- Retirement in the Philippines is a great option for adventurous seniors due to its tropical climate and affordable cost of living.
- The Special Resident Retiree’s Visa (SRRV) offers long-term stays and unique benefits for foreigners aged 35 and above.
- Healthcare is affordable, but it’s recommended to have health insurance that covers explicitly treatment in the Philippines.
- The cost of living is relatively low, with options for affordable housing from developers like Ortigas Land Properties.
This is a contributed post and do not necessarily reflect the opinions of Meet The Harris Family.
Have you ever considered retiring abroad? If yes, the Philippines might be the perfect place for you to spend your golden years. The country has a tropical climate and breathtakingly beautiful landscapes, making it an excellent place for adventurous retirees.
The cost of living in the Philippines is also relatively cheaper than in most Western countries, which makes it a cost-effective plan for seniors. But retiring in the Philippines takes more than packing your bags and booking a flight. In this comprehensive guide for foreigners, we’ll take a closer look at the essential things you need to know before making this life-changing decision.
Visa requirements
Retiring in the Philippines may not be the first option that comes to mind when thinking about settling down during your golden years. With the Philippines’ special visa for retirees, known as the Special Resident Retiree’s Visa (SRRV), the country offers an even more appealing retirement destination.
What is the SRRV?
The Special Resident Retiree’s Visa (SRRV) is a special visa created by the Philippine government to encourage foreign nationals aged 35 and above who are looking to retire in the Philippines to settle down in the country. It offers holders of the visa long-term stay with unique benefits such as permanent stay, exemption from exit and re-entry permits, and even tax exemptions.
Who is eligible for the SRRV?
Foreign nationals aged 35 and above with the financial capacity to support their retirement in the Philippines are eligible to apply for the SRRV. The financial requirements vary depending on the type of visa but generally range from USD 10,000 to USD 50,000.
Healthcare
Healthcare is a significant concern for retirees. The good news is that the Philippines provides excellent medical care at a fraction of the cost in the West. However, you need to ensure that youchoose the right hospital or clinic in the city where you live.
It’s advisable to invest in health insurance that explicitly covers healthcare in the Philippines. Private health insurance companies like Blue Cross Philippines and Kaiser have affordable rates that cover medical treatment by accredited hospitals and doctors.
Cost of living
The cost of living in the Philippines is relatively low compared to most developed countries. Accommodation, transportation, and food are relatively affordable. In 2020, Numbeo.com reported that a single person’s monthly cost of living is around $465.
However, it also depends on which city you plan to retire in. Manila, the capital city, is more expensive than Cebu, Davao, and Iloilo. The Phil-Am Outsourcing Solutions website has a cost-of-living calculator that you can use to budget your expenses.
Affordable Housing
Owning a property in the Philippines is a wise investment for retirees. The good news is that many real estate developers like Ortigas Land Properties cater to retirees looking for comfortable and luxurious homes. Ortigas Land has several properties in prime locations, including Metro Manila, Cebu, and Laguna. These gated communities offer amenities like swimming pools, fitness centers, and 24/7 security for a worry-free retirement lifestyle.
Simple Lifestyle
The country’s laid-back lifestyle is another reason why retirees choose the Philippines. You can enjoy a simple yet fulfilling life in the countryside or near the beach, away from the hustle and bustle of city living. Filipinos are known for their hospitality and friendliness, making it easy for foreigners to assimilate with the locals.
Leisure and Activities
The Philippines is famous for its stunning beaches, such as Boracay Island, Palawan, and Cebu. There are also plenty of natural wonders to explore, including the Banaue Rice Terraces, Chocolate Hills, and Mayon Volcano.
The country also has a rich history, which means you’ll get to discover centuries-old churches, ancestral houses, and colonial-era structures. Finally, there are plenty of leisure and social activities for retirees. Golf courses, fitness centers, and social clubs are all available in most cities.
Wrapping Up
Retiring in the Philippines might be the best decision you’ll ever make. The country offers affordable living, beautiful scenery, and a rich culture. Important things to consider include obtaining the Special Resident Retiree’s Visa, investing in healthcare insurance, and adjusting to the local culture and customs. With proper planning, you can maximize your retirement years and fulfill your dream of living in a tropical paradise!
