Retiring In Thailand – How To Retire In Style In Thailand On A Budget

March 10, 2010 retireinthailand
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The Reasons Why Countless People Are Playing With The Idea Of Retiring In Thailand

Myself and my Thai wife are making active plans for retiring in Thailand later this year. I am like scores of ‘aliens’ (Thai call us ‘Farangs’) married to a Thai National who are expecting to retire in Thailand, or have actually already done so.

Why do loads of people retire to Thailand, other than to give their partner a house in their own country?

Well, for anybody who have been to Thailand for a holiday, the following will promptly leap to mind:-

1. Diverse and magnificent landscapes with stunning beaches

2. Food that is totally mystifying and a joy to behold and to the taste buds yet is in addition immensely inexpensive

Thai cooking is probably the most prominent all over for its spicy, uniqueness and gorgeous concoction of dishes. Thai cooking is loved for its piquancy and this may be had in the streets, such as the name “street seafood”. You may get the incorrect idea that it is polluted seafood, but it is in reality not, notably whilst it is prepared in front of you. In addition there are a range of of newly picked foods that you may pick from.

3. Year-round warmth and summer blue skies

4. Low cost of living

5. And last but by no means least – the wonderful colourful and mystifying Thai traditions

6. Thailand symobises the mysterious East a great deal more so that any other eastern country.

Out of all these reasons for people to think about retiring in Thailand maybe one or two happen to be more important than the others. Undoubtedly it is feasible to retire in Thailand and live a quite comfortable life on a little income (by Western standards).

What Is The Minimum Income Needed To Retire In Thailand Contentedly?

I’ve seen it quoted that $700 – around 23,000 Thai Baht – monthly can offer you a happy life in Thailand.

According to the Thai immigration rules you must have an income of 65,000 Thai Baht monthly (roughly 2,000 US dollars) per month to meet the criteria for Thai retirement visa. (Extra qualifications additionally apply – for example being aged 50 plus). If you are married to a Thai National that 65,000 Baht criterion income lowers to 40,000 Baht.

40,000 Thai Baht per month is a high salary for a Thai National in a respectable job working for Thai Airways. I know because a relation of mine in Bangkok earns precisely that. And she has a BSc and an MSc plus years of experience! With that 40,000 Baht she can repay a mortgage on a new house in Bangkok area, a loan on a brand new Japanese auto and then have sufficient left over for ordinary living and vacations.

Should you do not have any loans or mortgage to that 40,000 ought to be an ample income to retire contentedly in Thailand.

In addition to that income, I am assuming that you own your own accommodation.

How To Own Your Own Property In Thailand

From here retiring in Thailand is a little more complicated. Basically, the Thai law is structured to stop foreigners from owning land in Thailand. There have beforehand been a range of ways round this such as owing a Thai company and letting the Thai company own the land. However recently these loopholes have been blocked off and today it is almost not possible for a non-Thai to own land in Thailand.

What’s the answer?

Here are a couple of ideas that may work.

Owning An Apartment In A Condominium In Thailand

Any foreigner who is in Thailand legally can own an apartment in a condominium building. In spite of this, a foreigner may not own the land upon which the building sits.

There are disadvantages with this which mostly relate to what the Thai owner of the condominium thinks his responsibilities to be. His belief on this may well disagree from that of the actual Thai law!

Investing In A Property In Thailand In The Name Of Your Thai Spouse

If you expect to remain on good terms with your Thai partner for as long as you intend to stay in Thailand you could choose to pay for a property in Thailand under your Thai partner’s name. You will be well aware that the property will never belong to you and all that that fact implies.

On a more serious note, have you thought about what would happen to your ability to live in the property should your Thai partner pass away? Or, if you then choose to go back to your homeland, how you could sell the property and send back the funds. This may be a serious subject but could be very significant to you in future.

What Else You Should Know Before Retiring In Thailand

Having An Understanding Of The Thai Ethos

Perhaps you have seen reports or come across books about the differences between Thai and western cultures. Or you may have first hand experience from a close relationship with a Thai. If you don’t have this understanding then it’s essential to investigate at least one or two of the books on the issue as the differences, likable as they may look at first, may become wearisome after a while.

Extra Information Relating To Retire In Thailand

As you would expect in this little piece of writing I have barely been able to present you to some of the things you need to think about if you are thinking of a retirement in Thailand. In other articles and/or on the Retiring In Thailand website I will be writing about other subjects like what kind of Visas are available for Thailand and how to qualify for them, how to set up a Thai Bank Account, how to acquire a vehicle in Thailand, the details of land purchase, the sorts of house in Thailand and how to build your own retirement home, what Internet and cell-phone services are available and so on.

Every retiree has his own particular motive for going to Thailand. A young hiker in quest of something different, a bachelor in search of a business opportunity.

Whatever your reason for coming to Thailand, I can tell you one thing . . you have discovered the best place to obtain excellent information and resources for successful living in Thailand.

Supplementary Thoughts With Reference To Retire In Thailand

Retiring in Thailand

Online Videos about Thailand

How to get a Thai non immigration visa from the Royal Thai Consulate, Birmingham, UK

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