Retiring comfortably is a goal all working people around the world think about. Where’s the best place to retiree as an expat? Thailand, of course, has all the qualities that you are looking for in a retirement destination. Your retirement will certainly be comfortable here, with all the cheaper prices compared to much of the Western world.
Of course, comfort and relaxation for your retirement is something that you ensure and is not something that you can just expect to come to you. Here are some ways through which you can facilitate a comfortable retirement in Thailand.
Pick a More Economical City
Most foreigners think of Bangkok or Phuket when thinking about Thailand, but those are not the only places expats are welcome in the Kingdom. Moreover, these two places are prime destinations for tourists who are in Thailand for holiday or business purposes. Thus, you can expect costs of living to be quite high in those two areas. While Thailand’s costs are lower than you’ll find in your home country, you’d still want to be economical.
The goal here is to squeeze more out of your retirement money. The ideal place, therefore, should have low to average costs of living but should be in close proximity to essential services like hospitals, supermarkets and others so you have everything you need close by.
Make An Investment
Even when you retire, you’d still need to earn a little bit of money for yourself to support your needs. Thailand is a great place for investing your money – the business landscape is friendly to foreign investors, and the government has put in place perks for expats who contribute to the Kingdom’s economy.
You could get together with some of your retiree friends, and some locals that you trust, and start a small company in the country. Because of free trade agreements with some countries, some foreign nationals can start firms that can be considered locally owned with all the advantages that it brings. Just make sure everything you’re doing is legal; you’d need to tap the help of a legal advisor, one who is fluent in both English and local Thai as well as well versed in the local laws.
Try to Acquire a Condominium
Acquiring condominiums is legal for foreigners. The Thai Condominium Act allows foreigners to purchase condominium units provided that only 40% of the total units available in the project are allocated for alien nationals. You can also lease a unit for at least 30 years – leasing gives you most of the rights that an owner has over the unit.
What you do then with a condominium is to keep it available for subleasing or renting by other foreign nationals that you know. They could stay there when they’re on a holiday, or when they are in Thailand for a prolonged period of time for business or personal reasons. The bottom line is – you can earn money from that investment, money that’s more than enough for you to live comfortably with throughout your retirement.
If you need legal advice in Thailand, feel free to contact us.
