Thailand is not only one of the top tourist destinations in the world, it is also a place that many westerners choose as their retirement destination and let’s be frank, who could blame them? The tropical climate and low cost of living are just a couple of the reasons why people plan to retire in the Land of Smiles and if you are in that group, we have a few tips from seasoned expats.
- Learn to speak Thai – Unless you are OK with relying on others to communicate on your behalf, you should learn the local language. It is difficult for westerners, as Thai is a tonal language, yet with regular lessons with a native Thai, you should progress well if you try to use the language on a daily basis.
- Take out comprehensive health insurance – The best health insurance Thailand has to offer is only a Google search away; medical treatment is expensive in Thailand and the insurer has a range of policies, depending on your needs. Thai hospitals are among the best in the world and should you need serious medical treatment, having no health insurance could wipe out your savings.
- Retirement visas – While it is possible to apply for a retirement visa, we recommend using a trusted visa agent, as they are able to process the visa without you needing to visit a Thai Immigration office. Prior to applying, you need to open a Thai bank account and deposit the amount of 800,000 Thai baht and the visa can be renewed on an annual basis without having to leave the country. All foreigners that stay longer than 90 days must register with their Thai Immigration office; there are no fees and at the time of writing this, you can do your 90-day reporting online. Click here to find out why you should add protein to your shakes.
- Property ownership – Foreigners are not permitted to own land in the Kingdom of Thailand, yet there are ways that you can secure real estate; one such way is to set up a limited company, with a Thai(s) holding at least 51% of the company shares and you can hold the remaining 49%. The company can acquire land and property and it must be a trading entity, not set up specifically for the purchase of real estate. Another popular way is to lease a plot of land for 30 years, with an option for a further 30 years, known as a 30×30 lease, then you can build your dream home without worrying about the future. You can bequeath the lease to your children should you wish.
- Choosing a location – Thailand is a big country and the north and south are very different; we advise you to travel around the country, staying in hotels and resorts until you find your idea of a tropical paradise.
Thailand has much to offer retirees and with some planning, you can set up your dream home in the sun and enjoy what should be your golden years.
