UPDATE: There has been some changes in tax regulations in 2024 wherein any foreign earned income brought into Thailand is subject to income tax. At the moment, this change doesn't apply to the Long Term Residency visa but the regular Retirement Visa, DTV or the Thailand Privilege Visa are impacted. So please check with a tax expert and follow the changes before making a decision. For a detailed cost of living analysis, do watch ruclips.net/video/nnFh_6FR8uM/видео.htmlsi=gdaivAG-DAwVs1qY Here are some reliable sites for more details on the various residency options mentioned in the video. Please use these for latest updates on the residency details, process, criteria and more: 1. Retirement Visa: landingpage.thailandprivilege.co.th/ 2. Elite / Privilege Visa: landingpage.thailandprivilege.co.th/ 3. Long Term Residency (LTR) Visa: ltr.boi.go.th/
Thank you very much for the updated information. When I heard that there is no territorial tax in Thailand I was curious about Thailand as we have some foreign dividend incomes from North America. Happy continuation of your travel journeys and retirement life.
Have so far come across only Western youtubers coming up with such videos on Thailand. You may be the first desi to make one on this topic. So much more relatable Yogi ji. Thanks for the effort, time and for sharing your experience. I have actually retired recently but have always looked at Thailand as a viable and relatively affordable option to retire. Would love to see more detailed videos on medical facilities, good locations for accommodation, renting as an option, food and groceries and other observations on daily life.
Hi I live here in Bangkok. Currently work here ... This is a place I plan to retire as well is 4 years . Completely agree with your remarks on Thailand .. Hope to be in touch. I live in Sukhumvit..
I was in living in bangkok for long time have been around Thailand and love that place , i am 48 now and was planning to move to Thailand for retirement and came across this video. It answers many questions i have. Thank you.
Thank you for your detailed analysis of the best countries for retirement, considering various factors. This information is incredibly helpful for us in planning our retirement more effectively.
So basically - if you have 6 Cr+ - You can easily retire in Thailand - 250000 USD - 2Cr property(a massive one!) and the 4Cr will easily give 40,000 USD worth of passive income even in a FD( at 7.5% ). Am I correct in this observation - would love your inputs?
Yes you are correct but few important things to note: 1. Property price will depend on location. 2Cr would buy you a 1BHK apartment in central Bangkok but 2 BHK bedroom in suburbs or in other cities. 3BHK would be 3CR+ 2. 7.5% withdrawal rate could be quite aggressive for long term planning, considering that you would be investing in INR and withdrawing either in USD or THB
And sir why don't you choose Vietnam or Indonesia or Philippines For retirement what can be the main reason behind it can you please explain about it to us.
@@AmitTyagiX1V Yes thats correct. Retirement location all depends on personal preferences and criteria - quality of life, healthcare, taxes, proximity to friends / family etc.
Great information, we are currently temporary long-term-resident in Thailand on work permit but seriously looking at alternatives. Your video helped a lot. Thanks!
Great video! To add, for those wanting/needing to work in Thailand, the LTR visa for Highly Qualified Professionals comes with a 17% flat income tax only. This is a huge saving compared to folks on a regular Non-Immigrant B visa with Work Permit who pay up to 35%, not to mention European countries with tax running in excess of 50%.
Oh yes that is correct! The income tax on LTR is also very attractive compared to a regular work permit process. Thanks for that addition ... and the appreciation!
Just found your youtube:) thanks for all your sharing ..(including your wife of course!) your retirement journey sound so eerily similar to ours! We worked in SIngapore for 7 years, London before that and now living in Australia....yes ..scratching our head where to geoarbitrage..was looking at Malaysia but the new MM2H put an end to the plan! Was in Bangkok and Chiangmai and Pattaya last year 😊but the language barrier was too much for us! Mind if i email you? Tks!
Good for you Yogi. For most NRIs especially those living in the States , India is the first choice for retirement 1. Closer to family/friends 2. Food 3. Festivals Bang for the buck may be higher in Thailand, probably highest in Western countries, but there is a point where one wants to be where they have a sense of belonging.
Yes indeed those are important aspects. As we mention in ruclips.net/video/r9cbQprlc6w/видео.html, there are multiple factors for choosing the place to retire and the evaluation score is based on each one's personal preferences. One word of caution to NRIs is that if, like us, someone has lived for decades outside India then it is important to go with a realistic view of adjusting back to the life in India, especially when it comes to sense of belonging.
Thank you for the detailed explanation. I am Indian and live in Jakarta, and I am also looking for a country to retire in. I will follow your suggestions. I travel to Thailand frequently for work and find it to be a beautiful country with very nice people.
Indonesia (especially Bali) is a nice place to retire but Thailand offers better in terms of taxes, healthcare, residency options, investments etc. So definitely worth evaluating
I heard you guys for the first time wint I think. I was thoroughly impressed by the two of you the back then, and I’m impressed by the quality of your video today. Looking forward to Seeing more from you, all the best.
For sure. I can see many life lessons already in the videos that you have already done. Apologies for typos, I’m terrible when it comes to typing over phone 😅
I been to Bangkok,,no doubt sureb city..but Food cab etc looks expensive mainly Indian foods..but Hotel to stay is good proposition..rent in Sukumvit etc is more and traffic in that part is even higher than Bangalore..but certainly Bangkok is better than any city in India..overall Thailand is very good post retirement..this video is very good.
Thanks. Yeah agree. As a tourist yes definitely it is more expensive than India. However, once a person starts living here then one can start finding local places (including Indian food) that can be at par with the restaurants on Zomato in India. I will soon be doing a video about the life of an Indian like a local. Hopefully that would provide a different perspective.
I have subscribed to the channel..one of the best channels for people who want to retire early and want to know what's life post retirement etc..keep exploring Thailand and make superb videos like this.. thanks
@@naveenarjaria5424 Thanks a lot for your feedback and encouragement. Do also keep suggesting what kind of topics you would like us to talk about and cover in upcoming videos.
loved your video Yogi Bhai ! First time watched your video. Retirement was a new topic for me although I am in mid 50s and living in Australia. Never thought before retiring in an Asian country...but after watching I will sure explore. Although I am happy in Australia.
Glad you liked the video and it helps you to explore the options. Interestingly I've met quite a few Australians living in Thailand. Am thinking of making a video with one such couple living here so they can also share their experiences. Hopefully the other videos on our channel can help you give more insights into retirement, financial independence etc.
@@TheFIREdCouple I am builder and just saw a video of an Aussie builder involved in building houses. I am thinking of exploring this option out of curiosity. Will try to watch your other videos too.
Thank you for the information that you provided for retirement options in Thailand. I have a question - is there any minimum amount of time you have to be physically present in Thailand every year if you become a resident there as a retiree?
Please make a video on what is the cost of living as your daily basic needs average to high classes so that people can have a basic budget of expenses on groceries, healthcare, transportation, jobs, schools, colleges, etc. BTW the video was full of information. I really appreciate it.
Thanks for the appreciation! Do subscribe to the channel and also share with your network. Yes we have plans to put out a video in coming weeks around the expenses
We have watched lots RUclips videos on FIRE however great see from another desi person who has decided to retire international. Please tell us more about desi community and other places in Thailand for possible retirement.
Thanks for the video, last year, I lived in the Jomtien area close to Pattaya for 6 months and my monthly budget was $3K and that's with companionship with a regular Thai lady for 3x a week and not buying any lady drinks and barfines. Been eating Thai foods in the market not western food. I was planning to retire but changed my mind in the last minute. In my early 50's now and back to work in CA. Will do this again, next year.
Thanks for sharing the details and wish you all the best. Your videos are really helpful for someone looking to retire abroad. Just one question, why you did not choose retirement visa option 1, which seems to be relatively easy without investment.
Retirement Visa has lower qualification threshold but it has some limitations: 1. It has to be reapplied every year 2. One has to report / register with the immigration office every 90 days 3. The LTR has the qualifications locked for 10 years so no worries about any changes in the law and qualification criteria (at least for 10 years).
Oh an another important thing ... 4. With the tax law changes, folks on Retirement Visa may have to pay taxes on the money they bring into Thailand, while this is not the case on LTR visa.
