If you have your heart set of retiring in Thailand, you certainly wouldn’t be alone, as the Land of Smiles ticks every box for the European couple who wish to spend their golden years in a tropical paradise. Assuming you have experienced many holidays in this unique country and are certain Thailand is right for you as a retirement destination, here are a few important things to bear in mind.
- Land Ownership – Sadly, you can’t simply purchase a plot of land and build yourself a nice bungalow, as foreigners are not permitted to own land. There are alternatives, however, as you can take out a 30-year lease on a plot of land, and with an optional 30 years, your children will also see the benefit. If you build a house on your leased land, then technically speaking, you are the owner of the property, but not the land it sits on.
- Condominiums & Apartments – If you put your name down on one of the luxury condo developments in the pipeline, such as Tait 12 (called เทตต์ 12 in Thai), which will be a 40-storey, 238-unit development with state-of-the-art facilities. The only restriction for a foreigner to own a condo unit in Thailand is that the development must be 51% Thai owned, aside from this, a person of any nationality can purchase a condo or apartment.
- Long-Term Visa – Thai immigration will issue you with a 12-month visa based on retirement, providing you are aged 50 or over and have a specific amount of money deposited in a Thai bank. All you have to do is visit your local immigration office once a year, and there are agents who can handle this if you would rather.
- Hiring a Property Lawyer – If you are looking to acquire land and/or real estate in Thailand, you should first consult with an experienced real estate lawyer, who can advise you on the legal aspects and facilitate any transactions that you wish to make.
- Medical Insurance – You and your partner are advised to take out health insurance that covers every eventuality, and just like at home, medical treatment can be very expensive. As things stand at the moment, you will have to comply with Thai government regulations regarding Covid-19, which includes 14 days of state quarantine.
Thailand has everything you could possibly want in a retirement destination, and with a nice condo unit, your new home in the sun will be everything you imagined and more.