Retirement Planning For Thailand

Thailand

Thailand covers an area of 513,120 square kilometres. It shares borders with Myanmar, Laos, Cambodia and Malaysia. Its population is around 68 million, of which 93% is Buddhist, 5% Muslim and around 1.2% Christian. The official language is Thai, spoken by 91% of the population with English a secondary language.

Thailand is governed under a Constitutional Monarchy, and King Phumiphon Adunyayet has been the Head of State since June 1946.

Climate

Tropical; rainy, warm, cloudy southwest monsoon (mid-May to September); dry, cool northeast monsoon (November to mid-March); southern isthmus always hot and humid.

Currency

Thai Baht (THB)

Communications

A high quality system, especially in urban areas. The international code is +66 and the internet code is .th

Healthcare

Thailand offers an exceptionally high standard of healthcare particularly in major cities and key tourist areas. Services are equal, if not better, than those available in Australia, and often for a fraction of the cost. More information is available in our healthcare section.

Capital: Bangkok

About Bangkok

Bangkok is the gateway to Thailand for the vast majority of international visitors. It has a population of over 8 million people and was ranked number one in the 2015 MasterCard Survey of Asia Pacific tourist destinations (for the number of arrivals, total nights stayed and total expenditure). Travel & Leisure Magazine rated it the ‘World’s Best City’ for four consecutive years from 2010 to 2013.

Major cultural attractions include the Grand Palace, Wat Phra Kaew, Wat Pho and Wat Arun. And the city offers a huge variety of shopping and entertainment options, from the Chatuchak Week-end Markets through to MBK and the huge malls surrounding Siam Square.

Getting there

Bangkok is served by two international airports, Suvarnabhumi (BKK) and Don Mueang (DMK). All flights from Australia arrive into Bangkok through BKK.
Qantas, Thai and Emirates operate daily direct flights from Sydney to Bangkok. Thai and Jetstar have direct flights from Melbourne, and Thai also run direct flights from Brisbane and Perth. All other Australian cities access Bangkok indirectly.

Transport

The city has a broad range of transportation, including a Skytrain (BTS), rail network, buses, road and river taxis, all the way down to the somewhat infamous tuk tuks.

Key Retirement Locations

Chiang Mai (CNX)

Thailand’s second largest city, located 700 km north of Bangkok, is regarded as one of the country’s most culturally rewarding regions. It was ranked in Trip Advisors 2014 list of ‘Best 25 Destinations in the World’.

The city itself has a population of around 150,000 people, but the broader metropolitan area is home to just shy of 1 million.

Chiang Mai is served by an international airport (Thailand’s fourth busiest), with 28 flights a day to Bangkok. It also has a state railway system, which operates 10 trains a day to the Capital. Chiang Mai is very much seen as the gateway to the North, acting as a hub for Chiang Rai, Phrae, Udon Thani and Mae Hong Son.

The city has a large and active expat community offering a wonderful environment in which to spend your retirement.

Pattaya (UTP)

100km South East of Bangkok, sits the hugely popular beach resort of Pattaya. Whilst Pattaya City itself may be a little lively for many retirees, the neighbouring districts of Jomtien and Naklua provide a sanctuary away from the bright lights. The census population for Pattaya is registered as approximately 100,000 but the general view is the city is home to around 1 million people.

Whilst most visitors come to the city via Highway 7 from Bangkok, the city does have a nearby international airport at U-Tapao (UTP). Whilst the airport currently has limited services, resources are being spent to grow the airport significantly in the near future.

Aside from a bustling nightlife, Pattaya is surrounded by world class golf courses and is building new attractions, such as Thailand’s largest water theme park. The city has a number of expat clubs and for the active retiree, it’s a wonderful environment for making new friends.

Phuket (HKT)

Australians were regular visitors to this island paradise in Southern Thailand, long before it became more accessible through direct flights from Jetstar and Virgin. The island is 576 square km in size and is 863 km south of Bangkok (about a 1-hour flight). The region is the wealthiest in Thailand, and it has a population of approximately 600,000 people.

Seventy percent of the island is mountainous, but it is the beaches that attract most tourists and retirees. Whilst Patong is the commercial and nightlife centre, many retirees prefer the quieter neighbouring areas of Karon, Kata, Kamala or Surin. Or perhaps the southern tip of the island at Nai Harn and Rawai.

Phuket is served by an international airport (Thailand’s third busiest), which is growing rapidly. Direct flights are available from Sydney and Melbourne with Jetstar, and from Perth with Virgin.

Phuket has it all. Culture, a wide range of shopping alternatives and a fantastic beach lifestyle, all on the doorstep of Phan Nga Bay, Phi Phi Island and Krabi.