Hi Yogi You said for LTR visa you need an investment for house purchase. Did you buy a house online or how did you purchase a house from overseas to apply online from overseas? My question is without evaluating the property, viewing how did you purchase the house. You kept the medical cost bit light in your discussion. I believe you need to have international health insurance...apart from passive income. Can you highlight more on passive income requirement and the cost of living per month in bangkok to sustain...for the period of LTR visa.
We started with first looking up online and also getting a real estate agent who sent us some listing based on our criteria. We then shortlisted a few and travelled to look at them in person and making a final selection. As for medical insurance, will be releasing a video in coming weeks with a detailed analysis of insurance, healthcare and other expenses. So do subscribe and watch out for the video
Hi, I live in Bangkok for more than 3 decades now.. Reg Taxation, as per recent amendments, Thailand Government now has proposed to tax global income earned (whether brought into Thailand or not) of any resident who stays for more than 180 days in Thailand in a year. This includes all expats and retirees as well if you meet the above criteria. FYI.
Btw, the impact is still only on the foreign source income that is remitted / brought into Thailand. Here is a relevant clause from the Revenue Department (with an English translation) - www.hlbthai.com/wp-content/uploads/2023/09/RD-Instruction-No.-Paw161-2566-Translation.pdf. Do check the last statement on Clause-1
Informative Video :)....Can you please tell me which microphone you're using for noise cancellation? I noticed a train passed in the background, but there was no noise in your video....
We are using the BOYA microphones. Very reasonable and definitely very good with noise cancellation. I was worried that I would have to redo the video due to the excessive noise at the station but was very surprised with the result.
I have a few friends who lived in Bangkok ( Silom) for more than a deacde. I have been there on & off, i too loved this country. Ppl in Bangkok don't speak much of English, so one will have to learn Thai, there is no survival without it. Keep aside the touristy areas. Secondly, ppl don't invest in property here & prices don't scale up here like in India. All my friends who stay there, still haven't invested in property, still prefer to stay on rent. Healthcare is expensive here. But, unlike US & UK, there is no waiting to get to see a doctor or a surgery or x-,ray, etc, That ways, its very reliable.
You are right. Property prices don't scale up like India. There is also a lot of supply of condos than that much demand due to over construction. However if one wants to get an LTR like visa using investment then, a condo purchase and govt bonds are the only two options. Private healthcare is expensive compared to India but cheaper compared to the other places like Dubai, Singapore, Portugal ... and a good value for money when it comes to the service, waiting times, facilities etc. We've been living in Thailand for the last couple of months now and fortunately so far language hasn't been an hindrance. Have managed to do the residency, property purchase, banking, driving license, taxes and other paperwork without an interpreter / translator.
Would be nice to understand why you chose BKK over DXB. Understand the weather and cost of living but BKK is still technically like India is a developing economy and DXB is perceptively developed economy. Thanks
Dubai is a nice city and have visited many times. But for retirement, we preferred Thailand over Dubai as it met quite a few of our evaluation criteria (more on that in ruclips.net/video/r9cbQprlc6w/видео.htmlsi=YRnKq4RLI4GabF1u): - Nature: We love being in nature and Thailand has quite a diverse nature, with mountains, tropical forests, beaches - Healthcare: Dubai is more expensive when it comes to regular care, surgeries, assisted care etc - Cost of living: Big factor! - Residency: Requires half the investment compared to Dubai - Infrastructure: The roads, etc may not be as glitzy as Dubai but still fairly decent
Yogi, you may want to look into the taxes. If you live in Thailand for over 6 months, you're considered resident and there is a tax liability for any monies brought into Thailand.
Thanks! In fact taxes is one of the big reasons for us to move to Thailand as it has a 'territorial tax system' for LTR visa. This means even if someone is a tax resident in Thailand, they pay taxes only on any of their local income in Thailand and not the global income. Interestingly our next video is dedicated guide to taxes. So look out for that :-)
Hi Yogi, you guys are an inspiration. We hope to follow your footsteps. How do you find the language situation in Thailand. Our experience was very few locals speak English
Thanks a lot! Yeah the English is basic but one can get by. Fortunately we were able to open bank accounts, get taxes done, driving license etc without any translator or interpreter.
Both quite similar. Boils down to personal preferences. While we were evaluating, the MM2H rules were being changed every few months by Malaysian authorities (including application of the changes retrospectively). Made us nervous on the stability of the residency rules. Understand they have revised it again recently.
Even Thailand doesn't have age criteria for certain types of residency programs. Interestingly they just launched a new Digital Nomad visa starting from tomorrow! (www.bangkokpost.com search.app/Uf8ykXRwe6fAEVVq9)
Great video, thanks for sharing. Looks like LTR visa can be applied from whereever one is currently based. However, once obtained, is it mandatory to make cross border transfer of wealth and necessarily invest the same in a property / other assets in Thailand?
Thanks for the appreciation Any qualification criteria (be it investments, age or other things like insurance etc) have to be proven to get the visa. So the related investments / transfer of funds have to be made BEFORE the visa process.
@@TheFIREdCouple Sir firstly thank you for giving such great information, just a question how will you deal with a situation where the visa process got delayed or rejected for some reason, if funds are already transferred in Thailand before the visa process, will it be easily transferable back to source country secondly is it mandatory to get investment done or just transferring the amount is enough...appreciate your time taken to respond each and every query...Thank You !!
Good point. As far as we know, all these kind of investment visas - be it Thailand, Dubai or other countries - are tied to the investments. So chances of rejection are only with extreme situations like criminal records, falsifying documents etc
Very helpful and informative Yogi! I have been following your speeches from wint wealth as well. It would be nice if you can make a video on how one can invest in foreign countries like Indian equity market/US stock market while being a LTR in thailand? Love your content btw. I am planning to visit thailand soon and would love to meet you if possible.
Thanks for the feedback. Very much appreciated! Investing in foreign market is fairly straightforward while on LTR but good idea about making a video on it. Will put it in the pipeline :-) Give us a shout out whenever you are in Thailand. Would love to meet up.
What are proofs of passive income to be presented? Stock dividends Property rentals Or something else? And how many years of data of passive income is to be provided Thanks
Dividends, rentals, interest, earnings from other sources like consulting etc Have to provide 2 years of data (income tax proof, bank statements, rental contracts)
Greta and informative! Living in Singapore, have been to Thailand and Malaysia personally and for business several times. Love both these places. Personally I was leaning towards Malaysia for retirement. As you studied Malaysia as an option, could you share any key reasons that tilted your decision towards Thailand?
Malaysia is also a good choice, especially if you are moving from Singapore as very culturally similar. Our choice was based on: 1. Residency process - LTR is more flexible than MM2H (and the Malaysian government keeps changing the goalpost) 2. Malaysia is more conservative while Thailand more liberal 3. We found Bangkok has better connectivity to India and other parts The cost, quality of life, healthcare are more or less same.
Thank you Yogi sir for another great information video. One QQ - how much a good health insurance cost per month or year for a couple? Or if you know of some authentic website to learn more or get quotes about Health Insurance in Thailand.
Thanks. The health insurance costs depends on the coverage that you desire. We've gone for a package of around 15k INR per year that covers hospitalisation, emergencies etc but has limited cover for typical visits to doctors for consultation etc.
Hi Yogi/Seema if I may ask, do you have children and dependent parents ? How did that plan out as part of your FIRE journey and now settling in Thailand?
We have dependent parents in India (who we are visiting at the moment). No kids. Have nieces and nephew who we are very close to. One of the reasons of choosing Thailand was the proximity and flight time to India so that it is easy for us to visit the parents (or vice versa). We planned the timing in a way that the nieces and nephew had left for college.
@@TheFIREdCouple can you share the cost and monthly expenses @ Bangkok. I'm at the tipping point of retirement but oscillating between Thailand, Malaysia or Dubai. Any detailed monthly cost of living analysis for these three locations would be very helpful. Do you have a dedicated whatsapp group or something? Thanks much.
We are currently working on the video detailing the monthly expenses in Thailand. Will be putting it out in next two weeks. Don't have a whatsapp group as such but feel free to reach out on thefiredcouple@gmail.com
Informative video. I have been living in Dubai for last 21 years. I m 48 and looking at options including SG / Malaysia (Johar Bahru) and other places. This video is an eyeopener for me. Thanks Yogi!
@@gurusastropalmistry2214 ok but what is a stable country ? Out of the 3 Asian countries you mentioned only Singapore is but extremely difficult to get PR
@@jiti5034 stable nation is on that follows rule of law, has proper governance and stability or continuity in terms of laws and regulations. In the middleeast, there is scope to earn huge money. But there is always a sense of insecurity. The laws / regulations keep changing on a daily basis!! I m not saying that there is anarchy. Everything is good until oil wealth gets them $$. But you never know when situation could change. We earned and saved a lot in the middleeast. But when it comes to my son, i want him to settle down in a region that offers cultural similarity (religious), sense of security w.r.t laws / regulations etc. Getting a PR is going to be an enormous task in SG. But then shifting him to SG when he is young is something we are considering so that he learns to earn and live independently. College education -> work-> settle... I may even think of opening a company there for us to keep him secure... too much of planning😀😀
This is by far the best video on returning in Thailand that I’ve come across. Just one question. The LTR website has a warning saying that you should maintain a seamless period of stay to preserve your rights to a 10 Year visa. Can you please clarify this for us- what does this mean? Do you need to stay entirely for 10 years or be in the country for 180 days a year. Kindly elaborate
Not sure what they mean by that. Best to check with them on the site. Could be that it should be a 10 years continuous rather than spread over a longer period of 15, 20 or 25 years. Btw the initial visa is for 5 yrs and then one has to prove the qualification again for the next 5 years stamp
@@TheFIREdCouple thank you for responding and the clarification. Do you know of any restrictions on the visa in terms of spending an “n” number of months within Thailand? Would really appreciate it as I’m very inspired by you guys and am planning my early retirement as well. Many thanks in advance.
One of the conditions in your visa was investing 250k usd in a thai property or Thai bond..So Where did you invest? And also did you do that before reaching Thailand or after? Thanks...
@@TheFIREdCouple Thanks..Would be great if you could make a video on that..I mean so even before getting the visa anyone can buy an apartment in Thailand? Did you actually go there and select one? How did you go about it?A video on the process would be greatly helpful..Thanks again
I am sure for some folks south Goa would be a preferred or a better option. Personally, we had a list of evaluation criteria (ruclips.net/video/r9cbQprlc6w/видео.htmlsi=FtqJVnw3ECOv9S1R) that we used to evaluate different places. This included things like cost of living, quality of healthcare, taxes, social life etc. It becomes a personal opinion but overall we felt that Thailand offered us better options for various of the criteria compared to other places, including Goa.
Nice video Yogi. As someone pointed out, there are no Indian youtubers covering this kind of content. For people like me (also Indian although I now hold a Singapore Citizenship with my ex Malaysian wife), it's good to know things from the perspective of another Indian. Anyway, I do have a query about healthcare - do you have insurance coverage that can be used in Thailand or do you just plan to pay the hospital bills from your pocket if and when they come?
Thank you for your insights. Is there a way to contact you for a short call ? I'm exploring career options abroad in a niche area and could really use some advice. Thanks so much!
It was an excellent video. By far the best. Very well explained. But one thing am a bit confused as to what will you do with the property that you invested in Thailand, once you decide to leave the country? Are you allowed to sell it off and keep the proceeds?
Thanks for the encouraging feedback! One can sell the property anytime. There is no lock-in. It's just that when the visa stamping is up for renewal (every 5 years), the immigration will check if the residency qualification criteria is still being met.
Portugal is an amazing place no doubt but when it came to all the factors put together (especially taxes and private healthcare) then we decided to go with Thailand. Also, we had lived almost two decades in Europe so wanted to experience Asia for a change.
Been considering this option for quite some time. But didnt have guts to take the move. I am 51. Have couple of questions: Do they tax any money I bring into thai from india? What about inheritance laws? Just in case you kick the bucket unexpectedly, what happens to the apt you own. Can you get involved in any business activities on retirement visa? Can I include my minor kids in VISA ? How much would medical insurance cost for a couple for decent coverage?
1. Yes with the new ruling from 1st Jan 2024, any money remitted into Thailand is taxable. Hwoever the LTR visa is exempt from this. 2. Inheritance tax (5% for direct descendants) will apply on any assets owned in Thailand. 3. Yes, one can do business activities but cannot seek employment on retirement visa 4. The LTR visa is for the family - spouse and minors 5. Will be releasing a video next week with detailed expenses, including healthcare. Do put the notification on and be on a lookout for that.
Amazing video, all the best to Seema and you! One question, I understand you are 50+, for visa, why didn't you choose first option (50+ and passive income) where you didn't have to purchase a house against the third option?
Thanks for the appreciation. You are right. We could have applied for the first option (Retirement Visa) but it has certain limitations: 1. It has to be reapplied every year 2. One has to report / register with the immigration office every 90 days 3. The LTR has the qualifications locked for 10 years so no worries about any changes in the law and qualification criteria (at least for 10 years) 4. For example, one of the recent law changes is that any money brought into Thailand would be subject to income tax. This could apply for the retirement visa but does not apply for the LTR visa.
Thank you for a detailed video. Could you please explain about Medical expenses. Is there any medical insurance available?. How much it costs for a good medical insurance. and how much it costs without having medical insurance.
Yes there is medical insurance available. Will soon be releasing a video on the total costs of living here including healthcare. Do subscribe and look out for the video
Thanks. The investment is an input criteria for the residency so has to be done before the application process. Suggest to look at different qualification criteria on their website - ltr.boi.go.th/
Hello, I wish to shift my base to Bangkok. I have a decent Shipping business in India and having been travelled through the globe alot, i have always felt this huge gap of quality of life, humility, consideration for fellow individuals and extreme lack of civic sense around me. I thus wish to shift to Thailand as i feel it is the nearest convenient option with similar cost of living, but great lifestyle options, but have no clue about the process and finances required. How do i take it ahead, can you suggest?
Suggest to look at the residency options on the link here - ltr.boi.go.th/ Also watch the video that we recently posted about the cost of living in Thailand (ruclips.net/video/nnFh_6FR8uM/видео.htmlsi=WymZtSsb6wTksEdn)
Hi Yogi, to add a dependant, what is the stage to do it? Do we do it after the main applicant is approved? This is not clear, nor does the form provide for this.
Hi Yogi, thank you for your informative videos. I have enjoyed watching them. A question: would you have considered retiring in the Netherlands if it was financially viable to do so? By that I mean being prepared to settle in a high income, high tax country? The heart of my question relates to contributing to a greater good and not minding having to pay that extra. I live in Melbourne.
Thanks for your feedback and encouragement. Glad you enjoy watching the videos. Very interesting question. Our retirement decision was on various factors - quality of life, cost of living, healthcare, taxes, proximity to family in India, weather, services etc. We objectively evaluated Netherlands and Portugal as potential places for retiring based on the criteria. The challenge for Netherlands wasn't cost of living or taxes. We could've managed to live there on our budget (maybe not with the same quality of life as we can afford in Thailand) ... and btw we paid 52% income tax for more than a decade, so have contributed a lot to the society without claiming any benefits and pension entitlements :-) The bigger issue for us was healthcare (and assisted healthcare in future). I would say that Netherlands has amazing 'emergency' healthcare ... but not secondary and tertiary. There are incredibly long waiting times for corrective surgeries (a knee replacement surgery can be a wait of 6months to 1yr post Covid). Getting access to assisted healthcare at home is also a big challenge.
Thanks Yogi, for that explanation. We have similar challenges within our health system in Australia too. I can see your reasoning. You have a talent for clarifying things and an excellent style of speaking. Please keep those videos coming. My dilemma, which led to my question, was about the choice of Thailand or Australia (a fortunate dilemma to have, some might say). I have lived here for 30+ years but my ancestors are from Tamil Nadu. I was born and raised in South Africa. For me, Australia has been a generous country in many ways due to the emphasis on the ‘greater good’. However, some life changes in recent years precipated a desire for change. My wife passed away (she was from Bangalore) and I feel the need to begin a new chapter. But my values are very connected to life in a western country, hence my concerns about whether to stay and contribute in a place that has changed a lot since our arrival, or to retire early and enjoy the good life. All the best to Seema and yourself. You are both inspiring in sharing your knowledge and experiences.
