Advertorial Things to consider before deciding to retire in Thailand

[ASEAN NOW Sales]

 

Whether you’re of retirement age or planning for the future, it’s likely that Thailand is high up on your list of options. The Land of Smiles is one of the top retirement destinations in the world, and it’s easy to see why. Not only will your pension or savings go a long way, but you’ll also get to enjoy a change of scenery and culture.

 

With that said, there are pros and cons to retiring in Thailand. The perks like low cost of living, delicious food, quality health and dental care, massages, and so on are well-known, but you’ll want the full picture if you’re planning on calling Thailand home. Our friends from Pacific Prime Thailand are here to discuss things you need to consider before choosing to retire here.

 

The cost

The cost of living isn’t usually a problem when it comes to retiring in Thailand, as it tends to be more affordable than where many expats come from. However, you still need to consider how much money you’ll need to retire here. A retired couple can live rather comfortably on an average of USD $2,100 a month, though this depends on one’s lifestyle.

 

Despite the low cost of living in Thailand, you’ll want to have enough savings to enjoy life. It’s advisable to have a minimum of USD $26,500 in savings before choosing to retire in Thailand. That way, you can cover unexpected expenses like health insurance premiums and car repairs. Note that different countries have different laws on pensions and taxation so be sure to find out the exact details for yours.

 

Buying land and property

 

The cost of living isn’t usually a problem when it comes to retiring in Thailand, as it tends to be more affordable than where many expats come from. However, you still need to consider how much money you’ll need to retire here. A retired couple can live rather comfortably on an average of USD $2,100 a month, though this depends on one’s lifestyle.

 

Despite the low cost of living in Thailand, you’ll want to have enough savings to enjoy life. It’s advisable to have a minimum of USD $26,500 in savings before choosing to retire in Thailand. That way, you can cover unexpected expenses like health insurance premiums and car repairs. Note that different countries have different laws on pensions and taxation so be sure to find out the exact details for yours.

 

Buying land and property

Do your retirement goals include buying a property in Thailand? While it’s certainly possible, it can be tricky if you’re looking to purchase freehold land or property on land. Thai laws prohibit foreigners from purchasing land and property under their name, though there are ways around this. It’s best to seek legal advice from a qualified lawyer who understands the ins and outs of this procedure and, if you’re lucky, comes recommended.

 

Retirement visa

One of the key things you’ll have to obtain before you can relocate to Thailand is a retirement visa. If you’re at least 50 years old, you can get a retirement visa quite easily as long as you meet one of the following requirements:

 

●     A Thai bank account with at least THB ฿ 800,000 (around USD $24,000)

●     A monthly income of at least THB ฿ 65,000 (around USD $2,000)

●     Or a combination of the aforementioned options that amount to at least THB ฿ 800,000 (around USD $24,000)

 

You’ll also need to have a valid passport that doesn’t expire for at least one year and pass a criminal background check. For more details about Thailand retirement visa requirements 2022, check out the Thai Embassy portal in your country.

 

Even though obtaining a retirement visa is simple, you might need additional permits or different visas on top of that. For example, you’ll need to apply for a re-entry permit if you plan on traveling during your first year of residence and a visa extension if your visa is close to expiring. You’ll also have to report to immigration every 90 days or your visa may become void.

 

But what about the 10-year retirement visa in Thailand you’ve probably heard about? It’s actually a long-stay visa that you must re-apply for every five years and is available to those from a handful of countries, including the US and the UK. Other requirements for this type of visa include at least THB ฿ 3 million in a Thai bank account, health insurance with a specified minimum amount of coverage, and more.

 

Apply for your retirement visa from your home country as it can take some time for everything to get sorted.

 

Health insurance

With the ongoing COVID-19 pandemic, long-term health insurance in Thailand is now a requirement for all retirees. In fact, it’s currently mandatory for visitors too. You’ll have to secure health insurance to access medical services, with costs that vary based on your age and any pre-existing conditions.

 

One of the first things you’ll need to do once you decide to retire in Thailand is take out a health insurance policy. Be sure to carry proof of your health insurance policy on you when entering the country. Note that there is no public health insurance for expats in Thailand, so you’ll want to make sure your private insurance is adequate.

 

The cost of healthcare may be lower than in countries like the US, but they can still add up in no time - especially if you need regular treatment and medications. It’s essential for you and your family to have proper health insurance, whether or not it’s legally required.

 

Some see the need for health insurance for retirement in Thailand as one of the biggest setbacks since they have access to universal healthcare back home. The good news is that working with a reputable insurance broker can help you get a comprehensive plan for your needs and within your budget.

 

Retiring in Thailand can be an amazing experience. Now that you know some of the most important things you need to consider before deciding to retire here, you can start to think about where you’d like to settle down in Thailand. With beaches in the south, mountains in the north, and everything in between, it’s just a matter of finding the place that’s right for you.

