Fundamental Tips for Foreigners to Live a Healthy & Prosperous Life in Thailand
There is a lot to take care of in order to be able to think of relocating to any new country or jurisdiction. Prosperous sustenance in a new area has never been as easy as dreamt of. Starting from a right visa selection and its acquisition that may vary in different countries for different nationalities.
Thailand is also one of the most favorite destinations for foreigner’s relocation and settlement, especially for people who want to retire in the land of smiles. Mentioned below are certain points to keep in concern before deciding to move to Thailand.
A Steady and Reliable Source of Income
You need a decent monthly income over and above anything you hope to earn in Thailand. If you don’t speak Thai reasonably well then your best chance of work is in education (e.g. state, international or private schools). Otherwise, freelance copywriting and journalistic services are also an option for good English and Chinese language speakers and writers. Generally, your employer should assist with visa and provide work permit but in case of freelancer they have to manage their visa through some other means (e.g. student, teacher, Thai spouse or retirement visas).
One more advice for retirement people, don’t ever attempt to retire to Thailand on less than 40k baht a month or to retire here with only a state pension coming in, which would not be easy to sustain yourself properly. Another possibility for the retiring people is to invest their savings partly in buying some condo units in a reasonable amount in a good location, where it can, later on, be rented out easily to generate some amount of monthly rental returns. Best examples for that would be Metrosky Prachachuen Condominium near Bang Sue Station, Tree Rio near Bang Aor and many more Condominiums like this that has the best rental as well as resale yields.
Choice of Residence & Location:
For residence it totally depends primarily on a person’s choice but some other factors like age group, professional experiences and expertise also can influence the choice of location and residence, for instance if you are a person looking to retire in Thailand then a better choice would be to settle in relatively small cities and suburban areas because for people of that age group would most probably have a chance to work in education sector. But if you are a youngster with a dynamic set of skills and expertise in IT sector, engineering, legal studies or others then the chances are that it could be more promising and prosperous if you live in Bangkok because many multinational firms have offices in the metropolis who might hire you. There are several such foreigners who earn a decent sum of money and live very well in Thailand.
Budgeting, Savings, and Safety
Be careful with your expenditure the wiser the better. Keep controllable habits of going to bars and the bar girls: bad for your health and bad for your wallet. Better to avoid completely but if you cannot keep away then make it an occasional ‘fun moment’ only. Don’t overdo the alcohol and keep well away from drugs.
You’ll need a Thai bank account once you have decided to live permanently in the Kingdom. Recommendation would be to open an account in such a bank that has a good and reliable online access. Avoid using ATMs to access cash from any overseas bank accounts you may decide to retain. Cost is now at 220 baht each transaction.
Some Other Do’s and Don’ts
- Take out health insurance. Thailand has some of the best private hospitals in the world and while they are not overly expensive they are not free either.
- If you decide to buy a house you’ll have to do so either through a Thai company which you’ll need to set up or with your Thai wife. She’ll own it. You cannot own a house outright as an expat but buying a condo is still an option which you can own.
- At least for the first few years, you won’t be able to get a loan from mainstream Thai banks so any car, for example, will have to be paid for by cash. But in some cases, like if you are planning for buying a condo, some agency or consultancy firm like us Angel Real Estate can help you get a loan from ICBC Bank, The Bank of China or MBK Guarantee.
- You will require transport. What’s more, it will either be a car or a motorbike. Cars are costly in Thailand so figure on 600,000 baht least to anything new. Bikes are quite cheaper and a good mean of transportation in a crowded city like Bangkok. Try not to trouble unless you have a motorbike permit from your country of origin and have riding experience. (The WHO gauges 24,000 deaths every YEAR on the Thai roads, so be cautioned). Don’t ride without a helmet.
- Thai internet is excellent. So easy to keep connected to family and friends back home. Stay in touch. It is important because many expats eventually find themselves alone and broke in Thailand.
- Better to link up and stay connected with other expats as well also better to blend in well with local Thai communities.
- And talking of cash, to get your Non-Immigrant Visa (12 months, renewable) you’ll need to deposit 800,000 baht in a Thai bank account and leave it there or have a verifiable annual income of at least 800,000 baht. Thai immigration will accept a mix of the two so long as the total comes to 800k.
It might sound all complicated but there is always a price to input in order to have a prosperous and convenient life as an output.