@@evandrenmoodley1935 Thanks for sharing and sorry to hear about your wife. Completely understand the dilemma. Based on our experience of going through this process, we would suggest the two things: 1. Have a mix of objective and subjective set of criteria. That helped us to simplify such a complex and life-changing decision. 2. Find ways to contribute back to the society other than just taxes (which btw we still pay in Netherlands, India and the US on our investments there). There are many amazing ways that make a direct impact to people's lives. In our case, we are making these videos, doing pro-bono coaching and mentoring, helping a school for underprivileged children etc.
Thanks Yogi, I sent a detailed reply but it didn’t seem to have come up. Anyway, I have taken up both your excellent suggestions. The decision was surprisingly easy, maybe because mulling these things over has been a preoccupation of mine (on and off) for around two decades. I’ve been volunteering since my twenties, also on and off. I will be exploring my adopted home from now on. Thanks for all your help brother, and wish you both well for your retirement.
Thank you. Really appreciated. We are thinking to move to Thailand in few years time to retire at 50 years of age. Basically from India but now Australian citizen. Really want to know whats expected monthly expense in Bangkok to live a normal life.
Thanks. Sure. Will provide some details on the monthly expenses in Bangkok (and other cities of Thailand) once we have been there for a few more months.
How is the quality of air , tap water , govt. hospital and schools and roads compare to India. Overall cost of living and quality of life. Please keep uploading informative videos.
Multiple reasons as we highlight in the video 1. Quality of life - Pollution, infrastructure, road safety, road rage etc. 2. Cost of living - Expenses in tier-1 cities now as much as in countries like Thailand 3. Healthcare - Thailand has much better healthcare, including assisted living and care 4. Taxes - Thailand has territorial taxes while India doesn’t
A little bit of misinformation regarding taxes. Thailand does tax you, but it taxes you on the money you remit into the country. That means, if you open a Thai bank account, and you send international wire transfer from your Indian bank account to your Thai bank account, you'll be taxed on this money as per Thai tax slabs. There is DTAA agreement, but if the amount you paid in taxes in India is less than what you would have paid in Thailand, you'll need to pay the difference as tax in Thailand. Only direct ATM withdrawals from Indian debit/credit cards are not taxed.
That's correct. You are right about the remittance based tax. However, that is exempt for the Long Term Residency visa that I talk about in this video.
Yes income generated locally in India is taxed but products like NRE FCNR deposits aren't taxed. Also one can then also invest in global ETFs etc to diversify investments and minimise taxes
Sir i have a question that why you don't choose Philippines may be i think it's have srrv visa or other countries like Vietnam or Indonesia can you please explain to us
Philippines, Vietnam and Indonesia don't have the same tax incentives of Thailand. They have less expat community and their medical systems aren't as good as Thailand
As a foreigner, one can buy an apartment as freehold and landed property as leasehold. We bought an apartment as that is least amount of paperwork and the property is then in our name.
Hi Thanks for the informative video. I had one query. The $ 250k investment thing has to be done immediately or within some time frame. Please clarify on this a s this one of the criteria for LTER
Sir Plz tell in the first plan deposit amount 25000$ is refundable ? Also it should be made as an investment either government bonds or Bank deposit also can we get any interest on this deposit?
This is an investment so basically your money. It has be either in form of buying a property (apartment) or buying government bonds. You will need to keep the money invested to retain your residency.
Hello Yogi. It is just recently that I start viewing your vdos. You are doing really a good job. In this vdo the visa you applied and got quite easily require an investment of 250k USD. But you haven't clear whether you have make that investment first or otherwise. Please clarify. And if we want to meet you in Thailand, is it ok for you. Thanks
Thanks for the appreciation. The 250k USD investment is a qualification criteria for the application so has to be made in advance. (For more details, do go through the official site - ltr.boi.go.th/ ) Sure. Happy to meet up if and when you are around.
UPDATE: There has been some changes in tax regulations in 2024 wherein any foreign earned income brought into Thailand is subject to income tax. At the moment, this change doesn't apply to the Long Term Residency visa but the regular Retirement Visa, DTV or the Thailand Privilege Visa are impacted. So please check with a tax expert and follow the changes before making a decision.
For a detailed cost of living analysis, do watch ruclips.net/video/nnFh_6FR8uM/видео.htmlsi=gdaivAG-DAwVs1qY
Here are some reliable sites for more details on the various residency options mentioned in the video. Please use these for latest updates on the residency details, process, criteria and more:
1. Retirement Visa: landingpage.thailandprivilege.co.th/
2. Elite / Privilege Visa: landingpage.thailandprivilege.co.th/
3. Long Term Residency (LTR) Visa: ltr.boi.go.th/
why you did not choose Indian hills stations or south India with beautiful beach, I am not talking abt tier 1or 2 ? Please make a video why not India
Can you make a video on how this tax change will affect anyone looking to move to Thailand?
Thank you very much for the updated information. When I heard that there is no territorial tax in Thailand I was curious about Thailand as we have some foreign dividend incomes from North America. Happy continuation of your travel journeys and retirement life.
Wow wow wow !!!! Terrific Video Yogi ! God Bless you both ! & yes, I forgot...See you soon
Have so far come across only Western youtubers coming up with such videos on Thailand. You may be the first desi to make one on this topic. So much more relatable Yogi ji. Thanks for the effort, time and for sharing your experience. I have actually retired recently but have always looked at Thailand as a viable and relatively affordable option to retire. Would love to see more detailed videos on medical facilities, good locations for accommodation, renting as an option, food and groceries and other observations on daily life.
Thanks for the appreciation.
Yes we have plans to make a video about the genetic living expenses in Thailand. Just bear with us for a few weeks 😃
Hi I live here in Bangkok. Currently work here ... This is a place I plan to retire as well is 4 years . Completely agree with your remarks on Thailand .. Hope to be in touch. I live in Sukhumvit..
Oh great! Would be in Bangkok in a few weeks. Let’s meet then
@RidersVU how do you got work opportunity in Bangkok.
I was in living in bangkok for long time have been around Thailand and love that place , i am 48 now and was planning to move to Thailand for retirement and came across this video. It answers many questions i have. Thank you.
Thanks and go for it! Hope to see you soon here.
Same here.
Thank you for your detailed analysis of the best countries for retirement, considering various factors. This information is incredibly helpful for us in planning our retirement more effectively.
Glad you found it helpful and informative.
So basically - if you have 6 Cr+ - You can easily retire in Thailand - 250000 USD - 2Cr property(a massive one!) and the 4Cr will easily give 40,000 USD worth of passive income even in a FD( at 7.5% ). Am I correct in this observation - would love your inputs?
Yes you are correct but few important things to note:
1. Property price will depend on location. 2Cr would buy you a 1BHK apartment in central Bangkok but 2 BHK bedroom in suburbs or in other cities. 3BHK would be 3CR+
2. 7.5% withdrawal rate could be quite aggressive for long term planning, considering that you would be investing in INR and withdrawing either in USD or THB
So how much money do you think is enough for retirement in Thailand, or other countries like Vietnam or Indonesia?? And what should be our (swp)
And sir why don't you choose Vietnam or Indonesia or Philippines For retirement what can be the main reason behind it can you please explain about it to us.
With 6 cr u can retire well in India too
@@AmitTyagiX1V Yes thats correct. Retirement location all depends on personal preferences and criteria - quality of life, healthcare, taxes, proximity to friends / family etc.
Great video, Thailand is a fantastic retirement option, no doubt about that, enjoy Thailand but don't let Thailand enjoy you! Best wishes
Thanks!
Absolutely agree on that
Pl specify.
@@hardy2175specify what?
@@kippsguitar6539 How Thailand enjoys you?
Great information, we are currently temporary long-term-resident in Thailand on work permit but seriously looking at alternatives. Your video helped a lot. Thanks!
Super! Definitely worth considering Thailand's residency options if you are already long-term residents there on a work permit.
Great Info Dear. Much beneficial to introvert people like me. Stay blessed all the way.
Thanks a ton
Thank you for choosing Thailand for retirement home. Wishing you have a happy house here.
Thanks!
Good video! We too love Thailand as a destination for those looking to retire early.
Thanks! Where in Thailand are you based? Let's meet up sometime.
Great video! To add, for those wanting/needing to work in Thailand, the LTR visa for Highly Qualified Professionals comes with a 17% flat income tax only. This is a huge saving compared to folks on a regular Non-Immigrant B visa with Work Permit who pay up to 35%, not to mention European countries with tax running in excess of 50%.
