British workers encouraged to retire to Thailand after Brexit and snap up a £60k 20-year residency permit

[Sheryl]

They neglect to mention the need to have private health insurance and how costly that can be....and the risk of losing cover under NHS.

 

 

[Dumbastheycome]

1 minute ago, Sheryl said:

They neglect to mention the need to have private health insurance and how costly that can be....and the risk of losing cover under NHS.

 

 

Spider and the Fly ?  lol

[csabo]

4 hours ago, jollyhangmon said:

More retirees? More DOUGH is more like it ... 

 

(of course you're right - in theory) 

Does anyone even know why the age to retire (get an extension for same) is 50?  I would love to know the thought process behind it. The only thing I can come up with is that they would be jealous seeing a bunch of guys who retired under that age enjoying the fruits of strategic financial planning.  Honestly did they just spin a wheel with numbers on it? Who decides who has enough money to retire??  Seems to me the retiree will either succeed or fail based on what he's got and what he needs.  

[DavisH]

3 minutes ago, Sheryl said:

They neglect to mention the need to have private health insurance and how costly that can be....and the risk of losing cover under NHS.

 

 

Premiums, where available,  for over 70's are astronomical too. 

[Dumbastheycome]

1 minute ago, DavisH said:

Premiums, where available,  for over 70's are astronomical too. 

Considering  the reality  of  average high risk?

[agudbuk]

42 minutes ago, DILLIGAD said:

Wrong. ALL Brits living overseas do NOT have their pensions frozen. Do some research before posting please.
Clue : USA/Philippines.


Sent from my iPhone using Tapatalk

Frozen in the SE Asia countries other than Phillipines. 

Unfair all pay same taxes and the UK saves on the cost of the NHS if you are an expat. 

[fforest1]

4 minutes ago, csabo said:

Does anyone even know why the age to retire (get an extension for same) is 50?  I would love to know the thought process behind it. The only thing I can come up with is that they would be jealous seeing a bunch of guys who retired under that age enjoying the fruits of strategic financial planning.  Honestly did they just spin a wheel with numbers on it? Who decides who has enough money to retire??  Seems to me the retiree will either succeed or fail based on what he's got and what he needs.  

Well be thankful the age for the retirement visa is not 55 like I believe it

was in the past...

[DavisH]

1 minute ago, Dumbastheycome said:

Considering  the reality  of  average high risk?

Yes, the risk is high....it's just more money to spend on top of the 60K...another 10-15K pounds / year. 

[Dumbastheycome]

4 minutes ago, csabo said:

Does anyone even know why the age to retire (get an extension for same) is 50?  I would love to know the thought process behind it. The only thing I can come up with is that they would be jealous seeing a bunch of guys who retired under that age enjoying the fruits of strategic financial planning.  Honestly did they just spin a wheel with numbers on it? Who decides who has enough money to retire??  Seems to me the retiree will either succeed or fail based on what he's got and what he needs.  

Probably  generously based  on the  "retirement"  age  of   most   countries  as a  standard.  For those  who  have  attained   wealth  allowing  retirement  earlier   is  not  part  of  the  equation.  But   perhaps  part of the  equation involved  in the  "  Elite" Card  scenario?

[fish monger]

12 hours ago, Bundaberg Baxter said:

why pay 14,500 for an extension when it's only 1,900? Also by law it has to be done in person, your method appears decidedly dodgy, and expensive.

I know a Brit that goes to Pattaya every year to renew his visa. Pays the same 13,500, using the same procedure. He does this because he doesn't have the proof of funds in a bank account. What he's doing is "dodgy", to the point of being illegal, quite stupid and very expensive. I fork over 1,900 baht a year...I figure if you can't do it legally, then get out and go home...

[jollyhangmon]

18 minutes ago, csabo said:

Does anyone even know why the age to retire (get an extension for same) is 50?  I would love to know the thought process behind it. The only thing I can come up with is that they would be jealous seeing a bunch of guys who retired under that age enjoying the fruits of strategic financial planning.  Honestly did they just spin a wheel with numbers on it? Who decides who has enough money to retire??  Seems to me the retiree will either succeed or fail based on what he's got and what he needs.  

My sentiments exactly, the reason why i could retire myself early was hard work but therefore cut pretty short - plus of course NOT (always ;-) burning my money the way they would like us to here.

And good (as well as lucky) investments as you say ... 

 

Official retirement age here was 45yrs btw. up to around 2005 or so, raised to 50 by squareface Thaksins useless bunch ... man was i pissed ... 

 

 

Edited April 7, 2017 by jollyhangmon

[Muhendis]

13 hours ago, clockman said:

First make sure you have good health insurance!

Good as in "you are still covered after the age of 70".

[agudbuk]

6 hours ago, emilymat said:

Maybe I can shed some light on this for you.

 

 

The UK state pension is, in fact, a social security benefit, not a personal pension. This is the case, even though someone could have paid 48 years in national insurance contributions.  Therefore, as a benefit it can be frozen in those countries which do not have bi-lateral social security agreements. (Thailand does not, whereas the Philippines does, hence a Brit in Thailand has his/her pension frozen for the day they reside here, whereas the same Brit living in the Philippines would have annual increases in relation to inflation etc)

 

In the EC all countries, by definition, have social security agreements with each other, hence pensions in those countries for Brits are increased annually. What happens in Europe after Brexit is not clear, but I suspect bi-lateral agreements will replace the blanket agreement which currently operates.

 

I think the article is somewhat ludicrous in suggesting Thailand could be a panacea for retirees, as opposed to anywhere else.

 

Finally, if a Brit lives in Canada or the US he would have an annual increased pension in one but not the other. .(Just can't remember which one is which). 

 

Hope this helps.

USA pensioners get increases

Canada pensions frozen

[fish monger]

5555..I'm happy paying my 1,900 baht per year renewal fee...It's far less expensive and risk free...! We all know how they love changing horses in the middle of the stream her....

[csabo]

13 minutes ago, jollyhangmon said:

My sentiments exactly, the reason why i could retire myself early was hard work but therefore cut pretty short - plus of course NOT (always ;-) burning my money the way they would like us to here.

And good (as well as lucky) investments as you say ... 

 

Official retirement age here was 45yrs btw. up to around 2005 or so, raised to 50 by squareface Thaksins useless bunch ... man was i pissed ... 

 

 

Wow I never heard that.  I heard it went from 55 to 50 but never 45.  Why? I guess we'll never know.  

[trigpoint]

12 minutes ago, fish monger said:

I know a Brit that goes to Pattaya every year to renew his visa. Pays the same 13,500, using the same procedure. He does this because he doesn't have the proof of funds in a bank account. What he's doing is "dodgy", to the point of being illegal, quite stupid and very expensive. I fork over 1,900 baht a year...I figure if you can't do it legally, then get out and go home...

Maybe this "Brit" isn't as well off as you, a yank I guess, this "dodgy" practice is run by Thais and of course stamped by an IO at the local immigration office who all get cut of the "fee".

[overherebc]

8 hours ago, Jimbo in Thailand said:

I just did my annual retirement visa renewal two days ago (1900 baht, as usual) at the Roi Et immigration office.  It took a whopping 10-12 minutes since this was my 9th renewal and they know me and I know exactly what documents to bring.  While there I asked the head immigration guy about this alleged "elite 20-year visa".  He was quite emphatic when he told me there is no such visa or he would know about it.  I took that with a grain of salt since nearly all expats have a different visa story depending on which immigration office is involved, but admit I'm now a bit curious if there is such a thing.

Still waiting for your reply.

[agudbuk]

4 hours ago, juice777 said:

How much is UK state pension?

