StrataSix Guide To Thailand
Living The Productive Life In Thailand
Thailand has long been known as a tourist destination with pristine beaches, tropical islands, buddhist temples and vibrant nightlife. But in more recent times, its identity has transformed into an epicentre for entrepreneurs, solopreneurs and remote workers.
Thailand is a sought-after destination in Southeast Asia because it’s affordable, high standard of living. Few other places in the world can match Thailand’s cost-to-quality-of-life ratio.
Strategically located between four other countries, Thailand is also the second largest economy in Southeast Asia. The nation has a fast-rising startup scene and offers investment opportunities for inclined foreign investors.
As more entrepreneurs and remote workers have made Thailand a temporary or recurring base, it’s reputation as a place to grow your business and network has increased. But, for all it promises, doing productive work and finding network opportunities aren’t assured when touching down.
In this guide, we’ll show you how to be most productive, find the best networking opportunities and grow your business in Thailand. From residences built for remote work, to connecting with high-value networking communities, we’ll cover it all.
A Different Way to Do Thailand: How To Use This Guide
Type “Thailand guide” into Google and you will be hit with one of two things.
First a holiday guide that tells you about the tourist attractions to see. Or, second, a digital nomad guide to living in Thailand.
This guide is different.
You see, here at StrataSix, we’re not just about travelling. Sure, seeing the world as at our core. But there’s more to it than that.
We’re building a world where productivity is a default feature wherever you travel in the world. It’s a world for global citizens. Where from Day One in any of our locations you are plugged in and have everything you need to do great work.
There are thousands of amazing cities to travel to in the world, no doubt. We’ve handpicked only the best to build our residences. These are the locations built for productive work, building your business and growing your network.
If this lines up with your goals, then read on…
You’ve Got High Standards, And So Do We
You will hear us use the word standards a lot. There’s a good reason for this.
Typically, traveling and working comes with no guarantees about the experience you will get in any location.
There’s no assurance that the Airbnb or rental you book will come with fast internet, an ergonomic workstation and environment you need to be productive. And we know from personal experience there’s nothing worse than discovering patchy internet on the first day of a month-long booking.
Zooming out even further, not all locations themselves have the standards required to be productive, build your business, and network. Some cities, while great for tourist attractions, lack community and high-value networking opportunities.
StrataSix introduces standards to remote life where they have never before existed.
The destinations we select for our residences and the residences themselves come with vetted standards that we won’t compromise on. Standards that you can expect anywhere you travel with StrataSix.
StrataSix Standards For Travelling Thailand
When you work and travel Thailand with StrataSix, you are assured of elevated standards. Whichever Thai locations you stay in, you will enjoy the following standards:
- Residences: Secure properties, optimized for sleep & smart technology
- Community: Coworking & networking opportunities
- Work: Connectivity, workstations & technology
- Convenience & Safety: Flexible touchless check-in, cleaning & security
- Health: Fitness center access, pillow & mattress, healthy food prep.
Why do we go to so much effort to create these standards? Because we know, personally, they can be the difference between productivity and distraction or growth and stagnation.
Simply, when you arrive in a location that is ready-made for productive work, it means you can get more done from day one and not spend weeks getting “setup”, losing valuable time that should be spent growing your business or portfolio.
So, now you know the standards to expect, let’s look at what life’s like in Thailand with StrataSix.
Who Thailand Is Good For
Thailand is a StrataSix selected location for productive remote living for:
- Entrepreneurs
- Solopreneurs
- Remote workers
- Freelancers
- Investors
The main reasons Thailand makes the cut on our list is that it provides an exceptional lifestyle, offers modern visa options, and allows for 180-day stays without onerous tax requirements.
Thailand is also a hotbed of entrepreneurs and remote workers. Which, if you know the right circles, means there is abundant opportunity to grow your network.
Growing Your Network In Thailand
Looking to expand your network in Thailand? Search Facebook and you will find countless networking groups. You will also find a huge range in the types of groups, from just landed digital nomads to fully entrenched expats living like locals.
