The retirement age in Thailand is 60, and the U.S. dollar goes far there. “We estimate that 50,000 Thai baht per month is sufficient for retirees to enjoy a decent lifestyle in Bangkok and major cities,” Hasenfus said. “In the provinces, the cost would be relatively less.”
50,000 Thai baht is the equivalent of just over $1,600, a reasonable amount for someone on a fixed income. “In a world where retirement incomes have taken a major hit, Thailand offers an opportunity to live inexpensively while enjoying an overseas adventure,” Rosanne Knorr, author of "The Grown-Up's Guide to Running Away from Home," said in an e-mail.
An individual is considered a Thai resident, and therefore subject to taxation, if they're in the country for at least 180 days during the calendar year. According to HSBC's Global Tax Navigator, those earning up to 150,000 Thai Baht per year, or approximately $4,900, pay no income tax. Those earning 150,001 - 500,000 Baht pay 10 percent, while those earning up to 1,000,001 Baht pay 20 percent, and those earning up to 4,000,000 Baht pay 30 percent.
The income tax rate at its highest is 37 percent, for those earning more than 4,000,001 Baht per year, or approximately $130,000. However, if your stay in Thailand is no more than four years, you can take advantage of a Special Expatriates Regime, which allows taxation at a flat rate of 15%.