Thailand has become a popular retirement destination in recent years, which is no surprise with its rich culture and friendly population. The cost of living is considerably lower in Thailand, which makes it a very cost-effective place for people to enjoy their sunset years. Along with Thailand’s unique and rich culture, it is also home to picturesque views, delicious cuisines, and hot temperatures.
If you are considering retiring in Thailand, here is everything you need to know to set up a new life for you to enjoy your golden years in style.
The Cost of Living
The cost of living in Thailand is relatively low, which makes it a much more appealing place for retirees. It is estimated to be around 30 to 40 percent cheaper than the cost of living the US with the average rent being around 56 percent lower. With these affordable prices, retiring in Thailand may mean that you can make your savings last you longer.
The average monthly budget for those living in Thailand is around $1500 depending on whereabouts in Thailand you want to live. If you live and eat like a local, rather than a tourist, then you will find that you can live cheaply in Thailand.
Getting a Visa
You will need to check your visa requirement status before you retire to Thailand, as while citizens of the US and most of Europe do not require a visa to visit the country, you will need to get a retirement visa which allows you to live there. You can get a visa either in Thailand or at a Thai consulate in the country where you currently reside.
While getting a visa is usually quite a simple and easy process, it can take a while to become approved due to the necessary checks that must be made. Therefore, you should start the visa process as soon as possible. There are also some additional financial requirements you will have to meet in order to get a visa, such as having a Thai bank account that has at least 800,000 baht in it, as well as having a monthly income or pension of around $2,000 a month. While the cost of living is lower in Thailand, you need to have a considerable amount of money behind you to be granted a visa.
Where to Live
Once you have qualified for a retirement visa in Thailand, you should investigate where you are going to live. There are some luxurious accommodation options available in Thailand that are great places to enjoy your retirement. For example, this residence with private pool in Phuket for sale is a great place for you to live with landscaped gardens and an inter-resort shuttle service that makes the whole resort accessible for everyone.
Moving to Thailand to retire can be an overwhelming decision to make, but it can be a great way to experience a new culture and a different way of life during your sunset years. Following this guide breaks down the steps to retiring in Thailand, making it much easier.