If you are soon to reach your retirement date, this is a milestone in everyone’s life; a day when you can finally get off that hamster wheel and spend time doing what you like. Wherever you live in the world, the chances are you are looking to relocate for your retirement and Thailand is the top of many people’s list.
Here are a few important aspects of retiring in Thailand.
- Long term visas – Thailand offers retirees a retirement visa, which allows you to stay in the country for a period of one year and you can renew inside Thailand. You must meet the financial requirements; deposit 800,000 Thai baht into a Thai bank account or show evidence of a monthly income of at least 65,000 baht. If you prefer, you can use a visa agent to facilitate the application, which is what most people do.
- Condo ownership – You probably know that foreigners are prohibited from owning land in Thailand; a law that was passed in the 1920s to prevent Japanese citizens from buying up most of Bangkok. Foreigners can, however, own a condo unit – check out the condo for sale in Jomtien from a leading Thai real estate agent to give you some idea of what is on the market.
- Land lease – There is something called the ‘30×30 lease’, which gives you a 30-year lease on land, with the option of an additional 30 years and many foreign retirees decide to lease a plot of land and build their dream home in the sun. We recommend hiring the services of an English-speaking Thai lawyer if you are planning to lease land. Click here for important aspects of buying property in Thailand.
- Learn to speak Thai – Contrary to popular belief, English is not widely spoken outside of tourist areas and unless you can communicate with local people, life can be difficult. Why not enrol in a beginner’s Thai class? It won’t take long if you apply yourself and you have the opportunity for free practice, which speeds things up considerably. The more Thai you understand, the easier life will be and you can learn one on one with a Thai teacher online, which is super convenient.
- Location – Of course, Thailand is a large country and the culture is different in the south to that of the north; if you are a beach person, the islands in the south are ideal, while the eastern seaboard offers a great lifestyle in Pattaya, then there is the mountainous northern part of Thailand, which offers cooler temperatures and scenic views. We suggest spending a few weeks in one place, then relocating to another place on your list until you find the perfect location.
The Internet hosts a wealth of information to help you make the preparations and with the help of an established visa agent, you can apply for a retirement visa from your nearest Thai Immigration office. One thing is for sure, you will love life in the Royal Kingdom of Thailand and why not, after working hard for so many years?