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Should I Retire To Thailand?

If doing your retirement planning and thinking “should I retire to Thailand?” The short answer is it should definitely be in your top five when doing your research.

According to Wikipedia, this country is officially known as The Kingdom of Thailand. Formerly known as Siam, it is a country located in the center of the Southeast Asian Indochinese Peninsula. It sits between neighboring countries of Myanmar, Cambodia, Laos, and Malaysia. It is the 50th largest country with a total of 513,120 square kilometers of land area.

This multicultural city has been one of the many places where Europeans, Australians, and Americans consider making their retirement home due to the low cost of living and affordable healthcare.

This island is home to more than 68 million people who are some of the friendliest and easy going company you will encounter during your Asian travel. It has become a tourist destination because of the 2,000-mile shoreline it has which contains pristine sandy beaches. It is also home to diverse wildlife.

Should I Retire to Thailand? – Weather

Considered as a tropical country, Thailand can be your perfect getaway place during the winter months in your hometown. Enjoy the sunny weather in the many beach resorts of Phuket or tour the historical temples around Chang Mai. A word of warning though, during the warmest month of April, temperatures average 31℃ or 87℉ and can reach up to 100 degrees which can last a couple of weeks. Make sure that you are properly protected from the harmful rays of the sun by slathering up sunscreen.

If you want to experience this place to the fullest, plan your visit during the month of December which is the coldest month of the country. The average temperature during this month is around 26℃ or 79℉.

Thailand goes through three or two seasons in a year, depending on where you are located. North Bangkok has three seasons which are the dry and cooler period from November to February, the dry and warmer period from March to May and the monsoon season from May to November.

On the other hand, South Bangkok only has two seasons. Rainy or wet season from April to October and a sunny or dry season from May to November. Wettest months are the months of August to September which can occasionally lead to some flooding in low lying areas.

Should I Retire to Thailand? – Cost of Living

The reason why many expats consider this place as their retirement home is because of the low cost of living. It is about 30% to 40% lower for US standards which is a big number especially if you want to really stretch your retirement funds. Thailand tied with the Philippines and Colombia for the “sixth cheapest place to live in” position.

Using the Numbeo websites, a meal in an inexpensive restaurant in Bangkok costs a meager $2.27 US dollars versus a meal in New York city which is $12.00 US dollars.  A three-course meal for two in a mid-range restaurant in New York costs a whopping $70.00 US dollars while in Bangkok it is around $25.00 US dollars only.

Basic utilities which include electricity, air-conditioning, water and garbage for a 915 sq.ft apartment in Bangkok, Thailand range from $85 US dollars give or take a few whiles in New York, it will set you back more than $100 US dollars.

A one bedroom apartment in the city center of Thailand costs $442 US dollars per month but there are options outside the city center that takes the rent down to $260 US dollars. For bigger families or for those who are willing to share the space with friends, an apartment with three bedrooms in the city center will cost around $1,200 per month and outside the city brings it down to $630 per month.

Typically, a safe monthly budget of $1,500 to $2,000 dollars per month should be allocated depending on where you plan to stay. A budget of $5,000 per month can get you a luxury condo in the heart of Bangkok with access to amenities and housekeeping a few times a week. There are those who have really crunched down their spending habits and is able to live under $1,000 US dollars per month.

However, this country does collect taxes from your domestic and international income once you’ve stayed for more than six months.

If you’re looking for more ways to save more money for retirement. Read this article 

Should I Retire to Thailand? – Internet and Infrastructure

For many travelers, having a reliable internet connection is a must. It can sometimes make or break the decision of the person if he/she wants to visit the place. Luckily, Thailand has the sixth fastest internet speed at 18.9 Mbits/s behind Hong Kong, Singapore, Japan, Taiwan, and China. This country is the third in South East Asia to obtain internet access back in 1996.

Broadband internet is readily available in the major cities of Thailand but the majority of rural areas still uses dial-up access. Although this is the case, with the dawn of the generation, online gaming has spurred the companies to provide better services for their consumers to access. Depending on your usage you can choose the type of connection to get. The choices are a dial-up connection, broadband or ADSL connection, and wireless internet access.

Major internet providers of the city are the following:

• CAT Telecom
• Pacific Internet
• Jasmin Internet
• Anet
• Smart Connect
• CS Loxinfo
• KSC Internet

About the infrastructures in Thailand, in general, the infrastructure of the country is good, especially in major cities. But just like any other country, it varies greatly across the country. There still are rural areas where infrastructures are less developed versus that in the major cities.