 

Whether you’re looking for retiree health insurance in Thailand, family health insurance, or more, contact Pacific Prime Thailand for impartial insurance advice and a free quote today.

[HappyExpat57]

I recommend you come here and TRY before you BUY. Vacation here as long as you can to get a feel for LOS. It is not for everyone.

[samtam]

24 minutes ago, ASEAN NOW Sales said:

Despite the low cost of living in Thailand, you’ll want to have enough savings to enjoy life. It’s advisable to have a minimum of USD $26,500 in savings before choosing to retire in Thailand. That way, you can cover unexpected expenses like health insurance premiums and car repairs. Note that different countries have different laws on pensions and taxation so be sure to find out the exact details for yours.

 

24 minutes ago, ASEAN NOW Sales said:

 

 

 

Retirement visa

One of the key things you’ll have to obtain before you can relocate to Thailand is a retirement visa. If you’re at least 50 years old, you can get a retirement visa quite easily as long as you meet one of the following requirements:

 

●     A Thai bank account with at least THB ฿ 800,000 (around USD $24,000)

●     A monthly income of at least THB ฿ 65,000 (around USD $2,000)

●     Or a combination of the aforementioned options that amount to at least THB ฿ 800,000 (around USD $24,000)

How does having a minimum of USD26K in savings reconcile with USD24K for your Extension of Stay? Your "accessible savings" would immediately reduce to USD2K, which wouldn't get you very far in Bangkok, or anywhere else for that matter. 

[tonray]

1 hour ago, samtam said:

 

How does having a minimum of USD26K in savings reconcile with USD24K for your Extension of Stay? Your "accessible savings" would immediately reduce to USD2K, which wouldn't get you very far in Bangkok, or anywhere else for that matter. 

Why that's enough to keep your Thai girl up to her neck in SomTam and fried snacks

[Henryford]

Thailand is not that cheap unless you like living on rice and som tam. Wine, steak forget it.

[bubblegum]

Having a beer on a beach o a nice pub in Thailand will set you back more than Amsterdam, Cannes, Barcelona, London and the list goes on.

What do you mean Thailand is cheap? Steak, lamb, wine, cognac, fine dining all of them more expensive over here.

Thailand wants the "big spender tourists" without giving any benefits compared to most luxurious destinations.

Five years from now I'd be living of a Dutch state pension. I will go back to The Netherlands to be able to survive. Way cheaper.  

[ArcticFox]

2 hours ago, ASEAN NOW Sales said:

Health insurance

With the ongoing COVID-19 pandemic, long-term health insurance in Thailand is now a requirement for all retirees. In fact, it’s currently mandatory for visitors too. You’ll have to secure health insurance to access medical services, with costs that vary based on your age and any pre-existing conditions.

If you're over 65, best to go to Mexico.  You'll never afford the insurance premiums, and if you can, the insurance will be so filled with exclusions and moratoriums as to be worthless.

Go elsewhere my foreign friends.  Thailand simply wishes to milk you dry and then cast you aside.

[stigar]

'Im sick and tired of this BS..they try to convince people that this country is so good.ITS NOT!!!!

[mokwit]

I think potential retirees should have been appraised of the fact that the requirements can be changed on a whim without grandfathering, as per recent precedent.

[tonray]

18 hours ago, ArcticFox said:

If you're over 65, best to go to Mexico

Should i apply for the cartel kidnap visa or just enter as a tourist? 

[Janik]

What about those visa agents that can do the retirement visa?
I ask because I've gotten conflicting info going from "Been doing it for 15 years, it's no problem" to "That'll send you to Bangkok Hilton"

[Jingthing]

2 hours ago, tonray said:

Should i apply for the cartel kidnap visa or just enter as a tourist? 

If you're looking for guarantees you're barking up the wrong tree.

[Cabradelmar]

If you want to live like a Westerner you will pay Western prices. Thailand is not cheap in that regard. If you want to/can assimilate, and live more like a Thai, it can be very reasonably priced. Try before you buy; Don't set down roots too fast (some would say never); Don't lose control of your finances (to a pretty); And have an escape plan... because once you are in your 70s, they really don't want you and won't make it easy for you to stay (particularly insurance, if you think you can going to get end of like health care like you would in the West). Health is the new wealth if you want to make any retirement plan work. Just my opinions.

[fusion58]

The article omits an important fact:

 

There’s no path to permanent residence or citizenship for retirees - even those who have invested in real property, etc.

[Chris.B]

On 1/10/2022 at 5:42 PM, ArcticFox said:

You'll never afford the insurance premiums, and if you can, the insurance will be so filled with exclusions and moratoriums as to be worthless.

So true!! ☹️ 

[Isaan sailor]

Forgot to mention currency fluctuations.  In a small economy with high foreign currency reserves, anything can happen. Baht usually inches down—then breaks your heart by vaulting upwards. This can make financial planning a challenge—especially if you’re on a fixed retirement income.