Other favourites

Koh Samui (USM)

Thailand’s second largest island (after Phuket) is another tourist favourite, with glorious beaches, and a diverse range of shopping and entertainment opportunities.

Hua Hin

Another very popular retirement destination is the beach resort city of Hua Hin, which is about 199 km south of Bangkok by road.

Lifestyle

Thailand Lifestyle

Retiring to Thailand

There is a vast array of information about Thailand on the internet, but it is difficult to take all the pieces of the puzzle and put them together to create a full picture. When considering retirement to another country, you want everything to go smoothly and know your finances are being managed in a way which maintains your retirement lifestyle.

You also want to know that you have a team you can work with to make your dream a sustainable reality. Thailand offers a broad range of lifestyle choices, and Retire to Asia recommends that you explore the country to see and feel what’s right for you. Sometimes retirees will begin their retirement in major expat locations, such as Phuket, Chiang Mai or Pattaya, before moving into lesser known areas.

Better quality of life in retirement

The cost of living in Thailand is significantly cheaper than in Australia. Quite simply, your money goes so much further, providing you with the opportunity to have a quality of life which is typically only available to the wealthy in Australia. This is one of the key motivations for retiring to Asia.

The exact savings will vary on where you decide to retire, and the type of lifestyle you choose to live.

For example, it is generally cheaper to live in Chiang Mai than in Bangkok. Similarly, you average grocery bill will be less if you buy local products rather than foreign imported foods. However, all things being equal, the ‘cost of living’ savings when compared to Australia are very significant.

Comparing the cost of living in Thailand to Australia

In this table, Retire to Asia compares the average percentage saving a retiree can expect on a range of products & services in popular Thai locations with the cost of those products & services in Sydney:

Item	Phuket	Chiang Mai	Pattaya	Bangkok
Consumer Price	-44%	-55%	-53%	-43%
Meal for 2 (3 Courses)	-65%	-77%	-77%	-63%
Beer (Domestic)	-67%	-72%	-77%	-63%
Coffee	-20%	-44%	-43%	-27%
Bottle of Water	-76%	-87%	-88%	-85%
Groceries (Local)	-33%	-43%	-42%	-31%
Transport (Local – Various)	-72%	-82%	-91%	-73%
Utilities (Electric/Water/Garbage)	-62%	-67%	-52%	-35%
Mobile (Pre-Paid)	-95%	-93%	-94%	-91%
Internet (Unlimited Cable/ADSL)	-64%	-68%	-68%	-67%
Cinema Ticket	-70%	-72%	-73%	-63%
Rent	-80%	-81%	-73%	-63%

Source: Numbeo

Settling into your new lifestyle

Whilst it’s exciting to retire to a dream location, either temporarily or permanently, there are a number of tasks that need to completed, and arrangements that need to be made.

Retire to Asia provide a broad range of services to assist you with this exciting move. These services include the following:

Simple and easy retirement visas

Retire to Asia assist with the application for you visa and help you through the process.

Access to the best healthcare, insurance and financial services

Retire to Asia provides advice and through our partner network, ensure your needs are met at the most cost effective price.

Assistance with travel and relocation arrangements

Retire to Asia can assist and guide you through the requirements to move not only yourselves, but also your possessions, and any pets you may have.

We’ll help get you settled with our ‘Welcome to Thailand’ service

Retire to Asia provides contacts for local clubs, guidance on property, information on local doctors, dentists, mobile phones and the internet.

Ongoing management of your finances to ensure peace of mind

Retire to Asia’s financial group will ensure your retirement savings provide you with a reliable income stream. We assist with budgeting and keep you updated to changes to superannuation that may impact you. Retire to Asia can also manage your investment portfolio and even assist with opening a Thai bank account.

We’re always here to help

Retire to Asia provides ongoing support and advice over the phone, or through our website and newsletters. We are here to assist you.

Want to get started?

Contact Retire to Asia on 1800 961 377 or email us at info@retiretoasia.com.au. We’ll answer your questions and take you one step closer to making your dream lifestyle a reality

Healthcare

There are more than 1,000 hospitals in Thailand, so as a retiree in Thailand you will not be left without medical care, with the level of healthcare generally of good to excellent quality.

Thailand has been ranked within the top 50 best healthcare systems worldwide by the World Health Organisation. This is also reflected by the wellbeing of the population: among developing countries Thailand has one of the highest life expectancy rates.

As with many SE Asian countries Thailand offers both a public and private healthcare system.

Public Healthcare System

Public hospitals in Thailand have of relatively good standard of care. The public system is open to all expats, but if you are not eligible for admission into the national healthcare system, you will need to pay for the treatment in public facilities. However, the cost of treatment in a public hospitals are low.

