If you are in love with the Land of Smiles and are eagerly awaiting your retirement, when you can uproot and relocate to the tropical paradise that is Thailand, you certainly are not alone. Indeed, Thailand has become one of the most popular retirement destinations in the world, and with that in mind, here is some essential information to help you make a smooth transition.
Long term visas
It can be quite a challenge to obtain long-term visas to remain in Thailand, however, if you are aged 50 or over, you qualify for a retirement visa. This visa can be renewed while in Thailand on an annual basis; to qualify, you must meet the financial requirements of either a) depositing 800,000 Thai baht into your Thai bank account, or b) show evidence of at least a monthly revenue of 65,000 baht. Most people hire the services of a visa agent, which does make the process much easier.
Condo purchase
There is nothing to stop you buying a condo unit, the only condition is that total Thai ownership must be at least 51% of the units. Talk to the real estate agent about the process of buying a condo and they can assist you in the process. Whether you are looking for a luxury condo for sale in Pattaya or Phuket, search the web for real estate agents in Thailand and create a shortlist for viewing and book a holiday with a view to making a decision.
Land ownership in Thailand
In case you were not aware, it is not permitted for foreigners to own land in Thailand, yet there are options, which include registering a Thai business and putting the land and house in the company name. You can hold up to 49% of shares while the remaining 51% must be held by a Thai(s). The said company must be active; setting up a company solely for the purpose of acquiring real estate is illegal and the land could be confiscated.
Long term lease
One option is to lease a plot of land for 30 years with an option for a further 30 years; this protects you and the lease is transferrable so you can leave it to your children. Another popular choice is to put a prefab house on the plot of rented land and should you ever wish to relocate, it is not an issue. If you are going to sign a lease agreement, make sure you have an English-speaking lawyer take a look to ensure that your rights are protected. Click here for the value of investing in eco-properties.
To summarise, you should plan your relocation and apply for a retirement visa from the Thai Embassy in your home country. Do check the entry requirements from Thai immigration, as things can change at short notice.
Meet Suhas Harshe, a financial advisor committed to assisting people and businesses in confidently understanding and managing the complexities of the financial world. Suhas has shared his knowledge on various topics like business, investment strategies, optimizing taxes, and promoting financial well-being through articles in InvestmentDose.com
