Requirements + The Pros & Cons Of Retiring In The Philippines | expatne.ws
15 June 2023
Retiring in the Philippines can be a great way for retirees to enjoy their golden years and lower costs of living. With its tropical climate, diverse culture, amazing natural beauty, and friendly people, retirement in the Philippines can be an optimal choice for many retirees.
Requirements for Retirement in the Philippines
To retire in the Philippines, foreign applicants must meet certain requirements set by both the Philippine government and the Bureau of Immigration. These requirements are intended to protect the country from abuse and ensure that retirees are able to make a successful transition into life in the Philippines.
First, foreign applicants must obtain a Special Resident Retirement Visa (SRRV) which requires them to demonstrate that they have a monthly income or pension of at least $1,500 USD or roughly 75,000 Philippine Pesos per month. Those who have deposited at least $50,000 USD (or 2 million Philippines Pesos) into banks located within their country or in an approved financial institution within the Philippines can also qualify for this visa.
The applicant must also prove they are above 50 years old as well as provide proof of health insurance (or ability to pay hospital bills). Lastly, they must submit a copy of criminal history records from within their home country (most countries require this anyway).
Pros of Retirement in the Philippines Low Cost-of-Living: The low cost-of-living is one of the biggest attractions for retirees moving to the Philippines. The currency exchange rate is favorable and most consumer goods are very affordable when compared with other countries such as America or Europe. In fact, bills such as utilities and taxes tend to be cheaper than elsewhere due to government subsidies and tax advantages that come with retirement visas granted by local governments like Manila’s SRRV program.
Beautiful Landscape: With its stunning beaches, volcanoes, rice terraces and lush forests – it’s no wonder why so many people opt for retirement in the Philippines – because it’s just plain beautiful! If you appreciate nature but you don’t want cold winters or scorching summers than this tropical paradise is perfect for you!
Diverse Culture & Friendly People: The people of the Philippines are known around the world for their hospitality; smiling faces greet everyone who enters communities here – no matter where they come from or how much money they have! With over 175 different languages spoken throughout its islands; one could easily immerse themselves into various cultures found here – making it another great benefit of retiring here!
Cons of Retirement in The Philippines
Limited Infrastructure: While there has been plenty of progress throughout recent decades; infrastructure like roads & public transportation is still lacking compared with other countries – making life here difficult if you rely heavily on such services. Also medical care may not always meet international standards though there have been improvements over time thanks largely due to international doctors volunteering service at rural clinics however access may still be limited outside major cities & tourist zones.
Dilapidated Housing: A large majority of housing available especially outside major cities tends to be run down; often without proper plumbing & electricity which can make life difficult if you’re not accustomed to these living conditions. This may be fine if your budget is limited – however it’s important to do your research before committing yourself & spending any money here!