would have brought over more foreign currency sooner, as it is I've made substantial profits over the past fourteen years that I've lived here from converting funds to Thai Baht but if I'd been less afraid to do so, I could have doubled that amount.

 

I would have bought more real estate sooner and I would have invested in land sooner.

 

In summary, I would do exactly the opposite of the TVF mantra of only investing in Thailand what you are prepared to loose.

 

I would also have not listened to much of the farang advice that was on offer daily on TVF, it took me a while to understand that most people really didn't know what they were talking about and were simply verbalising their own fears and repeating bar stool stories.

 

As for making a long term plan: I would rent for the first year at least, until I was comfortable that I had some idea about the culture. I would make learning the language, reading and writing a priority. I would then make sure that I travelled around the country as much as possible in an attempt to see the different locations through the eyes of a resident rather than a tourist. I did that and spent three months in four different location before I was comfortable with Chiang Mai, albeit I did leave for four years but returned afterwards.

 

Finally, I'd make sure that I was past that stage in life where I was unsure about my partner and if I thought either I or she were likely to change as a result of living in Thailand, I probably wouldn't make the move, a stable relationship is very important in my world.

 

 

 

[whatproblem]

Put everything in your name or your children's but have a contract first ,live somewhere that is pleasant for you and not wife's choice because she can find Thai friends easier than you find friends ,don't live in the middle of nowhere and not buy some place untill you have lived there or about for 2. years.think about visas before commit to a place to live ,if rent get landlord to give copy ID card first and signed and you want tabien Baan book .if things are happy for you ,you can make wife and kids happy ,don't become a alcoholic like many farang because they are bored and only drink ,

[1FinickyOne]

It is a good approach to try and learn from the advice of others who have gone before you, but your situation will never be exactly the same as mine or others... so, keep your eyes open and proceed through life as you are doing here, planning, analyzing your choices, keeping your eyes and mind open... it is nice to get lucky along the way, but you make your own luck to a great extent...

 

Be flexible, things change. 

[jesimps]

If I'd known that the pound was going to bomb from 70 baht to the present 42 (with a couple of minor recoveries) I wouldn't have bought property. I'd have rented and kept my capital to tide me over the bad times. There again, if I'd had a crystal ball I'd be an incredibly rich man now.

[chiang mai]

That's the other thing, I would make sure I had a secure source of income in local currency to avoid all the problems of exchange rate fluctuations and I would base my budget solely on that income rather than on foreign currency.

 

And here's a super biggee: decide BEFOREHAND which is your home currency, USD or THB or whatever, it's really important to do this up front otherwise your financial and investment strategy gets screwed up big time - you spend THB but you earn in X currency and that's a volatile arrangement, even if THB is somewhat linked.

[transam]

3 minutes ago, jesimps said:

If I'd known that the pound was going to bomb from 70 baht to the present 42 (with a couple of minor recoveries) I wouldn't have bought property. I'd have rented and kept my capital to tide me over the bad times. There again, if I'd had a crystal ball I'd be an incredibly rich man now.

Thankfully I built our place when it was 70bht to the pound, and it is now worth over double because of where it is. My trusty 4x4 truck was also bought at near 70bht to the pound...

[Kabula]

14 hours ago, james1995 said:

My friend has suggested taking out a huge loan.  He's converted the money to gold bars and enjoying his retirement.

Your friend must be a little concerned with the recent smash in gold prices!

 

If he is a U.S. Citizen and took out a huge loan he must be concerned about paying it off eventually with THB that is retreating in value, as the dollar surged recently closing in on 10 year high against the THB.

 

If he is thinking about not paying off the loan, he should consider who owns him and the  consequences. 

 

In view of the world financial situation it's impossible to make future plans now.

[Toscano]

If you are thinking to retire to Thailand , be sure to have a retirement visa , which is far less complicated than a marriage visa .  In the event of things not working out with the wife , you can move out and still live in Thailand .  Do not buy or build expensive property in Thailand that your wife will have to own ,  a condominium you can wholly own .

Keep the bulk of your money safely in the US , giving yourself a regular income .

