To retire in the Philippines, apply for a special resident visa specifically meant for people retiring, says Kathleen Peddicord for U.S. News & World Report. There are different types of visas available for retirees planning to move to the Philippines, including the SRRV smile program. This requires a deposit into a Philippine bank.Continue Reading
After depositing the required amount into the bank, the amount must remain in the bank while you live in the Philippines, according to Peddicord. This is available to people who are 35 or older with no income limit. Joining a retiree residency program in the Philippines is another way to retire in the country. A benefit of this type of program is it allows retirees to work part-time or start their own business.
The Philippines is an ideal country for individuals who want to retire abroad, explains Peddicord. The country has a slightly lower cost of living than Thailand and is considerably less than the United States; retirees can live a quality life on a $1,000 a month budget. They can also leave the country and return at any time without having to apply for residency again. Costs for meals, attractions and shopping are more affordable in the Philippines. English is spoken by most natives, and the scenery is beautiful.Learn more about Financial Planning