[Isaan sailor]

On 1/11/2022 at 2:53 PM, Janik said:

What about those visa agents that can do the retirement visa?
I ask because I've gotten conflicting info going from "Been doing it for 15 years, it's no problem" to "That'll send you to Bangkok Hilton"

Try visiting your local immigration office first, and ask for guidance.  They can help steer you to the right visa and what’s required.

[Chosenfew]

I have not seen that health insurance is required for an extension of stay. Is this now a requirement?

[Harveyboy]

On 1/10/2022 at 4:59 PM, tonray said:

Why that's enough to keep your Thai girl up to her neck in SomTam and fried snacks

not the way my missis eats it wouldn't  

[Guderian]

On 1/10/2022 at 3:08 PM, ASEAN NOW Sales said:

With the ongoing COVID-19 pandemic, long-term health insurance in Thailand is now a requirement for all retirees. In fact, it’s currently mandatory for visitors too

This article only discusses the requirements for an OA visa, whereas most retirees use extensions based on a Non-Imm O Visa. General medical insurance with a specific level of coverage is a requirement for those people with an OA visa, but not for those using a Non-Imm O, unless things have changed since I last looked. Basically, the article is a red herring as it discusses what's needed to follow the route used by a minority of expats here.

[Jingthing]

8 minutes ago, Guderian said:

This article only discusses the requirements for an OA visa, whereas most retirees use extensions based on a Non-Imm O Visa. General medical insurance with a specific level of coverage is a requirement for those people with an OA visa, but not for those using a Non-Imm O, unless things have changed since I last looked. Basically, the article is a red herring as it discusses what's needed to follow the route used by a minority of expats here.

Has not changed.

[sawadee1947]

Well,

I enjoy the scenery and culture every day:

Everywhere littering, burning waste including plastic and paint, throwing waste out of your Car, biting wild dogs everywhere, of course without any owner, increasing hostility against foreigners, inability of self control, drug addicts even behind the wheels, double pricing, aso aso.

Time to leave and settle in SPAIN.

[PeachCH]

On 1/11/2022 at 3:53 PM, Janik said:

What about those visa agents that can do the retirement visa?
I ask because I've gotten conflicting info going from "Been doing it for 15 years, it's no problem" to "That'll send you to Bangkok Hilton"

Well, one of my friends is living in Pattaya. 

Alone in his condo 15 people are using the service of an agent and many of them since years. 

Its more or less common in Pattaya. An easy way to stay for people over 50 years old, who don't can afford the financial requirements or don't want their money blocked in a bank account. 

[Hummin]

On 1/10/2022 at 5:48 PM, stigar said:

'Im sick and tired of this BS..they try to convince people that this country is so good.ITS NOT!!!!

Good as its gets in your mind, but when you start doubt, thats when the problem starts ????

 

Right now I can live with the flaws, in the future, not so sure

[Hummin]

7 minutes ago, PeachCH said:

Well, one of my friends is living in Pattaya. 

Alone in his condo 15 people are using the service of an agent and many of them since years. 

Its more or less common in Pattaya. An easy way to stay for people over 50 years old, who don't can afford the financial requirements or don't want their money blocked in a bank account. 

When that window closes, what then? It is jut a matter of time

Edited January 17, 2022 by Hummin

[Surasak]

On 1/10/2022 at 5:48 PM, stigar said:

'Im sick and tired of this BS..they try to convince people that this country is so good.ITS NOT!!!!

Oh, I don't know. It has its good side, although I'm struggling to think of some. It really does have its bad side, how many books do you want?

[SW Happy]

1 hour ago, sawadee1947 said:

Well,

I enjoy the scenery and culture every day:

Everywhere littering, burning waste including plastic and paint, throwing waste out of your Car, biting wild dogs everywhere, of course without any owner, increasing hostility against foreigners, inability of self control, drug addicts even behind the wheels, double pricing, aso aso.

Time to leave and settle in SPAIN.

Of course you can't bite the dogs if the owners are around. ????

Actually I have a place in Spain but currently staying here in LOS,  still deciding where to stay for good.

Where in Spain you thinking.

[Citzofwrld2]

On 1/10/2022 at 9:19 AM, HappyExpat57 said:

I recommend you come here and TRY before you BUY. Vacation here as long as you can to get a feel for LOS. It is not for everyone.

Agree!! I feel, Thailands best days are behind it? I spent six months a year there for five years. I could almost see things declining for expats on a daily bases. By the time I left over two years ago, there were so many vacant units in our condo complex it looked like a ghost town. Even during holiday season I noticed the big drop in tourists. I got the feeling, the government is not expat friendly. They want you to spend your money, over a short period of time, and then leave. So glad I didn't buy! 

[fredscats]

Do not do it,disaster awaits

[DJ54]

OP take a trip over and see how you like... I’ve been here 7 years and had some adjustments and I 

like it here... 

 

Take Club Neg comments with a grain of salt...  some valid points but best to form your own opinion by visiting.. 

 

a lot of different places to live depending on your likes..