Pattaya Today 1
Vol. 8 No. 10 1 - 15 February 2009
Volume 8, Issue 10
1 - 15 February 2009
British expats under siege Falling pound threatens retirees
year old retiree from Bolton, summed up the position of Many foreign retirees in weak consumer spending are many. “Because my penThailand are feeling the cash the real culprits. “Britain has sion is worth a lot less in baht pinch as their first country been living above her means terms, I shall have to bring pensions are worth less in for years and her refusal to in extra cash to improve my Thai baht on the money ex- join the euro and the declin- Thai bank account or risk changes. But the 5,000 or ing receipts from north sea oil losing my one year visa at so British pensioners in the make things worse,” said the the immigration.” The retirePattaya area are one of the manager of one of Pattaya’s ment visa requires a minibiggest groups to be mum of 800,000 baht hit hard by the depreheld in a Thai bank ciating pound. account or a combiThe real problem is nation of home based the value of the pound income, supported by against the US dollar, an embassy letter, plus currently riding high, cash in a Thai bank to which also results in a reach that figure. poor rate of the pound The real problem against the Thai baht. arises when a penIn a matter of months sioner is living on the British pound has limited means, a fixed lost 30% of its value income, and has no and its purchasing cash reserves to draw power to the Thai baht on. “I never thought has sunk from well my old age pension over 60 baht to as little in England would as 47 or worse. be worth so little in Although some see Thailand,” admitted the pound’s decline as How much further will the British pound sink? Terry Whittaker from the responsibility of interna- biggest money exchanges. Birmingham. “There is no tional currency speculators British pensioners over 50 chance my pension income is such as George Soros, the re- who live in Thailand mainly worth anywhere near the imality is that the UK’s depreci- on one year retirement visas migration bureau’s floor limit ating housing market, soaring are devastated by the devel- of 800,000 baht equivalent current account deficit and opment. Alan Wright, a 64 for a one year visa and I have
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no extra cash to boost my Thai bank account.” Mr Whittaker said he would be forced to abandon the renewal of his one year visa for the time being. “I’m going to Laos where the Thai embassy is giving double entry tourist visas which, with extensions, you can make last for six months. I just hope at the end of that time that the pound will have improved to around 60 baht.” The Pattaya based officer of the British embassy, Barry Kenyon, said “About a third of the 5,000 or so British pensioners in Pattaya seem to be having a serious problem because of the currency fluctuation." Continued on page 2
Rule change to retirement visa Effective late January 2009, Pattaya immigration has announced a revision to the rules for the awarding of the retirement visa available to foreigners over 50 who can satisfy the financial criteria. The change applies only to those foreigners applying for the visa on the basis of having at least 800,000 baht in
a Thai bank account. Now, on the first application, the 800,000 baht must have been held in a Thai account for at least 60 days prior to the application being made. On the second and any later renewal, the cash must have been in the bank for 90 days minimum. Continued on page 4