If you are eagerly looking forward to spending your retirement years in the tropical paradise of Thailand, you have come to the right place, as we offer important information to help you make the transition. For seasoned travellers, relocating to other side of the world is no big deal, but for someone who has spent most of their life in their home country, it can seem like a daunting task.
Here are a few tips to help you make a smooth transition and enjoy your golden years in the sun.
Health insurance
While you might be covered at home, living in a foreign country is a different ball game; search online for a leading provider of health insurance for expats and choose a policy that suits your lifestyle. Comprehensive cover does bring peace of mind, while you might prefer to limit the cover to surgical treatment and in-patient costs, either way, you need to have medical insurance.
Long term visa
If you are aged 50 or over, you can apply for a retirement visa; requirements are either a) deposit the sum of 800,000 Thai baht in a Thai bank account or b) show evidence of an income of at least 65,000 baht per month. There can be issues with this, most banks will tell you they need to see your retirement visa, which you cannot obtain until you open a bank account. The solution? Use an agent to open the bank account on your behalf and make sure you deposit the money 2 months prior to applying for the visa and you should qualify. Use a reputable agent to eliminate red tape, all you have to do is produce the right documents and your visa can be renewed annually without having to leave the country.
Real estate
You may or may not be aware that foreigners are not permitted to own land in Thailand; there are several options; set up a private limited company (with a Thai national(s) holding 51% and you the remaining 49%) and acquire the land and house in the company name. Another option is to lease a plot of land for 30 years, with a further 30-year option, then you can build your dream home and be secure in ownership. You are the owner of the house, but not the land it sits on. If you have a Thai partner, you can put the deeds in their name; we advise you to seek out an English-speaking Thai lawyer, who can advise you accordingly. Click here for tips on senior health & well-being.
Learn the Thai language
Aside from the major tourist hotspots, English is not widely spoken in Thailand; if you have time on your hands, register with a leading Thai language academy, or arrange for daily Zoom calls with a Thai teacher. Thai is a tonal language, which can pose problems for westerners, but if you persevere, you will reach a basic level where you can communicate.
Thailand is a very special country and is ideal for a retirement destination; spend your golden years in a tropical paradise and enjoy the finer things in life.