Thailand – The Top Retirement Destination For Western People
The ‘Land of Smiles’ is an enchanting land of plenty with a long and colourful history; formerly Siam, Thailand narrowly avoided colonisation by giving France and England lands to the north and south. Aside from being a top tourist hotspot, the Royal Kingdom of Thailand is one of the most popular retirement destinations and we totally get why.
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Seriously, take a photo of any Thai beach and it belongs on a travel agent brochure; golden sands, clear, blue water and swaying palm trees. Thai beaches are patrolled daily and there are strict litter laws (no smoking) and there are thousands of km of pristine beach in the land of plenty that is known as Thailand.
The law in Thailand prohibits foreigners from owning land; set up a limited company (with a Thai partner) and the entity can acquire real estate. One must be careful going down this road; if the Thai government thinks the company was set up solely to acquire land, the asset might be confiscated. The company must be active and pay taxes and as a foreigner, you can hold up to 49% of shares. The other way to secure land to build your dream home is to lease the land for 30 years, with the option of a further 30 years. Have your lawyer scan the agreement and you have a watertight security on the land and the house you build. You can actually own the house, but not the land it sits on.
The law allows foreigners to own apartments and condo units; the total foreign occupancy must not exceed 50%; check out the condo for sale in Pattaya Thailand from the leading real estate company in the region. You do have to show evidence that the funds came from outside Thailand and the way the condo market is shaping up, now is a good time to buy.
Low Cost Of Living
Thailand is much cheaper than any developed country and the quality of life is such that living in such a wonderful place and saving money is a very attractive proposition for the retiree. Most have been coming to Thailand for holidays for many years and that is the reason they choose to retire in the Royal Kingdom of Thailand. Here is a cool article on the benefits of travel.
The Thai government welcome foreign retirees and you can apply for a retirement visa aged 50 and over; open a Thai bank account and deposit 800,000 Thai baht two months prior to applying for the Non-Immigrant visa. This visa can be renewed annually without having to leave the country and should you wish to fly home for a few weeks, you can retain the validity of your visa with a re-entry visa, which is available at the airport.
We hope that you enjoy your golden years in this enchanted land and that you find your dream condo somewhere in the sun.