Traffic is one of the major set back you will experience when you retire in Thailand. Thankfully, a nationwide plan is in place with regards to transportation where rail, air, road and water travel are to be improved in the coming years. This is to address the congestion within the city and suburbs of the country.

Included in the plan is the development of a technological park that aims to attract tech pioneers and digital business innovators. The plan is to construct this park which will be called Digital Park Thailand and make it a data hub with high-speed broadband infrastructure in place. They aim to make Thailand as Asia’s leading digital innovation hub that connects surrounding countries by land, air, and sea. It is expected that the cultivation of this project can be felt within five to ten years.

Should I Retire to Thailand? – Is it safe?

Thailand is a fairly safe country especially if you stay in places where there is small tourist activity such as Phang Nga, Kanchanaburi and Chang Mai. However, continued vigilance is still encouraged especially if you are a tourist. Pickpockets and other petty crimes such as bag snatching and credit card fraud are what usually needs to be watched out for since vicious attacks or crimes towards tourists is very rare.

The SafeAround website gave a 49% overall safety rating for Thailand. Places that have high mugging, pickpocketing, and bag snatching risks are Bangkok, Phuket, and Pattaya. It is extremely advised that you travel with a companion in this country and to always stay together while traversing the streets of this city.

Thailand has a long history of unrest and actually experienced more military coups than any other Asian country. It was under military rule for decades which is why certain militant groups have formed. The bombing in Huan Hin, Phang Nga, Surat Thani, and Phuket back in 2016 suggests that there is still an underlying terrorist problem within the country.

Should I Retire to Thailand? – Homes and Real Estate

Thailand is experiencing some slow down in the real estate market due to the uncertainty that many investors are feeling. The New Bangkok City Plan and New Land Property Tax is the main reason behind. These new policies are expected to take effect in 2020 and add to this the election that happened last month, investors are taking a step back in order to ascertain how the market will be affected.

The new policies will actually result in high priced properties because of the increase in land cost, interest rate and required downpayment by the Bank of Thailand. This increase drives buyers and investors back rather than entice them. In fact, new condominium projects are priced between THB 250,000 ($7,793.25) to THB 300,000 ($9,351.90) per square meter while unsold units on completed projects are being offered at a discounted price.

Other upgrades are also being used by developers to interest would be buyers and investors such as home automation, rental management schemes, and mixed-use developments. Normally, a one bedroom apartment located in the city center costs $650 per month to rent and a studio apartment in Chiang Mai costs $300 per month which can also be bought for $22,000 USD. Expect that these prices will increase in the coming months and years.

Should I Retire to Thailand? Rent or Buy 

As a retiree or would be retiree, the best advice that most real estate company would give you is to try rent a place at first. Rent is 56% cheaper compared to the US and this will allow you to experience the culture, weather and daily life in Thailand. From there you can decide if this place is the haven you are looking for or not.

Keep in mind that the cost of accommodation is one of the highest cost factors to consider when traveling and incidentally, it is also one of the major expense you will consider when retiring. As mentioned before, expect an increase in rental rates and price of a home in the coming years. This may or may not impact your savings a lot but it is worth knowing.

Renting has many advantages over buying your own property. You get a chance to scout the site you are currently residing, try it out for a few months, and determine if you are willing to stay in the neighborhood. This is best recommended for people who plan to stay a couple of months a year in the country. The cost of rent varies greatly from place to place so make sure that you factor that aspect when scouting for a new place.

Buying a property in Thailand actually is a bit tricky. The system is not designed to cater to foreign buyers. You can marry a Thai and buy a property through her/his name which will then be easy. The downside here though is that in the eventuality that you two split up, that property you bought will go to him/her. In case of death of your spouse, you are only given one year to stay on the property and then you are out the door.

Should I Retire To Thailand – Visa Process

Visiting the city requires no visa as long as you have a valid passport with a return flight booked. There are 64 countries included in the visa-free travel agreement with Thailand. You can check the internet if your country is among those who are free to enter the nation. Certain countries are granted as long as 90 days or as short as 14 days of stay in the country.

Retirement visa is offered and can be processed in through a consulate or directly in Thailand. It is best that you have all your relevant documents such as birth certificate, marriage certificate, bank statements and other papers needed in your disposal when applying for a retirement visa.

Some find getting a retirement visa to this country very easy because of the few requirements they need.

