You vividly remember your very first day at the office, the awkward feeling of anticipation, mixed with a little fear and apprehension; it’s hard to believe that your last day of work is approaching, where did the time go? They call these the golden years, as you are finally able to get off that hamster wheel and decide what you do with your time and if you’re from the UK or Europe, you will no doubt be planning to escape to a warmer climate and there’s no better country to choose to spend your golden years than the sunshine paradise of Thailand.
It might seem a bit daunting to up and leave a life that you’ve had for as long as you can remember; those who have already been down that path can offer some valuable info to save you some stress.
Here are a few tips for retiring in Thailand,
- Health insurance – Search online for the best health insurance for foreigners in Thailand and you won’t regret it. Thai private hospitals are top-notch but very expensive, so make sure you and your partner have comprehensive cover for peace of mind.
- Accommodation – There are indeed quite a few options; foreigners are not permitted to own land in the Land of Smiles, but there are ways of securing a plot of land and building your dream home. You can, for example, find a Thai partner and set up a private limited company – The Thai(s) must hold at least 51% of shares, while a foreigner can hold the remaining 49% – Once the company is set up and trading, the entity can acquire land. Another option is a 30×30 lease, which gives you 30 years, with a further 30-year option, which means you can bequeath the asset to your children. Some foreign couples prefer to rent a beach villa with private pool, whatever your preference, they have it all in Thailand. Click here for cute colours for your dream home.
- Visas – If you are over 50, you can apply for a retirement visa, which can be renewed annually within the country. There are a few financial requirements; you need to open a Thai bank account and deposit the sum of 800,000 Thai baht, which needs to be in the account 3 months prior to the visa application. There is a lot of paperwork but it can be done without an agent, although most expats use a visa agent, simply because of the time it saves. Never overstay your visa; if you wish to leave, apply for a re-entry visa at the airport, otherwise, your long-term visa will expire and you will have to reapply.
- Thai language – If you plan on living in a tourist hotspot, you can get by without speaking Thai, but there are many benefits that come with a degree of fluency in the local language.
We hope that your golden years are spent in luxury and that you enjoy every moment in the tropical paradise that is Thailand.
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