Thailand boasts an array of attractive incentives for retirees to consider it as a destination to live when their working days are finished. The key factors are the country's low cost of living, the range of lifestyles available - whether they be island, beach or suburban - and a multitude of accommodation options.
Another lure of Thailand for retirees is the world-class medical facilities also available at a fraction of the cost normally found in their homelands. But the main pull is that a retirement nest egg built up over many years working in another country will go a lot further, not just in the purchase of a property, but also in day-to-day expenses.
Thailand has for many years marketed itself to the retirement market but with various caveats. One of these is that the person, if over the age of 50, has to bring a sizeable chunk of their wealth into the country and prove that they receive regular monthly instalments into their Thailand accounts to sustain themselves.
This brings valuable foreign currency into the country, and proof of having these funds onshore is a key component of renewing the annual retirement visa.
Rene-Philippe Dubout, managing partner at Rene Philippe Attorneys & Legal Counselors, has just published a book called How to Purchase Real Estate Offshore Safely: The Case of Thailand.
He says that when buying a home in Thailand, it is vital to know where you stand legally, and foreigners cannot buy land in the country except when they have invested at least 40 million baht (HK$8.7million), and the purchase price of the land and house is not included in the amount invested. Secondly, the money invested must consist of an investment beneficial to the Thai economy, promoting social welfare, or promoted by the Board Of Investment. Finally, the money must be invested in Thailand for a minimum of three years.