Retiring in Asian countries has been an increasing trend among westerners. It doesn’t come as a surprise simply because Asian countries offer great advantages including a significantly cheaper cost of living, exciting cultural experiences, grand nature adventures, diverse people, affordable medical care, and a splendid climate. All of these are characteristics of the small but rich country of Thailand.
The 2016 Annual Global Retirement Index which lists down the best places in the world to retire to includes Thailand in the top ten countries with the lowest cost of living.
The Southeast Asian beauty is a popular retirement destination for all kinds of people across the world. This is because aside from all the advantages mentioned above, it is also home to rich tradition, friendly faces, exotic food, and stunning places such as beaches, temples, and forests.
In this article, we break down the estimated costs of starting your retired life in Thailand.
People that want to move to Thailand must first secure a retirement visa. As a retiree, you must submit and meet all the requirements including the minimum age of 50, a proof of funds, and a bank account in Thailand that contains THB 800,000 ($25,000) in savings or a monthly income of THB 65,000 ($2,000).
The cost of living will vary depending on your lifestyle as a retiree. The first significant factor is your living space. The price of a house depends on location. For example, retirees that live in Chiang Mai or Bangkok will find their housing expenses more steep compared to living in, say, Hua Hin or Koh Samui which are beaches. It is up to you if you to find where you’re comfortable. Additionally, if you want an affordable place, we recommend that you rent as opposed to buying.
Daily expenses in Thailand can be relatively cheap if you desire it to. The technique is to live like the locals. While it is recommended that expats have at least a $2,000 monthly budget, it is possible to live here under $1,000. Instead of eating international food, opt to go local. Buy fresh produce from the market and cook in your house. It also helps to stretch the dollar if you live frugally without vices or need for extravagant travel.
Retiring in Thailand is easy and affordable. It is also encouraged as there is already a group of retired expats there. So get your bags packed and ready your life savings, it’s time to enjoy the rest of your life.