Retirement in Bangkok!

[norice]

Hello,

I only have 189 days left before I take an early retirement from work! I'll be moving to Bangkok and rent an apartment for 2 years before I purchase a condo. So, does anyone have recommendation of an one-bedroom apartment that I can rent for less than 22,000B a month? My choice of location is in Rachada, Sukhumvit and Silom in that order.

Since I'll be applying for a retirement VISA, I won't work or volunteer, I only will be working out in the gym, relaxing in Tharn Thong Spa, search for a dee phuying and feed stray or soi dogs.

To all the brothers who currently reside in Bangkok, what is your monthly budget?

Any recommendation or feedback?

[norice]

Moreover,

If you retire in Bangkok, my recommendation for heathcare as follows:

Medical - BNH Hospital (Bangkok Nursinghome Hospital)

Eye Care - Rutin Eye Hospital (Dr. Kalayanee for Lasik Eye Surgery, she's the best)

Dental Clinics - Bangkok International Dental Center or Thantakit Dental Clinic

STD Treatment - I don't know ( so far so good, I didn't catch STDs)

[pocketrocket]

Wah lau eh! Mate...Retired oledi?! Congrats man!!!
Btw, can foreigners buy properties in Thailand?!

[all4great2]

You can try searching here: List of Thailand Bangkok Apartment, Serviced Apartment for Rent

Do let us know more about retiring in Thailand as I'm sure many bros here also interested to do that ... sanuk

[norice]

Hello,

Thanks for the message! Foreigners can't own lands or property unless they develop a dummy corporation! I have few friends in Pattaya that owns large houses after they incorporated a dummy corporation. In my opinion, it's a dumb move since if they get caught by Thai Police, they'll lose everything. Foreigners can buy condos if Thais owned so many percentage of the units versus foreigners. Also, you can owned properties in your Thai wife's name after marrying a Thai girl but that's another risky situation!

The bottom line is your monthly budget while retiring in Thailand! The extreme case is one of my buddy's monthly budget is $500.00 or 16,980B versus my other buddy that has unlimited monthly budget! The one with the low budget, he lives like a kid in a candy store but can't buy anything due to lack of money versus the other one that has 2 former gogo girls on his monthly payroll and lives like a king in Pattaya! So, before retiring in Thailand, make sure that you'll have sufficient funds to live comfortably!

If you want to have a working girl on your payroll, you'll pay approximately 20,000B - 30,000B per month!

[pocketrocket]

Originally Posted by norice

Foreigners can buy condos if Thais owned so many percentage of the units versus foreigners...

So only Condo izzit? And it will be under our own name rite?

[lamtaetae]

Originally Posted by norice

Hello,

I only have 189 days left before I take an early retirement from work! I'll be moving to Bangkok and rent an apartment for 2 years before I purchase a condo. So, does anyone have recommendation of an one-bedroom apartment that I can rent for less than 22,000B a month? My choice of location is in Rachada, Sukhumvit and Silom in that order.

Since I'll be applying for a retirement VISA, I won't work or volunteer, I only will be working out in the gym, relaxing in Tharn Thong Spa, search for a dee phuying and feed stray or soi dogs.

To all the brothers who currently reside in Bangkok, what is your monthly budget?

Any recommendation or feedback?

Foreign nationals seeking to circumvent Thai ownership restrictions, by purchasing land or property in the name of a Thai spouse, could see their title deeds revoked, according to comments made by Land Department director Anuwat Meteewiboonwut, on a recent inspection tour to Phuket.

“If the Thai spouse has enough money to buy the house that is fine, but if the Thai has no money and uses money given to him or her by a foreigner to acquire property, that is against the law,” Anuwat was quoted as saying in the Phuket Gazette newspaper.

“If we check and find out later that a Thai person has been using money from a foreigner to buy land anywhere in Thailand, we will revoke the title deeds.”

Foreigners are authorised to purchase up to 49 percent of units in any condominium development, but they are not permitted freehold ownership of land. It is relatively common however for purchases to be made in the name of a Thai spouse, especially in resort areas such as Phuket, Pattaya and Samui.


Bro norice, the laws in Thailand are always changing and if your are really keen, make sure you all covered. Cheers...

[lamtaetae]

Taxes for Buying and Selling Property in Thailand

Every person residing in Thailand, regardless his/her nationality shall be responsible to pay taxes and fees when buying or selling property. These taxes and fees are as follows:

1. Transferring Fee :
The Transferring fee is 2% of the registered value of the property. Whether, the buyer or the seller is paying for this fee, is depending on the Sale and Purchase Agreement. Normally the buyer partly pays for this fee. This fee will be paid to the officer at the land office, upon the day of the transfer of ownership.

