Retire to Thailand in 2024

Thailand, with its reputation as a welcoming land for digital nomads and retirees, has seen its expatriate population rise to over 143,000 by 2023. This increase reflects growing interest in this Southeast Asian country, known for its low cost of living and exceptional quality of life.

Why choose Thailand for retirement?

Climate and Living Environment

The tropical climate is one of the main reasons why French retirees choose to retire in Thailand, away from the cold. Islands like Koh Samui and Phuket are renowned for their natural beauty and relaxing atmosphere, and enjoy a large community of retirees and expatriates. On Koh Samui in particular, the Bophut district is very popular with French people wishing to live in Thailand.

Thailand is also appreciated for its Buddhist culture of respect for others and service. Its many renowned massage and SPA establishments bring relaxation and well-being to retired expatriates.

Cost of living and economic benefits

The cost of living in Thailand is considerably lower than in Europe. In Chiang Mai, for example, monthly expenses vary between €550 and €800, well below what would be spent in France for a comparable lifestyle.

Here are some examples of average daily expenditure in Thailand in 2023 according to TravelTables:

• Meal for one person in a budget restaurant: €1.77
• Meal for 2 people, mid-range restaurant, three courses: €18.41
• Craft beer, 0.5 liter: €1.81
• Water, 1.5 liter bottle: €0.47
• White rice, 1 kg: €1.10
• Pack of cigarettes: €3.54
• One-way local transport ticket: €0.74.
• Petrol, 1 liter: €0.83.
• Internet subscription, 60 Mbps: €19.73.
• Cab fare: €1.03

In terms of real estate, on the islands of Koh Samui or Phuket, the price of a 2-bedroom villa with private pool and garden will be around €200,000 by the end of 2023, equivalent to the price of a small studio in Paris.

Health System

Thailand is renowned for its healthcare system, and is one of the world’s most popular destinations for medical tourism. Its world-renowned hospitals offer high-quality medical care, but it’s important for expatriates, especially retirees, to take out private health insurance. Indeed, medical costs can be high if you wish to be treated in private hospitals, as in Bangkok for example, or in the case of specialized or emergency treatments. The insurance provides comprehensive coverage and peace of mind, allowing expatriates to access a wide range of healthcare services without worrying about unexpected costs.

Real Estate in Thailand for Retirees

Buying a rental property to generate additional income

The first solution for retirees wishing to invest in real estate in Thailand is to acquire a property with the aim of renting it out on a tourist or year-round basis (or entrusting it to a rental management company) to generate additional income. This additional income can then be used to rent or buy a house to live in Thailand all year round.

It is possible to make such acquisitions in Phuket, particularly with turnkey investor programs, where developers take charge of the tourist rental of your property through a professional hotel manager. In exchange, the developer pays you fixed rental yields, the percentage of which is set out in the sales contract. Prices for such an investment property start at around €120,000 for a newly completed program. More info on this link.

Acquire a villa for personal occupation all or part of the year

When it comes to retiring in Thailand, buying a new home is a crucial decision. When it comes to expatriation for retirement, the islands of Thailand are often preferable to Bangkok, an attractive economic capital for working, but with a pace of life less suited to retirement in the tropics.

As mentioned above, Koh Samui is particularly well-suited to the French community. Villas can be found here at the same price as a small apartment in Paris, around €200,000, with a living environment that’s not comparable.

For those seeking the ultimate in luxury, both Koh Samui and Phuket offer exceptional sea-view homes with 4 bedrooms or more, from €600,000 to over €1 million.

Administrative Procedures and Visa

Retirement Visa in Thailand

The Thailand retirement visa, officially known as the “O-A” (long-stay) non-immigrant visa, is intended for foreigners aged 50 and over who wish to spend their retirement in Thailand. Here are the general conditions for obtaining this visa:

• Age: Applicants must be at least 50 years old.
• Financial evidence: Financial stability must be demonstrated. This can generally be proved in two ways: A bank deposit of at least 800,000 THB (around 20,000 to 25,000 euros) in a Thai bank, or a monthly income/pension of at least 65,000 THB (around 1,600 to 2,000 euros).
• Medical insurance: Medical insurance is generally required, covering medical expenses in Thailand. Specific coverage requirements may vary. A health certificate may also be required.
• Visa duration and renewals: The retirement visa is generally valid for a period of one year and is renewable annually. Holders must report to immigration every 90 days to confirm their address.

These data are from December 2023. We recommend that you regularly consult the website of the Thai Embassy in France, which will provide you with accurate, up-to-date information.

Retirement in Thailand must be a carefully considered and prepared decision. Spend a few weeks on vacation to get a feel for life there, set aside a few days to organize visits to your future home… and keep abreast of any administrative and legal formalities you may need to undertake. And if tropical living suits you, the Land of Smiles is one of the world’s best retirement destinations.

Osiris Investissements acts as your real estate advisor in Thailand, helping you to select the property that’s right for you, arrange site visits and take care of all the administrative procedures involved in buying a property. Contact us for more information.