We discuss about the expat havens in Thailand, the places where rich people live in Phuket, and if a foreigner can buy a house in Thailand
Here is a list of the five most popular expat havens in Thailand:
Where do foreigners live in Thailand? Foreign Community in Thailand Expats living in the Land of Smiles are mainly located in Bangkok, Chiang Mai, Pattaya, Phuket and Thai islands such as Koh Samui and Koh Tao.
The three most popular areas in Thailand for expats are Chiang Mai, Koh Samui and of course Bangkok. If you are moving to Bangkok, the most popular areas among expats are Ekkamai and Sathorn.
The more exclusive areas are located on the west coast, Nai Thon Beach, Layan Beach, Bang Tao Beach and Kamala Beach, also known as Millionaire’s Mile, where the most expensive properties in Phuket are located.
Where do most expats live in Phuket? Kathu is the main neighborhood for professional expats in Phuket, as many work in or near Patong. It is a place where many western jobs are concentrated and where rents are cheaper.
Millionaire’s Mile is located along Kamala Beach, one of the most popular beaches on Phuket’s west coast. Kamala Beach is located approximately 9.5 kilometers north of Patong, one of Phuket’s most loved nightlife spots, and 3.5 kilometers south of Surin, known for its endless shopping and entertainment options.
Phuket has been named the richest province in Thailand, while the northern province of Mae Hong Son has the highest poverty rate. According to data released by the country’s Economic and Social Development Authority, Phuket ranks first in the income category as it is Thailand’s only poverty-free province.
Central Bangkok areas such as Chidlom, Langsuan, Ratchadamri and Sala Daeng are considered prestigious addresses where many billionaires invest in real estate to add to their collection or to make a profit in the future.
Answer: According to Thai law, foreigners cannot own land directly in their name. However, they can buy condominiums outright (freehold) or buy a property and lease the land (usually renewable for 30 years) on which the property sits.
Can a foreigner buy an apartment in Thailand? There are no citizenship restrictions and any foreigner who can legally enter Thailand (no visa class requirements) can buy and own a condo within the foreign ownership quota, but each foreigner must personally qualify for ownership under Section 19. from the Housing Cooperative Act.
Foreigners are not allowed to buy land in Thailand, but you can buy apartments and condominiums as a non-citizen. At the same time, foreigners cannot make up more than 40% of the owners of an apartment or flat. Interestingly, as a foreigner, you can buy the entire building, but not the land it is built on.
Given the restrictions on land ownership, foreigners cannot own the villa, rather they have to buy a lease. Generally, the process is straightforward and you should expect to be offered a 30-year lease for each villa or home, which is the maximum length of any lease in Thailand.
If your monthly expenses are 30,000 baht (360,000 per year), it is three times the first investment of 9 million baht (9,000,000 billion baht x 4% per year = 360,000 billion per year) to be rich enough.
Who is considered a millionaire in Thailand? A millionaire is someone who owns a million US dollars or more, so-called high net worth individuals. Figures are rounded.
You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. This allows you to live comfortably without breaking the bank. You could potentially live on much less, as low as $1,000 a month, but you’d probably struggle.
Thailand’s middle class is currently emerging, and by 2020, about 13 percent of households are projected to earn at least 525,000 Thai baht.
| World ranking | Name | Net Worth (USD) |
|---|---|---|
| 98 | Dhanin Chearavanon | 20.6 billion |
| 156 | Charoen Sirivadhanabhakdi | 13.5 billion |
| 264 | Sarath Ratanavadi | 8.9 billion |
| 502 | Sumet Jiaravanon | 5.5 billion |
A summary of the cost of living in Phuket, Thailand: monthly expenses for a family of four are $1,735 (฿61,932) excluding rent. Estimated monthly expenses for one person are $484 (฿17,257) excluding rent. Phuket is 60.82% cheaper than New York (without rent).
How much money do you need to live comfortably in Thailand? You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. This allows you to live comfortably without breaking the bank. You could potentially live on much less, as low as $1,000 a month, but you’d probably struggle.
| Restaurants | cost |
|---|---|
| Oranges (1 pound) | 31.52 thb |
| Tomato (1 pound) | 19.11 thb |
| Potatoes (1 pound) | 5.52 thb |
| Onion (1 pound) | 16.8 thb |
Despite some complaints about expensive taxis, overdevelopment and monsoon weather – Phuket is the best place for expats to live, the best country to live in. Many even say that retiring in Thailand is the best decision they ever made.
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