Retirement in Thailand: What You Need to Know
Many Europeans find Southeast Asia a very attractive proposition for retirement; there are numerous reasons for this; warm weather, low cost of living and the rich culture that Asian nations exude, are just some of the reasons Westerners like Southeast Asia, in particular the tropical paradise of Thailand.
Applying for a Retirement Visa
Assuming you are over the age of 50, you can apply for a retirement visa; you will have to satisfy the financial requirements; either deposit 800,000 Thai Baht in a Thai bank account (2 months before applying) or show evidence of a minimum income of 65,000 Baht per month, the latter can include your spouse’s earnings also. The visa is valid for 1 year and can be renewed without having to leave the country.
Health Insurance
Search online for the best deals in health insurance for foreigners in Thailand from a leading Thai insurer; medical treatment is expensive in Thailand, especially if you have to be admitted to hospital, so we recommend at least basic cover for emergencies. Check online to see how customers rate their insurer and look for positive comments from people who have claimed on their policy.
Where to Live
Thailand is a huge country with stunning tropical beaches in the south and mountainous terrain in the northern part of the country; popular destinations for retirees include the following:
- Pattaya & Baeng Sen
- Hua Hin & Cha-Am
- Koh Samui
- Phuket
- Chiang Mai
We think it is best to rent for a few months until you are sure that the area is right for you, then you can choose from several accommodation options. Click here to find out how to get compensation for flight cancellations.
If you set up a limited company, the entity is allowed to acquire land; otherwise, foreigners are not permitted to own land. One popular option is to lease a plot of land for 30 years, with the option of a further 30 years, then you can build your dream home and not have to worry about security.
Condo Units
Foreigners are permitted to own condo units, providing that the foreign ownership does not exceed 50%. In order to purchase a condo unit, you need to show evidence that the funds came from outside of Thailand.
Learning the Thai Language
If you are planning to spend the rest of your days in Thailand, you really should make an effort to learn the language. Sign up for a Thai language course, either at a language school or online and use the new vocab you learn in real-life situations. It isn’t an easy language to learn and you will need to apply yourself 100% to the task at hand, but the benefits make it worthwhile. You can’t expect to gain an insight into Thai culture if you can’t speak the language.
