It’s always a good idea to plan ahead for everything, especially retirement. Retirement is a very big change in one’s life that should not be taken for granted. You’re finally on your own, but this also means that you’re no longer earning the regular stipend that you’ve earned while you were still in the corporate world.
Preparing for retirement is actually a very comprehensive topic but, for this article, we will present to you four vital things that you should make ready if you plan to retire in Thailand.
Getting the right paperwork is the first step to retiring in Thailand. Be careful about going the tourist visa route and then doing visa runs from time to time. Authorities have already begun cracking down on illegal entries and overstaying in the kingdom, so it is in your best interest to secure the appropriate immigrant visa instead.
Keep an eye out for opportunities to apply for permanent residency, if you’ve already made up your mind about staying indefinitely in Thailand for your retirement.
A local bank account in Thai baht is very advantageous for several reasons.
One obvious advantage is that you’re not very impacted by currency exchange rates. What your money is worth in your original bank account, from your home country, could change from time to time. However, if you’ve got a local bank account, the money there stays in constant value as time passes.
You’d need a roof over your head. That’s why it’s important that you keep an eye out for real estate investment opportunities in the Kingdom as you get ready to retire. As a foreign expatriate, you could easily invest in a condominium. Condos are the only form of real estate that foreigners can invest in legally.
Acquiring land is possible, but not in all cases. If you’re a businessman who can infuse a considerable amount of money in the local economy, you could apply for special permission to buy land. However, if you’re an ordinary person, you could buy or lease a condominium.
You will need something to sustain you for your retirement. You could start a business if you’ve got even money stashed away. If you’re not the enterprising type, you could, early on, invest in retirement funds that will mature and give you at least a steady monthly income you could live on when you retire.
These days, you could also find a job that lets you work from home or, at the least, lets you work online at your own convenience. Many retirees have found this route to be ideal as a source of income through retirement.
Fortunately, Thailand’s cost of living is not as high compared to many Western countries. You could live comfortably in the Kingdom, as long as you can control your lifestyle and your expenses.
Retirement is not all that scary, as long as you’ve prepared enough for this step. Getting these four items ticked off your list is one big move in that direction.
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