Tourist arrivals are dropping dramatically. The average tourist is now Chinese or Indian all-inclusive, all paid at home. No extra. One European or one American tourist or expat is equal to four (4) Chinese tourists. But EU's and US's are disappearing. Will remain only Indians. Long staying foreigners are now kindly invited to go elsewhere if not rich as Thais wants, kap khun khaaa. Thai export is not going well. Competion in SEA is stronger and stronger. Economy crises in Europe will be bigger in future and will effect long distance holidays. The new Thai younger generations (say
Yep... Not retired yet, 15 years in the kingdom, married, divorced, have a duaghter, everything is fine on that side. Spent millions of Bahts, I've had ALL types of visas...And enough is enough! It becomes ridiculously stupid (it already was, but it reached a limit!) I have to beg for my last visa (next March), an extra 12 month to sort everything out and bye bye Thailand! Going to a much friendlier nation, where I will get a one year visa, a foreign I.D and a work permit with a copy of my passport and a couple of photos. Period. ;)
@John Sandvik Haha! My post had nothing to do with money! It seems a problem for you indeed! My first salary in this country was 15k! I had to borrow money to pay for my daughter's birth, and I struggled for years! How dare you speak about something you have no ideas about? Those judgments are insulting. I work 7/7 so yes, I do have a comfortable lifestyle nowadays. Again nothing to do with my original post.
@John Sandvik Bullshit, John. We can't survive on our incomes in our "original countries". The USA and Britain and most of Europe have priced themselves out of the retirement market. If Thailand wants the Trumps to live there, they can have them. "We of more modest means will live elsewhere.
I lived in China for three years and then the Philippines for two years. I don't speak for all that live abroad but as for myself, there's no place like home and I'm back in the states now since 2014. If I ever decided to live abroad again it would be in the Philippines simply because the people there have been exposed more to western culture and of course, less expensive.
Of course they do, it's just really bad there. Security guards with shotguns sitting around in front of shops like jewelry stores, prostitution oenly on display in all large cities, etc.
@@throwback888 .. We don't care if u nt like philippines sir, So don't blame wth us that other country no crime too and don't fly ur flag..😉 in the world perspective, philippines yes have crime.,bt compared to other countries we are still ok according in safe ,unlike in other country, If u look nation master philippines is safe🙄watch ur mouth and make sure u research 😏
At 78 years of age I have decided after spending 5 hours at the immigration office I won’t be doing it next year. Having no home to go back to in the UK my plans are to purchase a canal Longboat as my future UK home. No council tax, no TV license, no gas or electric bills as such. These boats are less than half the price of a house
Retiring in the Philippines: Pros and Cons Each year, InternationalLiving.com’s Global Retirement Index ranks the top 25 retirement destinations in the world, based on factors like climate, health care, fitting in, benefits and discounts, and cost of living. The Philippines-an archipelagic country of 7,000+ islands-made the 2018 list, scoring especially well in the Cost of Living, Fitting In, and Entertainment & Amenities categories (it did not make the top-25 in 2019). Though the Philippines is still a low-cost country, it did not rank at the very cheapest level for the cost of living; that honor belonged to Cambodia, which got 100 of a possible 100 points. For 2018, the Philippines earned 90-the fifth cheapest. (Vietnam came in second, at 96.) The country also scored 96 for "Fitting In" (is English spoken, are locals welcoming, is there an ex-pat community, etc.), the second-best of any nation. Only Ireland scored higher, earning 97. For most people, the decision to retire abroad is a difficult one, and it can be even more of a challenge to decide where to settle down. Issues of safety are of increasing concern, along with costs. The recent anti-drug violence in the Philippines should be factored in with other issues. Here, to get your research started, are some of the pros and cons of retiring in what is considered one of the world’s best retirement destinations: the Philippines. Pros Low Cost of Living Many choose to retire overseas to find a lower cost of living. The Philippines doesn’t disappoint, and most ex-pats can live comfortably on about $800 to $1,200 a month-including dining out and in-country travel-according to InternationalLiving.com. The average retired U.S. worker’s Social Security benefit is $1,404 per month as of January 2018, which means your monthly benefit alone could be enough to cover your basic living expenses in the Philippines. An added perk: Household help is very affordable, so it’s possible - even on a tight budget - to hire someone to help with the cooking and cleaning . Expat Incentives The Philippines welcomes expats and even has a government agency dedicated to attracting foreign retirees. Expats here receive a number of financial benefits, including discounts for the 60+ crowd, the duty-free import of $7,000 worth of household goods, and exemption from airport travel taxes. In addition, expat residents are allowed to