Your second option for networking is spending time in coworking spaces across Thailand. Here, you will be plugged in alongside many other entrepreneurs, solopreneurs and remote workers. Though, building meaningful connections can sometimes be a challenge in coworking spaces as they depend on sitting next to the right person at the right time.
Looking for more substantial high-value networking opportunities with entrepreneurs and investors? That’s exactly what the StrataSix Founders Circle/Community gives you.
The StrataSix Founders Circle/Community taps you into an established network the moment you land in Thailand — and anywhere else in the world. Shoulder to shoulder with other entrepreneurs and investors, it gives you opportunities to grow your business, unlock new ventures and access funding.
Thailand Visas
Being a popular tourist destination, Thailand visa requirements, on the whole, are straightforward and accessible.
Stays of up to 90 days are permitted to most of the world’s passport holders, with varying levels of processing involved. Below is a breakdown of the Thailand tourist visa requirements that come with 90-day durations.
- Visa required: 58 countries, such as Syria, Kazakhstan and Afghanistan
- e-Visa: 31 countries, such as Philippines, Ethiopia and Australia
- Visa Free: 74 countries, such as Tuvalu, United Kingdom and Romania
- Visa on arrival: 27 countries, such as Jamaica, Armenia and Madagascar
- Travel restricted: 2 countries, such as Georgia, North Korea
- Extended visas: Education, Self-defense, Business (6 months-3 years duration)
Staying In Thailand Longer Term: Visas, Residency & Citizenship
Arrived in Thailand and decided you want to stay awhile?
Or like the idea of making Thailand a second base for part of the year?
Then you are likely wondering how to get Thailand visa that gives you the right stay beyond the standard 90 day period.
Then, you’ve got options for longer term visas, residency and citizenship options.
Thailand might not offer the same type of tax or citizenry benefits of some other locations, but the lifestyle it provides makes it an ideal location for longer-term living.
When planning where you will “plant your flag”, favorable visa options make it relatively simple, flexible and affordable to make Thailand part of your strategy.
It is also possible to apply for Thai citizenship after holding permanent residence status in Thailand for 10 consecutive years.
Thailand Elite Visa
If you want to stay long term in Thailand, the Thailand Elite Visa is the answer.
The Thailand Elite Visa is designed for business owners, digital nomads, investors and high network individuals who want to move to Thailand. The Thailand Elite Visa is a great option for StrataSix members. Frankly, it’s almost as if it’s been created specifically for our needs.
The Thailand Elite Visa is offered on a 5, 10 or 20 year basis. The benefits the visa include:
- Allows you to stay in Thailand for up to 20 years
- Uninterrupted stays with no requirement to leave the country
- Expedited immigration procedures
- Special discounts at hospitals, hotels, spas, restaurants, department stores, and golf courses.
- Privileged personal immigration services and assistance
Thailand Elite Visa Costs
- 5-year visa: 600,000 THB (appx. USD$18,000) with no annual fee
- 10-year visa: 1,000,000 THB (appx. USD$30,000) with no annual fee
- 20-year visa: 2,000,000 THB (appx. USD$60,000) with a $650 annual fee.
Like other Thailand visa requirements, the Thailand Elite Visa requires you to report to Thailand immigration every 90 days.
The good news is, once you have reported to immigration in person once, your subsequent 90-day notifications can be completed online.
For full information about Thailand visas, visit the Ministry of Foreign Affairs of the Kingdom of Thailand website.
Thailand Smart Visa
The Thai government has recently introduced the Smart Visa, which is, largely, in response to the growing number of digital and remote workers residing on its shores.
The Smart Visa is designed to attract highly-skilled talent, investors, executives and startups entrepreneurs who want to work or invest in targeted industries.
Smart Visa holders are permitted to stay in Thailand for up to four years. They are also exempt from work permit requirements and benefit from additional privileges.
Thailand Residence-by-Investment
Another way to secure residence in Thailand is through investment.
The Thailand Elite Flexible One Program was recently created to make residence-by-investment more accessible.
