I guess my tastes must be more on the simple side! We know were not going to be in the DC area after Daughter Person graduates, but havent settled on any specific place yet (other than further north). You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. Well have dinners with a dozen friends every few weeks. The amount you spend on healthcare really depends on your health. Those with kids also have schooling to consider. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. There are downsides to Thailand, perhaps the biggest being health and safety. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. This leads us to todays question of what it is like to be a single man living in Thailand? You also need to have a valid passport that doesnt expire for at least one year. Well see. Retiring in Thailand is a great option for many foreigners. First of all, its worth noting that citizens of the U.S. and much of Europe do not need a visa in order to visit Thailand. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. They have hundreds of video and audio lessons to help you start speaking Thai today. However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. NET. The rent from your condo (assuming it was paid off by then) would supply more than enough money to live on so you could leave all your other cash invested. They are usually friendly and helpful and will fill in the form for you. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. I lived in Bangkok for 6 months. He has opted out of Medicare and no longer pays premiums. To live like that is to live a life short changed, and to be forever wondering Is this all?. Can you share your cost of living? A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. Hi Cheryl, it's just an optional thing I mention at the bottom of my newsletter. But it only works in favour of Thai goods being exported!!! As somebody who has had the opportunity to speak with both locals and expats I will share the word on the street, so you know what it is like as a single man living in Thailand. Im pretty sure you still have to pay the US federal income tax. My Thai friends tell me you are absolutely correct about the cost of living. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! lifestyle as a single man living in Thailand. If you're living in a Thai style house then it's really cold. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. Here are a few of the common costs: Retiring in Phuket: Bottom Line I have to complete an irish tax return for 2021. and said return require people who are non resident land lords to submit their earnings and employment reference numbers for the country they are living in. Hopefully, Thailand will open up soon. Itll be a while though. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! Unless you become Thai you wont be able to live like a Thai. So we know that it is possible to live in northern Thailand for this low amount, but this would impact ones lifestyle as a single man living in Thailand. entities, such as banks, credit card issuers or travel companies. Today we get our dental work done in Mexico, across from Yuma. Among Bowens family, only his daughter has visited. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. The cost of living rises (generally), so the value of your money (spending power) decreases over time, unless you are earning an interest rate in line with, or higher than, inflation. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. I think it makes perfect sense to retire somewhere thats more affordable. Im Peter. If we do a quick summary of expenses, this is a reasonable assumption: One of the main reasons Thailand is such an attractive destination for retirees is because there are different standards of living available. Getting a retirement visa is simple, but thats not the end of the story. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. Dating in society has changed, and this also includes Thailand. Low costs are a big part of the appeal. For example, in Thai society, if a woman is slightly overweight, she can be seen as fat, but she can be seen as slim or average in the West. All investing involves risk, including loss of principal. Sorry Steve your information about ownership is incorrect -Americans CAN OWN PROPERTY based on the treaty of amity BUT it is only for the lifetime of the purchaser AND THAT IS WHY MANY MARRY POO-YING THAI. It's really inexpensive to do and will make sure you have something to retire with. I like Holly would have to visit places first to see how well we like it. The so called Free trade agreement where products like Cheese and wine from Australia for example still end up with a 300% local tax stamped onto their price, when there should be none hence free trade. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. I am Thai working in Middle East. Sign up to receive new articles via email. (Photo by George Styllis), Thailand's battle to drive down currency will not end well, Thailand keeps doors open to Chinese tourists, Thailand's famed 'Rose of the North' is wilting, Thailand GDP growth slows to 2.4%, lowest in five years, Thailand confirms first human-to-human spread of coronavirus, Thailand cuts interest rates to record low as coronavirus spreads, Thai banks give coronavirus-hit borrowers one-year moratorium, Thailand's budget delay seen exacerbating economic woes, Japan's capital spending up 7.7% despite weaker profits, China manufacturing expands at fastest pace since April 2012, Australia economy slowed in Q4 as headwinds mount. But then again if I were going to have that much in retirement funds I would just retire in beautiful San Luis Obispo, California where Ive spent most of my life. Make a friend, a local that is. You need to pay taxes even if you dont have a work visa. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. We may receive a referral fee if you sign up through the links on Retire By 40. The cost of living allows a retired man the opportunity to live in a nice place while trying to make do on a fixed income. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! The most expensive country in the world to retire in is Bermuda: $1,065,697. i am setting aside $1000/month for paying down debts primarily student loans. . I hope South America will still be affordable in 15 years. Tinder and other popular dating applications are booming in Thailand! That is renting a furnished home that will allow friends to visit. Healthcare is important to factor into your budget. For about 80 cents, you get a bag full of fresh and healthy fruit to go. His advice? So you're looking for a woman about. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. What is wrong with that? Average Retirement Savings: How Do You Compare? We then want to find various places in Thailand and Vietnam where we can enjoy staying anywhere from 3 to 6 months at a time. My parents are pretty frugal. Nice article. I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. It can take a long time to be good at investing and the earlier you start the better. + Find a TEFL Course Thank you Molly! - irresponsible but honest thoughts. Once we get tired of SE Asia, then we can move to South America for a few years. Golf $30-$60 depending on the golf course. I have so many folks asking me what it costs to live here in Chiang Mai. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. A bit cooler than Portland, but quite similar climate overall. Ive been thinking more about central and South America. The food looks great. There was basic Thai health insurance available for maybe 5000 7000B/ month in May 2016 but their brochures are cryptic to understand (and that is being KIND). Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. This will give you an idea. I had visited Bangkok twice and stayed 3 weeks each visit. Living outside of the city center could cut your rent to roughly $300 per month. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). If you are an American citizen you are allowed to own 1 rai of land. See my credit card page for instruction on how to travel hack and which card to signup for today. November . Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. Everything just keeps getting more expensive. Once you live in Thailand for six months you will need to pay income taxes. Also consider that some expats live in the family home of their partner, or a home they have built, and therefore don't have to pay rent. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? Probably have to cut back a little while were in the expensive countries. Lastly, you will need to meet certain financial requirements. Sunrises and moon-rises are so good. And a one-bedroom apartment in the city center of Sarasota costs roughly $1,600 in rent per month, almost 2.5 times more than Bangkok. He visited other spots, he says, but he kept coming back to Thailand. The Philippines? We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. When you purchase through links on our site, we may earn an affiliate commission, which supports our community. Anyway, I would love to live in Chiang Mai for a few years. In short: Of course you can. Retiring in Thailand The mantra used to be that you could move to Thailand and live off your pension (which would translate to lots and lots of baht), strolling along Phuket beaches, shopping in Bangkok or living a quiet life in Chiang Mai. Try one thing at a time until you acclimate to the local food. Camping/rustic countryside trip over the weekend $50. Its nice to see numbers (even if I was expected even lower costs). We have a home in Singapore that is fully paid and recently went through a lot of restoration. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. There are more relaxing spots in Thailand too. And then there's traveling back to home now again. As an example, I have a good friend who is in his late 60s and is from the US. This is awesome! You will need to get private insurance. The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. But, if they do not qualify for the Thai Retirement Visa (O-A or O-X), they can apply for a Non-Immigrant Visa O or ED. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Southern Thailand would be a great option for us too. Thai people can go to the public hospital, but the wait is very long. (Unless you live in the neighborhood) Financially? Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. That said, for a single person in Bangkok, Pattaya, Hua Hin, Samui, or Phuket, paying rent, I still think you could live quite well on 50-60k per month. I have a friend who lives in Thailand in a beach house with 2 other people, he said the cost of expenses are barely $500 for all 3 of them, and this includes food and lodging. Theyre incredibly helpful. The retirement visa is for one year and must be renewed annually. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. I dont know. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. The point is we never felt poor or like we were scraping by. In my opinion, I believe the Thais are the friendliest people I have had the pleasure to meet. + Learn Basic Thai There are four steps to acquiring a visa to retire in Thailand. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. 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