[williamgeorgeallen]

i have spent half of my adult life here. have 2 kids. i will take them back to nz so they can go to high school there. i know that spend all my retirement in thailand is not the best option so will probably do a few months each year back in nz. i have 3 houses in nz and i am hoping the property boom continues there. it will dictate the quality of my retirement to a fair extent.

[Mitker]

If it was to be repeated again, I wouldn't come with the idea that Thailand would be my future home.

Not that I wouldn't like.

Just that Thailand doesn't want any foreigner to feel that way. You will remain a foreigner and will be felt accordingly until your last day.

 

This being said, plan in order to enjoy the positive things you can get but always keeping an exit plan ready and avoiding investments/commitments that would make it impracticable.

[akentryan]

Believe about half of what you read on this Forum. Notice that the advice you have received contains 180 degree divergent opinions. Bring money as you are going to need it. Have your 401K or SS monthly retirement money deposited in a US bank (Chase works really well for me) and set up the ability to make on-line transactions and transfers to your local account at Bangkok Bank (the only Thai bank with an ABA number) as you need. Also leaves you the ability to pay IRS and make on-line purchases in the USA.  A condo big enough for you, the wife, and kids would probably be very expensive. Myself I like the privacy of a home with a yard and a pool. There are lots of good values around at present and quite likely to get even better. The house will have to be in the wife's name. Make sure she has a will naming you as executor and as inheritor just in case she dies before you do. Car, bikes in your name. Bank accounts in your name or joint. Bring health insurance with you if at all possible. Available locally but will be costly. I retained my Medicare and Part B and have a supplemental policy that covers about 70% of costs including meds in Thailand. If serious I fly back to the USA. Example; my Pacemaker needed replacement in June. My supplemental insurance insurance would have paid everything but my annual deductible of about $5,000 if I had it done here.  I chose to have it done in the USA where my cost was RT airfare. Insurance paid $62,000 and I paid zip. The deciding factor was quality of care which is spotty at best except in the better hospitals in Bangkok. Do not live near her family as you will likely become an ATM machine for a never ending line of remotely related withdrawers. Live near a big city if you choose as hospitals and American products are not hard to find. The best international schools are in Bangkok but I would never live there again.. May want to consider Thai schools with English lessons at home. My Thai niece for instance was a one-year exchange student in Japan and again in Iowa. Thai universities are OK and affordable if the kids are going to remain in Thailand.  But the good ones again will be in Bangkok and relatively expensive. Rely on Ubonjoe on this Forum for Visa info and Immigration matters. You will enjoy retirement in Thailand and if you settle near Pattaya the beer is on me. Good luck.

[Toscano]

I came to live in Thailand as an older man , my provisos were to marry a woman who was reasonably educated and had a job ( Head Teacher of a School ) , owned her own house and had adult children .

I have spent some money to restore and modernize my wife's house to a comfortable gentleman's residence .  My wife's family are all educated and self supporting ; that is not the case with all families .  If your wife is from the northeast , it is about the most boring place to live .  If I had my time again i would have gone to live near Krabi or another place near the sea , NOT Pattaya .  I would recommend choosing where you like to live before settling .  Thailand has a warm climate , life is easygoing and the overal cost of living is low , but it is not a paradise .  Coming to live in my wife's house I am trapped in Isaan a long way from the sea .  If I were richer , my wife and i would go to live in another country , perhaps Italy where i lived before . 

[mokwit]

1) Don't burn your bridges - you may not like it here - immediately or maybe after some time.

2) If your retirement funds are in the form of a lump sum nest egg then by hook or by crook "she"ll"* get it. ST bridging loan because land is so cheap right now etc etc

 

* A general principle not being personal to your wife - I could have, and still can trust my common law ex absolutely with one possible exception which is UNLESS there was a situation where her Mother told her to do something.

[khunPer]

86Tiger

»... what would you do different if you had it to do again?«

Nothing, everything worked so well for me, but I've also tried to read – as much of the little that was available more than 10-years ago, and I was (unfortunately) not aware of ThaiVisaForum – and plan, as carefully as I could.

