This article looks at the 12 best places to retire in Thailand. If you want to skip our detailed analysis of how Thailand is boosting its growth and quality of life for businesses and expatriates, go to 5 Best Places to Retire in Thailand.
Thailand: Boosting Growth and Quality of Life
Commencing January 2023, Thailand has started implementing an ambitious five-year investment promotion strategy designed to attract upstream industries and advanced technologies in the region. Major companies such as Foxconn Technology, BYD Co., and Amazon Web Services of U.S. tech giant Amazon.com, Inc. (NASDAQ:AMZN) have announced investment pledges worth $20 billion in the country. This proactive investment strategy aims to set Thailand well on the path to becoming an attractive destination for both businesses and expatriates, leading to a better quality of life and continued economic growth in the region.
According to data from the US Department of State, as many as 30,000 American expats are estimated to live in Thailand, including retirees. While it is true that the growth in number of expats in the region is mainly due to affordable cost of living, there are other reasons attracting business, expatriates, and retirees to this country. A new era of economic development, as quoted by a feature article published by the country’s Board of Investment (BOI), is set to initiate with the investment strategy and convert Thailand into a desirable destination for expatriates and business .
“We will use the BOI and investment to drive Thailand to the new economy.”
BOI Secretary General Narit Therdsteerasukdi.
In light of this, Amazon.com Inc. (NASDAQ:AMZN) has pledged a substantial investment of $5 billion. China’s largest electric car manufacturer, BYD Co., is committed to a significant expenditure of $660 million. Meanwhile, Taiwan’s Foxconn Technology, renowned as the world’s largest assembler of iPhones, has ventured into the electric vehicle (EV) sector through a joint collaboration exceeding $1 billion with Thai energy giant PTT.
Contributing to the favorable investment sentiment, Mr Akio Toyoda, head of Toyota Motor Corporation (NYSE:TM), marked the 60th anniversary of the Thai unit by unveiling the first battery electric (BEV) version of its best-selling Hilux truck in Thailand, further announcing a partnership with Bangkok-based CP Group to turn agricultural biomass into fuel for hydrogen-powered vehicles. Thailand, home to Toyota Motor Corporation (NYSE:TM) Asia headquarters, is described as a “second home” by Mr. Toyoda. Pattaya City has even partnered with Toyota Motor Corporation (NYSE:TM) to establish Thailand’s first hydrogen refueling station for fuel cell electric vehicles.
Global Supply Chain Restructuring
Thailand has also been benefiting from restructuring supply chains from China to the Southeast Asia region. With Thailand enjoying a nominal GDP of $495.2 billion as of 2022 and boasting a highly developed infrastructure, it is more than capable of enabling production to meet the new demand. This is because COVID-19 policies and geopolitical tensions in China have led many businesses to relocate their supply chains from the country.
Companies diversifying their supply chains out of China, such as HP Inc. (NYSE:HPQ), Apple Inc. (NASDAQ:AAPL), and Dell Technologies Inc. (NYSE:DELL), are now looking towards countries like Mexico, Vietnam, and Thailand. HP Inc. (NYSE:HPQ), in particular, is shifting its production of millions of consumer and commercial laptops to Thailand in 2023 in a quest to diversify its supply chain from China. While commercial notebook production will go to Mexico, consumer laptop production for HP Inc. (NYSE:HPQ) will go to Thailand.
Similarly, Amazon.com, Inc. (NASDAQ:AMZN) will invest in Thailand through its subsidiary Amazon Web Services, helping the country become a hub for cloud-based internet services throughout Southeast Asia and improve the country’s digital infrastructure. All of these investments and supply chain restructuring are, in turn, helping the country build on its infrastructure, improve financial stability, and work on its economic resilience. Consequently, these steps will help the country become attractive for businesses, expatriates, and even retirees.
Retiring to Thailand
Retiring to Thailand is full of possibilities for those seeking adventure without breaking the bank. Undoubtedly, it is one of the best countries to retire in Asia, and amongst the cheapest and safest countries for Retirement. From the stunning beaches in the country and their lively cities, to their cultural heritage and delectable cuisine, there is so much that the country offers. The process is relatively easy for those wondering how to retire in Thailand. Retirees must obtain a retirement visa, also called a non-immigrant “O” visa, to stay in the country. Once approved, the visa will allow you to stay for one year in the country.
While retirees will find some of the best places to retire in Thailand, living there also presents its fair share of challenges. Some problems retiring in Thailand include humid weather, lots of traffic, and language differences. Nevertheless, retirees often get around these problems and focus on the country’s good things, such as low cost of living, quality healthcare access, and delicious cuisine.
