Introduction
Thailand has a huge retirement population. Hot weather, good food, and great beaches make life here easy for many., Bangkok, Hua Hin, Chiang Mai, Chang Rai, and Phuket are all popular expat destinations. I was just in Hua Hin and saw more foreigners living in the city than locals (to be fair it was in an expat area) but even with the strong Baht, of 2019 and the stricter immigration laws. It still has a bunch of reasons why to retire here. The main one for me is…
Medical facilities in Thailand are world-class, so much that Thailand is now a health tourism location. With world-class facilities offering heart bypass’ from $10,000, you can see why. Hospitals, as Bumrungrad are exceptional and attract visitors from around the world. I went for a middle-tier hospital in Bangkok for a minor operation a few months ago and the treatment was fantastic. Clean, no waiting for months for the operation, the aftercare as precise and well displayed in perfect English. It really was impressive, and this was a middle-tier hospital (Phyathai).
Expats coming from the UK and Europe are better off still getting expat insurance though, and for the over 65s, this will cost at least $200-$300 a month, so is a substantial extra cost compared to being in the UK or Spain. If you have pre-existing conditions, moreover, you may not get insured.
To get a retirement visa, there are some financial requirements. You need to have a bank account with THB 800,000 (about $25,000) and double that (close to $50,000) for a couple, or a monthly income of THB 65,000 (around $2,000 a month), or a combination of a bank account and income that exceeds THB 800,000.
After meeting this requirement, you must then obtain a one-year retirement visa. To get this you must be 50, have a Thai bank book and a letter from your bank in Thailand. In addition, you will need to provide pictures, a passport and departure cards.
You will also need to get an `extension of stay’ notice and a re-entry permit. This will allow you to re-enter the country if you leave it. Finally, you must report to immigration every 90 days to check-in and verify the address you are living in. If you have ever been deported from Thailand or had any sort of criminal history you may not get the visa.
For people under 50 who are financially independent and retired, you will need to find another solution. One is to enroll in a Thai language course or another education course. Spend a limited amount of money, and get a student visa. In 2017, a `digital nomad visa` was introduced. Called a Smart Visa, it is designed for business people.
They have currently limited the applicants to startup business owners, investors, high-level executives, or other highly-skilled professionals. Visa rules are always changing, but if you have a decent budget and you are under 50, you should be able to get a visa. Spending 2-3 months a year in Thailand on a tourist visa if you live elsewhere in SE Asia, is very easy.
One of the biggest mistakes I have seen in Thailand is underestimating costs. Many Thais live off $1,000 a month or less, and you can too. But this doesn’t include luxuries. To travel a bit domestically and internationally, sometimes eat out, get insured and so on will cost you between $1,500-$2,500 depending on your tastes and expectations. A luxury retirement with maids and big houses may cost at least $4,000-$5,000 a month.
The Essentials
This again will be dependant on your situation but for anyone looking to go overseas, I would consider getting a visa & sorting out the insurance policy.
Where to Bank As An Expat
Most of the banks in the region are not as stable as the banks back home. Therefore setting up an offshore bank if you have a considerable amount of money or assets should be an option. A good offshore bank is UOB in Singapore and HSBC expat in Hong Kong or a good regional bank such as HSBC, Standard Chartered, Citi bank. I have written an article about the reason to do offshore banking and if need help opening one please contact below.
Banking
To bank in Thailand, you will need a Visa to open a bank account and is done in THB. The currency is somewhat volatile and as of writing (Jan 2020) still, one of the strongest currencies of the last 12 months although, the Thai government has set in some monetary policy to help ease this.
I would recommend, CITI bank as a stable bank, this can be found in Bangkok, in the Interchange just outside Asoke BTS is the main branch.
If you are looking for a local branch most of the major local banks fit the needs, Bangkok Bank is one of the personal use. But any of the major ones will be done and most can be opened with a passport and a valid visa. Within a day. Having a local bank would be more beneficial if you are planning in livening outside of Bangkok as the ATMs are more frequent.
Bangkok Bank
Bangkok Bank is the largest bank in Thailand in terms of assets, with a total of US $78 billion. The bank consists of 1,238 branches locally, 9,211 ATM machines, and has 26 international branches in 13 nations, making them the top Thai bank with the largest overseas branch network.
Kasikorn Bank
Kasikorn is the 4th largest commercial bank in the country in terms of total assets, loans, and deposits. There are 1,054 Kasikorn branches in Thailand, 9,460 ATM machines, and 5 international branches.
Siam Commercial Bank (SCB)
The Purple bank. Its industries include banking, insurance, real estate, and leasing, and has a total asset of US $82.1 billion.
Krungthai Bank
The Krungthai Bank has a total asset of US $83.4 billion, and 56% of the company is owned by the Thai government. Its services include commercial banking and serves as a government channel for financial services.