Public hospitals are much less expensive than their private counterparts, but they are generally more crowded and sometimes less well equipped for more serious ailments. However, all the medical facilities in the country are staffed by well-trained doctors and nurses who provide excellent care to both expats and locals alike..

Private Healthcare

Private hospitals in Thailand are first class, with many seeming like first class hotels. They often employ western trained professionals and utilise up-to-date and ultra-modern medical equipment and technology. The staff are very efficient, and waiting times for consultations, treatments and operations are very short.

The expat community generally chooses the private system as they are still able to get great value for money, with costs being a fraction of private hospital fees in western countries. This allows them to also choose the facility where they wish to be treated and they can be assured of English speaking staff.

If you do not have international private health insurance, you will invariably be asked to pay a deposit on admission to the private hospital service.

International Private Health Insurance

International health insurance is the most suitable type of medical cover for an expat. Different international private health policies are designed to either cover essential healthcare needs if you are on a budget, or higher levels of protection if you want to cover a wider range of conditions.

The main benefits are:

Your choice of hospital and doctor
Full or partial reimbursement of medical costs
May chose which country you can be treated (within the limits of the ‘zone’ covered by the policy)
If you leave Thailand your insurance policy may be able to follow you.

The minimum type of cover recommended is for hospitalisation and evacuation to a country of your choice – even to your home country. However, due to the low cost of treatment in Thailand many expats feel that self-insuring is a better option, and rely on inexpensive accident-insurance policy as their primary cover.

Get a quote for International Private Health Insurance in Thailand >>

Pharmacies

You do not need to visit a hospital for many common ailments. In Thailand, pharmacies are often the first point of call. Pharmacy staff are generally well trained, and can dispense remedies that would need a prescription in other parts of the world. This network of well-trained pharmacists ensures that the public healthcare system deals with more serious ailments and procedures.

Medical Tourism

Thailand has become a top destination for medical tourism. Each year more than 1.2 million visitors take advantage of the low cost and high quality of medical treatment in Thailand.

Its private hospitals are the main facilitator for this medical tourism boom, and the cost savings are generally about 40-60 percent of out of pocket expenses compared to other western countries. Specialties include cosmetic surgery, orthopaedics, cardiology, IVF medicine, spine surgery and dentistry.

Questions about healthcare in Thailand?

Contact Retire to Asia on 1800 961 377 or email us at info@retiretoasia.com.au. We’ll answer your questions and take you one step closer to making your dream lifestyle a reality.

Visa

Summary of Thailand retirement visa requirements

Thailand has a retirement visa, which is also known as an OA Visa. You must be 50 years of age, have a medical check and also provide a police report. In addition to this, you must meet a set of financial requirements.

What are the financial requirements?

You must provide proof from your local bank that you have a bank balance of at least 800,000 Thai Baht, which is approximately A$32,000 (using a rate of 25 Thai Baht for A $1.00) or a monthly income of at least 65,000 Thai Baht, which is approximately A$2,600. It is possible to meet the test with a combination of your bank balance plus your income, in the event that your monthly income is below the 65,000 Thai Baht level.

How long is the Visa valid?

One year. Also, during your stay, you will be required to report to Thai Immigration Police every 90 days. This can be done in person or online.

Can it be extended?

Yes, it can be extended. At the end of twelve months, a request can be submitted with Immigration Bureau, which is once again supported by evidence that you meet the financial requirements outlined above.

Is the visa multiple entry?

Yes, you can leave and re-enter the country as many times as you like.

Can I work whilst I’m in Thailand?

No, work of any kind is prohibited

How do I find out more information?

Contact Retire to Asia on 1800 961 377 or email us at info@retiretoasia.com.au. We’ll answer your questions and take you closer to making your dream lifestyle a reality.

Property

Introduction to Property in Thailand

Buying apartments in Thailand

It is easy and relatively straightforward for foreign retirees to purchase an apartment anywhere in Thailand as long as at least 51% of the available apartments in the building are owned by Thai nationals. If this test is satisfied, foreigners can buy the remaining apartments, freehold, in their own names.

Otherwise, the apartments can only be leased.

Buying houses & land in Thailand

Foreigners are prohibited from buying land and houses in Thailand, however there are some options available for those wishing to do so.

If long term security is your goal then a long term lease arrangement can be taken out in your own name, providing you with security of the duration of the lease. . Routinely, people that wish to go down this path take out an initial lease for up to 30 years.

Partnership with a Thai national or through a Thai company ( in which a foreigner has minority ownership) are the only options available to own land or a house. Retire to Asia recommends taking great care when considering these options and can assist with advice.

Want to know more about renting or buying property in Thailand?

Contact Retire to Asia on 1800 961 377 or email us at info@retiretoasia.com.au. We’ll answer your questions and take you closer to making your dream lifestyle a reality.