Why Retire in Thailand?

FUN IN THE SUN

Sunplay Thailand is at the forefront of pioneering new, life-changing options for the over 50’s and young at heart.

For some, that means swapping sensible shoes for a pair of trainers, and getting in a daily workout or game of tennis. For others, it means mounting up to delight in the freewheeling freedom of our tree-lined bike trail. Others prefer more relaxed pursuits such as painting or cooking classes, Tai Chi or freestyle Yoga.

Whether it’s sport or fitness, relaxation or fun, personal development or health and wellness, you’ll find plenty of options and a full range of modern facilities at Sunplay. These include a superbly equipped fitness centre, yoga studio, a library, large freestyle swimming pool with waterfall, grotto, sand-beach and extensive outdoor decks.

All of which are designed to enrich the mind, rejuvenate the body and make sure you live your life to the full.

Our Facilities
Fitness & Recreation

  • Indoor cardio and weight training
  • Large swimming pool and sun deck
  • Tennis
  • Jogging and biking trails

High potential
for future returns

An important consideration for any investment is the future outlook for capital gains, as well as potential rental returns.

Thailand has been a favoured destination for property investment for a number of years, and the market continues to show strong growth. A favourable climate, stable environment and fixed foreign ownership laws, have ensured demand for condo units, especially from foreign investors, remains high all year round.

Thanks to its excellent transport connections, fine weather and easygoing lifestyle, the east coast is an attractive destination for both holidaymakers and long-term expatriate residents. Bangsaray is a much sought after neighbourhood and consequently, the area’s residential housing market continues to boom.

The advantages of outstanding location, luxurious units, innovative community support, and professional management, should ensure superior returns for owners and investors alike.

Sunplay represents a one-of-a-kind development, and a rare opportunity to invest in a new type of lifestyle community. One that will be uniquely attractive to a growing market worldwide.

Why consider Thailand for your retirement?

Known as the “The Land of Smiles”, Thailand offers expats retiring here plenty to smile about — a low cost of living, tropical clime, culture that respects older people plus no tax on retiree income from abroad.

Rob Budden, BBC

Tell me a little about Thailand

  • Located in the heart of South-East Asia, Thailand has common borders with four countries: (1) Myanmar (formerly known as Burma) in the West; (2) Laos and (3) Cambodia in the East; and (4) Malaysia in the South.
  • Thailand’s population is 78 million people.
  • Bangkok is the Capital, with more than 14 million people
  • Thailand is one of the most prominent Buddhist countries in the world; more than 90% of Thai citizens practice Buddhism.
  • The geography of Thailand is very diverse. According to the Thai Tourism Authority, Thailand is the 50th largest country in the world, most nearly equal to the size of Spain.
  • Southern Thailand is a beach-tropical environment; Central and Eastern Thailand is a plain-like environment, and Northern Thailand (highest point is 8,415 ft. above the sea level) is forested mountain land.
  • Typically, air quality in the provinces of Thailand near the sea enjoy very good air quality all year round.

7 Great Reasons to make Thailand your Home

Affordable

A favourable cost of living

Quality
healthcare

Internationally accredited hospitals
and doctors on call 24/7

Infrastructure

World class road, rail and air links

Climate

A warm comfortable climate
all-year-round

Visa
Requirements

Easily obtainable visas

International
Television & Internet

A wide variety of International TV stations
available as well as high-speed internet

Language &
Communication

English is widely spoken and the Thais
are friendly and eager to communicate

Our team will advise you on any specific questions you may have and you may refer to the FAQ’s below

Other Key Facts

arrow
Household items may be imported free of VAT and duties.
arrow
Health care is of international standard. With some of the best hospitals and doctors in the region.
arrow
Long term (over 30 year leases) and freehold ownership of apartments are permitted for foreigners.
arrow
Thailand is a Tourist and Airline Hub.
arrow
Title protection is clear and tested and the Thai Property sector is a well-known market for foreign buyers.
arrow
Thailand provides a favourable TAX environment to foreigners.

What are the Visa requirements in Thailand?