There is a minimum investment requirement of THB 10 million. This can be invested in one — or a combination of — real estate, a fixed deposit account or government bonds.
The Thailand real estate market provides a direct path into the booming Asian market. The modern Thailand real estate market offers upscale architecture and amenities at affordable prices with strong rental yields.
The Thailand Elite Flexible One Program
The Thailand Elite Flexible One Program allows foreign investors to purchase real estate in Thailand. It also provides access to a privileged multiple-entry visa.
Successful applicants in the Thailand Elite Flexible One Program are granted residence status for five years, with the option to upgrade to other Thailand visas after two years.
It’s important to note investment opportunities are pre-vetted from a pool of leading Thai developers who participate in the program. This process ensures only high-quality investment opportunities are presented.
Thailand Elite Flexible One Summary
General Info
- Minimum real estate investment of THB 10 million (approximately USD $320,000) invested in single or multiple properties.
- 5-year multiple-entry visa
- THB 500,000 (appx. USD$15,000) with no annual renewal fees.
Conditions
- Membership can be upgraded to other Thailand Elite Packages.
- Applicants cannot mortgage, sell or transfer their property within these 5-years.
- Applicants must own property not less than Bt10 million from participating developers.
- Non-transferrable
Other Benefits
- Airport Services (On departure and on arrival)
- VIP Thailand Elite Personal Liaison luxury concierge service
- Hassle free 90-day immigration reporting
- Special discounts at leading hospitals, hotels, spas, restaurants, department stores, and golf courses
Thailand Tax
But what about taxes? A natural question to ask when eyeing any new destination as part of your digital living strategy.
Thailand isn’t a destination that comes with the same tax benefits as other StrataSix locations, for instance Panama. However, there is still ample opportunity to enjoy the incredible lifestyle that Thailand offers without running up a sizable local tax bill.
Who Is Subject To Tax in Thailand?
If you spend more than 180 days in a calendar year in Thailand, you will be considered a resident and be subject to taxation.
Anything less than 180 days and you are considered a non-resident with no Thai tax obligations, except for income (including from investments) earned in Thailand while in the country.
This structure means that, if you want to spend extended time in Thailand, it’s important to explore multi-entry visas that allow you to stay under the 180-day tax threshold.
Is Foreign Income Taxed in Thailand?
If you spend 180 days a year in Thailand and become subject to tax. This applies to all income you earn worldwide.
Thailand income tax applies to worldwide income, in the same way the US tax system works. The key difference between the US and Thailand is that only residents are taxed on worldwide income, whereas non-residents are only taxed on income generated in Thailand.
US Taxes When Living In Thailand
Like elsewhere in the world, if you are a US citizen or resident, you are required to file US taxes each year while living in Thailand. That said, the US and Thailand share a tax treaty that has a primary purpose of avoiding double taxation.
The US-Thailand tax treaty only comes into effect if you spend more than 180 days in Thailand and become subject to local tax.
General Tax Thresholds For Thailand Residents
- Expats earning less than 150,000 Baht are exempt from income tax.
- Expats earning more than 150,000 Baht but less than 500,000 Baht will be taxed at 10%.
- Expats earning more than 500,000 Baht up to 1 Million Baht will be taxed at 20%.
- Over 1 Million but less than 4 Million Baht will be taxed at 30%.
- Over 4 Million Baht will be taxed at 37%.
Money, Banking & Cryptocurrency
Currency
The Thai Baht (THB)
Bank Accounts
Non-Thailand residents are permitted to open a bank account in Thailand, but with some limitations.
Provided you are on a Non-immigrant, Long-Stay or business visa, you can generally open a bank account. You will be required to present your passport and visa, as well as other documentation like your proof of residence, lease agreement and Thai driver’s license.
If you are a tourist visa holder, banks won’t permit you to open a bank account.
Thai Debit Cards
If approved for a Thai bank account, you will automatically receive a debit card. The debit card will allow you to deposit and withdraw funds, and avoid international transaction fees.
Thai Credit Card
Getting a Thai credit card can be a cumbersome process that, ultimately, doesn’t have equivalent upsides in most cases.