To navigate the complexities of retiring in the country successfully, one must explore the how-to regarding retirement, consider the cheapest places to live in Thailand, and identify what are the best places to live in Thailand for foreigners. Doing so will enable retirees to make the most of their retirement experience in Thailand.
Methodology
To compile the list of best places to retire in Thailand, we have used various sources such as Expatra, International Living, Where to Retire Cheaply, amongst others. We also explored various expat forums to find out what retirees prefer as the best retirement destinations in Thailand.
A consensus approach was used to score the places. Each time a source recommended a place, it was awarded one point. Points were summed up, and the places were ranked by their total scores in ascending order.
For places where the cost of living is not discussed, we have assumed it to be the Thailand average i.e., $1,500 a month. Cost of living is discussed for a single expat retiree living in Thailand per month, renting a one-bedroom apartment in the city/town center.
Here are the best places to retire in Thailand:
12. Pai
Insider Monkey Score: 2
Sitting in a valley on the banks of the Pai River, Pai is a laid-back small town in Northern Thailand. It is renowned for its natural beauty; characterized by rolling hills, waterfalls, and hot springs. Retirees love to live here as it provides an escape from the hustle and bustle of big cities.
The climate is mild and pleasant in Pai, and the average annual temperature here is around 25°C. Most of the locals have learned English to help expats integrate with the community. Adequate healthcare facilities are available too. It costs a single expat retiree around $807 monthly to live here, with $509 spent on rent.
11. Cha-Am
Insider Monkey Score: 3
Cha-Am, a coastal retreat, is one of the most popular retirement destinations in Thailand. The town offers long stretches of sandy beaches along the Gulf, a tranquil atmosphere, and lots of activities at a reasonable cost. There are excellent cafes, bars, and restaurants too. Moreover, the town also has a growing expatriate community for retirees to socialize with. It is also close to Hua Hin, a large city with modern amenities available.
10. Koh Phangan
Insider Monkey Score: 4
For seniors who are young at heart, Koh Phangan is one of the best retirement islands in Thailand. Famous for the Full-Moon Beach party, the destination lets individuals enjoy the moonlight and celebrate life at its best. There are quieter and more serene areas here, too, and the overall cost of living is reasonable. A single expat retiree can live a modest lifestyle for $1,500. There are four primary hospitals on the island as well, and the staff can speak good English. Thong Nai Pan and the North are common residential areas within Koh Phangan to retire to.
9. Ko Lanta
Insider Monkey Score: 4
Ko Lanta, an island in the Strait of Malacca off the west coast of Thailand, is an excellent choice for retirees. It is famous for its spectacular sunsets and natural beauty, and retirees get to experience a relaxed, slow pace of life here. Retirees can also opt for beach-front living as well as engage in all the water-based recreational activities. There is a growing expatriate community, so retirees can build a strong social support network. There are a lot of local markets, too, allowing retirees to buy fresh produce and live a healthier life. A single expat retiree would require $968 to live here, with $582 spent on rent.
8. Koh Chang
Insider Monkey Score: 5
Koh Chang is on our list of best places to retire in Thailand owing to its peaceful atmosphere, rich culture, and reasonable healthcare facilities. The island is brimming with lush rainforests, pristine beaches, and waterfalls. Local markets and festivals give retirees a chance to explore Thai culture and integrate with the community. There are lots of choices when it comes to restaurants, bars, and even beaches. A single expat retiree would require an average of $1,153 to live here, with $588 spent on rent.
7. Krabi
Insider Monkey Score: 6
Famous for its limestone cliffs, lush jungles, and pristine beaches, Krabi is a compelling place to retire. Some popular destinations within Krabi province include Krabi Town, Ao Nang, Railay Beach, and the Phi Phi Islands, renowned for their scenic landscapes and outdoor activities. There are modern healthcare facilities available, too. A single expat retiree would need $1,086 to retire here, with $348 spent on rent.
6. Pattaya
Insider Monkey Score: 8
Pattaya, a city on Thailand’s eastern Gulf coast, is known for its vibrant lifestyle, beach-front accommodations, and modern healthcare facilities. Resort hotels, high-rise condos, shopping malls, cabaret bars, and 24-hour clubs are common here, allowing retirees to live a lively and happening retirement. There is a diverse yet growing expatriate community to integrate with as well. Retiring here takes an average of $897 per month, with $476 spent on rental accommodation.
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Disclosure: none. 12 Best Places to Retire in Thailand is originally published on Insider Monkey.