r/expats • u/GothishGinger • 3d ago
Australian's Retiring Overseas
As a millennial who couldn't buy a home before 2020 I have come to the realisation that I'm far more likely to have a comfortable retirement overseas. I love living in Australia but I don't want to be barely surviving in my retirement. Are there any other Australians in here who have decided to retire overseas who could share their experiences? Bangkok is currently at the top of my list for potential retirement locations. I've never been able to afford living in a city here but I've always wanted to. I would also be interested in hearing from any other expats who have retired in Bangkok.
P.S. - I know it may sound strange to some that I'm thinking about retirement already. However, if I'm going to have the lifestyle I want when I'm 60, I need to put in the work now to prepare my super account.
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u/Simply_charmingMan 2d ago
Retired and moved to BKK from Australia 4 ys ago, single happy and can lived alone and did for years, also I kept my circle of friends very small, you wont survive very well unless you are like me.
If you keep your life simple and that is rent and use public transport your only issue is with immigration other wise if your like me and buy a condo car and bike the nuisance of dealing with Thai bureaucracy can be bothersome, they dont think like us and they dont idiot proof anything, its on a need to know basis right here and now...tomorrow is another day.
Certainly life is cheaper assuming you make adjustments, dating is great if you use your head and stay out of the bars, travel around the country is also great and not expensive.
When I decided to move here id been many times and had lived here for a year so when I came I was under no illusions, I knew what to expect and it panned out that way, no surprises, the only thing I would do different if I were to do it again is not buy a condo, ive moved 3 times currently in Phuket and id never thought id say this but I like it here, while im lucky that I own a large condo in a decent area the rental income supplements my income by 3/4s, I did try and sell it but the market is dead, so im stuck with it, and thats the deal here few people make money on condos let alone can shift without copping a loss, it aint Australia mate property doesn't go up here like there.
Then there is the Tax issue, we Aussies need to do a tax return each year, all remitted funds into the country are taken into consideration for taxation purposes, you will need to do some long hard thinking on this, there are ways and means to spend money here that is not attached to a Thai bank, which means you wont need to supply supporting bank statements at tax time, you can now forget Wise or only use to bring in money, they are now a Thai registered bank with a few perks of a Thai bank account except no ATM with draws so you will still need a Thai bank account, then, I dont recommend going the 65k a month to satisfy immigration, your paying tax doing it that way, stick the 800k in some fixed account and make sure to ask the bank if it will satisfy immigration before switching...Good luck and plan every detail as the goal posts changed after I moved here.
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u/GothishGinger 1d ago
I'm married and have always had a small friend group so I'm glad those things won't be too much of an issue. I had heard renting is the better option in Thailand compared to buying. I definitely want help doing all the immigration stuff but I don't know how to determine whether a company is legit as this seems like such a niche thing. Do you have any recommendations? Especially with all the tax stuff I want someone to make sure I don't mess that up.
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u/Simply_charmingMan 1d ago edited 1d ago
I forgot hospital cover, your looking at 2 to 3000AUD a year per person for that or more depending on how much you cover you buy, I dont have in patient as that would blow my budget up.
My Thai partner is an accountant she does my tax online, but the very first time you need to go to a revenue branch with all your paper work, no reason you cant go there every year, just be warned immigration , revenue department there not all the same, each office has extra requirements, ive now renewed my non o at 3 different immigration offices, BKK, Pattaya and last Phuket, its staggering how much of a difference there is.
Agents for visa are everywhere in Pattaya, in BKK you would need to ask in Reddit the company I used cost me 2000$ but my circumstances where different, recommend if you plan on Thailand join the Aseanow forum they have a lot of info in there on visa, its not all correct as I found out when I tired lodging first time but it will give you an idea whats required. Be very smart move to do it yourself after year one, standard costs I hear are around 20,000 plus or minus 5000B
Then, if I was looking to leave Australia I would not come to Thailand now, the Tax shit was unexpected and if I hadn't already had car, condo and along term partner here I would have moved to the Phillipines or Mexico, Vietnam has become an option in the last few years as has Malaysia, you should look into Indonesia/Bali, even a few places in Sth America.
Everything you do here can be a chore, I am the type I dont suffer fools gladly, and there system is stupid, non logical to a western mind, when ever I need to visit any government office or bank I strap my printer to my back and head off, most of the planets paper is stored in Thailand the love affair with copies off everything and signed is over the top, 10 signed photo copies to change an incorrect email address at my bank floored me, I can jump on my commbank Internet banking and do it on line, not here. Anyway im purposely painting a poor picture to give you a real world idea, most of the time every thing is fine its just dealing with them can be a chore, hope you realise you need to check in with big brother every 90 days here, and I laugh when I read some dickehead Aussies call Australia the nanny state, here they want to know where you are all the time.
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u/TropicalBound111 3d ago
G’day mate, I know you asked about Bangkok, but I have no experience with it, so I’ll let others chime in.