But, if you are set on obtaining a Thai credit card, you will need to provide a valid work permit, relevant visa documentation and proof of income. Minimum monthly income requirements also apply
The reward for going to all that effort? No international transaction fees on purchases.
Best Bank For Expats
If you’re planning to live in Thailand for a while, opening a bank account may be a logical option. Especially if you are earning income domestically.
Though, if you aren’t planning to stay long-term, there is no huge upside to opening a local bank account, beyond marginal savings you will make with transaction fees.
Bangkok Bank is widely considered the best option for foreigners. The bank is known for being easier to work with and more accommodating of foreigners. It’s also the largest Thai bank, typically offers the most favorable wire rates, and has a broad global presence.
Making Purchases
Major credit cards like Visa or MasterCard are accepted in Thailand, though you may run into challenges with smaller vendors. Cash payments are the primary method in Thailand, outside of large retailers, hotels and restaurants.
Transaction fees
Typical charges when using foreign credit or debit cards are about 3% for Visa or MasterCard and up to 5% for American Express. These local fees are on top of what your bank may charge you.
Cash Withdrawals
ATMs are everywhere In Thailand. You will find them in convenience stores, banks, malls and supermarkets.
It’s easy to withdraw Thai Baht using a foreign debit or credit card. Though you will typically be charged a withdrawal fee of around 300 Baht.
The Best Way To Pay In Thailand
Cash Rules Everything
Thailand is still very much a cash economy. So withdrawing large amounts and carrying what you need is your best option. This will minimize withdrawal fees and means you won’t get turned away from the many restaurants and stores that don’t accept credit cards.
Most ATMs limit withdrawals to 20,000-30,000 Baht. Withdrawing the amount each time is the best approach for having the cash you need while minimizing transaction fees.
Always choose the “Without Conversion” option when withdrawing money in Thailand. This, typically, will give you a better exchange rate. ATMs will usually dispense 1,000 Baht notes which small vendors and taxis often won’t accept. So try and break these in advance at larger restaurants or shops.
Paying By Card
If carrying cash isn’t your thing, you will generally be OK using a credit card, but may be limited to shopping malls, resorts and larger retailers. Also keep in mind that if you are constantly paying with a foreign credit card or debit card, you may be subject to international transaction fees that eventually add up.
If you are set on using a credit card, your other option is to apply for a credit card with no international transaction fees. If you are a US resident, Bank of America and Capital One offer two of the best no transaction fee credit cards.
Cryptocurrency
Thailand was early out of the gate with legislation that specifically addresses cryptocurrency and digital assets. But, don’t mistake that for being overly crypto friendly.
Thai crypto legislation largely focuses on regulating initial coin offerings and business activities involving digital assets. In short, all activity in this space must be registered and approved by Thailand’s Securities and Exchange Commission (SEC).
Despite progressive moves to create some regulatory certainty around digital assets, the central Bank of Thailand has issued strong warnings that cryptocurrencies are not legal tender in Thailand.
The Bank of Thailand and SEC are also working on additional regulations surrounding cryptocurrency capital gains.
Buying & Trading Cryptocurrency In Thailand
Thailand has seen the emergence of several players in the local market, namely crypto exchange Bitkub and Zipmex. These local exchanges come with the standard protocols around KYK and security.
While purchasing or transferring cryptocurrency on local exchanges is relatively straightforward, it’s the fiat off ramp that foreign investors need to be wary of.
The Bank of Thailand imposes strict restrictions on transferring large amounts of funds out of the country. To do so, you will need to seek approval from the bank and may be subject to taxes and duties.
So, before adding any funds to a Thai crypto exchange, be sure to carefully plan your fiat exit route. Or, simply, reserve your crypto activity to offshore exchanges.
Healthcare & Access To Medical Care
Compared with the US and Western Europe, healthcare is cheaper in Thailand. Although foreigners working in Thailand have access to free public care, most expats opt for private treatment, as private facilities offer faster and higher quality treatment.
Private, high-quality medical care in Thailand is affordable and easily accessible. Private clinics will typically charge around USD$30-40 for a full consultation.
