A current trend in retirement living is for citizens of various developed nations to seek retirement outside of their home countries. This is largely due to a number of economic considerations, including the increasing costs of living and health care in their home countries. Another important factor has been the emergence of quality, inexpensive health care in developing countries. Millions of retirees have flocked to overseas destinations to maximize their retirement budgets, purchase affordable condominiums, obtain quality health care, and enjoy higher standards of living, including beautiful weather and friendly people. For these reasons and more, many have chosen to spend their golden years in Thailand.
Land and Condo Purchase in Thailand:
One attractive aspect of retirement in Thailand is the relative ease and affordability of purchasing Thailand land or buying condominiums in Thailand. While in most circumstances land cannot be owned outright by foreigners residing in Thailand, a 30 year lease of Thailand land with a 30 year extension can be arranged. Foreigners can generally own buildings. Retirees also have the right to freehold ownership of condominiums under certain circumstances. Pattaya, Hua Hin and Koh Samui are popular beach resort areas where foreigners and retirees have purchased condominiums. Enlisting the assistance of a local law firm to perform due diligence on the title deed, inspection of the property, revision of the sales contract and supervision of the transaction at the land department is recommended.
Thailand Retirement Visa:
If you are over 50 years of age and have approximately US$ 25,000 in savings (according to December 2007 exchange rates) in yearly income or in a combination of savings and income, you are eligible for a Thailand retirement visa. Foreigners aged 50 to 59 with ill health are given special consideration for retirement in Thailand. With professional assistance to help organize your documents and supporting evidence, a one year renewable Thailand retirement visa can be issued in a single day. Partners of retirement visa holders are generally also eligible for a visa provided that they can provide evidence of marriage to the visa holder.
For those looking for “permanent” retirement in Thailand an O-A Long Stay/Retirement Visa may be a better option, although the process is less straightforward and the requirements are variable depending on whether you apply overseas or within Thailand. Although this process can be accomplished by individuals applying for their own visas, many foreigners opt to consult with Thailand lawyers to determine which visa is most appropriate for their situation.
Marriage:
Many foreigners who stay for extended periods in Thailand, including retirees, often decide to remain in Thailand to spend their lives with a Thai partner. Marriage in Thailand is quite common and is a relatively straightforward process. However all documents must be translated into Thai and the marriage certificate is issued in the Thai language. Prenuptial agreements are recognized under Thai law.
Gay marriage is not recognized in the Kingdom of Thailand; however Thai Buddhist society is generally very open minded regarding lifestyle preferences. Gay partners can ensure their civil commitments through last will and testaments and through joint ownership of certain types of properties in Thailand.
Health Care:
An increasingly popular destination for medical tourism, Thailand provides quality, affordable medical care to citizens throughout the world. Many hospitals in Thailand have state of the art medical equipment and American trained doctors fluent in English. Samitivej, Bumrungrad, and BNH hospitals are popular with expatriate foreigners, those seeking medical tourism treatment, and many Thai citizens. The costs of services for medical treatment in Thai hospitals is often only a fraction of what such operations cost in western facilities.
