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Retiring In Thailand - How To Retire In Style In T
The Reasons Why A Lot Of People Are Considering Retiring In Thailand
Like various husbands of Thai wives, me and my Thai wife are intending to be retiring in Thailand this year. It is somewhat normal for 'Farangs' (the Thai name given to western 'aliens') married to a Thai National to retire in Thailand, yet furthermore several single people retire in Thailand also.
As well as being able to furnish your Thai partner a home in his or her own country and you being able to live with your partner, what are the additional chief advantages of retiring in Thailand?
Following are particular of the reasons you might want to retire to Thailand:-
1. Diverse and wonderful landscapes with wonderful beaches white tropical beaches}
2. Delicious hot and spicy Thai food
3. Wonderfully hot climate
4. Low cost of living
5. Welcoming and sociable Thai people
6. Thailand is the 'East of the East' - the one Eastern nation that retains more of it's 'Eastern-ness' than any other Eastern country.
Everyone will have their own particular reason for retiring in Thailand and it may not even be listed above. But one thing's beyond doubt - you can retire contentedly in Thailand even with little money.
What Is The Minimum Income You Need To Retire In Thailand Contentedly?
I've seen it quoted that 700 US dollars - in the region of 23,000 Thai Baht - monthly can offer you a comfortable standard of living in Thailand.
To meet the requirements for a Thai retirement visa you must have an income of 65,000 Thai Baht (roughly speaking $2,000) monthly, or 40,000 Thai Baht (in the region of 2,000 US dollars) a month if you are married to a Thai National.
The amount Thais earn is a good pointer to the income you will require to retire in Thailand. I personally know a person who is in the employ of Thai Airways in Bangkok and is rewarded with an income of 40,000 Baht monthly. This is adequate for her to loans each month for the acquisition of a car and house, with sufficient left over for day by day living expenses and the usual holiday. And that 40,000 is the wage of a professional - the vast bulk of Thais merely earn a fraction of that.
Therefore I suggest that 40,000 Thai Baht entirely for living expenses (i.e. assuming you have no loans) is plenty.
Assuming, of course, that you had somewhere to live.
How To Own Your Own Property In Thailand
From this point forward retiring in Thailand gets a bit more complicated. Essentially, the Thai law is intended to stop foreigners from owning land in Thailand. There have beforehand been countless ways round this like owing a Thai company and letting the Thai company own the land. But over the years these loopholes have been closed and now it is nigh on impossible for a non-Thai to own land in Thailand.
What's the answer?
Let me provide you a couple of options to think about.
Buying An Apartment In Thailand Without Owning The Land
It is entirely legal for a foreigner to buy an apartment in a condominium block. This ownership is restricted to the building itself and not the land upon which it is built.
Even if this may look like a desirable proposal, there is one caveat that should be applied. Buyer Beware! There are so a lot of potholes into which the gullible buyer can fall and I strongly recommend that you do your homework painstakingly before advancing 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 expect to remain on good terms with your Thai partner for the rest of your time in Thailand you could opt to acquire a house in Thailand under your Thai partner's name. You will be concious of the fact that that you will never own the property and all that that fact implies.
You may also wish to take into account what would happen to the ownership of the property if your Thai partner were to pass away before you. An unpleasant topic I know, but it may be an important matter for you.
Some Other Things To Think About Before You Make The Final Decision To Retire To Thailand
Understanding The Thai Culture
If you have been married to a Thai partner for any reasonable length of time you will have a rather good understanding of Thai culture and how dissimilar it can be from the western culture. If you do not have this appreciation then it actually is something you ought to research in advance of making a firm decision to retire to Thailand.
Further Information On Retiring In Thailand
Naturally in this brief article I have barely been able to make you aware of some of the things you need to take into account if you are dreaming of a retirement in Thailand. In other articles and/or on the Retiring In Thailand website I will be writing about other subjects such as what kind of Visas are available for Thailand and how to meet the criteria for them, how to set up a Thai Bank Account, how to purchase a vehicle in Thailand, the details of land purchase, the kinds of house in Thailand and how to build your own retirement home, what Internet and cell-phone services are available and much more.
More Resources
Retiring in Thailand
How To Build A House In Thailand
Building A Retirement House in Thailand
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