Watchdog had flagged concerns about collapsed building
The Anti-Corruption Organization of Thailand had previously flagged concerns about worker shortages, construction delays and possible corner-cutting at an unfinished Bangkok skyscraper that collapsed during an earthquake last week, The Star reports, citing Reuters.
Thai authorities are investigating the collapse the building, a government project for Thailand’s State Audit Office, being built by Thailand-based Italian Thai Development PCL and a local subsidiary of China Railway Group Limited. The collapse, following a 7.7 magnitude quake, killed at least 11 people and 79 workers are still missing.
BANGKOK: An anti-corruption watchdog had flagged irregularities in the construction of a Bangkok skyscraper that collapsed in an earthquake last week and killed at least 11 people, the head of the monitoring group told Reuters.
The government had threatened to cancel the project earlier this year because of delays, Mana Nimitmongkol (pic), president of the Anti-Corruption Organisation of Thailand, said on March 30.
The government has announced an investigation into the cause of the collapse of the tower, which was being built by a Chinese company and a long-established Thai construction firm.
Rescuers were still desperately searching on Monday for 76 more people feared trapped under the rubble of the unfinished 30-storey tower for Thailand's State Audit Office.
The unfinished tower was the only Bangkok building that completely crumbled when a 7.7 magnitude quake struck central Myanmar on Friday and rattled neighbouring countries.
Construction of the building, which began in 2020, is being carried out by a joint venture between Italian Thai Development PCL and a local subsidiary of China's state-owned China Railway Group, the China Railway Number 10 (Thailand) Ltd.
Italian Thai Development and China Railway Group did not immediately comment when contacted by Reuters.
The audit office has said that it will investigate the cause of the building collapse. It did not answer e-mailed questions from Reuters whether it had threatened to cancel the construction contract.
The tower was originally slated for completion by 2026 but was behind schedule. The deputy auditor general, Sutthipong Boonnithi, told reporters on Saturday that construction was only "30% completed" before it collapsed.
Site visits to the project during construction by the anti-corruption group had raised concerns about delays, worker shortages and possible corner-cutting, Mana said.
"Sometimes the number of workers on site were much fewer than there should be, causing delays," he said.
"Potentially there was a rush to complete the project towards the end, which could cause a drop in the standard of work."
Mana, whose organisation scrutinises some 170 government projects around the country, said the construction delay was so severe that the audit office had threatened to cancel the contract with the two construction companies in January.
Share prices of ITD tumbled 30% when markets opened on Monday against a benchmark drop of 1%.
Thai Prime Minister Paetongtarn Shinawatra ordered government agencies on Saturday to investigate the root cause of the building collapse within one week.
The official Thai investigation is looking into the construction plan, the standard of the material used as well as possible unsafe action during the construction of the building.
Han Zhinqiang, China's ambassador to Thailand, said on Sunday that China would cooperate in the investigation.
Thai Industry Minister Akanat Promphan told Reuters that he was concerned sub-standard steel may have been used in the construction of the building as he led the team collecting samples from the rubble on Sunday.
The ministry has been cracking down on companies that have produced sub-standard steel over the past six months, shutting down seven factories and seizing 360 million baht (about US$10 million) worth of assets from these steel companies, he said.
"Many of these factories used an old production process and equipment relocated from China," Akanat said, adding: "This has led to sub-standard steel."
Experts from the council of engineers that is assisting the government in surveying buildings around the Thai capital for earthquake damages speculated that the skyscraper could have collapsed due to unsafe material or poor planning in the building process.
"It is strange that no other buildings suffered like this," Anek Siripanichgorn, a board member of the Council of Engineers Thailand told Reuters.
"Even other tall buildings under construction, they did not collapse," he said. - Reuters
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Editor’s note: "Where to Retire: Portugal" is part of an ongoing series on retiring abroad. To see all the articles in the series, jump to the end.
Thinking of living in Portugal in your retirement? You won’t be alone. Over 14,000 U.S. citizens reportedly reside in Portugal, with the number of Americans rising in this popular Western European country by 239% from 2017 to 2022 alone. Retirees are especially drawn to Portugal due to some of the attributes older Americans want most — a warm and arid climate, a low crime rate, more bang for one’s retirement buck, beautiful beach vistas along the Atlantic Ocean, and a great (and affordable) cost of living.
