Retire in Thailand
Why retire in Thailand?
Thailand is known as ‘The Land of Smiles’ and its modern infrastructure make it a tropical paradise which is easy to retire to.
Luckily the level of English in most of the tourist friendly areas is enough for you to be able to enjoy your stay comfortably. If you move out to the more remote areas, you should really learn some basic Thai.
Food:
Thai food is one of the healthiest foods on the planet and should help your system become healthier. But, no fear, it is also very easy to get all types of food in the main areas.
Health:
Thailand has some of the best international hospitals in the world in Bangkok and Phuket. Remember to get medical insurance before you arrive to cover you for sickness and accidents.
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Dentist:
Thailand has some excellent dentists and dental implants are half the price of the Western world.
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Money:
It is easy to withdraw money through either bank transfers or ATM machines. You should set up a local Thai bank account and perhaps an offshore account to take advantage of the tax free status. Remember any money that you bring to Thailand is difficult to take out once it is transferred. It is better to keep the bulk of your money offshore.
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Pension:
If you are from the UK, you can also transfer your pension offshore and reduce your tax burden. A transfer can reduce your capital gains tax, income tax, dividends tax and inheritance tax to zero. Australians may also be able to access their pension if they are 55 and not in drawdown (not taken an income yet).
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If you have ever worked in the UK, you can protect your pension from UK income tax, capital gains tax, dividends tax and inheritance tax. More information can be found here for a qrops pension transfer
Cost of Living in Thailand:
Thailand is a fairly cheap place to live. The North, Chiang Mai and Isaan are the cheapest places to live. Phuket and the south are more expensive.
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Accommodation:
You can rent a 1 bedroom apartment in Thailand for as little as $100 per month. If you want a nice apartment with a kitchen and lounge, you can pick one up for $500 per month. You can get a luxury apartment for $1000 per month. You can purchase a house or luxury villa for the fraction of the price of a house in the Western world.
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Transportation:
There is no need for a car if you live in Bangkok, because taxis are so cheap (US$1 – $3). There is also a great Skytrain and underground subway train system. Outside of Bangkok, you can get Tuk-Tuks or Songthaews (open air trucks) for a similar fee.
Weather:
Thailand is hot pretty much all year round. The rainy season is May/June to October. More often than not, it rains for only an hour and usually in the afternoon. If you prefer cooler weather, head to the North. Many people retire to Chiang Mai.
Where should I live/retire in Thailand? Best places to live/retire in Thailand?
Bangkok
The Capital of Thailand. This is the most modern city in Thailand and there is no end of shopping malls, restaurants, pubs, coffee shops and entertainment areas. On the negative side, the traffic is horrendous and the air quality is poor.
Chiang Mai/Chiang Rai
The most popular choice of retirement for ex-pats in Thailand. Clean air, cooler weather and fantastic views of the mountains. Also cheaper than Bangkok. Chiang Rai is a fair bit smaller than Chiang Mai and less developed.
Nongkhai/Mae Sai/Mae Hong Son
Nongkhai is on the banks of the Maekong River. Very close to Laos, so easy for border runs. Very picturesque and sleepy. You can easily venture into the Golden Triangle from here.
Pattaya/Chumphon
A popular choice for ex-pats who want to be by the beach on the sea and near to Bangkok. Known for its entertainment districts and racy nightlife. Not for the faint hearted. It also has a good array of malls and restaurants. Chumphon is more relaxed and away from all the action.
Hua Hin/Cha-am
Quickly becoming popular among retirees. It is more subdued than Pattaya and the King has a palace at this seaside resort. You can pick up houses here at an attractive price. The beaches here are much nicer than those in Pattaya.
Ko Samui
Mainly a tourist island, but the beached here are pristine and is well developed.
Phuket
There is a strip of houses here known as millionaires row, where all the houses are a million dollars plus. The most expensive part of Thailand to retire to. Expect to pay a premium on most things here.
Isaan (Korat, Ubon Ratchathani, Udon Thani, Khon Kaen)
Probably the cheapest place to live in Thailand (and possible the hottest). Isaan people are friendly and down to earth. Possibly the most friendly toward expats. Don’t expect to find as many restaurants/bars/shopping malls aimed at expats.