Thailand, like most countries, offers a variety of visas The popular name of the Retirement Visa is the “Non-Immigrant OA-Long Stay Visa”.
  • Retirement Visas are issued when applicants offer proof of income. Currently, applicants are require to prove that they have an annual income which exceeds Baht 65,000 per month (approximately USD 2,000).
  • An alternative to this is that the applicant must have a bank account with a balance which exceeds Baht 800,000 (approximately USD 25,000). If an applicant does not meet the requirements, other visas are available.
  • Retirement Visa entitles the holder a stay of one year in Thailand.
  • There are no financial requirement for dependents.
  • During the 1-year period, the holder of the Retirement Visa can come in and out of Thailand. Every 90-days, Retirement Visa holders must present themselves to local authorities. This presentation is straightforward and takes less than 2 hours.
  • The holder must renew the Retirement Visa every year; Retirement Visa holders can renew their visa within Thailand.
  • The Visa grants the holder benefits that are not available to guests on a tourist visa. These include to open a bank account, obtain a mobile phone package, obtain a Thai driver’s license and study at Thai Universities.
  • The Visa holder does not have the ability to work and receive a legal wage in Thailand.

Qualifications:

  • The applicant must be 50 years of age or over
  • The applicant must meet the financial requirements

What are my rights purchasing property in Thailand?

There are specific rules and regulations that govern the purchase of property by a foreigner in Thailand. These are summarized below.
  • A foreigner can own a condominium freehold as long as Thai nationals own 51% of the condos or apartments in the building by sqM.
  • If not, then leasehold is the only option available to foreigners.
  • A foreigner can lease land or condominiums for 30 years, with an option for another 30 years. The owner can own the house which they build on the land. Based on our research, this option is commonly used when purchasing property in a modern residential development.
  • A company can own property such as land and a house (and hence a foreigner can buy land and a house via their company) as long as total foreign ownership of the company does not exceed 49%.

What our clients have been asking us already

What assistance do you offer Residents when they decide to move in?

Our Concierge will guide you through the entire process, advising on visa applications, moving, etc. Our goal is to make your move to your new home as seamless as possible

There will be children visiting with our family, what facilities are there to entertain them?

There will be a children’s area and activities will be arranged by the club

What assistance do you offer Residents when they decide to move in?

Our Concierge will guide you through the entire process, advising on visa applications, moving, etc. Our goal is to make your move to your new home as seamless as possible

What about organised social activities?

You can do a lot — or do a little as you wish… the choice is all yours! The Concierge team will organise all manner of social events for Residents, from theme dinners in the restaurant to movie nights, theatre trips, golfing, island trips, cultural visits, night time excursions to nearby Pattaya or day trips to Bangkok and even short term holidays. We want you to take full advantage of our amenities and location

What recreational facilities are provided at the Club House?

The Clubhouse will be available to all. Generous pools and spa, gymnasium, games, a craft and art room, library with internet, barbeque, bars and alfresco dining terraces are all available. Jogging and biking trails have been planned as well as lakeside activities please see our clubhouse page on this website to get the full list

What about home delivery services?

Shopping and home delivery service will be available, organised by our concierge

Can my visitors/guests dine at the restaurant?

They will be most welcome. Temporary visitor membership cards will be issued free of charge to guests who are staying with you, for the duration of their stay (up to 1 month)

Where is the parking? Is there visitor parking?

Condominium parking is provided between the 3 buildings, for easy access to the walkways and elevators

If my relatives or friends visit, where can they stay?

Accommodation will be available from the rental pool on a first come first serve basis

There will be children visiting with our family, what facilities are there to entertain them?

There will be a children’s area and activities will be arranged by the club

What is the purpose of the Concierge Desk?

The concierge will attend to your needs, from visa and banking enquiries, booking car services ,airport pickups through to excursions and cruises and organising your private parties

Are pets allowed?

The estate is pet friendly. Small pets are allowed in the condominiums

Are the apartments air-conditioned?

Absolutely, with each one having its own individual state-of-the-art system

Is Internet and telephone service available?

Yes all units are pre-wired for both internet and telephone services,which are available on request

Who is responsible for minor maintenance issues within the apartment….changing lights, fixing leaking taps etc

The in-house engineering staff will provide maintenance assistance

What type of healthcare can be provided if required?

There are 3 international standard hospitals from 10-25 minutes from the Estate. A doctor will visit weekly for convenient consultations International medical insurers approve treatment by accredited hospitals throughout Thailand

How do the Residents have a say in the running of Bangsaray Heights?