Oh yes that is correct! The income tax on LTR is also very attractive compared to a regular work permit process.
Thanks for that addition ... and the appreciation!
Great video.. fresh Breeze..
Thank you. Appreciate your feedback.
Just found your youtube:) thanks for all your sharing ..(including your wife of course!)
your retirement journey sound so eerily similar to ours! We worked in SIngapore for 7 years, London before that and now living in Australia....yes ..scratching our head where to geoarbitrage..was looking at Malaysia but the new MM2H put an end to the plan!
Was in Bangkok and Chiangmai and Pattaya last year 😊but the language barrier was too much for us!
Mind if i email you? Tks!
Oh wow. We went through the same process of evaluating MM2H and then discarding it due to their revised criteria.
Would love to get in touch. You can reach out on thefiredcouple@gmail.com
Very informative video...Good luck in your future endeavours
Thanks 🙏🏽
Good for you Yogi. For most NRIs especially those living in the States , India is the first choice for retirement
1. Closer to family/friends
2. Food
3. Festivals
Bang for the buck may be higher in Thailand, probably highest in Western countries, but there is a point where one wants to be where they have a sense of belonging.
Yes indeed those are important aspects. As we mention in ruclips.net/video/r9cbQprlc6w/видео.html, there are multiple factors for choosing the place to retire and the evaluation score is based on each one's personal preferences.
One word of caution to NRIs is that if, like us, someone has lived for decades outside India then it is important to go with a realistic view of adjusting back to the life in India, especially when it comes to sense of belonging.
Very informative. ❤
Thanks!
Very informative video sir. Keep sharing this type of valuable information. Waiting for your next video.
So nice of you. Keep watching!
Great video, well explained.Best wishes. Subbed.
Thanks! Appreciate the feedback
Never seen such extensive explanation on yt. Great 👍
Thank you. Glad you found it helpful
Thank you for the detailed explanation. I am Indian and live in Jakarta, and I am also looking for a country to retire in. I will follow your suggestions. I travel to Thailand frequently for work and find it to be a beautiful country with very nice people.
Indonesia (especially Bali) is a nice place to retire but Thailand offers better in terms of taxes, healthcare, residency options, investments etc. So definitely worth evaluating
Great video. Gives me the vision of 10 years ahead. Thank you
Glad you enjoyed it!
Absolutely spot on.. Thanksfor sharing n Wish you a lovely stay here! 🎉
Thanks and welcome
I heard you guys for the first time wint I think. I was thoroughly impressed by the two of you the back then, and I’m impressed by the quality of your video today. Looking forward to Seeing more from you, all the best.
Thanks so much for that appreciation! Do watch the other videos. Hopefully will give some new insights and inspiration
For sure. I can see many life lessons already in the videos that you have already done. Apologies for typos, I’m terrible when it comes to typing over phone 😅
No worries about typos. I have the same problem on phone ;-)
I been to Bangkok,,no doubt sureb city..but Food cab etc looks expensive mainly Indian foods..but Hotel to stay is good proposition..rent in Sukumvit etc is more and traffic in that part is even higher than Bangalore..but certainly Bangkok is better than any city in India..overall Thailand is very good post retirement..this video is very good.
Thanks.
Yeah agree. As a tourist yes definitely it is more expensive than India. However, once a person starts living here then one can start finding local places (including Indian food) that can be at par with the restaurants on Zomato in India. I will soon be doing a video about the life of an Indian like a local. Hopefully that would provide a different perspective.
I have subscribed to the channel..one of the best channels for people who want to retire early and want to know what's life post retirement etc..keep exploring Thailand and make superb videos like this.. thanks
@@naveenarjaria5424 Thanks a lot for your feedback and encouragement. Do also keep suggesting what kind of topics you would like us to talk about and cover in upcoming videos.
@@TheFIREdCouple Sure will update the things which be covered in videos here..I must say you guys chosen best county to live in !!
Excellent video. Thanks for sharing.
Thanks Umang
loved your video Yogi Bhai ! First time watched your video. Retirement was a new topic for me although I am in mid 50s and living in Australia. Never thought before retiring in an Asian country...but after watching I will sure explore. Although I am happy in Australia.
Glad you liked the video and it helps you to explore the options. Interestingly I've met quite a few Australians living in Thailand. Am thinking of making a video with one such couple living here so they can also share their experiences.
Hopefully the other videos on our channel can help you give more insights into retirement, financial independence etc.
@@TheFIREdCouple I am builder and just saw a video of an Aussie builder involved in building houses. I am thinking of exploring this option out of curiosity. Will try to watch your other videos too.
Good sir. Waiting for next vidio.
Will be uploading Friday morning. Do subscribe and get the notifications.
Great information! Thank you! 🙏🙂
Glad it was helpful!
Great video!
Thank you for sharing.
Thanks!
My Sister and Brother in law have also applied retirement visa in Thailand. They have been staying 10 years with work permit
Super!
Thank you for the information that you provided for retirement options in Thailand. I have a question - is there any minimum amount of time you have to be physically present in Thailand every year if you become a resident there as a retiree?
Not that I know of. Worth checking and confirming with the visa team.
Please make a video on what is the cost of living as your daily basic needs average to high classes so that people can have a basic budget of expenses on groceries, healthcare, transportation, jobs, schools, colleges, etc. BTW the video was full of information. I really appreciate it.
Thanks for the appreciation! Do subscribe to the channel and also share with your network.
Yes we have plans to put out a video in coming weeks around the expenses
We have watched lots RUclips videos on FIRE however great see from another desi person who has decided to retire international. Please tell us more about desi community and other places in Thailand for possible retirement.
Thanks. Will be making a video around expenses in Thailand and then later about life, desi community here etc. keep watching!
Interesting channel and info. Thank you
Thanks for watching!
I would love to meet you in thailand someday to discuss more on post retirement . Thanks
Sure. Any time!
Very insightful and crisp presentation👌
Thank you 🙏🏽
Great information, thank you
Glad it was helpful!
Do subscribe.
Thanks for the video, last year, I lived in the Jomtien area close to Pattaya for 6 months and my monthly budget was $3K and that's with companionship with a regular Thai lady for 3x a week and not buying any lady drinks and barfines. Been eating Thai foods in the market not western food. I was planning to retire but changed my mind in the last minute. In my early 50's now and back to work in CA. Will do this again, next year.
Thanks for providing the expense insights. Planning to make a detailed expense video in coming weeks.
3k.you were fleeced unless you lived in luxury
For many, weather is also an important factor when one retires, weather sucks in Thailand
Yes it can be hot and humid in certain months. Overall the weather is somewhat comparable between Singapore and, Malaysia and Thailand
Thanks for sharing the details and wish you all the best. Your videos are really helpful for someone looking to retire abroad. Just one question, why you did not choose retirement visa option 1, which seems to be relatively easy without investment.
Yes I have the same question
Retirement Visa has lower qualification threshold but it has some limitations:
1. It has to be reapplied every year
2. One has to report / register with the immigration office every 90 days
3. The LTR has the qualifications locked for 10 years so no worries about any changes in the law and qualification criteria (at least for 10 years).
Oh an another important thing ...
4. With the tax law changes, folks on Retirement Visa may have to pay taxes on the money they bring into Thailand, while this is not the case on LTR visa.
Hi Yogi
You said for LTR visa you need an investment for house purchase. Did you buy a house online or how did you purchase a house from overseas to apply online from overseas? My question is without evaluating the property, viewing how did you purchase the house. You kept the medical cost bit light in your discussion. I believe you need to have international health insurance...apart from passive income. Can you highlight more on passive income requirement and the cost of living per month in bangkok to sustain...for the period of LTR visa.
We started with first looking up online and also getting a real estate agent who sent us some listing based on our criteria. We then shortlisted a few and travelled to look at them in person and making a final selection.
As for medical insurance, will be releasing a video in coming weeks with a detailed analysis of insurance, healthcare and other expenses. So do subscribe and watch out for the video
Excellent Information
Thank you. Glad it is useful. Do subscribe!
Great video!!
Thanks. More to come. Hope you've subscribed.
Hi, I live in Bangkok for more than 3 decades now.. Reg Taxation, as per recent amendments, Thailand Government now has proposed to tax global income earned (whether brought into Thailand or not) of any resident who stays for more than 180 days in Thailand in a year. This includes all expats and retirees as well if you meet the above criteria. FYI.