 

Apart from pitfalls in a relationship – which also can go south with others than Thai ladies – you can actually plan what you wish to do, including measures for some unforeseen events.

 

Wish you good luck with you research and planning...

[dotpoom]

18 hours ago, Rob13 said:

 

Long term planning isn't a luxury it's a necessity. Jaguars are luxuries.

But don't make the mistake of relying on what you surmise will be the results of those plans. 

[jcates29]

I planned to come live here in 2014 after having traveled here extensively and having worked here for four years 1996-2000, so I had a pretty good idea of what I was getting into.  However, I still wasn't sure that I could come live here on a permanent basis.  The factors at play were:  could I afford to live here on my pension and investments?  Could I stand to live here on a permanent basis without work to keep me busy?  I thought the answers to both questions was "yes", but I wanted an exit strategy in case the answers to one or both turned out to be "no".

 

Thus I talked extensively with my wife and reached agreement that we would commit to renting for one year or longer, and after one year we would evaluate our budget and our lodging situation.  One year would give us plenty of time to look around at homes to buy and to decide if we even wanted to buy.  If something changed in our lives that precluded staying, at most we would be out the cost of exiting a lease early.  

 

That plan worked perfectly.  We decided to stay, and we pretty much decided after one year to continue renting.  However, my wife wanted to live closer to her sister, and we began looking for rentals near her.  We found no suitable rentals, but we found our dream home one kilometer from her sister's house for an amazingly low price, and we bought it.

 

So, my advice is come and try it without committing yourself.  Give yourself an exit strategy in case you hate it or it turns out financially untenable or if something drastically changes in your life.

[The Man Who Sold the World]

Long term strategy:

 

First and foremost is to minimize your current expenses, and save, save, save. Accumulate and grow a solid nest egg invested in a conservative diversified portfolio. The more you sacrifice today – the easier your retirement will be.

 

On Paper: 

List all of your many questions –

List all of your options –

Investigate – do your due diligence

Modify and add to your questions as you investigate

Rinse and repeat.

 

Visit Thailand and question “face-to-face” the many Falang who are living in Thailand (listen to the wisdom they have gained, learn from the mistakes they have made, it's not necessary to learn their lessons on a first hand basis) you know... the what NOT to do’s and the most economical or convenient ways to accomplish the options you have selected. There are many Expat groups/clubs and they are more than willing to share their experiences.

 

Budget and modify (live within your means) realize your nest egg must last you for the rest of your life. So, uhm... how long are you going to live?

 

Medical insurance – that all important Must Have. Rising costs with ever increasing premiums – the older you get – the costlier this must have budget item will be.

 

Remember – you must live within your means. “Things” do vary beyond our control so emergency and/or contingency planning MUST be part of the investigation. And always register with your embassy.

 

Worked for me.

 

Good Luck. 

[86Tiger]

Thank you all for taking time to share!

 

There is a lot of stuff here that definitely appropriate to the question.

 

JWP

[lostinisaan]

On 11/11/2016 at 8:55 PM, nausea said:

Retirement visa/extensions is the easiest, and cheapest, option for an extended stay. Your biggest problem is you have two kids to educate. It's  all about money as "tonray" pointed out. If I had my time again I wouldn't do anything different, cos, altho I made lots of mistakes I had wonderful experiences. Just remember, reading a book on boxing won't teach you how to box.

 

 

 

 

 But you might already know that "legwork" is a very important part for a boxer. 

[nausea]

14 hours ago, leggo said:

Learn to speak Thai as fluently as possible( maybe you do already having a Thai wife)  and don't stress too much about moving to another country. Thailand is a beautiful, rich with culture country, the food is wonderful as are the people. The most important decision you will make is where you want to live as climate can play a big part in this decision - personally of all the countries of SE Asia it offers by far the most variety of lifestyles.

Learning to speak Thai fluently is an overrated achievement, mainly pushed by those who speak Thai already. It will give you no advantage. Of course, it's necessary to speak a few words of Thai. It's all about money. A rich non Thai speaking Farang will always trump a poor Thai speaking Farang..