Retiring in Thailand: your complete guide
Discover what you need to know about retiring in Thailand with this complete guide. Or speak to a financial advisor and start planning for retirement by answering a few questions below.
Summary
Thailand is widely considered one of the most attractive locations for a dream retirement.
Thailand has a relatively low cost of living when compared to the US, making it a cheaper place to retire to.
You will need a visa if you plan to move to Thailand for retirement.
A financial advisor can help you develop a plan to achieve your retirement goals and make your dream of a Thai retirement a reality.
Why do people retire to Thailand?
Sitting in the top ten of International Living’s Annual Global Retirement Index, it’s widely considered one of the most attractive options for a dream retirement.
It’s easy to see why.
Thailand boasts a great healthcare system, an incredibly low cost of living, natural beauty, and exciting city living.
The warm climate is also a draw. The stunning natural landscape elevates this, so for the more adventurous retiree, there is plenty of scope for exploration into the forests and along the coast.
Thailand also boasts a wonderfully unique and colorful culture in which US retirees can immerse themselves.
Can Americans retire in Thailand?
Yes, Americans can retire in Thailand as long as they meet a number of conditions.
These include:
Age: You need to be aged 50 or above.
Visa: You need to obtain a retirement visa, known as a Non-Immigrant O-A visa.
Financial requirement: You need to have a minimum of THB 800,000 or a monthly income of THB 65,000.
Passport: A valid passport.
No employment: If you hold a retirement visa, you are not allowed to work.
How much does it cost to retire in Thailand?
A huge benefit of moving to Thailand for retirement is the low cost of living.
According to Numbeo, living in Thailand costs around 36% less than in the US. Therefore, you can live fairly comfortably there for approximately $1,500 per month.
However, the exact cost difference will depend on where in Thailand you choose to live.
Like anywhere, the price of housing, food, and other lifestyle outgoings will vary. Plus, the lifestyle you want to lead will also influence how much you’ll be spending each month.
There are several things to consider when picturing how your financial situation to shape up once you are no longer working, including retirement age and withdrawing your retirement savings early.
But with a monthly budget of $2,000, you can expect to live comfortably anywhere in Thailand.
What visas do I need to retire in Thailand?
Ensuring your visa requirements are all in order is essential when relocating anywhere, and Thailand is no different.
If the plan for you is to retire in Thailand, you’ll need to start by getting a Non-Immigrant Long Stay Visa – also known as a retirement visa – which entitles you to a one-year stay in Thailand.
You’ll be eligible for this visa if you are over 50, have a valid passport, and pass a criminal background check.
There are also financial requirements needed for your visa to be accepted. These can be one of the following:
You have a Thai bank account holding 800,000 baht (approx. $24,500) or more.
You have a monthly income or pension of 65,000 baht (approx. $2,000) or more.
You can combine the above options to bring your total funds to 800,000 baht or more.
Your retirement visa does come with stipulations. You must report to a Thai immigration office once every 90 days and aren’t allowed to work with this visa.
It also doesn’t allow you to leave and re-enter the country, so if you plan on doing so, you’ll need to apply for a re-entry permit.
If you plan to stay in Thailand past the first year, you must apply for a visa extension. Obtaining a five-year retirement visa is possible, but you’ll need to undergo a more rigorous process, and the financial thresholds will be significantly higher.
Where are the best locations in Thailand to retire?
Everyone has different hopes and expectations for their retirement. You might want to spend your days on a beach beside Thailand’s famously glassy waters. Or in among the hustle and bustle of its exciting cities.
Whatever you want from your retirement move, Thailand has plenty of options.
With charm, beauty, and a uniquely vibrant atmosphere, some of the most highly recommended spots for retirees to move to are:
Of course, you’ll want to investigate to see which spots in Thailand match your ideal retirement.
What are the pros and cons of retiring to Thailand?
There are countless pros and cons to consider when deciding whether or not to retire in Thailand. Here is just a taste of what you need to consider.
Pros of retiring to Thailand:
Lower cost of living: Thailand has a much lower cost of living than the US, meaning your hard-earned retirement savings will go further.
Healthcare: Thailand is synonymous with high-quality healthcare. The average Thai can expect to live to 80, which is longer than the average American.
Warm climate: Thailand boasts a year-round warm climate, which may be attractive to retirees who are searching for a sunny retirement.
Con of retiring to Thailand:
Visa requirements: The retirement visa process can be arduous and long, with multiple visas required and an inability to leave the country once your visa is in process.
Distance from the US: Travelling to Thailand from the US can take up to 24 hours. This can make it difficult to fly back to see family and friends or for them to visit you.
What are my healthcare options in Thailand?
The good news is that Thailand's health system is regarded as one of the best in the world, ranking as one of the top five countries with the greatest number of JCI-accredited healthcare facilities – the global leader in healthcare accreditation.
The cost is also lower than in the States.
However, the downside is that there’s no public health insurance for expats. So, you’ll need to purchase private health insurance to ensure you’re covered.
What is the housing market like in Thailand?
The housing cost in Thailand depends on where you want to live.
It’s true that across the country, the amount you’ll be paying is a lot less than in the US.
For example, a one-bedroom apartment in Bangkok will cost about $600–$700 per month, including rent and utilities.
Compare that to the same living situation in New York or other large American cities, where you’d pay five to seven times the price.
Affordable housing is one of the biggest draws for retirees moving to Thailand.
Though a place on the beachfront in the coastal US may be a pipe dream, it’s well within reach for many in Thailand.
What happens to my retirement benefits if I retire in Thailand?
Retirement savings and benefits are fundamental to financing your lifestyle as a retiree in Thailand.
While abroad, you’ll still be eligible to receive your Social Security payments from the US government – provided that you’d been eligible while living there.
However, you’ll also be taxed on your worldwide income, so you must ensure you still file your tax returns as you would if you were retired in the US.
Get expert retirement advice
The cost of living in Thailand is just a fraction of what many retirees pay in the US.
Combine that with warm weather all year round, stunning scenery, and friendly locals, and this could be an ideal location for your post-work days.
It’s important to do your research, calculate whether it’s financially viable, and try to consult an expert on whether it’s the right move for you.
A financial advisor can help you plan and realize your dream retirement.
Unbiased can match you with a financial advisor perfectly suited to meet your needs. Answer a few simple questions, and we’ll look after the rest.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.