2. Stamp Duty :
Buyer or seller is subject to a 0.5% Duty Stamp from either the appraised value of the property or actual purchasing price, whichever is higher. The parties reliable for this additional 0.5% of Stamp Duty can be agreed in Sale and Purchase Agreement. Stamp Duty is to be imposed unless the Specific Business Tax (SBT) is paid.

3. Specific Business Tax (SBT) :
SBT will only be imposed if you are selling your property, which you have own less than a period of five years. The tax rate is 3.3% of the selling or assessed price of an asset (whichever is higher).

4. Withholding Tax :
Individuals selling their property: the withholding is determined under to Revenue code of Thailand. The seller shall withhold such tax and pay to the Revenue Department, when he/she earn an income from the sale of immovable property (including condominium unit). Withholding tax rate are calculated based from government assessed price with a deduction of possession year, which are varied depending on the year of your possession (the more years of possession, the more the deduction) and calculate that amount based on the income form the progressive tax rate (range from 0 - 37%).
Company selling their property : the withholding tax of 1% from appraised value of property or actual selling price, whichever is higher, must be paid by the Seller.

However, there are no property taxes as such in Thailand that are exactly equivalent to the property taxes in the West. Commercial properties incur a small tax which is collected infrequent.

In term of registering a lease agreement, a registration of a lease for duration of more than 3 year required to pay a registration fee rate of 1% plus a 0.1% rate of stamp duty. Rates are calculated from the total amount of the rental fee or the key money or both.


Thailand Property Taxes


Transfer fee :
2% of the registered value of the property.

Stamp Duty :
0.5% of registered value. Only payable if exempt from business tax.

Withholding tax :
1% of the appraised value of the property.

Business tax :
3.3% of the appraised value of the property if selling within 5 years. This applies to both individuals and companies.


TAX>>>>>>>>>>>WhO/Pay>>>>>>>>AMOUNT

Transfer Fee>>>>>Buyer>>>>> Registered value
Stamp Duty>>>>>>Seller>>>>>of Registered value
Withholding Tax>>>Seller>>>>>appraised value
Business Tax>>>>>Seller>>>>>of appraised value

[lamtaetae]

Buying a condominium in Thailand is perhaps the simplest and easiest option available to foreigners.

The only restrictions on purchasing a condominium in Thailand are that the percentage of units sold to foreigners cannot exceed 49% of the total number of units in the condominium block, and that the funds used to buy the condominium have been remitted from abroad and correctly recorded as such by a Thai Bank on a "Foreign Exchange Transaction Form".

The Foreign Exchange Transaction Form is an official bank document issued by the receiving bank upon the receipt of foreign currency into your bank account in Thailand. You must request a Foreign Exchange Transaction Form from your bank when you are remitting funds to Thailand for the purpose of purchasing a condominium in Thailand, and the Foreign Exchange Transaction Form must specify that the remittance is solely for the purpose of purchasing a property in Thailand - Code 5.22.

Purchases of Condominiums in Thailand by foreign individuals come under the jurisdiction of the Condominium Act B.E. 2535 (1992).

The owner of each Condominium in Thailand is issued with a certificate of unit ownership. The certificate also has a statement saying exactly what percentage of rights over the common areas of the building each owner has. Process to Purchase a Condominium Pursuant to Thai property law, a foreigner may have a freehold ownership over a unit in condominium under certain restrictions.



Four Steps to Own a Condo - New Development

1. Title Search: To verify the status of a land over which a condominium is constructed. Normally, a land would be under mortgage with a supporting bank.

2. Sale and Purchase Agreement: This document specifies the selling price, terms and conditions of the sale. It is advised that a contract is to be reviewed by a lawyer for the best protection of rights of the buyer.

3. Payment:


a) Deposit: Normally, 1% of the total price of a unit is required as a deposit payment to reserve a right to purchase a condo.

b) Down Payment: a sum of 25% or 30%, depending on an agreement between a buyer and a seller, of the total price of a unit is required as a first payment of the price of a unit. There may also be some payments to be made between a down payment and a transfer date. This will depend on your written agreement with the developer. The buyer's monies to buy a condominium must be transferred into a Thailand bank account from abroad.


4. Registration of Ownership: After a delivery of condominium unit and the final payment, the seller will then transfer the ownership of a condominium unit into your name. A registration fee, a stamp duty, and a withholding tax must be paid at the time a transfer of ownership takes place.




