Thailand constantly ranks for the best places to retire and there are many reasons to retire in Thailand. However, before you pack your bags, find out how much money you need to retire in Thailand. Here are some costs to consider.
You will need to apply for a retirement visa. The financial requirements are:
Bank Account – at least THB 800,000
Monthly Income – at least THB 65,000
Bank Account + Monthly Income = at least THB 800,000
The visa fee is 200 USD for multiple entries. The visa is only valid for one year. You need to apply for an extension to stay longer.
Thailand scored 90 out of 100 under the Cost of Living category in the Retirement Index. This includes expenses ranging from rent and utilities to groceries, among others. In Thailand, you can live conservatively or luxuriously.
For instance, in Bangkok, you can spend as little as a dollar eating from the street food stalls or you can indulge in a five-star meal in a pricey restaurant for hundreds of dollars.
There is a huge variety of housing options in Thailand no matter which part of the country you choose to stay. Expats can spend an average of $731 a month on a modern condo in Bangkok or $575 a month for a townhouse near a beach in Phuket.
Thailand has excellent yet affordable healthcare facilities and services. The average consultation fee for a specialist is anywhere around THB 50 – THB 1000 which would be equivalent to around $2 – $32, depending on the currency exchange rate. Some expats buy private medical insurance to cover unforeseen illnesses or accidents, but others deem this unnecessary because healthcare is so inexpensive.
Given the above information, how much money you really need to retire in Thailand is dependent on the lifestyle you wish to have.