This country is for having fun and spending money, unless you start with substantial funding, excellent contacts (your buddy list should reach to the highest politicians and police, military won't hurt either) and not to forget the most important: a confirmed BOI clearance and exemption (foreign business act!). For this in turn your local buddies are more than helpful.
Keep in mind: if you get BOI clearance and exemption you still have no guarantee regarding the safety of your investment, this is just to be allowd to start anything at all, legally.
Been there, done that, got the scars.
Think about it: does this sound like a civilized and modern democracy?
So for I would assume average guys like us there just two things left: booze and boobs, all a man needs to be happy.
In this respect Thailand is honest to you, if you perceive it with open eyes and a clear mind, and in this I have to totally concur with HarryB: "At least you can expect a Thai bargirl to try and rip you off, and can manage the funding accordingly."
But remember: this applies to almost the whole country and almost all its citizens.
So get out and have fun. That's the only thing you can do unless Thailand changes the laws and the Thai their attitude.
- Posts: 1
- Joined: Sat Oct 30, 2010 4:24 am
I am two years into my tenure and I feel quite secure, I have no future rental payments to worry about for another 28 years, I have rights recognised under Thai law allowing me to stay in this house. It has all the neccessary protections relating to 3rd parties in respect of a spouse attempting to cancel the arrangement.
If I were to rent my property, the current market rate is 20,000 Baht/month, now by my calculations if I had the purchase capital in the best available deposit account it would be all used up on ever-increasing rental payments in possibly 12 or 13 years time, this based upon rent increases of 5% P.A. Then inflation really starts to hurt, and rental fees spiral, in the 30th year the monthly rental would be a staggering 84,000 Baht/month or 1m Baht per year!! and you end up paying another three times the initial purchase cost, in rental fees. I appreciate the true 'value of money' has to be taken into consideration when making such forecasts.
I fully understand the concerns about having to walk away from 'your home', I too dread the day, but I believe I will be walking away with substantial savings in my bank as a result of all those monthly rental fees I did not have to fork out every month after the 12 or 13 year mark.
It's a far from perfect situation, but if I want to live here this is the reality I have to deal with. I do not see renting as a viable option when your capital saved is just going to run out in under half the period. If I leave my capital in a Thai bank I will get next to nothing in interest return, if I leave it back in Europe I run the risk of exchange rates ruining my retirement. A 30 year lease is secure, all paid up, and should see me through. It also provides security for my Thai family.
Many Westerners I meet feel exactly the same, and are also quite content with their situation.
- Posts: 1
- Joined: Wed Feb 02, 2011 8:52 am
But it's all down to your individual situation. If you're just here for a few years then buying doesn't make much sense. But if you are here for good, then buying makes sense. Many of you who think this is wrong forget to take into account the costs of not buying - paying rent for the next 30-50 years, etc. If you want a nice home and want it decorated to your exact standards then buying is the only way to achieve this.
So don't listened to the paranoid posters. Just read their comments properly and you can see that they don't understand anything about investment and money. These people should move back to their own countries if they think it's so bad here. I, for one, am staying. The vast majority of Thais that I know are great people and much more friendly than back home. They are very helpful and don't try to rip me off. If others are being ripped off, then they need to take a look at themselves. Like attracts like, so what is it about you that attracts these types of people. For you own sake, just go home. We can do without your constantly complaining types.
- Posts: 2
- Joined: Thu Oct 06, 2011 1:53 pm
If you want land and houses, setup a company and put those under your company name. That is how the 90% of foreigners who do businesses here own land, houses, factories. It is a very safe way and the only way you will get rip off is the lawyers you hire, or your thai wife. Most foreigners make the mistake of hiring a lawyer who specializes in cases like this, these lawyers prey on these foreigners, and put their names as party owners of the company which creates more problems later.
Doing business is another story, as you need the balls to keep going even after you gather some scars. Too many give up too easily or crack under pressure. Yes, there are some red tapes or some corrupted individuals that you need to pass through. But in general if you run a legitimate business those people shouldn't be bothering you much, yes you may need to stuff a couple thousand baht here and there each year, but this is just the way of life doing business in a nation that isn't transparent and full of corrupted officials. This is what deters most people to continue on.
Surround yourself with good and honest thai people, especially ones that own their own successful business, that will help you go a long way in thailand as they will be able to give you tips and assist you through some thai-way of doing things.
- Posts: 10
- Joined: Tue Jan 11, 2011 3:43 pm
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