Some western retirees are now moving away, and those who have enjoyed a cheap paradise
are losing interest as the nation becomes more inaccessible with new restrictions.
There are a few key reasons of why Thailand is losing its attraction to some expats as a place to retire
But for others
Why is it still an appealing place?
Here's a comment by Steve.
In no way, shape, or form does Thailand now appeal to expats.
Many good reasons exist for why just a small number of rich expats and tourists choose to live in this area.
The vast majority of people that come here are looking for good value.
If I were affluent, I would not come to this country for more than two months out of the year.
Many more are of the same opinion.
The rest is pure illusion, the result of decades of nationalist screaming and with no basis in reality whatsoever.
Despite popular belief, Thailand is not the center of the known universe.
Thailand now is, if anything, a faint ghost of the country that it once was.
Here's the first key reason why it is losing its attraction
Following the Brexit vote, the pound's value has plummeted by 30%
making British expats less financially secure
The strong baht has wiped off the income of many British expats who rely on fixed savings or pensions.
Before the border closure, not only had the UK pound plummeted, the Thai visa was more costly,
and the expense of living has skyrocketed during the past several decades.
However, a currency like the USD has done better, but inflation has eaten away at the savings of every retiree.
For expats who drink or smoke, both activities could cost twice as much.
Even the food isn't a long way behind, mainly Western cuisine.
However, street food and food in fresh markets are still inexpensive.
The financial constraint combines with changes in visa policies for senior expats holding a retirement visa,
such as the non-immigrant O-A, non-immigrant O-X, and the most common,
the non-immigrant O-based on retirement.
But as of February 2019, expats holding the non-immigrant O based on retirement
must have a Thai bank account with a security deposit of 800,000 baht, or a monthly income of 65,000 baht
or a combination of both totalling 800,000 baht.
Most recently, the newly added requirement of a health insurance policy covering all
expenditures for medical treatments, including COVID 19, is worth at least 100,000 USD of coverage.
An applicant for the Non-Immigrant O based on retirement must have health insurance included in their application.
According to an expert, those over 70 have a "huge dilemma" because the premium might reach 100,000 baht,
or about $3,000 USD per month.
Making it very hard for expats over 70 to acquire a retirement visa,
so Thailand as a retirement destination is out for those folks.
Here's what one expat said:
I'm the spouse of a Thai citizen on a Non Immigration O who has put THB 800k into an
annual "retirement" extension at a Thai bank.
In order to protect myself and my wife, I have a USD $1 million medical insurance policy.
Yet that same insurance does not meet the Thai immigration requirements,
but when we use the insurance at the local hospital, we always get a "letter of guarantee", and our insurance provider has paid all of the bills.
For some expats, the twelve or thirty Thai insurance firms listed on the **** website
aren't going to be able to provide medical insurance.
You're out of luck if you're over a certain age.
In addition, "exclusions" abound, resulting in "incomplete" insurance coverage.
Expats can no longer be self-insured.
This means that many people are deemed "uninsurable."
This is due to the Thai health care system losing more than 300 million baht,
or about $9 million US, to foreigners fleeing without paying their medical bills.
When we say foreigners, we mean non-Thais.
They can be Burmese, Laotian, Russians, or Americans.
The fact that it's primarily tourists fleeing, and not expats or retirees,
means it could be an excuse for Thai insurance providers to make more money.
The new visa requirements have caught many senior expats off guard-who were accustomed to a carefree lifestyle.
Many are anxious about their future, and some have already been pushed out of the country.
The air of desperation is evident in Pattaya, a beach city with a sizable senior population.
Pattaya is best known for its nightlife activities and its adult entertainment business.
Nevertheless, Pattaya is more than this, making it one of Thailand's most popular tourist destinations.
Pattaya has also been a haven for older expats ever since the Americans flocked there for
the sun, women, and nightlife during the Vietnam War, turning a sleepy Thai village into Asia's sin city.
Until the pandemic hit, this resort's town was almost always full of foreign and local tourists.
Locals and expats are used to putting up with the four or five months of peak season
because they know that the rest of the year will be much quieter and beautiful.
It is similar to the rest of the country, becoming a year-round tourist attraction ten or fifteen years ago.
The evidence of that can be found in just about any major city.
After a storm of tourists, many beaches are littered with sewage that hasn't been adequately disposed of.
A retired expat said, "Many new roads have not been developed during
the past 20 years to support a three-fold increase in car traffic.
Rush-hour driving is no longer feasible.
However, small delays can still be expected outside of that time period.
In many regions, the rush-hour now lasts from 7 a.m. until 7 p.m.
Although there have been many new civil engineering projects initiated in the past several years,
they will ultimately produce fruit.
A lot of things are still good.
In contrast, if I were thinking of retiring here as a newbie, I would most likely not be"
In 2018, Thailand issued approximately 80,000 retirement visas,
a 30% increase from 2014, with the majority of those awarded going to Britons.
According to research conducted by Kasikornthai Bank, the number of foreigners over the age
of 50 with long-stay visas increased by 9% in 2016.
Along with the new health insurance requirements, the country's health insurance industry is
pouring money into this new and lucrative market.
