The Philippine Retirement Authority and the Department of Tourism are encouraging foreign retirees to come to the Philippines to make the most out of life.
Named one of the world’s best places to retire according to International Living’s Annual Global Retirement Index, the Philippines climbed the rankings from 23rd place in 2015 to 19th place in 2017. It also ranked eighth in 2014 as a leading expatriate destination in the Inter Nations Survey conducted by Expats Insider.
Cost of living is a leading factor for expatriates considering retirement abroad and the Philippine capital, Manila, offers a relatively low cost of living compared to other major cities across Southeast Asia. According to the 2017 Expatistan Index, living in Manila costs almost 40 percent less than Seoul and almost 60 percent less than Tokyo.
The Philippine’s Special Resident Retiree’s Visa (SRRV) offers retirees numerous benefits. Successful applicants can reside permanently in the Philippines, gain multiple-entry visas and take advantage of indefinite stay privileges. An exemption from customs duties and taxes for a one-time importation of household goods and personal effects worth up to $7,000 is also available.
Tax incentives relating to pensions and annuities have been put in place in addition to exemption rules on securing separate working visas, student visas or study permits.
The SRRV program also provides assistance, including the Greet and Assist Program at selected Philippine airports, and health care benefits under the Philippine Health Insurance Corporation (PHILHEALTH).
As more foreign retirees choose to live in the Philippines, nursing homes are becoming suited to foreigners’ needs. The Philippines offers over 50 golf courses for the active retiree with courses designed by Jack Nicklaus, Arnold Palmer and Gary Player. Scuba diving, snorkeling, sailing, fishing, hiking and many other activities are available in the Philippines, making retirement something to look forward to.
Ninety million Filipinos speak English, placing The Philippines among the top-10 nations in the world with the most English speakers. This fact continues to attract many multinational companies to set up shop in the Philippines, which is now home to millions of expatriates from all over. This also ensures that the culture of hospitality in the Philippines will continue to flourish, making it a choice location for expatriate retirees.
The Philippines is where Asia wears a smile. And just like the warmth of the innate Filipino spirit, the tropical weather is nothing but a perfect touch of love that’s welcoming and kind making retirement really “More Fun in the Philippines.”