Thanks. The LTR is excluded by royal decree on this change. At least so far. Not sure what changes the new government will bring in.
Btw, the impact is still only on the foreign source income that is remitted / brought into Thailand.
Here is a relevant clause from the Revenue Department (with an English translation) - www.hlbthai.com/wp-content/uploads/2023/09/RD-Instruction-No.-Paw161-2566-Translation.pdf. Do check the last statement on Clause-1
Thanks Yogi. Very well brought out video. I would prefer to go through a consultant/agent to take care of the paperwork. Any recommendations?
Will try to find out from the expat groups and see who they recommend. Best to check in some reviews in online forums.
Great info..👍🏻
Thanks 👍
Informative Video :)....Can you please tell me which microphone you're using for noise cancellation? I noticed a train passed in the background, but there was no noise in your video....
We are using the BOYA microphones. Very reasonable and definitely very good with noise cancellation. I was worried that I would have to redo the video due to the excessive noise at the station but was very surprised with the result.
I have a few friends who lived in Bangkok ( Silom) for more than a deacde. I have been there on & off, i too loved this country. Ppl in Bangkok don't speak much of English, so one will have to learn Thai, there is no survival without it. Keep aside the touristy areas.
Secondly, ppl don't invest in property here & prices don't scale up here like in India.
All my friends who stay there, still haven't invested in property, still prefer to stay on rent.
Healthcare is expensive here. But, unlike US & UK, there is no waiting to get to see a doctor or a surgery or x-,ray, etc, That ways, its very reliable.
You are right. Property prices don't scale up like India. There is also a lot of supply of condos than that much demand due to over construction. However if one wants to get an LTR like visa using investment then, a condo purchase and govt bonds are the only two options.
Private healthcare is expensive compared to India but cheaper compared to the other places like Dubai, Singapore, Portugal ... and a good value for money when it comes to the service, waiting times, facilities etc.
We've been living in Thailand for the last couple of months now and fortunately so far language hasn't been an hindrance. Have managed to do the residency, property purchase, banking, driving license, taxes and other paperwork without an interpreter / translator.
Would be nice to understand why you chose BKK over DXB. Understand the weather and cost of living but BKK is still technically like India is a developing economy and DXB is perceptively developed economy. Thanks
Dubai is a nice city and have visited many times. But for retirement, we preferred Thailand over Dubai as it met quite a few of our evaluation criteria (more on that in ruclips.net/video/r9cbQprlc6w/видео.htmlsi=YRnKq4RLI4GabF1u):
- Nature: We love being in nature and Thailand has quite a diverse nature, with mountains, tropical forests, beaches
- Healthcare: Dubai is more expensive when it comes to regular care, surgeries, assisted care etc
- Cost of living: Big factor!
- Residency: Requires half the investment compared to Dubai
- Infrastructure: The roads, etc may not be as glitzy as Dubai but still fairly decent
Weather is brutal and bkk isn't cheap anymore, reality
Great info.
Thanks for watching!
With the change in taxation in Thailand this year, is it impacting your tax planning, how are you navigating it?
It doesn't impact us as the LTR visa is exempt of those changes.
@@TheFIREdCoupleoh no you are very much mistaken! Please get some advice, you will be taxed after 183.days in Thailand
He is very much mistaken and doesn't understand Thailand tax.laws, you WILL be taxed as from this year
@@kippsguitar6539 We have already filed our taxes in Thailand. Got Tax ID and confirmation of Zero tax as per LTR rules and guidelines.
@@kippsguitar6539 Here is the link to the official LTR side.
ltr.boi.go.th/
Read it.
What is the mic you are using? It has a very good noise cancellation. Pls provide the link
www.boyamic.com/product/by-v-series
Yogi, you may want to look into the taxes. If you live in Thailand for over 6 months, you're considered resident and there is a tax liability for any monies brought into Thailand.
Thanks! In fact taxes is one of the big reasons for us to move to Thailand as it has a 'territorial tax system' for LTR visa. This means even if someone is a tax resident in Thailand, they pay taxes only on any of their local income in Thailand and not the global income.
Interestingly our next video is dedicated guide to taxes. So look out for that :-)
Very informative video 😀
Thank you!
Hi Yogi, you guys are an inspiration. We hope to follow your footsteps. How do you find the language situation in Thailand. Our experience was very few locals speak English
Thanks a lot!
Yeah the English is basic but one can get by. Fortunately we were able to open bank accounts, get taxes done, driving license etc without any translator or interpreter.
Great video sir...pls let me know where to buy property in Thailand & which builder
Will be making a video on that soon. You can find out about the rental and other expenses in the video we just released
Never buy in Thailand!!!!!!
Thank you for info, kindly tell me the advantage of Thailand over Malaysia
Both quite similar. Boils down to personal preferences. While we were evaluating, the MM2H rules were being changed every few months by Malaysian authorities (including application of the changes retrospectively). Made us nervous on the stability of the residency rules. Understand they have revised it again recently.
@@TheFIREdCouple thank you so much
And sir please try to make video for those countries who don't have any age criteria
Even Thailand doesn't have age criteria for certain types of residency programs. Interestingly they just launched a new Digital Nomad visa starting from tomorrow! (www.bangkokpost.com search.app/Uf8ykXRwe6fAEVVq9)
Great video, thanks for sharing.
Looks like LTR visa can be applied from whereever one is currently based. However, once obtained, is it mandatory to make cross border transfer of wealth and necessarily invest the same in a property / other assets in Thailand?
Thanks for the appreciation
Any qualification criteria (be it investments, age or other things like insurance etc) have to be proven to get the visa. So the related investments / transfer of funds have to be made BEFORE the visa process.
@@TheFIREdCouple Sir firstly thank you for giving such great information, just a question how will you deal with a situation where the visa process got delayed or rejected for some reason, if funds are already transferred in Thailand before the visa process, will it be easily transferable back to source country secondly is it mandatory to get investment done or just transferring the amount is enough...appreciate your time taken to respond each and every query...Thank You !!
Good point. As far as we know, all these kind of investment visas - be it Thailand, Dubai or other countries - are tied to the investments. So chances of rejection are only with extreme situations like criminal records, falsifying documents etc
Very helpful and informative Yogi! I have been following your speeches from wint wealth as well. It would be nice if you can make a video on how one can invest in foreign countries like Indian equity market/US stock market while being a LTR in thailand? Love your content btw. I am planning to visit thailand soon and would love to meet you if possible.
Thanks for the feedback. Very much appreciated!
Investing in foreign market is fairly straightforward while on LTR but good idea about making a video on it. Will put it in the pipeline :-)
Give us a shout out whenever you are in Thailand. Would love to meet up.
@@TheFIREdCouple Sure Sir!! Would definitely give a shoutout once we visit there
What are proofs of passive income to be presented?
Stock dividends
Property rentals
Or something else?
And how many years of data of passive income is to be provided
Thanks
Dividends, rentals, interest, earnings from other sources like consulting etc
Have to provide 2 years of data (income tax proof, bank statements, rental contracts)
@@TheFIREdCouple I think a incometax computation document is enough for all of this?
You will need to check. We submitted just the detailed bank statements and they were ok with that.
How much money is required to survive comfortably in Thailand. Tell us more about insurance healthcare etc.
Working on a video that will provide all the detailed expenses. Should be released in next two weeks. Subscribe and watch out for that.
Greta and informative!
Living in Singapore, have been to Thailand and Malaysia personally and for business several times. Love both these places.
Personally I was leaning towards Malaysia for retirement. As you studied Malaysia as an option, could you share any key reasons that tilted your decision towards Thailand?
Malaysia is also a good choice, especially if you are moving from Singapore as very culturally similar. Our choice was based on:
1. Residency process - LTR is more flexible than MM2H (and the Malaysian government keeps changing the goalpost)
2. Malaysia is more conservative while Thailand more liberal
3. We found Bangkok has better connectivity to India and other parts
The cost, quality of life, healthcare are more or less same.
Thank you Yogi sir for another great information video. One QQ - how much a good health insurance cost per month or year for a couple? Or if you know of some authentic website to learn more or get quotes about Health Insurance in Thailand.
Thanks.
The health insurance costs depends on the coverage that you desire. We've gone for a package of around 15k INR per year that covers hospitalisation, emergencies etc but has limited cover for typical visits to doctors for consultation etc.