Like anywhere you travel, it’s always smart to have travel insurance. However, unless you have zero excess coverage, it’s often cheaper to pay for private medical consultation, rather than make a claim. Private health insurance claims are best kept for more substantial hospital stays or surgeries.
Investing In Thailand
Real Estate
If you aren’t a Thai resident, you can’t legally own land in the country. Unless you are willing to bring THB 40 million into Thailand. Doing so permits you to own 1,600 square meters of land, but for residential purposes only.
Non-residents can own units in a condominium, but the ownership must not exceed 49%. The other condition for ownership of condominium units is that the money used is not sourced from within Thailand.
Foreign real estate investors don’t have to pay for property tax on their investments.
As mentioned earlier, the best option for investment in real estate in most scenarios is via the residence-by-investment visa program that connects foreign investors with pre-vetted Thai developers
Securities
Foreigners can trade on the Stock Exchange of Thailand (SET).
Much like anywhere else in the world, you will require a brokerage account. Setting up a brokerage account usually requires a long-term visa, rather than a standard tourist visa.
From a non-institutional trading standpoint, foreigners can make trades via SET member brokers.
SET offers different types of shares for both local and foreign investors which come with various conditions:
- Local Shares: Both local and foreign investors can trade local shares, but foreign investors are not entitled to dividends and voting rights.
- Foreign shares: (stock symbols with suffix “–F”): SET has established a foreign trading board where foreign investors can register their investment holdings and be eligible for the same benefits as local investors. Most SET-listed Thai companies have foreign ownership restrictions.
- Non-Voting Depository Receipt (NVDR): (stock symbols with suffix “–R”): SET created Non-Voting Depository Receipts (NVDRs) to stimulate trading activity and to help eliminate barriers of foreign holding limits. NVDRs automatically carry the same prices and financial benefits as their underlying securities; the only difference is that NVDR holders do not have voting rights.
History shows that Thailand’s economy is subject to geopolitical risks. So, these should be factored into any investing decisions.
StrataSix Selected Locations For Remote Work
Chiang Mai
Overview
Chiang Mai is situated in the hilly surrounds of northern Thailand, 700 kilometers north of Bangkok.
Chiang Mai is the second-largest city in Thailand. Historically a quiet religious city featuring streets lined with Buddhist, Chiang Mai has transformed into a hotspot for entrepreneurs, solopreneurs and remote workers.
Chiang Mai is a selected StrataSix destination for its advanced digital infrastructure, quality of lifestyle and coworking options. StrataSix’s Chiang Mai apartments also come with all the modern trappings you need to do productive work.
Chiang Mai is often the first stop for first time digital nomads living on a shoestring, but the StrataSix community connects more experienced entrepreneurs, remote workers and investors.
Getting to/from Chiang Mai
Regular flights arrive in Chiang Mai Airport from Bangkok and other major Asian hubs, in particular.
Making your way to Chiang Mai from the U.S., Europe or Australia typically requires you to go via Bangkok or elsewhere in Asia.
Chiang Mai Airport is located about 15-20 minutes from the center of the city.
Best Chiang Mai Neighborhoods
The Old City
The old city is usually the starting point for visitors to Chiang Mai. Surrounded by ancient stone walls, The Old City is lined with accommodation, restaurants and businesses targeted at tourists. It’s a great jump off point for your early days in Chiang Mai. You will have access to everything you need within walking distance.
Nimmanhaemin
Further north from The Old CIty, Nimmanhaemin is a hip, bustling area that’s teeming with activity and digital expats. Nimman, as it’s affectionately called, is the most upscale part of Chiang Mai and is filled with higher-end accommodation, coffee shops, bars, shopping malls and coworking spaces.
Nimman offers some of the best apartments in Chiang Mai. So, if you are planning to stay for any extended time in Chiang Mai, Nimman is the spot to be.
Chiang Mai Accommodation
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Chiang Mai Temperature
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Transport
- Songthaew – The red trucks you will see everywhere can easily be hailed and will take you to your nominated destination.