TMB Bank
TMB Bank is 30% owned by ING, 26% owned by the Thai Ministry of Finance, 7% owned by the DBS, and 2% by the Thai military. Its total assets are US$ 24.6 billion.
Bank of Ayudhya
Also known as Krungsri, the bank’s total assets are US $35.2 billion. It has been operating as a commercial bank for more than 60 years and is considered to be the 5th largest bank in the country in terms of loans, deposits, and assets.
Thanachart Bank
Considered to be the 6th largest bank in the country in terms of assets, it currently serves 4 million customers in its 600 domestic branches.
Kiatnakin Bank
Listed in the Stock Exchange of Thailand, the bank also offers depository services.
CIMB Bank
CIMB Bank has a total asset of US $8.2 billion. It is a subsidiary of the CIMB Group. This also offers Islamic banking and insurance products.
Cost of Living
The table below, from Numbeo gives a general idea of the cost of living in Thailand. Although, this is somewhat subjective depending on the lifestyle that you want to live from personal experience I would say that to live on budget of 1,000 USD is possible but to live a more western lifestyle you would want to be looking at around 2,000-3,000 USD per month.
| Restaurants | Range | |
| Meal, Inexpensive Restaurant | 1.95 $ | 1.50-3.91 |
| Meal for 2 People, Mid-range Restaurant, Three-course | 21.16 $ | 13.02-32.55 |
| McMeal at McDonalds (or Equivalent Combo Meal) | 6.02 $ | 4.88-8.14 |
| Domestic Beer (0.5 liter draught) | 2.44 $ | 1.79-3.26 |
| Imported Beer (0.33 liter bottle) | 3.58 $ | 2.44-4.88 |
| Cappuccino (regular) | 1.94 $ | 1.30-3.26 |
| Coke/Pepsi (0.33 liter bottle) | 0.62 $ | 0.46-1.14 |
| Water (0.33 liter bottle) | 0.33 $ | 0.23-0.65 |
| Markets | ||
| Milk (regular), (1 liter) | 1.66 $ | 1.33-2.83 |
| Loaf of Fresh White Bread (500g) | 1.23 $ | 0.98-1.63 |
| Rice (white), (1kg) | 1.19 $ | 0.65-1.79 |
| Eggs (regular) (12) | 1.60 $ | 1.17-2.03 |
| Local Cheese (1kg) | 18.18 $ | 11.39-32.55 |
| Chicken Breasts (Boneless, Skinless), (1kg) | 2.62 $ | 1.95-4.07 |
| Beef Round (1kg) (or Equivalent Back Leg Red Meat) | 10.77 $ | 6.51-16.28 |
| Apples (1kg) | 2.76 $ | 1.63-4.20 |
| Banana (1kg) | 1.05 $ | 0.49-1.95 |
| Oranges (1kg) | 1.98 $ | 1.30-3.22 |
| Tomato (1kg) | 1.31 $ | 0.72-2.12 |
| Potato (1kg) | 1.33 $ | 1.04-1.95 |
| Onion (1kg) | 1.03 $ | 0.65-1.63 |
| Lettuce (1 head) | 0.91 $ | 0.49-1.46 |
| Water (1.5 liter bottle) | 0.53 $ | 0.39-0.81 |
| Bottle of Wine (Mid-Range) | 19.53 $ | 13.02-26.04 |
| Domestic Beer (0.5 liter bottle) | 1.82 $ | 1.46-2.28 |
| Imported Beer (0.33 liter bottle) | 3.04 $ | 1.95-4.56 |
| Cigarettes 20 Pack (Marlboro) | 4.56 $ | 3.26-4.88 |
| Transportation | [ Edit ] | |
| One-way Ticket (Local Transport) | 0.81 $ | 0.33-1.33 |
| Monthly Pass (Regular Price) | 35.16 $ | 26.04-45.58 |
| Taxi Start (Normal Tariff) | 1.14 $ | 1.14-1.14 |
| Taxi 1km (Normal Tariff) | 0.33 $ | 0.20-1.14 |
| Taxi 1hour Waiting (Normal Tariff) | 3.91 $ | 2.93-6.51 |
| Gasoline (1 liter) | 0.98 $ | 0.88-1.14 |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | 39,064.41 $ | 21,159.89-61,851.98 |
| Toyota Corolla 1.6l 97kW Comfort (Or Equivalent New Car) | 26,935.99 $ | 21,159.89-32,553.67 |
| Utilities (Monthly) | ||
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment | 80.54 $ | 42.32-130.21 |
| 1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) | 0.06 $ | 0.03-0.10 |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 22.69 $ | 16.28-30.93 |
| Sports And Leisure | ||
| Fitness Club, Monthly Fee for 1 Adult | 54.09 $ | 32.55-97.66 |
| Tennis Court Rent (1 Hour on Weekend) | 9.83 $ | 3.91-16.28 |
| Cinema, International Release, 1 Seat | 6.51 $ | 4.88-9.12 |
| Childcare | ||
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | 286.99 $ | 162.77-542.56 |
| International Primary School, Yearly for 1 Child | 12,470.36 $ | 5,436.46-22,787.57 |
| Clothing And Shoes | ||
| 1 Pair of Jeans (Levis 501 Or Similar) | 59.15 $ | 29.30-97.66 |
| 1 Summer Dress in a Chain Store (Zara, H&M, …) | 31.80 $ | 16.28-58.60 |
| 1 Pair of Nike Running Shoes (Mid-Range) | 93.19 $ | 65.11-130.21 |
| 1 Pair of Men Leather Business Shoes | 83.01 $ | 48.83-130.21 |
| Rent Per Month | ||
| Apartment (1 bedroom) in City Centre | 464.67 $ | 244.15-813.84 |
| Apartment (1 bedroom) Outside of Centre | 278.99 $ | 146.49-488.31 |
| Apartment (3 bedrooms) in City Centre | 1,176.43 $ | 585.97-2,278.76 |