The Bangsaray Heights Apartments will be separately managed by a Body Corporate established under the Condominium Act specifically to protect and manage the rights of its Residents. Owners elect a Residents’ Committee which will then meet on a regular basis to review the day to day operations of the Condominiums. This will be operated as an international standard body, independent of the developer. Maintenance and Sinking Funds will be established, based on approved budgets and rules in accordance with the Condominium Act.

Are there any restrictions on re-sales of the apartments?

There are no restrictions. When the time comes, you or your family are free to use whomever you choose. Sunplay’s Real Estate Team will handle it all for you if you wish; 1. Managing any refurbishments which are required pre-sale (obtaining quotes for any repairs required for you approval); 2. Marketing the property through local agents and its own waiting list; 3. Managing sales enquiries and site visits; and 4. Taking deposits and managing settlement through accredited lawyers. You may also arrange your own sales agents if you wish, but we will control visitors to ensure a high level of security within the resort. Management reserve the right to charge Membership joining fees to new owners of re-sale apartments not resold via Sunplay

How do I obtain a retirement visa for Thailand and open a Thai bank account?

As a foreigner you are required to firstly obtain the retirement visa from the Royal Thai Embassy in your country of residence and are required to prove that you have an amount equivalent to THB 800,000 in savings. Alternatively, a minimum monthly income of THB 65,000 totalling not less than THB 800,000 per annum as income. Once you arrive in Thailand with your retirement visa, you are then eligible to open a bank account in Thailand and remit the amount of THB 800,000 to the Thai bank account for at least 60 days for purpose of first retirement visa renewal and at least 90 days for subsequent retirement visa renewal in Thailand.

A more detailed analysis of buying property in Thailand

The following is a summary of the basic principles of Thai property ownership.

Am I allowed to buy land/property? Although Thai law (the Land Code) prohibits foreigners from owning land in Thailand, there are legally tested ways in which foreigners can effectively own or have control of land and still comply with existing Thai laws. The following three procedures are the most common:

Condominiums

Foreigners can own a condominium in their own name, providing that not more than 49% of the aggregate unit space of the entire condominium development may be owned by foreigners.

Once the foreign quota is full, foreigners can still lease condominium units and these leases can be registered with the Land Department. Foreigners also sometimes establish a Thai company and acquire the freehold of the condominium unit.

Foreigners who are not resident (work) in Thailand must bring the money to purchase the condominium unit in from overseas and must provide evidence to the Land Department when transferring the unit.

Apartments (where the building is not registered as a condominium) can also be leased long term.

The purchase of land through a Thai limited company

Buying land property in a Thai company name is a popular choices among foreigners who wish to acquire an interest in freehold land in Thailand (as opposed to the leasehold option below).

In order to comply with Thai law, the majority of the shareholders of the company must be Thai and must hold at least 51% of all shares. The foreign shareholding can hold a maximum 49% of the registered share capital.

In previous years, nominee shareholdings (where the Thai shareholders were simply named individuals with no financial interest in the company and with weighted voting rights being given to the foreign shareholders) developed as a way of giving foreigners control of the company’s affairs. However, the Thai Government cracked down on Thai companies set up with nominee Thai shareholders.

Now every company with foreign promoter shareholders and/or directors is subject to scrutiny) and disproportionate voting rights, which has led to a change in the initial company set-up.

Registering of a leasehold interest

A registered lease is relatively uncomplicated and easy to acquire and register. A long term lease can be held and registered in your own name (no company required).

Foreigners are permitted to lease land in Thailand for a maximum of 30 years with an option to renew for a further 30 years. A lease registered with the Land Office remains in force throughout the term of the lease regardless of whether the freehold owner sells or otherwise transfer the freehold.

However, even though the land owner may agree to a renewal clause in the lease agreement it is uncertain whether this right can be enforced against purchaser/successor of the freehold interest.

If the lessor is a company and the company is sold, as opposed to the land held by the original lessor, the situation would not change and the new shareholder would then have to deal with the lessee based on the original lease agreement.

The vast majority of cases are transactions where landowner are companies. These lease agreements often have additional safeguards in relation to sale of the land by the company/owner. As opposed to land, a foreign buyer can have the ownership for a house registered in his own name although with only a lease of the underlying land.

Be aware that this is merely a summary as a reference guide. We suggest that you should seek advice from qualified legal counsel when leasing or purchasing a property in Thailand.

facebook_icon
Youtube_icon
fon-icon+6687 945 6321
grace@sunplay.asia