The Reasons Why Numerous People Are Considering Retiring In Thailand
Like numerous husbands of Thai wives, me and my Thai wife are hoping to be retiring in Thailand this year.
It is fairly customary for 'Farangs' (the Thai name given to western 'aliens') married to a Thai National to retire in Thailand, yet what's more countless non-married people retire in Thailand as well. Why do numerous people retire to Thailand, other than to offer their partner a house in their own country?
Well, for anybody who have been to Thailand for a vacation, the following will speedily spring to mind:-
1. Diverse and stunning panoramas reaching from the high hills right down to the strikingly white tropical coastlines
2. Delectable hot and spicy Thai food
3. Wonderfully hot weather
4. Low cost of living
5. Not to mention the kindness and joy of the Thai people
There may perhaps be other reasons that so numerous people are considering retiring in Thailand - every individual has their own reasons. Yet one thing is certain, you don't have to to be well-to-do to retire in Thailand, you can live extremely well there for a small percentage of what it would cost you in the West.
What Is The Minimum Income You Need To Retire In Thailand Contentedly?
A number of people claim that you are able to live quite nicely on 0 per month. That is approaching 23,100 Thai Baht per month.
According to the Thai immigration rules you it is compulsory to have an income of 65,000 Thai Baht monthly (in the region of ,000) monthly to meet the requirements for Thai retirement visa. (Additional restrictions also apply - like being aged fifty plus). If you are married to a Thai National that 65,000 Baht condition income decreases to 40,000 Baht.
40,000 Thai Baht monthly is a very good salary for a Thai National in a respectable position working for Thai Airways. I know because a friend of mine in Bangkok draws precisely that. And she has a BSc and an MSc plus years of experience! With that 40,000 Baht she is able to a mortgage on a new house in Bangkok area, pay off a loan on a new Japanese automobile and then have sufficient remaining for day by day living and vacations.
Should you have no loans or mortgage that 40,000 should be a completely adequate income to retire contentedly in Thailand. Naturally, you will need someplace to live in.
How To Own Your Own Property In Thailand
If finding the small monthly income needed to retire in Thailand is easy then finding a place to live is a not quite as easy. Over the years, the Thai government have created more and more laws to stop 'aliens' from owning land in Thailand. Foreigners can buy property - apartments for example - but not the land they sit on. There used to be ways round this in the past, like buying land via a Thai company you own, but steadily all these loopholes have been blocked off.
So what to do?
Let me offer you a couple of alternatives to think about.
Owning A Share of A Condominium In Thailand
It is completely legal for an 'alien' to purchase an apartment in a condominium building. This ownership is limited to the building itself and not the land upon which it is built.
Even though this may look like a satisfactory proposal, there is one caveat that should be applied. Buyer Beware! There are so several potholes into which the reckless buyer can fall and I strongly recommend that you check everything very carefully before letting go of any cash on buying into a condominium in Thailand.
Purchasing A Property In Thailand In The Name Of A Thai Partner
In the case that you are willing to bet on remaining on good terms with your Thai partner for the remainder of your stay in Thailand you could choose to acquire a home in Thailand under your Thai partner's name. You will realise that the property will not belong to you and all that that fact implies. You may also wish to review what would happen to the ownership of the property if your Thai partner were to die ahead of you. An unsavoury issue I know, but it may be a significant concern for you.
Some Other Things To Think About Before You Make The Final Decision To Retire To Thailand
Understanding The Thai Culture
Perhaps you have come across reports or come across books about the differences between Thai and western cultures. Or maybe you may have personal knowledge from a close association with a Thai.
If you don't have this awareness then it's advisable to investigate at least a few of the books on the issue as the differences, likable as they may look in the beginning, may become wearisome after a while.
Further Information On Retiring In Thailand
I hope you have enjoyed this short guide to retiring in Thailand. And it is just that - a brief introduction. I have only began to graze the surface here and suggest that if this subject interests you that you find out more by looking at my other articles or by visiting the Retiring In Thailand website. On the website which is updated day after day, you will find a lot of handy information about retiring in Thailand. Like how to build a house in Thailand and what it will cost all the way through to retirement visas and acquiring a car.