Hi Yogi/Seema if I may ask, do you have children and dependent parents ? How did that plan out as part of your FIRE journey and now settling in Thailand?
We have dependent parents in India (who we are visiting at the moment). No kids. Have nieces and nephew who we are very close to.
One of the reasons of choosing Thailand was the proximity and flight time to India so that it is easy for us to visit the parents (or vice versa). We planned the timing in a way that the nieces and nephew had left for college.
can you talk about yearly total living costs in Thailand?
Yes. Plan to do that detailed analysis in a video next month once we have lived there for few months and have a good grip of the costs
Dear Yogi, thanks for your advice and valuable insights. Can you please share if you have bought (or are going to) an apartment in Thailand?
You are welcome. Glad it was helpful.
Yes. We bought an apartment in Bangkok
@@TheFIREdCouple can you share the cost and monthly expenses @ Bangkok. I'm at the tipping point of retirement but oscillating between Thailand, Malaysia or Dubai. Any detailed monthly cost of living analysis for these three locations would be very helpful. Do you have a dedicated whatsapp group or something? Thanks much.
We are currently working on the video detailing the monthly expenses in Thailand. Will be putting it out in next two weeks.
Don't have a whatsapp group as such but feel free to reach out on thefiredcouple@gmail.com
Informative video. I have been living in Dubai for last 21 years. I m 48 and looking at options including SG / Malaysia (Johar Bahru) and other places. This video is an eyeopener for me. Thanks Yogi!
Glad you found it useful. Will be providing a detailed video on living expenses in 2 weeks.
SG is very difficult , what is you plan with SG
@@jiti5034 i plan to retire in India. But i want my son to get a PR in a stable country. We do not prefer western nations.
@@gurusastropalmistry2214 ok but what is a stable country ? Out of the 3 Asian countries you mentioned only Singapore is but extremely difficult to get PR
@@jiti5034 stable nation is on that follows rule of law, has proper governance and stability or continuity in terms of laws and regulations. In the middleeast, there is scope to earn huge money. But there is always a sense of insecurity. The laws / regulations keep changing on a daily basis!! I m not saying that there is anarchy. Everything is good until oil wealth gets them $$. But you never know when situation could change. We earned and saved a lot in the middleeast. But when it comes to my son, i want him to settle down in a region that offers cultural similarity (religious), sense of security w.r.t laws / regulations etc. Getting a PR is going to be an enormous task in SG. But then shifting him to SG when he is young is something we are considering so that he learns to earn and live independently. College education -> work-> settle... I may even think of opening a company there for us to keep him secure... too much of planning😀😀
This is by far the best video on returning in Thailand that I’ve come across. Just one question. The LTR website has a warning saying that you should maintain a seamless period of stay to preserve your rights to a 10 Year visa. Can you please clarify this for us- what does this mean? Do you need to stay entirely for 10 years or be in the country for 180 days a year. Kindly elaborate
Not sure what they mean by that. Best to check with them on the site. Could be that it should be a 10 years continuous rather than spread over a longer period of 15, 20 or 25 years.
Btw the initial visa is for 5 yrs and then one has to prove the qualification again for the next 5 years stamp
@@TheFIREdCouple thank you for responding and the clarification. Do you know of any restrictions on the visa in terms of spending an “n” number of months within Thailand? Would really appreciate it as I’m very inspired by you guys and am planning my early retirement as well. Many thanks in advance.
You are welcome.
Don’t think there is a specific restriction of n number of days but do check with the LTR office
@@TheFIREdCouple will do. Thank you again and good luck to you guys on your retirement👍
One of the conditions in your visa was investing 250k usd in a thai property or Thai bond..So Where did you invest? And also did you do that before reaching Thailand or after? Thanks...
Invested in an apartment. Made the investment before starting the application process.
@@TheFIREdCouple Thanks..Would be great if you could make a video on that..I mean so even before getting the visa anyone can buy an apartment in Thailand? Did you actually go there and select one? How did you go about it?A video on the process would be greatly helpful..Thanks again
Good idea. Thanks. Will try to make a video soon
Just curious - Why did you not consider something like south Goa for your retirement?
I am sure for some folks south Goa would be a preferred or a better option. Personally, we had a list of evaluation criteria (ruclips.net/video/r9cbQprlc6w/видео.htmlsi=FtqJVnw3ECOv9S1R) that we used to evaluate different places. This included things like cost of living, quality of healthcare, taxes, social life etc. It becomes a personal opinion but overall we felt that Thailand offered us better options for various of the criteria compared to other places, including Goa.
Nice video Yogi. As someone pointed out, there are no Indian youtubers covering this kind of content. For people like me (also Indian although I now hold a Singapore Citizenship with my ex Malaysian wife), it's good to know things from the perspective of another Indian.
Anyway, I do have a query about healthcare - do you have insurance coverage that can be used in Thailand or do you just plan to pay the hospital bills from your pocket if and when they come?
Thanks and glad to know that video is useful.
For healthcare and insurance coverage, please do watch ruclips.net/video/HEGEPResMOA/видео.html
Thank you for your insights. Is there a way to contact you for a short call ? I'm exploring career options abroad in a niche area and could really use some advice. Thanks so much!
Sure. Please reach out on thefiredcouple@gmail.com
It was an excellent video. By far the best. Very well explained. But one thing am a bit confused as to what will you do with the property that you invested in Thailand, once you decide to leave the country? Are you allowed to sell it off and keep the proceeds?
Thanks for the encouraging feedback!
One can sell the property anytime. There is no lock-in. It's just that when the visa stamping is up for renewal (every 5 years), the immigration will check if the residency qualification criteria is still being met.
@@TheFIREdCouple Thanks for your prompt reply. It's nice to see all your videos. Pls keep on making😊
Just wondering why you did not choose POrtugal besides the distance to family-needs only 7 days of stay and not very expensive
Portugal is an amazing place no doubt but when it came to all the factors put together (especially taxes and private healthcare) then we decided to go with Thailand. Also, we had lived almost two decades in Europe so wanted to experience Asia for a change.
Been considering this option for quite some time. But didnt have guts to take the move.
I am 51. Have couple of questions:
Do they tax any money I bring into thai from india?
What about inheritance laws? Just in case you kick the bucket unexpectedly, what happens to the apt you own.
Can you get involved in any business activities on retirement visa?
Can I include my minor kids in VISA ?
How much would medical insurance cost for a couple for decent coverage?
1. Yes with the new ruling from 1st Jan 2024, any money remitted into Thailand is taxable. Hwoever the LTR visa is exempt from this.
2. Inheritance tax (5% for direct descendants) will apply on any assets owned in Thailand.
3. Yes, one can do business activities but cannot seek employment on retirement visa
4. The LTR visa is for the family - spouse and minors
5. Will be releasing a video next week with detailed expenses, including healthcare. Do put the notification on and be on a lookout for that.
Amazing video, all the best to Seema and you!
One question, I understand you are 50+, for visa, why didn't you choose first option (50+ and passive income) where you didn't have to purchase a house against the third option?
Thanks for the appreciation.
You are right. We could have applied for the first option (Retirement Visa) but it has certain limitations:
1. It has to be reapplied every year
2. One has to report / register with the immigration office every 90 days
3. The LTR has the qualifications locked for 10 years so no worries about any changes in the law and qualification criteria (at least for 10 years)
4. For example, one of the recent law changes is that any money brought into Thailand would be subject to income tax. This could apply for the retirement visa but does not apply for the LTR visa.
Thank you for a detailed video. Could you please explain about Medical expenses. Is there any medical insurance available?. How much it costs for a good medical insurance. and how much it costs without having medical insurance.
Yes there is medical insurance available. Will soon be releasing a video on the total costs of living here including healthcare. Do subscribe and look out for the video
Hi sir, lovely video. Thanks for explaining in detail. At what stage do you buy the 250000 dollars residency. Was it post your passport stamping ??
Thanks.
The investment is an input criteria for the residency so has to be done before the application process. Suggest to look at different qualification criteria on their website - ltr.boi.go.th/
Hello,
I wish to shift my base to Bangkok.
I have a decent Shipping business in India and having been travelled through the globe alot, i have always felt this huge gap of quality of life, humility, consideration for fellow individuals and extreme lack of civic sense around me.
