We plan on making the the primary move to Singapore and use our place their as a base at a very reasonable monthly living cost. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. The houses come with a mooring for sailboats or other yachts. I need to emphasize that you want to EAT WHERE YOU SEE THAI PEOPLE EATING. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! My dad is usually very cheap on most things, but he likes to splurge on good food and wine. and have not been previously reviewed, approved or endorsed by any other He has opted out of Medicare and no longer pays premiums. Ask our Retirement expert. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. Once in Thailand, open a Thai bank account and deposit 800,000 Baht. Lots of people lost power, a big branch broke off our neighbors tree and almost hit our house, our gutter froze and our basement is wet, our car needed to be move, and lots more. They dont keep track of every dollar so this is just an estimate, but they generally spend about $1,300/month and live quite comfortably. Thats just one person. You'd pay tax on all of that on your US tax return, not in Thailand. I might have to drop by and say hi when were over there. You could top up your contributions now and you're allowed to backpay for 6 years. I smell PTSD payout. Smog is a huge problem. Thats what kept me coming back. There are many affordable public transportation options in Thailand. Youre right. Chiang Mai sounds like a city to investigate. He knew no one in the country. There are four steps to acquiring a visa to retire in Thailand. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. The climate is tropical. There are a lots of chinese message place all over Costa Rica. And for a single person, $2,000 a month would go far. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. I believe the entire text of the Thai wiring code is: "Don't let the smoke out." I guess it all depends on which country I can make my dollar stretch the most. Simply. Share a table. Therefore, we will be exploring these two categories from a single mans point of view. For $25 you could even. Yeah, its not that cheap to live a comfortable lifestyle. Many local Thais can live on this budget in the north, but naturally, some locals are restricted due to this low amount. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. Cheapest Way to Send Money to Thailand, 4. Most carts are attached to a motorcycle, and many operate from the same spot for decades. Retiring in Thailand The mantra used to be that you could move to Thailand and live off your pension (which would translate to lots and lots of baht), strolling along Phuket beaches, shopping in Bangkok or living a quiet life in Chiang Mai. Golf $30-$60 depending on the golf course. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. It would be tough to leave this close community at this point.. 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), Before you decide where youd like to spend your retirement, you need to make sure your financial plan can provide the income you need in retirement. Ill be retiring to Thailand next year (Jan 2016) as an expat couple, no kids. Several years ago I wrote a post about living abroad on less than $3000 a month. I own property in ireland which i rent out and pay tax on profits. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. I can probably buy Thai produced fish products cheaper in the UK where I am from, than in Thailand, things like Mangos are only marginally cheaper in Thailand, more exotic fruits like Mangosteens are off course cheaper. Great article. That is ridiculous. Will be seeing how different Thai living areas feel and would be up to buying dinner or a beer if you have a couple of hours available during one of my scouting trips this year. And considering the outcome, is it cost effective to retire in Thailand. Well probably try to avoid the import stuff as much as we could when we go to Thailand. Im very curious what the education options would be for your child especially if this happens in high school or if you want to be close by for college? I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. (Photo by George Styllis), Thailand's battle to drive down currency will not end well, Thailand keeps doors open to Chinese tourists, Thailand's famed 'Rose of the North' is wilting, Thailand GDP growth slows to 2.4%, lowest in five years, Thailand confirms first human-to-human spread of coronavirus, Thailand cuts interest rates to record low as coronavirus spreads, Thai banks give coronavirus-hit borrowers one-year moratorium, Thailand's budget delay seen exacerbating economic woes, Japan's capital spending up 7.7% despite weaker profits, China manufacturing expands at fastest pace since April 2012, Australia economy slowed in Q4 as headwinds mount. Not too mention fantastic restos of any and every type of cuisine! If you eat local, and live like a local and not an expat, it will be much cheaper. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. Anyway, I would love to live in Chiang Mai for a few years. We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. He also figured his job prospects werent very good, so there was no reason to stay in the U.S. I decided to throw the dice.. You can process the paperwork yourself and pay about 2,500 baht ($80), or you can seek help from an attorney who will charge 10,000 to 15,000 baht ($318 to $475). Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. The Fora platform includes forum software by XenForo. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa I thought the city had a great feel to it, a nice pace, great cost of living, and Thai food is the best. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. No, I dont feel guilty. He paid about $3,500 for them. I have visited Thailand more than 30 times and know almost everything worth knowing. Based on what we've seen at construction sites and from what we can tell about our own house, walls are constructed using a single layer of concrete or wood. $3,000 per month seems to be top spending there for complete luxury. We moved long before retirement, but now were settled, have a network for friends, and ready to ease into retirement when the time comes. If only we were able to take more time off! Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). It really depends on you. Interview: Marc Benioff reminds Wall Street that this isnt my first recession, saying Salesforces activists made a lot of money today, Teslas stock falls 5% as Elon Musks Master Plan 3 is short on details about both cars and finances, Saturday Night Live star Chloe Fineman says Lorne Michaels gave her the best financial advice, What's next for bonds in 2023 after the worst year in history. I am Thai working in Middle East. How in the holy hell do you spend $4,000 per month without living at least somewhat extravagantly? Thailand is a famous destination for retiree's, digital nomads and single man travelers. We are Indian but grew up at California . More privacy info here. I think the utilities probably cost another $100 extra. That combined with many Americans slim vacation days also means visitors are infrequent. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. However, the culture shock of living in Thailand can be significant for Americans. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. Health care is excellent and the country is safe and . Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. Those unfamiliar with it may suffer some culture shock. Leo is planning to move back to the US because he has Medicare benefits there. I get a lot of requests for recommendations on services related to living in Thailand. Nikkei Inc. No reproduction without permission. Ken! I've used one for 4 years. Of course, booking a girl for your Thailand holiday does not mean treating them like a commodity, but treating them with respect, as you would like to be treated. Its actually very nice. It should be fun for a few years though especially if you have money to spend. Its quite nice down south near the beaches. And it was fun. A health savings account is a beneficial tool for retirement planning. thaiembassy. He warns that driving in Thailand is dangerous and death rates from crashes are high. Canada is a great option too, but its a bit cold up there for my taste. When Medicare kicks in, we can move back to the US part-time. entities, such as banks, credit card issuers or travel companies. Were actually considering retiring in a more expensive country (Germany, Austria, Switzerland are on the list), but we dont know much about how wed go about doing that especially since we dont have any family or other ties to those countries other than that we like them. They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. FIRE is much easier if youre relatively healthy. It's a little more complicated - read more here -. This article oddly makes Thailand seem like any other place. This time, Ill update the post with 2021 numbers and give more examples. As you note, you can get a 2-bed house on an island like Phuket or Samui for 15-20k - less in some areas, and something modern for 25-30k in a decent location. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. However, if you decide to invest in a car of your own, you'll find that vehicles are reasonably priced in Thailand, as many are assembled here. Retiring in Thailand is a great option for many foreigners. It will be a very easy transition for me. In her area, I could take a job in a local school or university (for much, much less than I earn now). Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. Hair cut with shampoo + scalp massage $7 men, $20 women. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. Less than a minute. It really depends on the area. Have a question? Thai markets also offer prepared foods, most commonly roast duck and chicken. Sorry, you'll have to zoom in on the image to see the country names. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. Tinder and other popular dating applications are booming in Thailand! The upstairs bedroom is designed like a open tree house. 1-Year Thai Retirement Visa (Single-Entry) - $61.33. I really love your comment. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. I wonder why Thai products are cheaper in the UK. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. One other consideration is relative civil stability. We saw over 235 falling stars. We havent been there for over 10 years. Takes 2 minutes. For the largest selection of properties in Thailand, and a completely free service, To keep your data secure you should use a VPN when using public WIFI and when accessing internet banking and other sensitive information online. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. Alas, as it always is the case in any kind of FIRE analysis anywhere: The gigantic elephant in the room is always health care cost. Thats cheap. The perfect retirement lifestyle. I have a studio condo 150 meters from a MRT station on the purple line (Bangkok side, not Nonthaburi), pay utilities, water, internet, cell phone (x2), food (x2, and a mix of street food and mid-level restaurants), groceries for 2, car insurance, gasoline, clothes, shoes, needs, wants, travel (x2) and as a couple we average around $1,850 per month. Ive been thinking more about central and South America. This country has a low cost of living as well as some of the world's most beautiful beaches. In the Thalang area, a two-bedroom, two-bathroom apartment with a pool, just a five-minute walk to Surin Beach, rents for $720 a month. The prices look great. Oh yeah, and be 50 or over. The retirement visa also does not allow you to leave and re-enter the country. Moving overseas is in our family plan. I wont be wealthy, but I wont be worrying about where the next dollar will come even if I dont work another day in my life. We go out a couple nights a week and always run into friends, he says. Even Thailand appears to have made it much more difficult to gain permanent residency in recent years. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. I think anywhere in central city would work because Chiang Mai is not that big. I speak Thai, have families here, and Im a Thai citizen. As for food, beef is expensive but seafood is reasonable. My dads cost doesnt include rent because he own his condo. Where do you live? I dont plan to move until hes in college though. You will also have to pay for visas and bent officials if you want anything done. So basically, taxes and insurance. Maybe you should get a hotel for a week or two to familiarize yourself. We just want to explore Asia and let my wife spend a fair amount of time with her family, as I spent with mine earlier. The rent will be affordable and you can take a few years to see if its the right move for you. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. The cost of alcohol can also add up quickly. I will admit that I am neither frugal, or spend thrifty, regardless of whose dime I am on, I always opt for what I like and make no reservations or excuses about certain indulgences. In my mind the best option though is to just stick with a condo and be spared the legal hassles. 10 reasons why not to retire to thailand retire 2. Those who find that frustrating can hire an agent to handle it, as some of his friends do. 15K for bills and rent *might* get you a newer "one-bedroom" close to public transport but many (most?) She stole many things from his house, including valuable jewelry and even cash. VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. How do these things compare in Thailand or other locations?. Well see. It's really inexpensive to do and will make sure you have something to retire with. Im pretty sure well be back and forth a lot even if we live in other countries. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Thais take ghosts seriously. I havent done that yet because its a long way off. Applications are booming in Thailand can be significant for Americans back to the US because own... 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