Retiring in Paradise
A And G Travel Consultancy Services
While moving abroad can generally be tricky business, the Philippines are more than accommodating to expat retirees.
The Philippines shares maritime borders with China, Indonesia, Japan, Malaysia, Palau, Taiwan (ROC), and Vietnam. The Philippines are an island group of over 7,500 islands; the main islands are Luzon, Mindanao, Mindoro, Leyte, Samar, Negros, and Panay.
The idea of retiring abroad is an appealing one. With no office tying you down, and the option to spend your days wherever—and however—you please, passing your time in a new country calls to many avid travelers. But once you decide to relocate abroad (and get a sense of what it will take to do so), you’ve got to decide where to go.
You can find more information at the Official page of Department of Tourism below.
The Philippine Retirement Authority
The Philippine Retirement Authority (PRA) offers several distinct retirement options in an effort to attract foreign nationals. These range from a visa for retired armed forces officers to another for pensioners aged 35 and above who are in need of medical assistance. Each option has its own requirements, though the Special Resident Retiree’s Visa (SRRV) is the country’s overall standard.
The SRRV’s many benefits include the option to import $7,000 worth of household items into the Philippines tax-free; the ability to work, study, and buy property; and access to PhiHealth, the country’s universal health care program. Discounts at PRA-accredited businesses, complimentary assistance in navigating other government agencies, and an exemption from taxes on pension and other foreign-earned annuities are also part of the draw.
To apply, you must be 50 years of age or older, and have a proven pension of $800/month (or a joint $1,000/month for couples), along with $10,000 deposited in a Philippine bank account. If you’re 50 or older but don’t have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead.