auslander
2/4/2016 19:11 EST
I am retired on approximately $1,000 USD and was wondering if this is enough to live in Chiang Mai or rural Thailand. It is my understanding this is not enough for a place like BKK.
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caughtintheact
From: Thailand
2/4/2016 20:15 EST
In order to get an extension of stay for the purposes of retirement in Thailand, the amount of 800,000 Thai Baht per year is required (approx $1900/month). At the current rate of exchange of about B35:$1, the $1,000 (I assume you mean per month) per month is the equivalent of Thai Baht 420,000 per year, which means you would need to be able to prove that you have additional funds to bring the total to B800,000 per year.
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DSTEINER
2/5/2016 07:08 EST
Dear Caughtinthe act:
I have been following this forum passively for about 6 months as I have recently retired and my wife (Singaporean with USA PR) and I are considering moving from the USA to either Malaysia, Thailand or Vietnam. Over the years we have visited all of the countries many times.
I read your comment about qualifying for a retirement visa in Thailand. I remain coinfused. Can you tell me do my wife an I both have to our separate income qualifications of $1900 a month......and what does this mean in terms of the individual or joint bank balance we must carry to show we have sufficient funds to qualify.
By the way, Chiang Mai is one of our priority locations and we plan on visiting for several months sometime soon when our home sells in the USA.
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Bobmas
2/9/2016 17:43 EST
Sorry caughtintheact, your math is confusing me. I looked up the exchange rate, 800 Bhat is about $25US.
Am I wrong?
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caughtintheact
From: Thailand
2/9/2016 19:40 EST
No my arithmetic is correct. The formula is Thai Baht (THB) 800,000/12 months/35 baht per dollar = US$1900/month (any minor errors might arise from fluctuating exchange rates), and here's why:
You have three options to meet the financial requirements for retirement in Thailand.
1. Put the equivalent of 800,000 Thai baht in a Thai bank account annually from a legitimate source, or...
2. Have a monthly pension of Thai Baht (THB) 65,000 or more per month from a legitimate souce...or...
3. Use a combination of money in the bank and the pension.
Example of method 3:
Let's take someone who has a pension of US$1,000 per month. That comes to about THB35,000 per month. Multiply that by 12 months and you get THB420,000 as the annual pension. However, that is THB380,000 short of the annual requirement of THB800,000. So, the THB380,000 must be put in a Thai bank account before you can get an extension of stay for the purposes of retirement (sometimes referred to incorrectly as a retirement visa).
Note: Although In method 2 THB65,000 per month * 12 months only comes to THB780,000,
the Immigration rules say THB65,000 per month or B800,000 per year, so the difference only comes into play if you use the method 3.
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primepeat
2/9/2016 20:21 EST
You could certainly live in Chiang Mai for 1000USD monthly, particularly if you own a cheaper condo 300,000 baht range as the yrly condo fee's total about 115.oo US so you would be fine. Even renting a cheaper condo in the 3000-4000 baht a mos range is possible
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hawkesk
2/9/2016 22:39 EST
This is a CONSTANT debate on the ThaiVisa.com forum - how much is enough? If you want to live just above hand to mouth, $1000 monthly will get you there. I rent a condo on the beach for $400/month, utilities are between $150 and $200, food is not cheap but I don't really watch my food budget.
I don't go out and party much, and when I do, I spend $600-750. I "make it rain" and have a BLAST! There are those who get caught up in this kind of insanity and wind up broke quick, fast and in a hurry.
If you wind up with a Thai girlfriend/wife, they will figure out how much you have and spend 10-25% over that. I always recommend renting rather than owning.
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JasonWriter
2/16/2016 02:50 EST
For Hawkesk and everyone else who can answer this question: So it really is possible to rent a place on the beach in Thailand for around $400 USD? I'm 35 and planning to spend a year abroad due to a work-from-laptop opportunity I just received. I've looked at Colombia, Ecuador, Panama and Mexico. After a whole lot of digging and asking people on the ground, it seems as though it's EXTREMELY difficult to find a place for rent on a beach in the Americas for under 600 or 700 USD. Even in a place like Acapulco, Mexico, where the murder rate is almost the highest in the world and most Americans and Europeans won't touch the city for more than a weekend, the beachfront apartments, even on the bad side of the city, are closer to $1000/month, according to the brave few gringos who live there. Of course it's possible to get spots on beaches in the middle of nowhere, miles from civilization, for 500 or less. But is it possible to pull off living in a town, on a beach, for 500 or less, in Thailand?
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JasonWriter
2/16/2016 03:20 EST
Actually, even the tourist beaches in Acapulco these days have military men with M-16s patrolling them-- an eyesore if ever there was one-- and you still can't get a nice apartment on a warzone beach for under 900.
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DSTEINER
2/21/2016 08:29 EST
Dear Hawkesk,
What part of Thailand are you in as I was not aware that Chiang Mai had beach condos. I say this seriously as my wife an I are exploring options in Malaysia, Thailand, and Vietnam.
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