Requirements for retirement visa are:

• 65,000 baht per month ($2,000 US dollars) income
• 800,000 baht savings ($24,500) in a Thai bank account
• At least 50 years old
• Pass the criminal background check
• A valid passport that has at least 1 year before the expiration

However, this retirement visa only allows you to stay in Thailand for one year and it is required for you to extend it every year. Retirement visa does not allow you to work in the country you must apply for a working visa if you plan to work. Also, this visa does not allow you to leave and re-enter the country at will. You must secure a re-entry permit so that you can travel.

Step by step guide on how to apply for Thailand Retirement Visa

1. Obtain a copy of the Visa form TM7 which is the application form for a non-immigrant O type visa. This is the visa type that allows you to stay for one year and can be renewed yearly. Make 4 copies of this document.
2. Produce a passport sized colored photo or 2”x2” sized colored photo with your full name and signature at the back. This photo must be taken within six months prior to application. Make sure that it is front facing.
3. Copies of every page of your passport.
4. Multiple copies of Personal Data Form.
5. Copies of bank statement together with a letter of acknowledgment of deposit from your bank not older than 7 days.
6. Secure a police clearance stating that you don’t have any criminal record. This should not be older than 3 months. Make 4 copies of this document.
7. If you are applying from outside Thailand, you will need to produce a medical certificate stating that you are not suffering from any of the following:
8. 1. Tuberculosis
   2. Leprosy
   3. Elephantiasis
   4. Alcoholism or any drug addiction
   5. Stage 3 syphilis

If you are married, you will need to produce a copy of your marriage certificate if you wish to live together in Thailand.

Once you’ve secured all documents and have been given a visa, you will then need to report back every 90 days. Essentially, this 90 days report is to check if you are still residing in the country. Failure to report back will incur charges with additional charges for every day past 90 days.

Bring the following for your 90 days scheduled report

• Form TM47
• Passport
• Multiple copies of your passport page showing the latest visa stamp
• Multiple copies of your passport page showing your passport picture
• Multiple copies of your passport page showing the expiration date of passport
• Copies of your arrival card and also your departure card if you traveled out of Thailand.
• Proof of Address

Remember that you need a re-entry permit before you can travel out of the country.

Should I Retire to Thailand? – Healthcare

As an expat, having access to affordable healthcare facilities should be one of your concern. Knowing where to go during an emergency and getting health insurance should be a top priority. Thailand has no public health insurance in place for expats there is available insurance but they are private insurance which is still cheap compared to the US.

This country has quality but affordable healthcare system in its major cities and also in a number of rural areas too. As Thailand is one of the many countries that offer medical tourism and is actually one of the leading in the world, many international hospitals that are located even in the urban areas are equipped with state of the art modern medical technology.

Although the public healthcare system of the country has its flaws, it successfully services 95% of the country and is still the cheapest way to get medical services. But most expats prefer to get the private healthcare option because it offers a more westernized ambiance with doctors that are foreign trained and are easy to communicate minus the long lines or long waiting hours prevalent in public hospitals.

Given that Thailand has modernized private hospitals and more than 1,000 public ones, it is still good to have health insurance in place. You have the option to choose between local insurance and international ones with the last one being more expensive but covers way more than what a local insurance can.

As Thailand is a tropical country, it is a perfect place for bacteria and viruses to breed. This is why before entering the country, the CDC recommends that all your vaccines are updated and complete. Some cases would require you to be vaccinated further depending on where you want to go and how long you will stay.

Should I Retire to Thailand? – People, Culture and Entertainment

This country is considered to be the country with a thousand smiles because everyone greets you with a smile. They are friendly and welcoming to tourists and expats alike. It is no wonder why many have called it the Land of Smiles. The Thai people are generally known to be friendly and they go the extra mile to help out whenever possible.

People

From the moment you get off the plane, you will be greeted with a smile and even the taxi driver will make an effort to engage in conversation even if they know little of the English language. This is a place where people are very down to earth and approachable. You’ll find street food carts serving doctors and farmers side by side and they have no qualms about it.

Thai people are one of the many that are hardworking and passionate. They love what they do and they do what they love. You’ll seldom see locals who will not take the extra effort in reaching out to you during your stay. The country is very diverse and welcomes the differences between each and everyone with open arms and open minds.

Culture

As Thailand is a land in between many countries, this has become a multicultural nation where customs and traditions mixed and meld into one another. Theravada Buddhism is the main religion of the country which greatly affects the culture of the land.

