Well, a lot depends on the type of lifestyle you are looking for. Thailand offers it all, from a lavish retirement to a budgeted one. However, to retire in Thailand as a foreigner you must cater to these following;
- Age over 50 years;
- Pension or Saving:
- Receiving a monthly pension at the amount equivalent to or greater than 65,000 Baht per month (verify by your respective Embassy in Thailand); or
- Having funds of no less than 800,000 Baht in your Bank account in Thailand
In case you are living outside Thailand and therefore do not have a bank account in Thailand, it is strongly recommended that you should initially apply for a Non-Immigrant “O-A” or “O-Retirement” from a nearby Thai Embassy or Consulate.
Once you have obtained that and you have traveled to Thailand, you can open a personal bank account (so that you could transfer your 800,000 Baht into this designated bank account).
What, you want numbers?
To tell you that a lavish retirement in Thailand can cost you around $,5000 per month. That should be sufficient to rent a two-bedroom condo, and much more. Apart from accommodation, healthcare is a factor that is often overlooked by foreigners. For your information, if you are above 60 you may be eligible for private health insurance, but that can be a little costly. However, that shouldn’t worry you as a healthcare facility in Thailand is quite affordable than any other country. So, the expats rely largely on their savings.
You know what the best way to make your savings last longer is to be like a local. You will find innumerable inexpensive apartments throughout. And on the other hand, the quickest way to burn all your money is to spend it on alcohol.
As for the food, you must be knowing how famous it is. From local Thai food to international cuisines everything is available that too at unbelievable pricing. Approximately 100-200 Baht is enough for per day meals.
To cut it short, to retire in a foreign country to need to live wisely, and trust me Thailand will make it easy for you.
