Basic Guide On How To Retire In The Philippines | expatne.ws
21 June 2023
Retiring in the Philippines as a foreigner can be an exciting prospect for many as the country has many beautiful beaches and cities, in addition to its favourable climate all year round. Retiring in the Philippines is a lot easier than most people might think, so here’s a detailed breakdown of the rules and requirements to help you make sure that your retirement experience is as smooth and successful as possible.
Step 1: Finances One of the first things to consider when planning your retirement in the Philippines is your finances. You will need to have enough money saved up to cover your living expenses for at least 2–3 years before you can apply for resident retirement status. The easiest way to do this is by opening a bank account at a reputable Filipino bank and depositing a minimum amount of funds that you will need for living expenses.
Step 2: Getting Residence Once you have established that you have enough funds saved up, then you can apply for residence status by visiting your local Philippine embassy or consulate. Depending on your nationality, you may be able to apply for permanent residence status if you meet certain eligibility criteria, such as having sufficient funds available or being capable of supporting yourself financially while living in the Philippines. If you do not meet these criteria, then there are other forms of residence status available which may still allow you to retire in the Philippines and even qualify for tax benefits and other incentives.
Step 3: Health Care The third step towards retiring in the Philippines involves looking into health care options. While there are public health care facilities available which offer basic services at affordable prices, these facilities may not always meet your needs if you require more specialized care. In such cases, it may be more suitable to look into private health insurance policies which provide coverage for medical expenses incurred overseas as well as those incurred while living in the Philippines.
Step 4: Immigration Laws In order to legally remain and stay long-term in the Philippines, it is important that you also familiarize yourself with its immigration laws so that you can avoid any potential problems upon entry or while staying here long-term. For instance, foreign retirees may need to obtain an Aliens Certificate Registration or ACR I-Card from the Bureau of Immigration (BI) prior to their stay here. This card enables them access to all public places even if they have not yet obtained their residency permit or “green card”. It also serves as proof that foreign retirees are allowed long-term stays in the country without any legal implications.
Step 5: Acquiring Documents Finally, it is important that foreigners seeking retirement status in the Philippines also acquire documents such as a marriage certificate or birth certificate (if applicable) prior to their arrival so they can prove their identity if necessary when entering through Customs and Immigration checkpoints upon arrival at airports or seaports within Philippine territory. Additionally, having valid travel documents like passports and visas when entering or leaving Philippine territory can make things much smoother during immigration control procedures at these checkpoints throughout your stay here long-term.