The language that is spoken in this country is called Thai. It is taught in schools and is greatly spoken all over the nation. Different dialects are also present in different provinces but this does not interfere with the unity of the population. Like many countries, English has become a part of their studies but this applies mostly in schools located in large cities.

Thai’s have very high respect for elders and honors them in so many ways. Most Thai’s will always pay respect to elders by pressing their hands together and bowing their heads to touch fingertips, this action is called wai. This will then be followed by a respectful greeting of “sawatdi khrap” for male elders and “sawatdi kha” for female elders.

Great cuisine can be found in this country. The combination of sweet, salty, sour, bitter and spicy flavors make the Thai food one of the most popular cuisines in the world. You’ll notice that the savory portion of this cuisine mostly comes from their utilization of the coconut cream in their recipes. Curry is also particularly a staple in their cooking. This different herbs and spices mixed and ground into a paste-like consistency give their food that warmth and heat that most people come back for every time.

Should I Retire to Thailand? – Entertainment

Thailand is a place where you can get all your entertainment cravings fixed. Head to Bangkok and Chang Mai to enjoy a variety of stage shows that you will love. Bangkok houses jazz bars that offer not just great music but also outstanding food. You’ll be able to enjoy the soulful vibe jazz have while your taste buds dance in delight from the culinary experience.

Sport is a major part of Thai culture. It is one of the leisure activities that Thai love to watch or participate in. Thai Boxing called Muay Thai is one of the sports that not only Thai locals patronize but foreign nationals as well. You’ll see foreigners studying this form of combat for both professional and personal reasons.

Spas and beach massage shops are all over famous cities in Thailand. After a whole day’s event, you can go to one of these places and get a whole body spa experience with authentic Thai massage to relax your tired muscles and mind.

For a more in-depth experience of the what beauty Thailand holds, you can opt to watch the festivals that happen in the country. A full moon festival called Magha Puja is held every February to commemorate the teachings of Buddha. The birth of Bangkok is celebrated together with the celebration of the Chakri Memorial Day every 6th of April.

Thai New Year or the Songkran Festival also happens every April from the 13th of the month up to the 15th. There are many more festivals for you to enjoy throughout the year. All you need to do is to time your visit to this country accordingly to enjoy them.

Thriving Expat community in most big cities are present and this makes it easier for new retirees to make friends, adjust and acclimate to the whole Thailand retiring lifestyle.

Should I Retire to Thailand? – Attractions

Thailand offers many activities for you to enjoy but the main attraction of this country is the pristine sandy beaches where you can enjoy different water sports. Phuket is the place to be if you are a beach bum, you soak up your much-needed vitamin sea in the many beachside resorts.

Head out in the water to participate in watersports such as snorkeling, diving and jet skiing for those who are looking for a more thrilling experience. You can also go on a hiking trip where you get some one-on-one time with elephants. Be ready to get wet with the elephants because you can ask your guide to have this majestic creature take a dip in a shallow pool of water while you’re riding it.

Ancient Temples with historical value litter the whole nation. You can have a chance to enter religious temples and offer a prayer or two to Buddha. For the more adventurous traveler, visiting caves and grottos would be a good activity for you.

The Grand Palace in Bangkok is a must see tourist spot once you visit the country. The historical value of this palace cannot be measured and cannot be replaced. The aesthetic beauty of the place can be attributed to its outstanding architecture which houses numerous temples and relics with great value.

Thailand is a tropical country and its natural beauty can be enjoyed through hiking and excursions into the wild. But for those who are a bit of a clutz and prefers to keep their feet on even grounds, there are national parks that offer guided tours into lush tropical mountains without too much hike. If you’re still not up for that, you can head over to marine national parks to enjoy the diverse marine life of this country.

Should I Retire to Thailand? Overall Assessment 

Thailand is a place that can become your retirement haven. There are many options for you to choose from. Beach properties and inland properties are available for you to explore. The cost of living is pretty low compared to US standards. 

Major cities have great internet service that most will appreciate especially those who work remotely. Major infrastructure changes are happening in the city so expect some changes in the coming years.

Crime is a bit of a problem especially in large cities but it is mostly robbery, theft with no major crimes committed towards tourists. Visa is fairly easy to get and you’ll have access to state of the art medical facilities. People are friendly with warm smiles and warmer hearts that will welcome you in their community with open arms.

Should I retire to Thailand? Thailand should be at the top of your list!

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