Retire In Thailand
How to Retire in Thailand
Thailand receives a lot of attention as a retirement destination — and for good reason. The cost of living
is low, which means you can stretch your retirement savings further.
The country has a rich culture with delicious cuisine and friendly people.
The weather is sunny and hot, and there are plenty of beaches to kick back on.
For more active retirees, you can visit beautiful temples or go for a hike.
If you’re interested, it may be worth consulting with us " Success visa " before actually making
your move.
How Much Does It Cost to Retire in Thailand?
Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. Estimates for the cost of living in Thailand generally say it’s between 35% and 75% cheaper than living in the U.S. According to March 2022 Number, a site that collects cost of living data from around the world, the average cost of living in Thailand is roughly 40% lower than the average cost of living in the U.S.Rents are around 70% lower on average.
So how do these costs translate to your monthly budget?
You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. This will allow you to live comfortably without breaking the bank. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. If you can afford to live off a budget of $5,000 per month, you can expect a rather luxurious life.
Housing and Food
A one-bedroom apartment in the center of the Thai capital Bangkok will run you about $562 per month
for rent. When you factor in utilities, that cost reaches more than $640. Other monthly costs are likely to add up to between $600 and $700 per month. Living outside of the city center could cut your rent to roughly $300 per month.
For a comparison, a one-bedroom apartment in the city center of New York costs under $3,100 per month in rent, which is almost five times more than Bangkok. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. However, if you compare a popular U.S. city for retirees
like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. And a one-bedroom apartment in the city center of Sarasota costs roughly $1,600 in rent per month,
almost 2.5 times more than Bangkok.
In general, you can save the most by living and eating like a local. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. The cost of alcohol can also add up quickly.
Getting an Initial Retirement Visa for Thailand
First of all, it’s worth noting that citizens of the U.S. and much of Europe do not need a visa in order to visit Thailand. All you need is a valid passport and a return trip scheduled before you enter the country.
If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. It’s possible to do this in Thailand or
at a consulate in your home country. The process for getting a retirement visa is relatively simple, but it can also become quite long depending on how, exactly, you want to spend your retirement
(more on that in the next section).
To get a such a visa, you have to be at least 50 years old and pass a criminal background check. You also need to have a valid passport that doesn’t expire for at least one year. Lastly, you will need to meet certain financial requirements. There are a few ways to satisfy these requirements:
- Have a Thai bank account with at least 800,000 baht (about $24,500)
- Have a monthly income or pension of at least 65,000 baht (about $2,000)
- Have a combination of the previous options, if they bring your total funds to at least 800,000 baht
($24,500)
Note that if you go with the first option in the list above, you need to have the money in the Thai account for at least two months prior to your visa application. You have to provide a letter from the bank showing proof of deposits.
Next Steps on Your Visa
Getting a retirement visa is simple, but that’s not the end of the story. There are many reasons why you might need to get additional permits or different visas.
Your retirement visa is valid for one year, but you still need to report to immigration every 90 days. If you fail to do this, your visa may become void. The retirement visa also does not allow you to work in the country. You will need a work visa for that. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa.
The retirement visa also does not allow you to leave and re-enter the country. If you plan to travel,
even just to visit home, anytime in your first year of residence, you will need to apply for
a re-entry permit. The permit application is relatively simple. Besides the application form, you need to have a picture of yourself and various parts of your passport.
Once your retirement visa is nearing expiration, you will need to apply for a visa extension. This application is similar to the initial application with some additional requirements. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport.
If you’d like to learn more about the retirement visa, or if you need assistance with your visa application, click here.