- Grab Taxi – Similar to other ride-share apps, Grab Taxi can be used to order a taxi via an app on your smartphone.
- Scooter – If you’re staying a while, hiring a scooter can be your best option for getting around Chiang Mai.
Safety
- Very high, low crime.
English Proficiency
- Low (11/100)
Phones & Connectivity
- Best Local Sim Cards: TrueMove or AIS
- Best option for U.S. Residents: Google Fi, gives you a flexible, unlimited plan for telephone calls, SMS, and mobile broadband in 200+ international locations.
- Local Internet Speeds:
- Broadband: 93mbps
- Mobile: 29mbps”
Coworking
Health & Fitness
Bangkok
Overview
Bangkok, the capital of Thailand, is the quintessential modern South East Asia city. It’s fast-paced, busy and built on a network of modern digital amenities. Bangkok is also the central hub for Thailand’s burgeoning startup scene.
Millions of people visit Bangkok each year. It’s combination of high quality living, business-oriented mindset, convenience and networking opportunities make it a selected StrataSix destination.
Modern, affordable Bangkok apartments fitted with dedicated remote work amenities are available in the city’s most desirable neighborhoods. And Airbnb Bangkok also offers more tourist-centric accommodation options.
Bangkok is the most vibrant, bustling city in Thailand. Think lines of traffic, the sounds of scooters whizzing by and the sometimes oppressive combination of humid heat and car exhaust fumes.
With it’s combination of high living standards and convenience, Bangkok is an exceptional location for building a business, investing and connecting with other higher level expat entrepreneurs and investors.
StrataSix apartments in Bangkok are modern, perfectly situated and come with verified standards for remote living.
Getting to/from Bangkok
Regular international flights from most regions in the world fly into Bangkok’s Suvarnabhumi Airport. The airport is around 30 minutes away from Bangkok city center. Wondering: “Is Uber in Bangkok?” and can you catch one from the airport. The answer is no. See below for other transport options.
Best Bangkok Neighborhoods
Silom
Located in the heart of the business district, Silom offers a great central location that features many restaurants and bars. With glistening skyscrapers, Silom is Thailand’s version of Wall Street in many ways. From Silom, it’s easy to access the rest of downtown Bangkok by Skytrain.
Sukhumvit
Sukhumvit is one of the most vibrant parts of Bangkok, due to tons of bars, nightclubs, restaurants and shopping malls. It’s the contemporary, cosmopolitan part of Bangkok where you will find luxurious hotels, modern condos and the amenities of modern city living.
Chiang Mai Accommodation
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Chiang Mai Temperature
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Transport
- Songthaew – The red trucks you will see everywhere can easily be hailed and will take you to your nominated destination.
- Grab Taxi – Similar to other ride-share apps, Grab Taxi can be used to order a taxi via an app on your smartphone. (Note: Uber Bangkok is no longer an option due to the app shutting down in the region)
- Scooter – If you’re staying a while, hiring a scooter can be your best option for getting around Chiang Mai.
Safety
- Very high, low crime.
English Proficiency
- Low (11/100)
Phones & Connectivity
- Best Local Sim Cards: TrueMove or AIS
- Best option for U.S. Residents: Google Fi, gives you a flexible, unlimited plan for telephone calls, SMS, and mobile broadband in 200+ international locations.
- Local Internet Speeds:
- Broadband: 93mbps
- Mobile: 29mbps”
Coworking
Health & Fitness
StrataSix + Thailand
With it’s high living standards and modern conveniences, Thailand is an exceptional choice for remote living.
With just a little bit of strategic thinking it’s possible to unlock uninterrupted long-term stays, investment opportunities and favorable tax arrangements. And, in this guide, you have everything you need to build a plan that works for your remote lifestyle.
If your goal is to stay productive, expand your network and grow your business in Thailand, StrataSix helps you do just that.
From work-ready residences to high caliber networking opportunities, StrataSix’s global network ensures you are plugged in and doing great work from day one.
So, just one thing left to ask… ready to make Thailand your next stop?
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