A Guide to Planning your Retirement in Thailand

If you have been working hard for many years and you and your partner plan to sell up and retire to Thailand, you certainly aren’t alone, as this tropical paradise is on many people’s lists.

A Guide to Planning Your Retirement in Thailand

You have probably been a few times for a much-deserved holiday in the Royal Kingdom of Thailand, and that helps you to plan your retirement.

Acquiring land/Property

Talk to one of the top real estate agents in Pattaya and check out their listings; you might prefer a pool villa, or you would rather buy a plot of land and build your dream house; you could rent a place while your home is being built, the options are many. You may know that foreigners are not permitted to own land in Thailand, yet there are ways that you can legally secure your property. Some people lease the land on a 30-year contract, with the option of a further 30 years (30×30 lease); have a Thai English-speaking lawyer review the lease (or title) to ensure you are not compromised. While the cost of a 30×30 lease is similar to the freehold price, you are legally protected for up to 60 years.

Set up a Thai Limited Company

This is one way to secure your dream home; you will need a Thai partner(s) holding 51% of company shares while you hold the remaining 49%. The company can acquire the land, but the business entity must be trading. If the Thai government feels the company was created solely to acquire land, they could confiscate the asset. Talk to an English-speaking Thai lawyer about company formation, and he can advise accordingly.

Long term visas

Those over 50 can apply for a retirement visa, which can be renewed annually without having to leave the country. To apply for a retirement visa, you first need to open a Thai bank account and deposit the sum of 800,000 Thai baht, which should be done at least 2 months before your visa application. The other way is to show evidence of an income of at least 65,000 baht per month (this can be joint income if you have a partner).

Health insurance

You and your partner should have comprehensive health insurance, which you can find online; there are numerous packages, ranging from basic to comprehensive cover. Choose a policy that suits your lifestyle, and with a secure online payment, you have instant coverage. Hospitals are expensive, and serious surgery could wipe out all your savings; health insurance brings peace of mind, which is invaluable when you live abroad.

Thainess

This is a unique quality that Thai people possess that exudes serenity and happiness; the Thai phrase ‘mai bhen rai’ means ‘it doesn’t matter,’ and that is how Thai people regard issues. Whether stuck in traffic, in the middle of a flood, or any other stressful situation, Thais accept it and get on with their lives. You might notice that Thais never get emotional in public, which is part of Buddhist beliefs. Click here for a bucket list of holiday destinations in 2023.

Learning the Thai language

Outside of the major tourist areas, most Thais do not speak English, and if you learn the language, you will not regret it. Thai is a tonal language, so if you learn to read Thai, you know how to pronounce the sounds. It isn’t easy, so you need to persevere, but the rewards are there.

Thailand is a big country, and the north is very different from the south; we recommend renting short-term until you find an area that ticks all your boxes. Some people prefer to live in a rural area; most want to live on or near the coast, and we get that.