This will have huge effect on Americans then, too.Originally Posted by Mancs
Imagine living here full time, for maybe 10 years, and having sold property in US or UK, and then bought a condo here, a very typical scenario.
So far this retired man had to be over 50, and once a year visit his Embassy, pay small fee, and walk out with income verification letter. Based on that letter, he gets 1 year permit to stay, so called retirement visa.
Trouble is, many many retirees do not make 64.000 b every months. In US that would mean monthly pension of $1930 USD. I know few retired Americans in Pattaya, out 5 guys 1 guy actually receives this amount. Most Americans get $900 to $1200 pension, that is not enough to qualify for 1 year retirement extension.
I feel really bad for these people, Thailand is the only home they have, nothing back home, Thailand is their home.
So next there will be mad dash to agents, people who 'help' to have all the necessary paperwork, including Thai bank statements, showing they have necessary 800k on their Thai bank account. This service costs between 20.000 and 25.000 baht, every year. There are people who can't afford these services, a pensioner who gets $900 every month has enough to live here, but not much left for extras.
What may happen next, is crackdown on agents, who work with IImmigration. That is the day these retired people are truly fucked.
What's really sad, people who I personally know, have nowhere to go back to, no home, no relatives, no friends in the old country. They sold everything when they moved to Thailand.
Retiree will try to sell his condo here, not going to be easy, condo market in Pattaya is already bad, people who bought a 3 Mil condo 10 years ago can't sell it today for 3 Mil. This is true story, American guy, he paid 3 Mil, he now can't get 2.5, and he has it listed for around 3 years now. Market is over saturated, high number of units, not enough buyers, especially for older units.
This is a lesson, never, never buy here more, than you can afford to walk away from. And never sell your home in the old country. A $900 American pension is not enough to even cover rent in major US cities. Wouldn't want this in my old age.
Rent in Thailand, and if you had enough of it here, drop the keys, and take taxi to airport. Live your life at home, where you have health care, and where you treated as equal.
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