I thus wish to shift to Thailand as i feel it is the nearest convenient option with similar cost of living, but great lifestyle options,
but have no clue about the process and finances required.
How do i take it ahead, can you suggest?
Suggest to look at the residency options on the link here - ltr.boi.go.th/
Also watch the video that we recently posted about the cost of living in Thailand (ruclips.net/video/nnFh_6FR8uM/видео.htmlsi=WymZtSsb6wTksEdn)
Hi Yogi, to add a dependant, what is the stage to do it? Do we do it after the main applicant is approved? This is not clear, nor does the form provide for this.
We applied for both - main applicant and the dependent - together (different applications). Don't wait for the approval for main applicant.
@@TheFIREdCouple Thanks. But how does one apply as the dependent. What's the link between the 2 applications?
The main application number will have to be added to the online application of the dependent
@@TheFIREdCouple Thanks
Hi Yogi, thank you for your informative videos. I have enjoyed watching them. A question: would you have considered retiring in the Netherlands if it was financially viable to do so? By that I mean being prepared to settle in a high income, high tax country? The heart of my question relates to contributing to a greater good and not minding having to pay that extra. I live in Melbourne.
Thanks for your feedback and encouragement. Glad you enjoy watching the videos.
Very interesting question. Our retirement decision was on various factors - quality of life, cost of living, healthcare, taxes, proximity to family in India, weather, services etc. We objectively evaluated Netherlands and Portugal as potential places for retiring based on the criteria. The challenge for Netherlands wasn't cost of living or taxes. We could've managed to live there on our budget (maybe not with the same quality of life as we can afford in Thailand) ... and btw we paid 52% income tax for more than a decade, so have contributed a lot to the society without claiming any benefits and pension entitlements :-)
The bigger issue for us was healthcare (and assisted healthcare in future). I would say that Netherlands has amazing 'emergency' healthcare ... but not secondary and tertiary. There are incredibly long waiting times for corrective surgeries (a knee replacement surgery can be a wait of 6months to 1yr post Covid). Getting access to assisted healthcare at home is also a big challenge.
Thanks Yogi, for that explanation. We have similar challenges within our health system in Australia too. I can see your reasoning. You have a talent for clarifying things and an excellent style of speaking. Please keep those videos coming.
My dilemma, which led to my question, was about the choice of Thailand or Australia (a fortunate dilemma to have, some might say). I have lived here for 30+ years but my ancestors are from Tamil Nadu. I was born and raised in South Africa. For me, Australia has been a generous country in many ways due to the emphasis on the ‘greater good’.
However, some life changes in recent years precipated a desire for change. My wife passed away (she was from Bangalore) and I feel the need to begin a new chapter. But my values are very connected to life in a western country, hence my concerns about whether to stay and contribute in a place that has changed a lot since our arrival, or to retire early and enjoy the good life.
All the best to Seema and yourself. You are both inspiring in sharing your knowledge and experiences.
@@evandrenmoodley1935 Thanks for sharing and sorry to hear about your wife. Completely understand the dilemma. Based on our experience of going through this process, we would suggest the two things:
1. Have a mix of objective and subjective set of criteria. That helped us to simplify such a complex and life-changing decision.
2. Find ways to contribute back to the society other than just taxes (which btw we still pay in Netherlands, India and the US on our investments there). There are many amazing ways that make a direct impact to people's lives. In our case, we are making these videos, doing pro-bono coaching and mentoring, helping a school for underprivileged children etc.
Thanks Yogi, I sent a detailed reply but it didn’t seem to have come up. Anyway, I have taken up both your excellent suggestions. The decision was surprisingly easy, maybe because mulling these things over has been a preoccupation of mine (on and off) for around two decades. I’ve been volunteering since my twenties, also on and off. I will be exploring my adopted home from now on. Thanks for all your help brother, and wish you both well for your retirement.
What's your learnings and experiences now that you have lived in Thailand for the last few months....
Have plans to make a video on our experiences in next few weeks. Do be on a lookout for that.
Thank you. Really appreciated. We are thinking to move to Thailand in few years time to retire at 50 years of age. Basically from India but now Australian citizen. Really want to know whats expected monthly expense in Bangkok to live a normal life.
Thanks.
Sure. Will provide some details on the monthly expenses in Bangkok (and other cities of Thailand) once we have been there for a few more months.
How is the quality of air , tap water , govt. hospital and schools and roads compare to India. Overall cost of living and quality of life. Please keep uploading informative videos.
Thanks. All the markers you mention definitely compare much better than India.
Sir give a specific figure range in indian rupees that could help FIRE in thailand. Lets say we have got 30 years left.
Do watch: ruclips.net/video/nnFh_6FR8uM/видео.htmlsi=60juy_LSMhxdFP52
Will give a good idea on the monthly cost of living (in INR) in Thailand.
Hi, Thailand is absolutely delightful to be in. Great video.👏
Did you invest in the property of $ 250000 before applying for the visa?
Absolutely indeed!
Yes we did invest before the process
Thanks
What was your reason not to choose India for your retirement?
Multiple reasons as we highlight in the video
1. Quality of life - Pollution, infrastructure, road safety, road rage etc.
2. Cost of living - Expenses in tier-1 cities now as much as in countries like Thailand
3. Healthcare - Thailand has much better healthcare, including assisted living and care
4. Taxes - Thailand has territorial taxes while India doesn’t
Excellent ❤
Thank you.
A little bit of misinformation regarding taxes. Thailand does tax you, but it taxes you on the money you remit into the country. That means, if you open a Thai bank account, and you send international wire transfer from your Indian bank account to your Thai bank account, you'll be taxed on this money as per Thai tax slabs. There is DTAA agreement, but if the amount you paid in taxes in India is less than what you would have paid in Thailand, you'll need to pay the difference as tax in Thailand. Only direct ATM withdrawals from Indian debit/credit cards are not taxed.
That's correct. You are right about the remittance based tax. However, that is exempt for the Long Term Residency visa that I talk about in this video.
You would have talked about food as well
Will be covering in future videos.
Good video! How does one save Indian income taxes. If one live outside India, is Income generated in India not taxed? (E.g dividend, rentals etc)
Yes income generated locally in India is taxed but products like NRE FCNR deposits aren't taxed. Also one can then also invest in global ETFs etc to diversify investments and minimise taxes
@@TheFIREdCouple thanks, I don't think most of us are aware of this (at least my peer group).
Next video would be around global taxes. Look out for that!
Sir i have a question that why you don't choose Philippines may be i think it's have srrv visa or other countries like Vietnam or Indonesia can you please explain to us
Philippines, Vietnam and Indonesia don't have the same tax incentives of Thailand. They have less expat community and their medical systems aren't as good as Thailand
Can you please also cover what kind of real estate can be bought in 250k and is it possible to buy it as an outsider
As a foreigner, one can buy an apartment as freehold and landed property as leasehold. We bought an apartment as that is least amount of paperwork and the property is then in our name.
So which place in Thailand will you set up your home
Bangkok is our current base but exploring different places to set up 'home'. Right now in Hua Hin for few months. Next stop Chiang Mai
Hi Thanks for the informative video. I had one query. The $ 250k investment thing has to be done immediately or within some time frame. Please clarify on this a s this one of the criteria for LTER
That investment has to be done before applying for the LTR visa. It is a qualification criteria for the visa
Sir Plz tell in the first plan deposit amount 25000$ is refundable ? Also it should be made as an investment either government bonds or Bank deposit also can we get any interest on this deposit?
This is an investment so basically your money. It has be either in form of buying a property (apartment) or buying government bonds. You will need to keep the money invested to retain your residency.
Very nice video , where in india u will be coming if one is interested to meet you as my interest is also retirement in Thailand
You are welcome. Delhi.
Thanks... sir would be waiting for you....any approximate time u will be in Delhi?
Hello Yogi. It is just recently that I start viewing your vdos. You are doing really a good job. In this vdo the visa you applied and got quite easily require an investment of 250k USD. But you haven't clear whether you have make that investment first or otherwise. Please clarify. And if we want to meet you in Thailand, is it ok for you. Thanks
Thanks for the appreciation.
The 250k USD investment is a qualification criteria for the application so has to be made in advance. (For more details, do go through the official site - ltr.boi.go.th/ )
Sure. Happy to meet up if and when you are around.