Residents of the U.S., as well as those of a handful of other countries, are actually able to obtain five-year retirement visas, although the threshold to do so is more rigorous. If you plan to travel, even just to visit home, anytime in your first year of residence, you will need to apply for a re-entry permit. The rent from your condo (assuming it was paid off by then) would supply more than enough money to live on so you could leave all your other cash invested. If you start investing now, youll learn more about investing. I think Indian food is also quite expensive in Thailand. When a US person becomes a resident of another country, what are the tax implications? I am bookmarking this and will surely use it many times in the future, Its interesting comparing the cost to living in Phuket http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. Ah that old chestnut. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). November . Chiang Mai and Bangkok are tourist traps and I think thats why the prices are so much higher. Some old geezer with a pension! I plan to live comfortably on USD 2,000 per month, and set aside some money every month for medical expenses rather than pay an insurance premium. The retirement visa also does not allow you to work in the country. Thats a big issue for foreign retirees. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. i am setting aside $1000/month for paying down debts primarily student loans. Imported stuffs are expensive so I usually send cargo boxes of stuffs to the Philippines: like ten cargo boxes through a Philippine freighter like LBC which gives you a 24 by 20 by 20 box, unlimited weight for 55 bucks door to door. Well, we wont be gone forever. I think thats a little low on the estimate. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). $3,000 per month seems to be top spending there for complete luxury. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. I just know a little because my parents live there. If you haven't done these things by age 50, it could be too late to do them well. Glad you are finding it useful. Monthly income of at least THB 65,000 or. The only problem is the local people are really struggling. I need to emphasize that you want to EAT WHERE YOU SEE THAI PEOPLE EATING. The research was based on the following lifestyle for 1 person: You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? Northern Thailand is pretty far from the beaches. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. Even if you can file the taxes on your own, everything is in Thai. I would rent for a while before buying. If you fail to do this, your visa may become void. The average cost of healthcareis still lower than in the U.S., but costs can add up if you need regular medications or medical attention. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Nonetheless, finding the right one is often the challenging part. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. It can take a long time to be good at investing and the earlier you start the better. Ill be retiring to Thailand next year (Jan 2016) as an expat couple, no kids. Golf $30-$60 depending on the golf course. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). thaiembassy. Hey Everyone, Im in Chiang Mai and it is great here. Visit a quote page and your recently viewed tickers will be displayed here. I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. Although you do have to take precautions as you would anywhere in the world. Copyright 2022 Filipino Wealth FilipinoWealth.com. What about Vietnam? The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. Im pretty sure you still have to pay the US federal income tax. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. Not included in rent. This is what Id spend if I live in Chiang Mai. The study covered most countries of the world, with the goal of estimating the cost of retirement based on the equivalent quality of life you'd enjoy back home. Required fields are marked *. Well done Peter, keep up the good work! Local office worker - $650/month (low income) $150 Rent - He can rent an apartment about 10 minutes from the city center for about $150/month. For US$3,000, or THB105,000, a single person would live quite comfortably in Thailand. I think you really should split it and invest some. The cost of living is also quite a bit cheaper than Bangkok. Canada is also a good option for health care. I love Italy. It takes 24 hours of flying to get home. Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. Maybe $6-7/drink. New cars are another one. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. Chiang Mai is the largest and most culturally significant city in northern Thailand. If you choose to leave the US to live in another country full-time, learn to assimilate, adapt, embrace, and take on the whole culture. To qualify, you must be 50 years. Its just not for everyone.. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. Personally Im a big fan of moving internationally to facilitate retirement. Actually, I dont know that much about Chiang Mai. I have no car or motorcycle. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. Paid monthly or quarterly. My wife and I did most of our international travels with my small company in the 80s and 90s so we no longer feel the need to travel around the globe now that we are retired. Wine, he says its $15 for anything decent.. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. One week trip to the beach $300. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. Ive been thinking more about central and South America. Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. Here's what you need to know about retirement in Thailand. Expat Forum For People Moving Overseas And Living Abroad. In Thailand they START AT 7 and go to maybe 15. You really need to live there 3-5 years to get used to spending down instead of spending up to find out where to get all the great deals. The Japanese retirees spend about $3,000 per month to retire in Thailand. For a comparison, a one-bedroom apartment in the city center of New York costs under $3,100 per month in rent, which is almost five times more than Bangkok. Sunrises and moon-rises are so good. Its a lot of fun to visit, but living there is quite different. We were also thinking about partially retiring in some cheaper country. As always, some will say it's high and others will say it's low. $3,400 per month is approximately the pay out for 100% VA disability. In the past we have had excellent medical care in Australia, New Zealand, Jordan, Turkey, and Mexico for a fraction of the USA costs before Medicare kicked in. So, even if married to a Thai you cannot own land. Health insurance is still a big question here. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. One should also note that few people have this much cash in savings. There are four steps to acquiring a visa to retire in Thailand. For example, $700 for groceries and $500 for eating out (i.e. Now you can get a retirement visa thats valid for a year. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. One of my uncles had a stroke a couple of years ago and went the private care route. For example, you can retire in Argentinaon a similar budget. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Thailand has always been popular as a country to come to live and retire. An important point that you mention is the cost of medical care in Thailand. I do not have any pension and only recently have begun saving (thank you Covid 19)! SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. I got food poisoning from eating at one of the stalls. Great article. We are Indian but grew up at California . I looked into it a bit more and its best for foreigners to get an international health insurance policy. Id love to live there for a while and explore more places. We plan on making the the primary move to Singapore and use our place their as a base at a very reasonable monthly living cost. I would like to take a year or two in retirement and stay in Ecuador or Chile, then another year or two in Spain or Italy. I still shuttle between the US and the Philippines since I have businesses and properties in both places and also a house in Thailand. For some people, the best insurance option is to have travelers insurance from your home country. Its on my list, although Im not sure when it will happen. From BKK u can travel around and it is really fun . He paid about $3,500 for them. The price increases to $1,800 for double occupancy. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Living in Thailand on US$3,000 Per Month. However, Im also looking in to retiring in South America. Even with the insurgency in the far south? Chiang Mai is a lot quieter than in previous years. Id like to live there for a few years too. Great post! With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. For example, in Thai society, if a woman is slightly overweight, she can be seen as fat, but she can be seen as slim or average in the West. First of all, its worth noting that citizens of the U.S. and much of Europe do not need a visa in order to visit Thailand. The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. You can do it here but please don't feel obliged :). He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. Thais take ghosts seriously. Savings aren't static, even though it might seem that way if the money is just sitting in an account. The content We moved long before retirement, but now were settled, have a network for friends, and ready to ease into retirement when the time comes. Then language is taught here from the very first say at school, and most Fil. The new spending bill makes it easier to save for retirement. Sounds like a no brainer for you to move there! Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). Well, my dad eat mostly seafood. Rents are around 70% lower on average. The amount you spend on healthcare really depends on your health. Professional athletes come to Piyavate Hospital for orthopedic surgery critical to their careers. + Check Cost of Retirement I have visited Thailand more than 30 times and know almost everything worth knowing. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. Best VPN to Protect Your Online Privacy, 5. Very little snow except at elevation of course. Here are some reasons why I want to live in Chiang Mai for a few years. I realize that to each, one's own but for me being unable to cook or to have a space dedicated to "work" and "relaxation" would be a bitter pill, indeed. Retiring in Thailand is a great option for many foreigners. Ill check with my dad. I have not research much yet how that would work for taxes though. He later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . I have a friend who lives in Thailand in a beach house with 2 other people, he said the cost of expenses are barely $500 for all 3 of them, and this includes food and lodging. More exotic imports can cost as much as $5.50 each. The weather is sunny and hot, and there are plenty of beaches to kick back on. Ive not tried bugs and dont think I ever will. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. Comparative assessments and other editorial opinions are those of U.S. News Thais are astonished by the idea that anyone could live alone and be happy. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. He rents a two-bedroom, two-bathroom house for $580 a month; a one-bedroom house or apartment can easily be found for $400 a month, he says. Hopefully, Thailand will open up soon. She has one more year syndrome and Im a bit tired of waiting. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. Thailand's foreign retirees see their good life slip away, Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. I think people need to stop looking at pictures of beautiful Thai beaches. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. 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