Why do foreigners retire in the Philippines?
Many Western people choose to retire in the Philippines for various reasons, including the relatively low cost of living, the warm climate, and the friendly and welcoming nature of the local people. The cost of living in the Philippines is generally lower than in Western countries, which means that retirees can stretch their retirement savings further.
The Philippines also has a large expat community, which can make it easier for Western retirees to adjust to their new surroundings. Additionally, the Philippines is known for its beautiful beaches, lush tropical landscapes, and rich cultural heritage, all of which can be attractive to retirees looking for a change of pace and a more relaxed way of life.
Also, the Philippines has a retirement visa program that offers many benefits for retirees, including an exemption from the annual report requirement, multiple entries, and a permanent stay in the Philippines. Furthermore, the healthcare system is affordable and accessible, especially in urban areas, which is essential for retirees who want to keep their health costs low.
It’s important to note that the Philippines is a developing country, and retirees should be aware of the cultural differences, traffic, pollution, and the lack of infrastructure in some areas, which could be a challenge.
What is a special retirement visa in the Philippines?
The Philippines has a special retirement visa program called the Special Resident Retiree’s Visa (SRRV), which is designed to attract foreign retirees to the country. The SRRV allows foreign retirees to live in the Philippines on a long-term basis and provides several benefits, including:
- Permanent stay in the Philippines: SRRV holders do not have to renew their visas yearly, allowing them to stay in the country permanently.
- Multiple entries: SRRV holders can enter and exit the Philippines as often as they want during the validity of their visa.
- Annual report exemption: SRRV holders are not required to file a yearly report with the
- Bureau of Immigration, which simplifies the process of maintaining their visa.
- Access to benefits and discounts: SRRV holders are eligible for benefits and discounts on goods and services, such as healthcare, travel, and entertainment.
- Tax exemptions: SRRV holders are eligible for income tax exemptions on their pension and other foreign-sourced income.
To qualify for the SRRV, foreign retirees must meet specific requirements, such as:
- be at least 50 years old
- have a valid passport
- have a pension or a source of regular income
- have a medical certificate
- have a police clearance
- have a minimum deposit in a Philippine bank or an investment in a Philippine property.
The SRRV is a great option for foreigners who want to retire in the Philippines, but it’s important to know that the visa process and the requirements can be complex and lengthy. It’s recommended to get assistance from a lawyer or a visa agency.