Things You Need to Know Before Planning Your Retirement in Thailand!

Planning retirement in Thailand

Things You Need to Know Before Planning Your Retirement in Thailand!

Thailand is not only a well-known country for tourist attractions but also a staycation for foreign retirees. You are probably one of those who plan to retire in Thailand when clicking on this site. Thailand is famous for the low cost of living where you will be able to choose your new dream home from a standard to premium quality, wide range selections of food (street food to high-end restaurants).

However, there are things you need to know before relocating:

What is the cost of living in Thailand?

Currency and exchange rate is the first thing that you need to know before moving anywhere. The currency is different everywhere in the world likewise Thailand, they have developed a currency called Baht or Thai Baht (THB). The biggest banknote of Thai baht is 1,000Baht and the smallest is 20 Baht. We also notice that the use of coin baht is quite popular in Thailand ranging from 10 baht to 50 cent baht or (known as satang).

Here are some of the currency exchange rates as of 2020 1 USD = 31.59  THB 1 AUD = 20.65  THB 1 CNY = 4.53  THB 1 EU  = 35.21  THB
Currency Exchange Money
Plan the right time to exchange money in Bangkok to get the most Thai Baht that you can

The cost of living in Thailand is unexpectedly low compared to the quality of life we can spoil ourselves with. Housing is affordable with a wide selection ranging from a standard room in the apartment (around $700/per month) to a premium luxurious room ($1500  more per month). The cost might also vary whether you move into the city area of economic flows or to the outskirts of Bangkok where it is more likely to be way cheaper. The food expenditure is also cheap compared to the western countries as there are many choices for us to select, whether from street food to high-end restaurants. A meal will cost around THB60 or $2 or less with a drink, a branded coffee might cost around 65-160THB (or $2.1 to $5.00). However, if you choose to dine out at a fancy restaurant, you will need to pay extra for the services, tax, and food. Overall, $1500 should be enough for expats to live in Thailand for one month while $200,000 might let them live comfortably for more than 10 years. Nevertheless, if you wish to live more of a high lifestyle, dining out more often, or having maid cleaning at the house, you might need to prepare at least $2,000 or more per month.

Home Rental and Retiring in Thailand
Home Rental and Retiring in Thailand

What are the requirements for the Retirement Visa Application?

The retirement visa or called Non-Immigrant Visa  “O-A” (Long Stay) is a one year visa that can only be granted to people whose age 50 and over with no criminal background and the passport that is valid (expiration date must be 18 months ahead) and the bank statement that shows the monthly income of at least THB65,000 or $2000 per month or the deposit to a Thai bank of THB800,000 or $26,000 (based on the currency rate) of at least 2 months before you apply for the visa. After passing all the requirements, there are more regulations to follow such as 90days reporting which you will have to report yourself to the police or immigration in your residence every 90days you have stayed in the country. Those who are holding this type of visa, are not permitted to work or be employed under any institution as it is against the law. In order to know more, you might as well wanna check the official website of the Ministry of Foreign Affairs.

Hospital Medical Healthcare in Thailand
Hospitals and Medical Healthcare in Thailand

How is Healthcare like in Thailand?

In general speaking, healthcare in Thailand is good if you can afford to pay the fee for private hospitals. The doctors in government hospitals are also specialists, however, since the fee is usually quite low, there is always a long queue of patients (especially Thai residents) plus the communication might be hard as the staff at the hospital only speak their language. Unlike the private one that provides good services (some even provide translators) and international customer service as well, but please be noted that the service charge or hospital fee depends on the condition that you have. If you are needed for a regular checkup or serious condition that needs surgery, the cost might be very expensive as compared to the USA as they do not provide any insurance for retirees in Thailand. Therefore, some of the retirees I met usually had to buy insurance from their own country before coming here and some even applied for the multiple re-entry visa and travel to nearby countries or their country for medicine or checkup.

Happy Retired Couple in Thailand
Planning before you make the move and retire in Thailand is important

Are Retirees Subjected to Pay Income Tax?

Generally speaking, yes you are subjected to pay income tax only if your profit before you apply for the long term stay O-A visa is from Thailand of whether you have worked for Thai company or having your own business in Thailand. While those whose profits are any related to Thai companies are not affected by any income tax. For further details, you might want to send your inquiries to:

Things You Might Want to Do During Your Retirement!

Thailand is obviously a country known for both cultural preservation and technological advancement. There are always things to do, see and experience in Bangkok that you will never get tired of. Many retirees have decided to go deeper than just knowing the culture of Thailand, they have chosen to take Thai language courses in their free time which help to lessen their boredom plus the ease their communication with Thai people. However, a lot of Westerners are struggling to pick up with the language as it has different types of tones plus the grammatical order of the sentence that is completely different from English. Despite, most of them are still enjoying learning as the class atmosphere is always fun, laidback and diversified of cultures in each class (based on my experience in taking Thai course) and especially the patient Thai teachers who are always helpful in correcting us.

Sunset in Thailand
Enjoy waking up to sunset views in Thailand

Other things You Might Need to Know Before Moving to Thailand!

The weather in Thailand is usually hot especially from April to October, some foreigners might find it hard to adapt to the weather. However, please note that Thailand is very large and some parts of Thailand also possess different environments from each other. For instance, Chiang Mai might be colder than the weather in Bangkok and for those who love to admire old temples or preservations, you might wanna relocate yourself there. There are more amazing places to relocate in Thailand based on your preferences and lifestyle you wish. You might wanna spend another 5 min reading this helpful article that we selected for you.

How to Spend Your Saving in Retirement Longer?

  1. Accommodation: Obviously like what has been mentioned, you might have to spend on housing as less as possible, how? Looking for the new accommodation is definitely hard for anyone who has just arrived in Thailand at first. Therefore, the rental agency might be your best choice, they give provide several good options for you to choose from a standard room for couples to a very high-end one as you wish to spend your pensions.
  2. Eat like locals: Just for your awareness, many local Thais live on less than $1,000 (USD) per month. This comes to around 30,000 THB based on the exchange rate mentioned above. On this amount of money, most locals can live a very healthy & comfortable lifestyle.

Rentals Beyond

All the rooms that we managed are carefully decorated, well maintained and in convenience locations.

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