Editor: Cheyenne Hollis
Pages 12, Dot Property Magazine ISSUE 023 Q2 2018
More expatriates are choosing to retire in the Philippines. People from the USA, Australia, Singapore, Hong Kong, and many Nordic countries are all enjoying the Filipino lifestyle these days. Ever wonder why are more ex-pats are looking to retire in the Philippines? There are quite a few reasons, but here are four of the most popular ones. 1) THE BEAUTIFUL BEACHES Among the first things most ex-pats wanting to retire looking for picturesque beaches. After having worked hard to save for this moment, retirement should be one long holiday. Beach destinations remain the most popular place for ex-pats to retire and there is no shortage of sandy shores and beautiful blue waters in the Philippines. Cebu is growing as a retirement destination thanks to a booming city and access to countless beaches. Meanwhile, Dumaguetehas have arguably been the go-to spot for ex-pats looking to settle into the retired life thanks to its sparkling beaches and laidback ambiance. 2) LOW COST OF LIVINGIf the first thing most ex-pats look for in a retirement location is the surroundings, the second aspect is the cost of living. While places like Thailand and Cambodia may be cheaper, the cost of living in the Philippines is competitive with these countries. According to research from International Living, most ex-pats can live comfortably on USD 1,000 per month. This total includes dining out and domestic travel and tends to be less than most monthly pensions or social security benefits. 3) DESIRABLERETIREMENT VISARetirement visas play a big role in where ex-pats decide to retire. TheSpecial Resident Retiree’s Visa issued by the Philippines’ Bureau of Immigration is among the best. Privileges include multiple-entry access with the right to stay indefinitely in the Philippines. Those with pensions aged 50 and above need to have a monthly pension of USD 800 and deposit USD 10,000 in a bank account while those without a pension can deposit USD 20,000 in a bank account to be eligible for the visa. 4) FAMILIAR CULTUREPerhaps the most overlooked aspect is the familiar language and culture the Philippines offers ex-pats choosing to retire here. Retirees coming from places such as the USA and Australia will likely be familiar with Filipino culture thanks to the large diaspora. Even those without the experience are comfortable in the country thanks to the widespread use of English. This makes the Philippines more desirable than other Asian countries where language and communication can be an issue.