Moving to Thailand permanently?
Here is some sound advice.
Stop thinking only about moving and start thinking about the requirements to stay in Thailand the rest of your life.
Many people spend 100% of their efforts moving, without giving ANY consideration to what happens the next 20 years.
Moving is the easy part!
In the next 10 to 20 years:
- Costs Will Go Up – Can your income absorb the cost increases 20 years from now?
- Baht – There is no guaranteed level how many baht you will receive against your foreign currency in the future. Research the previous 20 years and analyze the baht swings from low to high.
- You will get older – You will require medical care at some point. Can you afford medical insurance or have enough money to pay your medical bills as you go? What happens if you can no longer take care of yourself? Do you have a plan?
- VISA – Do you have a long term visa?
- If you have to work, there is NO guarantee you will have a job as long as you want. If you are working in Thailand, you better have a backup plan in case the job disappears.
- Will you have enough money and savings to get you through to end of life when you are old?
- Do you have kids and have you sorted out their educational requirements and cost? International Schools are super expensive.
- Upon death, do you have a will and instructions how you want to be cremated or other?
- For those married to a Thai, if she dies before you, then you better understand what happens to any land you owned together in her name.
- Your residence – If you are renting, the chances are you will end up moving quite a few times. If you purchase a condo, understand the condo association costs can rise over the years and maybe the building maintenance will become non-existent.
- Vehicles do NOT last forever, and many need to be replaced 10 to 20 years from now. Cars cost a lot of money in Thailand.
The costs continue your entire life, no matter which country you are from. Thailand is no exception.
If you are planning to move to Thailand forever, you better have some answers to the questions above.
You have to continue to pay for life, no matter where you may end up in life.
Thailand is not free and it will change.
Understand how the changes will affect you over the years.