work or start a business. Also helpful: once you have permanent residency, you can stay in the Philippines for as long you like (your retiree visa does not expire), and you can leave and return without reapplying for residency. Beautiful Setting The Philippines is known for its tropical climate and natural beauty. From the tops of its lush mountains to its colorful coral reefs-and everywhere in between-it’s easy to be in awe of your surroundings almost anywhere in the country. Its many beaches (remember those more than 7,000 islands) are perhaps the biggest draw: places like Boracay in Aklan, with its white sand and crystal clear blue water, and El Nido in Palawan, a richly bio-diverse area where limestone cliffs rise from the sea, attract people from all over the world. The Benefits for English-Speaking Visitors English-language policy in the Philippines in recent decades has resulted in many fundamental changes in Filipino society. These changes have made the country more attractive to visitors from English-speaking countries. In fact, tourism in the Philippines is booming. In the years from 2004 to 2014, the annual number of foreign tourists visiting the Philippines more than doubled from 2.3 million to over 4.8 million. In 2017, the total number of visitors to the nation was 6.6 million, a 50% increase from just three years prior. Four of the top 10 nationalities visiting the Philippines were from English-speaking countries: the United States, Canada, the United Kingdom, and Australia. Retiring in the Philippines The Philippines is also growing as a retirement destination for English speakers. Although no official Filipino government statistics are available, International Living magazine ranks the Philippines among the fastest growing and most welcoming places to retire in the world. Each year, International Living’s Global Retirement Index ranks retirement destinations around the world, measuring factors such as climate, healthcare, benefits and discounts, and cost of living. For the 2017 Index, the Philippines scored a 90 out of 100 for the cost of living, with the magazine praising the Philippines' relatively low cost of living, its quality health-care system and its widespread use of English. International Living also shows that ex-pats can live comfortably in the Philippines for about $800 to $1,200 a month. If you live on $800 per month - probably the lowest amount on which most retirees could live comfortably - your $200,000 savings account would last about 21 years; live on $1,200 a month and your savings would last 14 years. This assumes the unlikely situation that your monthly expenses stay the same over the years and that you have no other income or expenses during retirement. The Philippines has both private and public healthcare facilities. In general, private hospitals tend to be rated higher in terms of facilities and technologies offered; they are also more expensive because government hospitals don’t charge any fees. That being said, it’s important to note that some of the country’s best doctors serve in the public sector. According to global health insurer Allianz, the top hospitals in the Philippines - all private hospitals located in Manila - are: The Alabang Medical Center The Asian Hospital and Medical Center The Makati Medical Center The Medical City St. Luke’s Medical Center - Quezon City As far as healthcare costs are concerned, most locals and ex-pats consider both services and medications to be very affordable. Another plus: Expats should have no trouble communicating with medical personnel since nearly all speak and understand English. Insurance The Philippines has a universal health coverage system called PhilHealth (the Philippine Health Insurance Corporation), a government organization attached to the Department of Health. The agency’s mandate is “to provide health insurance coverage and ensure affordable, acceptable, available and accessible healthcare services for all citizens of the Philippines.” The system is designed to be a way for the healthy to help pay for the care of the sick, and for those who can afford medical care to subsidize those who can’t. Premiums vary based on age and income. Under certain circumstances, foreign nationals can enroll in PhilHealth. If you are married to a Philippine national, for example, you can get coverage as a dependent. The vast majority of ex-pats, however, must purchase private health insurance policies. Depending on your situation, health and comfort level with the local healthcare, you might want to consider adding a policy that includes evacuation to your country of choice, such as Malaysia, Singapore or Thailand - countries with booming medical tourism industries. The Bottom Line If you live or retire in the Philippines, you can reasonably expect good, affordable healthcare if you are in the capital city of Manila. Outside Manila, it might be a different story. The U.S. Embassy in Manila notes that “Hospitals in and around Manila often offer high-quality medical care....Many hospitals outside major urban areas may offer only basic medical care in rudimentary conditions. It is wise to evaluate the standards of medical care at a hospital before contemplating a medical procedure.” If you live in a rural area in the Philippines, it’s a good idea to research your local options and decide how you’ll get to better care - before any healthcare services are needed. See also How to Plan Your Retirement in the Philippines.
