For the past three years, Thailand has kept its position as one of the favored destinations for tourists and expats. There are still many issues that embroil the country but Thailand has kept its natural beauty and splendor. Its very hospitable people and top notch services have made many decide on retiring in Thailand. Now with the ongoing economic growth of the country, the country has geared itself to capitalize on export and tourist industries.

The weather in the country is hot and humid for the better part of the year with a monsoon season that floods the roads from June to September. The tourist season is between November and February. All in all, the country is a cornucopia of tropical produce and teeming hospitality, earning for itself the moniker “the Country of Smiles”.

These major aspects of idyllic life have made many choose on retiring in Thailand. There are other aspects of life in Thailand that need to be studied quite thoroughly though. One of them is the tax system in Thailand. The income of residents in the country is taxed while those earned outside the country would only be taxed once brought into the country. If you are considering on retiring in Thailand, you fall under the classification of expatriates. The option available is self-assessment where an individual can estimate and pay for income taxes based on the assessment. For expats working in the country, the assessment can be placed at 15% for the next two years or opt for regular tax rates. The country has no capital gains or gift tax imposition.

Tourism is not just about the natural landscapes of the country. One of the hottest industries in the country is medical tourism. The first clients of this industry were expatriates from Western countries which have since broadened to include other local and Southeast Asian nationals. Aside from the cheaper overall medical costs, the patient can convalesce in a setting best for tourist vacationers.

As one decides on retiring in Thailand, there is a need to find suitable residence for rest and recreation. There are many restrictions as to property ownership in the country but there are many ways to “adjust” to the limitations. One common loophole is by establishing a limited liability company where the expat owns thirty nine percent of the shares. These companies can then own the properties. Another choice for property ownership is owning condominiums, since current laws allows foreigners to own nearly half of condominium units in a particular set-up. The downside though is that property prices in the country have nearly doubled in the past few years but with a bit of patience one can find reasonably priced units in the country.

When one is considering on retiring in Thailand, taxes, property and cost of living are parts of the daily life in the country that needs to be fully realized. As advised in the Expat Forum, “You will find it hard to last anywhere, if you force yourself to go without any and all conveniences. You have to find a good compromise and balance.”

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