Sent from my SM-G900F using Tapatalk
 

About ฿30,000 s month at present exchange  rates for those retiring now.  No future increases so future buying power will depend on inflation.

[darksidedog]

1 hour ago, Dumbastheycome said:

For years  I have   renewed   my  annual extension of stay  based on retirement  for  1900  Bht  within  2 hours. After  I  go  and  spend  a   couple of  thousand somewhere and  go  home legitimate and  happy.

14,500 Bht?

 

If you had actually read the posts on pages 5 and 6 I believe, your post would have been totally unnecessary.

I explained to the multiple people who couldn't understand what a visa agent is, or the reasons people use them.

Go back and check and your eyes shall see the light.

[scubascuba3]

I think if you want to waste £60k might as well buy a condo off plan

[Scottdenny]

 

My husband gets senoir citizen every month but does not get ANY increases even though he pays tax on his personal pension blloody so still out of order. Rant over. Lol 555

[jollyhangmon]

1 hour ago, csabo said:

Wow I never heard that.  I heard it went from 55 to 50 but never 45.  Why? I guess we'll never know.  

Seems i got that wrong ... too much water under the bridge since?

 

Edited April 7, 2017 by jollyhangmon

[Sheryl]

1 hour ago, jollyhangmon said:

...Official retirement age here was 45yrs btw. up to around 2005 or so, raised to 50 by squareface Thaksins useless bunch ... man was i pissed ... 

 

 

 

You are misinformed. It was 55 and was lowered to 50.

[Psimbo]

9 hours ago, overherebc said:

Lots of people also have their cars registered in their own name as well, but a lot of expats will say that's not possible as well.

Complete rubbish- it's easy to have a car registered in your own name and completely legal- I've done it twice so far. 

 

9 hours ago, overherebc said:

Many people have them.

You hear this 'from a mate' or actually KNOW someone who has one?

[jollyhangmon]

1 minute ago, Sheryl said:

 

You are misinformed. It was 55 and was lowered to 50.

Really? You sure? I would have bet my you-know-what ...

[trigpoint]

1 hour ago, agudbuk said:

About ฿30,000 s month at present exchange  rates for those retiring now.  No future increases so future buying power will depend on inflation.

Less than that, the basic British pension is about £511per month, or 21500 bht, and a lot of retired UK expats are living here on less than 18000 per month due to frozen pensions

[Psimbo]

4 hours ago, bazza73 said:

It's more than 1900 if you include a multiple re-entry permit, as I have to do.

I pay about 12,000 baht a year for an agent to do all the correct paperwork for me. IMHO it's well worth it when you don't have the hassle of waiting for anywhere up to a day, only to have the extension application rejected because you failed to dot some i or cross some t.

It is still done in person, 15 minutes maximum at Immigration for the last 5 years.

Did mine last year- in and out in 20 minutes, back the next day to pick it up- where's the hassle in that? if I applied for a visa at an embassy I would have to go back the next day so why not for a retirement permit. As soon as I had it I went round to the other office, put the permit number in the tm8 and that took about 20 minutes, mainly down to the queue. Take a kindle and the time passes quickly.

 

I am on my fourth extension and know what I need- I even check the seek before as to whether or not there have been any changes. So long as you have all your paperwork in order and don't go in stinking of beer and badly dressed with an attitude its a breeze. Why pay someone 12k for something that costs under 4k all in?

[whaleboneman]

15 hours ago, jollyhangmon said:

60k quid? As in 60,000.- GBP?

Now, that's a bargain there, no doubt ... people will just 'flock' over here ...  

 

They really do think all farang are rich.

[jollyhangmon]

1 minute ago, whaleboneman said:

They really do think all farang are rich.

Yep, and dumb too, obviously ... 

[AmericanSafety]

One of the good things about being an American expat in Thailand is we do not have to show income for a retirement visa. We just have to go to the embassy and "swear or attest" that we have enough income to support ourselves for a year at a time.