So, you are edging closer to that magical day when you say goodbye to your work colleagues for the last time, and you have your heart set on relocating to Thailand, and why not indeed? The Land of Smiles is a very popular retirement destination for people from all parts of the world, and in this short blog, we take a look at accommodation choices to help you make the right decision.
Land Ownership
It is important to know that foreigners are not permitted to own land in Thailand; this law was introduced at the start of the 20th century to protect Bangkok from Japanese investors, and it applies to all foreigners with a couple of exceptions. If, for example, you are prepared to invest 40 million baht in Thailand, you can own 1 rai of land for residential purposes. You could set up a limited company with a majority Thai shareholder(s), and the business entity can acquire land; however, the company must be active and paying annual taxes, otherwise, the Thai authorities might confiscate the land if they believe the company was created solely to acquire land.
Land Lease
Known as a ‘30×30’ lease, this gives you security for a maximum of 60 years, and this is the most common method for a foreigner to secure a plot of land on which to build a house. Ask an experienced Thai lawyer to inspect the lease before signing, which will ensure there are no hidden surprises further down the road. If the lawyer gives you the green light, you can go ahead and start designing your dream home.
Condo Ownership
There is a great condo sale in Jomtien that offers many attractive units ranging from studios to 3-bedroom units in luxury developments. Pattaya is one of the top destinations for retirees, and there are many reasons for this. If you like to make friends with other expats, perhaps Pattaya is the perfect place for you; the beaches are stunning, and there are some great amenities.
Condo Rental
Some people do not need a lot of living space; living by the beach in a rented condo is ideal for some retirees, with minimum cleaning and upkeep, leaving you more time for enjoyment. Of course, some folk love tottering around their home, but for those who would rather be outside, a condo is perfect. Modern apartment living is very popular in this day and age.
House Rental
You might prefer to rent a luxury pool villa, of which there are many that are available for year-round occupation; search online for Pattaya real estate agents and browse the many luxury listings. If you are not sure how long you will remain in Thailand, this is a better option than buying, for obvious reasons. There are great fully furnished properties that are ready to move in, with all the mod cons.
There are lots of options in sunny Thailand, and we hope this blog helps you make the right choices and that you have a great retirement.
Want to learn more? Explore other articles on our blog to discover helpful insights on many different topics.