Four Steps to Own a Condo - 2nd Hand Sale in Condo Development

1. Title Search: Similar to a title search for a new condominium project, this step is essential for a purpose of verification of status of the land where a building is located. Normally, as a used condominium, a land shall not be under mortgage, or, if it is, the buyer would acknowledge his position over such land.

2. Sales Agreement: If you buy a condominium from an individual, a sales agreement normally is a ready-to-use contract (An agreement which is not especially drafted for the sale between buyer and seller).

3. Payment: A norm is that a buyer shall pay a full price of property to a seller upon a transfer of ownership at the Land Department.

4. Registration of Ownership: To buy a condominium, a buyer (or a seller, or both parties, depending on an agreement between parties) shall be responsible for a registration fee, a stamp duty (in case of having owned the property for more than 5 years) or a special business tax (in case of having owned the property for less than 5%), and a withholding tax.



GOOD LUCK IN YOUR HUNT !!!

[fenwick]

Really envy you TS! Hope i can live a life like you in near future.......enjoy ur early retirement! Cheers

[etct88]

Originally Posted by norice

Hello,

I only have 189 days left before I take an early retirement from work! I'll be moving to Bangkok and rent an apartment for 2 years before I purchase a condo. So, does anyone have recommendation of an one-bedroom apartment that I can rent for less than 22,000B a month? My choice of location is in Rachada, Sukhumvit and Silom in that order.

Since I'll be applying for a retirement VISA, I won't work or volunteer, I only will be working out in the gym, relaxing in Tharn Thong Spa, search for a dee phuying and feed stray or soi dogs.

To all the brothers who currently reside in Bangkok, what is your monthly budget?

Any recommendation or feedback?

If you are still in Bangkok, now. Go to Ratchada Soi 13 (the soi that Resort is in) walk about another 150/200 meters after Resort you will come to a very nice up market service apartment. (directly opposite Phong Mansion) Full of glass (greenish). About 19,000 bath per month....... should be having good neighbours, saw many nice cars at the carpark. And the place is very new and have serious looking security guards.....

choke dee.....

[norice]

Friends,

Thanks for sharing your valuable and insightful information regarding retirement and finding an apartment in Bangkok!

Even though I will be retiring early next year, I need to plan now so I won't procrastinate and make a hasty decision on financial, living situation and social implication!

You need to have enough money to retire in Bangkok! I've seen so many hardship among my friends due to lack of money in Bangkok. So be prepared and research, that's the bottom line!

[Guanxi]

If you want to rent a nice place for cheap Ratchada is probably the area you should aim for as you want to go there anyway.

Just get a cheap hotel room for a week and check out all the new condos there during normal office hours where sales people are present.

Sukhumvit is overrated and overpriced.

Got no idea about silom, but further up/down there are also a couple nice newer developments.

You can legally own a condo as a foreigner if foreign quotas are available. Land and houses you can not own as a non thai.

I personally would have concerns though if you can't afford to lose your rights to the condo in 5-10 years if changes in law should arise (you never know in thailand).

If you buy a condo for a yet to be finished project you also risk a lot as there may be serious quality issues and / or bankruptcies of related companies that cause the project to halt for years to come or eventually leave it to decay unfinished (common sight in Bangkok).

Budget obviously depends on what you want to do with your life there and can be easily calculated as you seem to know what you want.

[norice]

Guanxi,

I totally agree with you 100%, you seemed very intelligent!

Having sufficient amount of funds when retiring in Bangkok is the most important issue that we need to face! Lodging is the most expensive portion of your monthly budget then salary for your phuying! It doesn't matter if your girlfriend is from entertaintment industry or good Thai girl, you will eventually have to give her monthly salary! Using excel spreadsheeet, I already determined how much I'll spend if I didn't have girlfriend versus having permanent girlfriend! Believe it or not, my monthly expenditure for entertaintment without drinking will cost approximately 35,000B if I didn't have girlfriend if I had a permanent girlfriend, my expenditure will be 20,000B - 25,000B! You figure, which is cheaper.

Also, I agree with you for not buying condos in Bangkok, due to their dismal construction workmanship and noncompliance fire codes!

[ragnarclaw]

I live at Onnut, pretty near to Onnut BTS and Carrfour too. My apartment about 35sqm and rent around 7500Bht which include gym(200bht), internet(200bht) and electric bill. But overall it's still under budget which you require, unless you want bigger sqm which my apartment have too, higher floor