Thailand: Country Overview

The land of smiles: From temples to beaches

Thailand is a fascinating tropical country with stunning nature, cultural depth, and hospitable locals. Home to international cities like Bangkok, luxurious coastal retreats, and historical sites, it sustains itself through tourism, textiles, and technology.

Attracted by its mild weather, famous Thai cuisine, and diverse activities, travellers find Thailand a haven for adventure, relaxation, or cultural exploration. It’s the ideal place for digital nomads, entrepreneurs, holiday seekers, and retirees.

Thailand – Country Highlights

Economy

GDP (nominal): $512.19bn
Comparable to Israel and Austria

GDP/capita: $7,298
Comparable to Colombia and Belarus

GDP growth: 2.7% (annual, 2023)
Steady rate of 3% forecasted (2024-2028)

Population

Size: 71.7 million people

Median age: 40.7 years
Compared to 30 in Panama and 34 in Costa Rica

Density: 140 people/km²
Comparable to Czechia and Cyprus

Climate

Average temperature: 27°C
Ø low of 22°C and Ø high of 32°C

Sunshine hours/year: 2634h
Compared to 1,631h in Germany and 2,891h in Panama

Average precipitation/year: 1622mm
Comparable Switzerland and El Salvador

Language

Thai 90.7% (official)
Malay, Burmese, English (27%)

Religion

Buddhist 92.5%
Muslim 5.4%, Christian 1.2%

Security

Legatum Safety Ranking: 117th of 167
Comparable to Brazil and Jamaica

Royal Thai Armed Forces: 850,000 (active)
Budget: $5.5 bn, 1.5% of GDP, Cyprus conflict is on-going

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Real estate market

Average Price per Square Meter: $5373 (Bangkok)
$1937/m2 in Chiang Mai
$1777/m2 in Pattaya

Gross Rental Yield
In City Center: 2.8 – 3.1%
Outside City Center: 3.2%

Strong demand from foreign buyers.

Government

Partly Free Country
Freedom Score 36/100 according to the Freedom House World Report

Constitutional Monarchy
Representative: King Rama X Vajiralongkorn
Executive: Prime Minister
Legislative: House of Representatives & Senate
Judiciary: Supreme Court, Administrative Court, Constitutional Court

Elections are every 5 years.

Taxes

Territorial tax law
0% tax on foreign-sourced income, 30% on local income

Tax haven
No capital gains tax, no crypto tax, no dividend tax and no inheritance tax

Cost of living

Annual Inflation (CPI): 1.5% (2023)
Latest -0.77% (Feb 2024); forecasted <1%

Cost of fuel: $1.25/liter

Cost of electricity: $0.11/KWh

Annual cost of food:$1,028
Compared to $2,418 in the UK and $1,737 in Malaysia

Healthcare

Universal Healthcare
Free healthcare to all Nationals. It ranks amongst the best in the world. Thailand is a leading medical tourism destination.

Doctors per capita: 0.93
per 1,000 people, WHO Global Workforce Statistics, 2020

Life expectancy: 78.7
(HMD 2023)

Education

Free education through high school
94.1% adult literacy rate

Tertiary Education attainment: 15.63%
of adult population; Malta ranks 64th globally

Developed private school market for international degrees and English courses.

Living in Thailand: Unique Benefits

Medical tourism hub

Thailand is renowned for its world-class healthcare facilities and affordable medical treatments. They even have luxury hospitals where you can stay in a full suite room, in the style of a 5 star hotel, for around $470 a night.

Private international schools

There are around 91 private international schools in Bangkok alone making it a very attractive location for expats who are seeking international education for their children.

Best tourist destinations in Asia

4 of the 16 best tourist destinations in Asia are in Thailand according to US News: Phuket on rank 3, Chiang Mai on rank 6, Railay Beach on rank 13 and Bangkok on rank 16. Enjoy some of world’s best holiday resorts in these unique destinations.

Affordable full-time maids & nannies

It is very common in Thailand to have full-time maids or nannies supporting your household in cleaning, cooking and childcare. This luxury is very affordable here, at a cost of around $420 to $620 per month for one full-time maid.

Large expat community

There are 3-4 million foreigners living in Thailand, which make up around 5% to 6% of the total population. This large expatriate community, helps you to easily connect and adapt to your new home. It’s also great for networking with like-minded people for international business opportunities or simply for fun.

Best massages in the world

According to medical research, Thai massages, are ranking among the best in the world. Benefits of Thai massages are increased flexibility and range of motion, ease of back pain, reduction of headaches, aiding with digestion and lowering stress and anxiety. Enjoy this relaxing benefit at very affordable prices in Thailand.

Thailand: surprising must-knows and fun facts

Land of white elephants

Thailand is famous for its sacred white elephants. In fact, they are not really “white”. They just have a lighter pigmentation than the typical grey color. Their skin may have a light grey, pink, or yellow hue, which appears white in certain light conditions. In Thai culture they are a symbol of royalty and prosperity.

Home to world’s smallest mammal

The bumblebee bat, found in Thailand, is the world’s smallest mammal, weighing as little as 2 grams. This bat, also called Kitti’s hog-nosed bat, can reach a maximum size of just about 29 to 33mm.