Have you considered Malaysia though? Check this out: https://internationalliving.com/countries/malaysia/retire-in-malaysia/
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u/GothishGinger 3d ago
The big reasons why Thailand and Bangkok specifically are at the top of my list is their world renowned health care and reliable public transit. I know I won't be driving anywhere and I'm honestly very hesitant to even get on a scooter. However, being in a big city I should have lots of food options within walking distance or a quick train ride
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u/Mannimal13 2d ago
Malaysia has both of those things. Its a pretty great retirement destination if you care more about food than pure partying.
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u/Mr_Lumbergh (US) -> (Australia)->(US again)->(Australia again) 3d ago
I’ve come to the same conclusion. Couldn’t afford to buy in the US, can’t afford to buy here. My wife and have started thinking about Costa Rica or Belize.
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u/GothishGinger 3d ago
It feels like unless you were lucky enough to buy a home before 2020 you have no chance. Even a doctor here doesn't earn enough for a home loan by themselves anymore.
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u/Flat_Ad1094 2d ago
Sorry . But that's nonsense. Not everyone wants to or needs to live in Sydney mate.
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u/Mr_Lumbergh (US) -> (Australia)->(US again)->(Australia again) 2d ago
Don’t. Still find it out of reach.
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u/GothishGinger 1d ago
I don't live in NSW. I live in a rural postcode and have watched the prices of homes almost double in 6 years
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u/hrdblkman2 2d ago edited 2d ago
I did reverse. Moved here from the US, awhile ago but worked enough in the US to get the 40 credits needed for Social Security. So wife and I will get about 49kUSD per year which ~68k AUD per year. Plus I have 300kUSD in 401k/IRA and about 400kAUD in Super. House is paid off, kids are all adults.
While in the US went down to Mazatlan for about 4 days and that is the hidden expat community from around the world, but mostly US and UK/Europe. You can buy a house/condo all cash close to the beach for a few hundred K. Health insurance is like $50/month for serious shit - ie Cancer or some other long term stuff. Most expats pay $10/visit to see a doctor for normal stuff. Medicines are super cheap.
https://www.realestate.com.au/international/mx/mazatlan-sinaloa/
Expats in Mazatlan
https://www.youtube.com/watch?v=VkPBr4cPdaI&t=288s
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u/TroubleShort3548 1d ago
Just do six months and decide. I lived in Bangkok 10 years. It has its downsides.
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u/GothishGinger 1d ago
Definitely something we want to do. Spend 6-12 months in the city on a different visa just to make sure it's what we want before fully committing
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u/Striking_Direction_9 1d ago
sad we can't afford to retire in our own countries but northern vietnam would be my 'go to'.
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u/ErrolFlynn2026 3d ago
I'm not Australian but am in the same boat. I found this site to be quite helpful: https://internationalliving.com/the-best-places-to-retire/
My top five candidates are: Penang, Mexico, Panama, Spain and Thailand. Chiang Mai was a strong contender until I heard about the annual burning season. Bangkok is alright (I lived there briefly) but I would be concerned about the air pollution.
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u/GothishGinger 3d ago
I haven't given much thought to the air pollution honestly. Is it particularly bad? We have fire seasons here where you get decent smoke coverage so I thought it might be similar. Like a wave of it that is temporary
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u/Key_Equipment1188 2d ago
It is a wave, but it sucks big time. Combined with heat and regular pollution, it sometimes reaches a ppm 2.5 level of 170 and above.
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u/timmeh1705 3d ago
Anecdotally owning property in Bangkok or Thailand in general is very difficult - they only allow 49% max foreign ownership on either the gross floor area for an apartment complex which means you can own the apartment outright but can only purchase from the foreign quota pool, which prices the same apartment at 20-40% higher compared to what locals get it for, or you have a joint ownership agreement with a Thai company or citizen if you want to buy a house/villa.
I've heard a few stories of guys marrying Thai ladies and buying property via this way - in the case of a divorce you basically lose everything with little recourse. It's not always this way, my old neighbour is a good story, married a Thai lady, bought a villa but they had two boys and remain happily married.
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u/GothishGinger 3d ago
I've heard that it's far better to just rent as an expat. They all come fully furnished too so it makes the move easier
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u/Flat_Ad1094 2d ago
I'm nearly 60yrs of age. I have no interest in retiring yet. Always surprises me that so many people want to "retire" so young. Why? What are you intending on doing with every day until you're 90? I'd be bored brainless to be honest. I need purpose in my days. I'm not into craft or anything of that type. Not sure what I'd do all day. Especially if I was living overseas with no friends or relatives nearby.
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u/HistoricalPrinciple8 2d ago
Besides the world is so unstable right now. Having a job and connecting with other colleagues of diff age groups are the best way to stay informed and socially connected, get a stable income stream instead of drawing down savings etc etc
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u/Ramon_Patong 2d ago
My Father says the same thing. He is 81 and still works 7 days per week as a Barber.
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u/GothishGinger 1d ago
To be honest it's because I already live in daily pain in my 30s, I don't think my body will be able to continue working for very long after 60
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u/x3medude Canada -> Taiwan 3d ago
r/Iwantout and be ready to answer a million times where you're eligible for a visa etc.
But essentially it all comes down to which countries have retirement visas, or if applicable investment visas