Many prefer retiring in Thailand. Its beautiful beaches, delicious food, affordable prices, and tropical climate simply makes it the closest thing to paradise. This is why expats and retirees from all over the world prefer enjoying the remaining years of their lives in the country. If you’re considering retiring in Thailand, this article is perfect for you. We will enlist everything that you need to know – from benefits to retirement places, and even answers to frequently asked questions. We will also enlist guidelines on how you can also get a retirement visa.
The Enjoyable Benefits of Retiring in Thailand
Affordable Lifestyle
Thailand is ideal for retirement because you’d get to live luxuriously without spending so much. In Thailand, your £16 will already be able to afford you a delicious three-course meal at a restaurant. Rent in a city will only cost around £308. For beer, you would only need £1.30.
Lovely Weather
You will never have to worry about getting cold and feeling the gloom of winter if you’d choose to retire in Thailand. It is sunny all year in the country. The only difference in weather that you’d experience is during the rainy monsoon season which takes place from May to October.
Beautiful Beaches
Thailand has over 1400 islands that you can endlessly explore on any given day. Retirees will experience quite a good life because they can easily enjoy a beach lifestyle without having to spend much.
Healthcare
Thailand is a leading country when it comes to medical tourism. The country can provide world-class medical care. Its private hospitals are equipped with advanced machines and medical instruments.
Best Places to Retire in Thailand
Of the many places in Thailand, the following are the best places to live in during your retirement:
Phuket
Phuket is a popular tourist destination in Thailand. It is also a popular place where expat retirees stay. It is ideal for retirement because it is a laid-back coastal paradise. Despite being laid-back, it’s impossible to get lonely here because it has the most active nightlife. It is teeming with expat clubs that can allow retirees to mingle and socialize with other people on any given day. It is also best for retirees that love enjoying fresh seafood every single day.
Bangkok
Many expat retirees also prefer staying in the city’s capital, Bangkok. It is home to a large community of expat retirees so the adjustment will be easier. Bangkok is a thriving cosmopolitan that is filled with shops, bars, restaurants, and historic attractions. It is home to many old palaces and temples that match beautifully with gleaming skyscrapers. This is the best place to stay in Bangkok if a retiree wants an upbeat and modern environment.
Chiang Mai
Chiang Mai is also a favorite among expat retirees. It is preferred by many because it is budget-friendly. It is ideal for retirees that prefer slow living because it has a very calm and laid-back atmosphere. Chiang Mai is extra special because it has an ancient walled city at its center. It is also perfect for retirees that enjoy outdoor activities like cycling and hiking.
Important Facts You Need to Know If You’re Retiring in Thailand
How much money will suffice for you to comfortably retire in Thailand?
If you’d be retiring with your partner, you’d at least need £1,600/month to live comfortably in Thailand. This will involve expenses including rent, food, laundry, insurance, and healthcare. You will need to spend more if you’d choose to live an extravagant lifestyle.
What healthcare insurance do you need?
You will need healthcare insurance if you want to avail of good medical services in Thailand. The cost will depend on your age and your pre-existing medical conditions. It’s best if you could work with a local insurance broker who could clue you in on the best possible insurance healthcare plan for you.
Will you have savings?
Living in Thailand will not leave a dent in your wallet because the cost of living in the country is very affordable. However, it is still best if you would have your savings. A savings cushion of £20,000 is good enough to cover unexpected expenses. You will have to deal prepare money for the following unexpected expenses:
health insurance
home repairs
premium repairs
Will you get to own property?
The answer is no. Foreigners are not allowed to buy land and property in Thailand under their own name. This is why you will need to be ready to rent a property. If you want to own a piece of Thailand, you can set up a Thai Limited Company or enter into a leasehold. A three-year residency in Thailand will allow you to apply for permanent residency. Permanent residents are legally allowed to buy land and property.
What about your pension?
You will still get to easily enjoy your pension. Your pension can be directly sent to you even if you’d retire in Thailand.
Requirements for a Thai Retirement Visa
You should at least be 50 years old or older
You must meet the financial requirements – an 800,000 THB security deposit into a Thai bank account or a 65,000 THB minimum monthly income. A combination of the two can also be accepted.
Step-by-step Guide on How to Retire in Thailand
Apply for a Thailand retirement visa.
Pick a place in Thailand where you would want to live.
Have a healthcare insurance policy in Thailand.
Schedule the shipping of your furniture and personal belongings
Apply for your pension to be sent directly to Thailand
Open a bank account in a Thai bank
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