Thailand is the retirement destination of Southeast Asia: half the cost of living, a visa from 50 with 800,000 baht on the account, good private clinics. Since 2024 Thailand taxes foreign income remitted into the country, and that changes the sums for many.
The short answer
Very cheap, private healthcare good, property only as condominiums. Watch tax since 2024: remittances from abroad are taxable.
milinia’s take
- New rule since 2024: foreign income remitted to Thailand is taxable in the year of remittance; wealth from before 2024 stays free.
- Retirement visa from 50: 800,000 baht in a Thai account or 65,000 baht of monthly income, renewed annually.
- Property: foreigners may buy condominiums up to 49 percent of a building, no land.
- Cash from ATMs with a 220 baht fee, cards in cities, a baht account for residents.
Living and costs
55 percent below Germany. A one-bedroom flat in central Bangkok costs €550, in Chiang Mai €300, on Phuket €450, in Hua Hin €350. Street food €2 to €3, restaurants €8 to €15, international groceries and wine dear, electricity with air conditioning €50 to €100. Private clinics in Bangkok have international standards at a third of German prices; health insurance from 60 costs €150 to €300 a month.
Taxes
Income tax 5 to 35 percent above a 150,000 baht allowance, with generous deductions. Until 2023 foreign income was tax-free if remitted to Thailand only in the following year; since 2024 all remittances of foreign income earned after 1 January 2024 are taxable if you spend more than 180 days in the country. German statutory pensions remain taxable in Germany under the treaty and are free in Thailand; private pensions, rents and capital income are captured on remittance. Gains on Thai shares tax-free, interest 15 percent withholding, dividends 10 percent. No wealth tax, inheritance tax 5 to 10 percent above 100 million baht.
Property
Bangkok €3,500 per square metre for condominiums in good locations, Phuket €3,000, Chiang Mai €1,500, Pattaya €1,800. Foreigners may buy condominiums as long as the foreign share in the building stays under 49 percent, no land and no houses except via 30-year leases. Closing costs around 3 to 6 percent: transfer fee 2 percent, stamp duty 0.5 or business tax 3.3 on sale within five years, withholding tax. The price must be remitted into the country in foreign currency. Rental yields 5 to 6 percent, with vacancy in tourist locations.
Gold, portfolio, bank
Thailand is gold country: gold shops on every street sell 96.5 percent gold by weight with a small premium and buy it back. Residents need a baht account for the visa; opening with visa and proof of address, in Bangkok at some banks also on a tourist visa. German brokers usually terminate on a Thai residence; internationally oriented brokers continue.
What emigrants underestimate
The visa must be renewed annually, with 90-day reports and proof of the 800,000 baht that must stay untouched for three months before and after renewal. The long-term resident visa for ten years requires $80,000 of annual income. The 2024 tax rule requires planning: wealth held before 2024 can be remitted tax-free if evidenced.
Try it yourself
Travel Budget CalculatorCountry, days, people, style: your daily budget and travel fund, with buffer and cash share.Income Tax CalculatorEnter taxable income, read off tax, marginal rate and average rate, with joint assessment.Frequently asked questions
Do I have to tax my German pension in Thailand?
Statutory pensions no, they remain taxable in Germany under the treaty. Private and company pensions are captured on remittance to Thailand.
How does the retirement visa work?
Non-immigrant O-A or O with extension: from 50 years, 800,000 baht in a Thai account or 65,000 baht of monthly income, health insurance, annual renewal, 90-day reports.
Can I buy a house?
Not as a foreigner. Common are 30-year leases with an extension option or buying the house without the land. Company structures with nominees are illegal.
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