7 Reasons the Philippines Is a Hot Option for American Retirees
If you ask many Americans what their retirement dreams look like, some will say an inexpensive, low-cost life on a tropical beach. If that sounds perfect to you, then you might consider the Philippines, which is a hot option for many American retirees. Of course, as attractive as the Philippines might sound, the country does lie 8,000 miles from the West Coast of the United States.
Explore More: 50 Cheapest Places To Retire Across America
Try This: 4 Unusual Ways To Make Extra Money That Actually Work
So, is it worth the effort to build a new life in retirement? Some 73,800 foreigners holding the Philippines Special Resident Retirement Visa seem to think so. Here are some of the reasons.
And if you’re not interested in the Philippines but want to retire abroad, learn about more of the best countries to retire in this year.
Low Cost of Living
A top priority for most Americans when it comes to finding a place to retire is a low cost of living. On that count, the Philippines is a true standout.
According to money transfer service Wise, the cost of living in Manila — one of the more expensive cities in the Philippines — is just 31.7% of the average of countries surveyed by Wise. Its rent index is even lower, at just 15.1%. This translates to a cost of less than $500 per month to rent a one-bedroom apartment in the city center. Costs can get even cheaper if you’re willing to live in more rural areas.
Check Out: These Are America’s 50 Fastest-Growing Retirement Hot Spots
Prevalence of English
English is the second official language of the Philippines, and it’s required to be taught in school. It’s also used in many business and legal situations. While many in the rural provinces may not know much English, most places that American retirees would be interested in staying are well-versed in it.
This can help make the transition to retirement feel much less foreign.
Picturesque Landscapes
After low costs and ease of communication, having a beautiful place to retire ranks highly for most. As this is probably the biggest asset the Philippines has, this part is something of a no-brainer for retirees looking for paradise.
The more than 7,000 islands in the Philippines are blessed with pristine waters and idyllic shores. Boracay and Palawan, two of the most popular destinations in the world, have been cited as among the best beaches in the world by sources ranging from Travel & Leisure to Conde Nast Traveler over the years. But there are countless equally stunning — and much less crowded — options for more adventurous retirees.
Large Expat Community
If you like the idea of living abroad during retirement but don’t want to feel isolated, the Philippines can offer the best of both worlds. As the island chain has a very large American expat community, you can enjoy the company of fellow American retirees while still enjoying the Philippines lifestyle.
Easy-To-Acquire Residence Visa
There are a few different types of residence visas that applicants can acquire in the Philippines, but none of them are particularly difficult to get. For instance, you may only have to deposit as little as $10,000 in a Philippine bank account and earn a pension of $1,500 per month to qualify.
Unlike many other countries, in which a resident visa can be tough to acquire, this is not the case in the Philippines.
Ability for Foreigners To Own Condos
While buying property overseas might not be your top priority as a retiree, if you’re really going to make the Philippines your home, you might consider it.
While the Philippines doesn’t allow foreigners to own land outright, it does allow them to buy condo units. This can be an economical way to own a home overseas without worrying about maintenance of a house and lot.
Shared History
One thing some retirees may or may not know about the Philippines is that the U.S. has had a long, complex relationship with the country. From the turn of the 20th century through World War II and beyond, American culture has played a big role in the Philippines, and in most cities, you won’t have any trouble finding some of your favorite brands and foods from home.
This can make the country feel more familiar to U.S. retirees, perhaps easing the transition.
More From GOBankingRates
Costco, Walmart and Other Stores With Perks Retirees Need To Be Taking Advantage Of
5 Subtly Genius Moves All Wealthy People Make With Their Money
3 Ways a Balance Transfer Helps You Manage Debt (And How Much it Could Save You)
This article originally appeared on GOBankingRates.com: 7 Reasons the Philippines Is a Hot Option for American Retirees