The elite visa program, which offers a one-time fee of 600,000 baht to 2 million baht
for 5, 10, and 20-year visas, is boosting their effort to attract rich retirees
essentially allowing wealthy foreign citizens to buy citizenship for around $3,000 USD per year.
According to an expat bar owner in Pattaya, the push to attract wealthy foreign citizens
has caused many current expats to feel they are being pushed out.
On the other hand, the bar owner is optimistic that the Thai government may turn to expats
to ease the negative effects of the country's economic decline from the recent border closure.
Sam, an expat in Pattaya, told us why he thinks Thailand is losing its appeal to expats.
"Many of us arrived in Thailand decades ago, when it was a very different country.
Just before everything started to go south quickly and without any end in sight.
Some of us are lucky enough to be married to a wonderful Thai woman,
and the quality of life is good even for those of us on a tight budget.
Furthermore, packing up and departing requires a significant investment in terms of time, finances, and effort.
The majority of us will consequently remain and continue to overlook the leadership and
the foolish immigration policy for expats.
I'd only be here for four or five months a year if I were well-off enough to do so.
Unless you're single and seeking action, Thailand would be on the list of possibilities.
In that case, you may even consider the PI.
It's possible that more average-income retired expats might be more worthwhile to target.
They are a type of "economic refugee," looking for a bit more value for their restricted
retirement pensions and other resources, but having more than others who get a little government pension.
Those are the people who can afford an 800,000 baht deposit,
in addition to living in a decent property and spending an average of 65,000 baht or more every month.
There is almost certainly a plethora of them, but Thailand may be too tough to settle in,
and as a result, it is likely to be lower on the list of preferred locations,
if not avoided altogether.
Thailand's attractiveness might be significantly increased if restrictions on "the good farang"
were relaxed and they were allowed to enter.
If the requirements are relaxed, it may be possible to do away with the need to submit
several time-consuming 90-day reports, as well as less time-consuming paperwork when requesting yearly extensions of stay.
The deposit may also be preserved in some form or another.
After a couple of years or three, during which the documentation requirements are a little more stringent,
but still not as onerous as they are now.
A kind of "permanent retiree residency" could be established for "the good farang"
who have performed admirably over the previous years.
The British pound is up about 10% to 44.8 baht per 1 UK pound from a year ago.
The same is with the USD.
There is now about a 12% increase from last year to 33.8 baht per 1 USD.
Similar to the Canadian dollar, up about 12%, the Austrian dollar is up 6.7% from a year ago.
Here are a couple of things experience expats about retiring in Thailand now and why they chose to stay
Thailand's visa requirements are not difficult, particularly for the "rich", who have a variety of alternatives.
At the top of my head, the Elite and Investment Visas are the obvious two.
They are only tough for those who are unable or unwilling to invest.
This is not the demographic to which Thailand is attempting to appeal.
You'd be hard-pressed to find more straightforward or affordable visa requirements in the region;
the Philippines is probably the only country with an SRRV
(though this requires just as many, if not more, hoops to jump through)
Malaysia recently doubled the financial requirements for MM2H
Cambodia has a dodgy business visa that could be revoked at any time
and I'm not sure Vietnam has anything
On the other hand, if you're able and willing to invest in Thailand, living here is quite simple.
Next comment by John, an expat for two decades
Expats who are so well-off that they don't care about luxury taxes,
as evidenced by the abundance of BMWs and Mercedes in the neighborhood where I live.
Just last week, an American who rented my condo showed up with a brand-new Mercedes S-class with Bangkok license plates
when I asked if he drove it here
he replied that he had paid someone else to drive it
The Mercedes, or any luxury car in the country, would cost at least twice as much here as compared to Europe.
Only the cheap charlies assume that the affluent are worried about spending 2,000 baht
on the same bottle of wine that would cost 600 baht back home.
Even if they did care, they'd still be sipping on 10,000 baht bottles of wine.
What other options do you have?
China?
The Philippines has terrible internet, high crime, homeless people everywhere, and yearly typhoons.
The Caribbean is expensive.
Spain is prone to be overrun by African nationals,
has a high crime rate, and suffers from harsh winters.
Vietnam – they don't have a retirement visa.
Malaysia: visas are too expensive.
Despite all of the criticisms about Thailand,
the strict immigration restrictions, the high luxury tax, the horrible driving, and the absence of ownership rights for foreigners,
these are minor inconveniences that one can put up with.
Really, the only viable option is Thailand.
One of the most, if not the most, desirable destinations for expats.
Is Thailand still a good place for western men to settle down?
That's a tricky one.
But, if you're wondering if Thailand is still a good place for men to find a partner
the answer is YES
Sunny weather, affordable accommodations, exotic culture,
top 5 cuisines in the world, beaches, and, oh yes, the ladies.
It's only natural that retired men would go to Thailand.
There aren't many millionaires here, but those looking for a fun time in the sun,
some excitement, and some delicious cuisine will come.
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What do you think?
Which nation do you think is a good alternative to Thailand?
Do you think the Thai government will step in to help ease the retirement policy, or is it already too late?