Yes, downside risks of retiring in Portugal do exist, chief among them a formidable language barrier for Americans who don’t speak Portuguese and the fact that Lisbon, Portugal, is 3,367 miles from New York City and 5,664 miles from Los Angeles.
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Yet those barriers haven’t deterred the burgeoning number of U.S. retirees who call Portugal home.
What living in Portugal is like
Take Alison Rudolph, a retired senior environmental health and safety specialist at a global pharmaceutical company. A former Pennsylvania resident, Rudolph now lives in São Martinho do Porto with her husband Scott, who runs a successful accounting practice.
“In Portugal, all regions are well-suited for retirees, but it all depends on your tastes, likes, and dislikes. We chose the Silver Coast for the weather and the low cost of living, Rudolph says. “Many ex-pats prefer the warmth of the southern Algarve area. Others like city life. It's all available here, and you just need to decide what you want and how much you are willing to spend.”
Like any move to a foreign locale, there was a period of adjustment and adaptation. Yet Rudolph says that’s to be expected for an American retiree settling in Portugal.
“Things are different here,” Rudolph says. “The language is different. For example, I couldn’t find normal products that I'd pick up anywhere in the U.S. in the stores here. When I found them, I couldn't read the labels or instructions.”
Over time, Rudolph found herself warming to Portugal’s famous laid-back lifestyle.
“I grew accustomed to the culture and the lifestyle here,” she says. “I picked up the language enough to get by. I’ve come to embrace the country and the differences it presents, even missing many things Portuguese when I return to North America. Rather than returning to the States to get things I can't find here, I have learned what I can get here and how to use it.”
Rudolph says that while the Portuguese bureaucracy is challenging, she and her husband are in full adjustment mode. “We’ve become accustomed to the slower pace and the antiquated ways they manage things here. ... The main thing I’d do differently would be not to purchase real estate 'sight unseen.' Instead, I’d have rented a property until finding the best living location.”
If calling the historic and hospitable Iberian Peninsula home in retirement is growing on you, make sure to account for these five factors before committing to Portugal.
(Image credit: Getty Images)
1. Home purchase costs are rising
While housing costs in country hot spots like Lisbon and Porto are still relatively low compared to US urban bourses like New York and LA, prices are rising on the peninsula.
“With dramatic property price increase in Portugal in recent years and a hike in rental prices, I don’t think prices will go down soon,” says Jeremy Savory, founder at Millionaire Migrant, a company that helps entrepreneurs and investors establish residencies internationally. “With demand outpacing supply in recent years, substantially bolstering the supply of rental properties seems to be the key to leveling out rental prices in Portugal but boosting home purchase costs.”
That’s largely because the Portuguese economy is robust, housing supply is limited, and interest rates are stabilizing and are expected to decrease in 2025.
“Additionally, the job market is strong with full employment opportunities, and amongst other factors, these factors make a sharp price correction less likely,” Savory says. “Experts in the field anticipate that there won’t be a sharp correction in prices in 2025, but they will remain stable, particularly as demand continues to be strong for properties and rental properties in Portugal.”
(Image credit: Getty Images)
2. Find cost of living relief outside of Lisbon or Porto
Due to increased housing costs and rents, the cost of living is much higher in large cities such as Lisbon, Porto, or the Algarve region than in more rural areas.
“We live on the Silver Coast, about one hour from Lisbon,” Rudolph says. Houses in the area can cost around 300,000 euros for a good-sized lot and still be within minutes of the beach of São Martinho do Porto.
While rental and home purchase prices are on the rise in the two largest Portuguese cities, you can still live comfortably in other beautiful locales close by and at a lower lifestyle price.
“You've got Alentejo, which is an hour to two hours’ drive from Lisbon, with a warmer climate and a great wine locale,” Savory says. “North of Lisbon, you have Coimbra and a beautiful city called Aveiro, which people don't really talk about, but is a great place to live that retirees should investigate.”
Watch out for weather issues, however. “The further north you go, toward Porto, it gets rainier and a bit greener and cooler,” Savory notes. “We’re seeing many people from the UK who prefer a more rural, farm-like life wind up living there. If you've got a lot of money and you want to be really bougie, that’s an area you’ll appreciate. It’s expensive, with many well-off expats living there.”
