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 more expats are looking to retire in the Philippines? There are quite a few reasons, but here are four of the most popular ones.
4 reasons expats want to retire in the Philippines
The beautiful beaches
Among the first things most expats wanting to retire look for are 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 expats 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 growing city and access to countless beaches. Meanwhile, Dumaguete has arguably been the go-to spot for expats looking to settle into the retired life thanks to its sparkling beaches and laidback ambiance.
Low cost of living
If the first thing most expats look for in a retirement location is the surroundings, the second aspect is 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 expats 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.
Desirable retirement visa
Retirement visas play a big role on where expats decide to retire. The Special Resident Retiree’s Visa is issued by the Philippinesâ€™ 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 USD800 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.
Perhaps the most overlooked aspect is the familiar language and culture the Philippines offers expats choosing to retire in the Philippines. 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.