| Apartment (3 bedrooms) Outside of Centre | 632.25 $ | 325.54-1,139.38 |
| Buy Apartment Price | ||
| Price per Square Meter to Buy Apartment in City Centre | 3,770.33 $ | 1,627.68-6,510.73 |
| Price per Square Meter to Buy Apartment Outside of Centre | 1,873.92 $ | 976.61-3,092.60 |
Medical Care
The medical care in Thailand is second to non, and has an influx of medical tourism coming to the area. Hospitals all over Thailand. The upper class hospital in Bangkok, are not cheap but they are affordable to what you get back home. And come with exceptional quality.
Insurance if you are looking for expat insurance there is a list of comparison sites available and also a link below to health insurance for expats.
Private insurance
Local Thai private insurance is the most common type of private insurance. These are plans that are developed particularly for the Thai market and only sold in Thailand. Most of these local plans don’t have international coverage and coverage is sometimes limited compared to what you might find in other countries.
The world-class healthcare offered by private facilities is popular among tourists and expats. This has increased demand, which means that these facilities are able to set affordable private costs. Some local insurance plans offer inpatient costs of ฿2,000, or a doctor visit charge of ฿1,500.
Public insurance
If you work and pay taxes in Thailand you can use government-funded healthcare. You’ll pay 5% of your monthly income to social security taxes through your employer, of which 1.5% is directed at medical coverage. This 1.5% is matched by employers and the government. Residents who have contributed to this fund during at least 3 of the last 15 months can access free medical care at government hospitals.
International insurance
International insurance plans are popular with tourists and expats. These plans usually offer very good coverage with the perk of being able to use them almost anywhere in the world. Some of these plans also offer dental coverage in addition to core medical coverage.
What’s the average cost of health insurance?
The average cost of private health insurance varies across companies and it depends on your age and the type of plan you choose (local, international, basic coverage, etc.).
Which insurance company should I choose?
Thai Health is a popular local insurer. Some of the more popular international health insurers are:
Places to live and accommodation
The places to live are endless but the main areas, for retirees, are Bangkok, Phuket, Chang Mi, Hua Hin. How to find places, most of these can be found on websites such as Bahtsold or Bangkok expats or similar Facebook groups.
Hua Hin
This has a heavy retirement population there is a relaxed atmosphere about the place, it has reasonable beaches and is a two-hour drive away from Bangkok. The best way to reach it by bus from Bangkok southern bus terminal or drive. It has its own Bangkok hospital as an international option and Hua Hin international school. This is more for the person who enjoys a relaxed time and enjoys to play golf with some excellent golf courses nearby. Some other areas nearby Chanam and some of the local activities for expats includes golf, and Hua Hin Hash House harriers.
Chang Mai
The northern city of Chang Mi has become a hotbed for nomads and retirees alike, it has some great mountains nearby relax setting is regularly ranked one of the top places for Nomads as of the cheap cost of living and high quality of life. It has its own international schools and international hospitals. This is for people, who like the mountains, relaxed scene. The is a lot of walking and running and cycle groups in here as the mountains set perfect scenery to do so. Getting here is out of the way although they do have an airport like most cities in Thailand. You will mostly have to fly via Bangkok.
Phuket
The Island that is famous for the longboats, white beaches and has become a tourist hotspot. Popular areas include Patong beach. Phuket is a nice place it does have a large expat community, actives such as golf and cycling as well as International schools such as the British school. The environment is somewhat more tourist epically near the Patong area, this can lead to an increase in prices although, if you go towards the north of the island, you can find some great quiet spots.
Pattaya
I am not a big fan of the city itself because it has a reputation for being a party town for young travelers and retirees. But, will say if you live outside of the city there is some great scenery nice beaches and be not far from malls, western amenities good hospital and some great walking routes. It has a number of international schools Garden, Rugby to name a few as well as having, malls Terminal 21. And hospitals, Bangkok hospital has a clinic.
Bangkok
What is the cost this varies in Bangkok, you will be looking for a nice condo, in the city area 15,000 baht (30-40 sqm) although, if you are looking at something bigger or in the center of the city it will come at an extra cost? One of the aspects is that you can have really any budget. From a luxury condo penthouse to small one-bedroom away from the metro line.
Some of the popular areas, to live in Bangkok:
Silom (Central business area near Lumpini park) it has good transportation plenty of going on and malls nearby. The price here is on the higher end for the Bangkok region and would be looking to pay 20,000 Baht for a one-bedroom in a new condo.
Asoke This is again another one of the CBD areas (Bangkok has a few) here is near the night entertainment areas. And some shopping centers such as Terminal 21 plenty of restaurants near Benjakiti park for green space, and near both the BTS and MRT. The prices here you will look to pay in the region of 25,000 for a new in the bedroom.
Onnut This is further down from BTS and five stops away from the central Asoke, the area has malls nearby grocery shops and a commonplace for a lot of westerners. The places here are cheaper than you would expect in the Centre of the city. And for a one-bedroom go for around 10,000-15,000 baht.
Tonglor one of Bangkok higher-end areas, it has high end bars restaurants and shops. Near the BTS and not far from the main CBD areas Asoke and Silom, Siam. Condo here go for round 30,000 baht for a one-bedroom.
Outside of Bangkok, there are a lot of options in places here is a link to Bahtsold for all the places listed above.
Thailand Elite Visa
The Thai have started their elite visa program and this has proven quite popular with a lot of nomads, and people that want to live long term and retire in the country. It has a range of options from 5-20 years and includes some perks such as Golf benefits and club lounge at the airport, and airport pick up service. These options range in price from 500,000 THB for the five years to 2,000,000 THB for the elite membership option. You also have family options and some of the programs include annual health check-ups at Thailand private hospitals (which are some of the top in the world). The table below details all the options that you have in regards to the program.
What is the Thai Elite visa?
Thailand Elite visa, you can stay in Thailand from five to 20 years without having to worry about your visa conditions, paperwork, and extensions.
The visa also comes with various privileges, including access to airport pick-up services, privilege passport lanes, airport lounges, visa assistance, golf club memberships, and discounts on various services in Thailand. The Thailand Elite Visa is run by the Thai Government and aims to attract affluent visitors, businessmen, investors, and expats to stay in Thailand long-term.
The benefits
For me, this was more a lifestyle option as Thailand has in recent years has become less tolerable towards immigrates due to the rising number of people needed visa assistance or running out of money in Thailand. The benefits being that you don’t have to report to immigration every time that you leave the country as well as this is a good lifestyle visa it gives you perks such as golf membership, spa package. But more importantly, you get a quick and easy residence with little more of a hand over the passport.
The cost on the basic Visa is 100,000 baht a year for the 5 year basic which equates to 8,333 baht per month. You can’t get a work permit if you are a Thai work permit on the elite visa.
Thailand Property Investment
Thailand Property Investment is another option to get into the region the property option is another option where you can purchase a Thailand property (normally a new build and has to be a specific condo)the purchase has to be over 10,000,000 THB (about 300,000 USD). Although, with the current strong baht and with a bubble in Thai condominium’s would consider the options that you have. Also to note that you as a foreigner can’t hold land in Thailand, so a condo is your only option.
Other options
There is an educational visa program, where you can get up to a year visa with doing an educational visa this can be done at University with the normal courses, Thai language courses are also available. As well as some more unusual options such as kickboxing. You will need to report to immigration every three months and the courses start from 30,000 Baht.
Through a spouse
If you are married to a Thai national, the option is to get a spouse visa where you need the required documentation such as Medical police check and a marriage certificate. With the financial obligations of monthly income of 40,000 baht or 400,000 baht in Thai bank account.
Applying for the Thailand Elite Visa
You can apply for the Thailand Elite visa anywhere. All you need to do is to send a soft copy of your passport to the Elite Visa agent. Then, they will work with Thailand’s Ministry of Foreign Affairs and the consulate from your country to do a criminal background check. Once it’s done, you need to transfer the application fee, wait a few days, and then get your Thai Elite Membership ID number. The whole process takes around three months. But it’s often much faster than this. In certain cases, it even takes less than two weeks.
If you need help applying or you have some more questions for the elite visa, ask us and we will help you!