Down the price scale, American retirees can live an “incredible" island lifestyle in areas like Azores and Madeira that are well-connected to the US with direct flights and close to Lisbon, Savory adds.
3. Have a lifestyle budget, too
Non-housing costs will vary, but mostly, the Portuguese experience will be less costly than retiring in the U.S.
“Automobiles and gasoline can be expensive, but insurance is much cheaper,” Rudolph says. “Gasoline costs about 1.66 euros (U.S. $1.73) a liter, but healthcare is very inexpensive. Additionally, a doctor's visit will cost you about 17.00 euros. Food is less expensive, and here, wine is cheaper than Coca-Cola.”
4. Get to know the D-7 Visa
Portugal offers non-citizens the opportunity to retire in-country through the D-7 visa program. If you meet specific conditions laid out by the government, you can attain citizenship after five years of living in Portugal.
“The D7 is typically the most popular visa for retirees due to its low financial requirement of a passive income of 8,460 euros per year,” says Alex Ingrim, co-founder and financial planner at Liberty Atlantic Advisors, which specializes in helping Americans live in Europe. “For many American retirees, their Social Security or dividends from an investment account would cover this value.”
Portugal’s non-habitual residency (NHR) status, which enabled foreigners to live in Portugal for 10 uninterrupted years, was revoked at the end of 2023, while some new residents were grandfathered into the regime if they moved in 2024. That means most new or prospective residents would not be eligible for NHR going forward.
“There is a new version of NHR that targets people that are actively working in very specific fields or roles designed to enhance Portugal's strategic development goals,” Ingrim says. “The new NHR regime does accommodate retirees and offers a special tax rate for pension income like the original version.”
Now, most retirees are going the D-7 route. Typically, they work with financial advisors like Ingrim, applying directly through the Portuguese Consulate or US embassy or leveraging local in-country concierges. After you apply (expect to wait 60 days or so for a response), you’ll receive a passport stamp that enables you to travel to Portugal within 120 days. Once in the country, you can apply for a temporary residence permit at any Portuguese immigration office.
To fully earn a D-7 visa, you’ll need a driver’s license, a marriage/divorce certificate, and a clean criminal record report.
Ex-pats like Rudolph, prior to applying for a visa, need to transfer 10,440 euros into a Portugal bank account and deposit 50% of that amount (5,220 euros) for a partner. Rudolph says, “You must produce proof of income and assets and have either an owned property or a one-year lease.”
(Image credit: Getty Images)
5. Cultural integration is a big factor
The biggest cultural adjustment for retirees moving to Portugal is the language. Rudolph recommends taking Portuguese language lessons well before the move and keeping them up when you arrive. “Additionally, there are many good books that detail the country's history and culture, so read as many as you can.”
As Rudolph suggests, there are abundant country- and locale-specific Facebook groups to connect with other expats. “Each decent-sized town will have an ex-pat meetup, usually weekly,” she says. “There are many activities that one can get involved in to meet people. I joined a hiking group, and that is where I met my closest friends.”
It’s also highly recommended to give in to a slow pace of life. “It does have a very much a service orientation, just a different style, but the people are very hospitable,” Savory says. “Many people speak English, yet the more low-density an area you go, the more remote, the more challenging it gets.”
Above all, a commitment to integrating into Portuguese culture is important. “U.S. retirees can jump right in by social media forums, joining local sports, hobby and business clubs. If you make the effort, you’ll assimilate more quickly,” Savor adds.
Once immersed in the Portuguese experience, you’re on your way to retirement in one of the most beautiful countries in the world.
“Overall, the Portuguese are warm and welcoming people,” Rudolph says. “We miss our friends and family back in the U.S., but we love it here now.”
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A former Wall Street bond trader, Brian O’Connell is the author of two books: “The 401k Millionaire” and “CNBC’s Creating Wealth.” He's written for national finance publications such as TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, Fox News and others. With 20 years of experience covering business news and trends, he believes education is the best gift a financial consumer can receive – and brings that philosophy to his work. Brian is a graduate of the University of Massachusetts, and currently resides in Palmas del Mar, Puerto Rico during the winter, and in Bucks County, Pa., when Mother Nature cooperates.