World’s largest gold Buddha

The statue in Wat Traimit, Bangkok, is the world’s largest solid gold Buddha statue, standing at nearly 3 meters in height and weighing 5.5 tons. The statue is estimated to be worth 250 million US dollars.

City with longest name

Surprisingly the well-known city Bangkok holds the record for the longest city name according to the Guinness World Records, with its full official name being: Krung Thep Mahanakhon Amon Rattanakosin Mahinthara Ayuthaya Mahadilok Phop Noppharat Ratchathani Burirom Udomratchaniwet Mahasathan Amon Piman Awatan Sathit Sakkathattiya Witsanukam Prasit.

Origin of the Siamese cat

Thailand, historically known as Siam, is the birthplace of the Siamese cat, one of the most recognized breeds of domestic cat. A pure-bred Siamese kitten can cost anywhere between $200 and $1000 US Dollars.

A haven for orchids

Thailand is the world’s leading exporter of orchids, boasting over 1,500 species. The country’s tropical climate provides the perfect conditions for these vibrant and exotic flowers to thrive.

Welcome to Thailand: The land of smiles

Thailand, often called the land of smiles, offers unique experiences for everyone: lush jungles, busy street markets, legendary rooftop parties and serene beaches. Whether you’re drawn to the metropolitan streets of Bangkok, the tropical beaches of Phuket, or the historic charm of Chiang Mai, Thailand provides both adventure and relaxation. The Thai economy is based on tourism, textiles, and technology. At Pallas we support you with a seamless service to get the golden visa or retirement visa in Thailand which is a great option for many investors, entrepreneurs and retirees.

Economic and demographic overview

Thailand’s economy, with a GDP of approximately $512.19 billion, is comparable to nations like Israel and Austria. Its diverse economic sectors contribute to a steady growth forecast, promising opportunities for investors and business professionals. Thailand’s population, median age, and density reflect its status as a mature and accessible market. The moderate temperatures and plenty sunshine hours create a comfortable climate all year around. This makes Thailand an ideal location for retirees and digital nomads looking for a long-term stay.

Culture and real estate insights

Thailand is not just about instagram locations but also about deep cultural history. The majority Buddhist country offers an environment of peace and spirituality, enhanced by a multi-lingual society that includes fluent English speakers. The real estate market is booming, with properties ranging from more affordable units in Pattaya to luxury spaces in Bangkok, offering excellent rental yields. This upcoming market, combined with favourable tax conditions and no capital gains tax, makes investing in Thai property an attractive choice. Contact us to learn more about how and where to invest in Thailand right now.

Living in Thailand: Benefits and lifestyle

Living in Thailand extends beyond simple residency; it offers a lifestyle. With Pallas, applying for a golden visa or retirement visa opens the door to world-class healthcare, affordable luxury services, and a large expat community. Whether it’s enjoying the globally recognized Thai massages, exploring the local cuisine, or participating in unique festivals like the full moon parties, life in Thailand will keep you entertained. The country’s safety, healthcare, and education system provide a solid foundation for both individuals and families. We will be happy to introduce you to this beautiful country.

Why choose the Thailand golden visa or retirement visa?

Choosing to retire in Thailand or obtaining a golden visa offers numerous benefits. The golden visa, in particular, provides a pathway to extended residency and potentially citizenship, appealing to those looking to invest significantly in Thailand’s economy. Retirement visas are perfect for those seeking a peaceful and cost-effective retirement, with access to affordable healthcare and a lower cost of living compared to Western countries. Pallas specializes in facilitating these visas, accompanying you personally through the whole process and ensuring a smooth transition into Thai society.

Explore and experience Thailand

Endless adventures are waiting for you in Thailand: Explore the night markets of Bangkok or experience the quiet retreats of Koh Phangan. Activities like visiting the floating markets, discovering Phi Phi Island, or relaxing at Patong Beach provide endless leisure opportunities. If you are interested in the Thai culture you should visit the many ancient temples and compare them to the many modern skyscrapers of Bangkok. It’s a country with a fascinating history and a promising future.

Real estate and investment opportunities

Investing in Thailand real estate is a wise decision given the strong demand from foreign buyers and the extensive portfolio available – from busy Bangkok high-rises to peaceful beachfront homes in Koh Samui. Pallas offers expert advice on navigating Thailand property investments, including lucrative areas like Phuket resorts and the emerging market in Pattaya. The favourable tax policies and high rental yields make Thailand an exciting market for international real estate investors.

Conclusion: Your entry to Thailand

With Pallas, obtaining a golden visa or retirement visa in Thailand won’t feel like a bureaucratic process; it’s your entry to a new lifestyle and to many promising investment opportunities. We at Pallas focus on doing all the administrative work for you, so that you can fully enjoy Thailand’s rich history, stunning geography, and friendly people. Whether you are retiring, investing, or both, Thailand offers a welcoming community with unparalleled beauty and potential. Contact Pallas today to begin your journey to the Kingdom of Thailand, and embrace the unique adventures that await in the land of smiles.