@danyou must have had a bad experience because you got Americans who have RUclips left this country and retired in the everybody has to take the initiative to find out the dangers of any country that they're retiring and I and they never gave me that kind of it seems like there's more Americans leaving this country and going to the Philippines United States got a long relationship with the former military installations retirees for the military over over 200,000 Americans guys leaving this country marrying Filipinos I know the dangers of the countrybut I never heard that from any of those guys over there on RUclips but thanks for the warning take care and God bless
@dan you can say the same thing for the United States there's more guns than there is people thanks for the warning the people that retired moved over there who have RUclips channels never gave me that impression maybe they got it wrong maybe that's a figment of my imagination take care and God bless
@dan As someone that has a history with the Philippines, I can say that you are partially correct! This is predominantly based on where you go and who you associate with. If you don't use common sense and place yourself in the wrong situations, things can go badly in the Pines. No different than many parts of the West. If you are careful and not living a dangerous lifestyle the risk is perfectly reasonable. This is just based on my experiences. :)
@@thailandfacts7729Facts U.S.-Philippine relations are based on strong historical and cultural links and a shared commitment to democracy and human rights. the United States has a long history with Phillippines I'm not partially right I'm right and here the proof the Philippines was ceded from Spain to the United States in the Treaty of Paris. Treaty of Paris of 1898 [21][22] The United States recognized the Philippines as an independent state and established diplomatic relations with it in 1946. Except for the 1942-45 Japanese occupation during World War II, the Philippines had been under U.S. administration since the end of the Spanish-American War in 1898 Filipino Americans 4,037,564[1] 1.23% of the U.S. population (2017) There are an estimated four million U.S. citizens of Philippine ancestry in the United States, and more than 220,000 U.S. citizens in the Philippines, including a large presence of United States veterans. An estimated 650,000 U.S. citizens visit the Philippines each year. BILATERAL RELATIONS FACT SHEET BUREAU OF EAST ASIAN AND PACIFIC AFFAIRS JULY 17, 2018
I had no problem meeting the income requirements and in addition I have substantial funds in a Thai bank to cover even the most serious medical emergency. However the recent requirement for medical insurance was just a step too far for me. It means that in future years I will be required to pay ever increasing amounts to a Thai insurance company in order to get an annual extension. I have been here in Thailand for almost 15 years never any problems paying my medical expenses and complying with Thai immigration laws. However I think it's time to leave while I can still establish myself back in my own country so to that end I am using this my final year to make those arrangements.
What makes you think the narrator of the video was complaining? I thought he was just stating some facts in order to better educate those individuals who might be thinking about retiring here.
Once visited Thailand and lost my bank card ( HSBC) so went to the main bank in Bangkok to ask if I could have my other bank card shipped over from the UK would be easy so you would think ,but the staff in the HSBC in Bangkok would not even speak to me ! Told me to sort it out with my bank ,I said you ARE my bank when I complained security at the bank threw me out ! If that's how they treat foreigners then it's a country not worth visiting !
@@paulmac8450 What i found strange when this happened at Siam Commercial to me, i had to report the card loss to the police. Not a banking book. A card loss.
@@llothar68 I have had SCB since 1983. No problems when you get used to how things works here. I have lost the banking book ones and I had to report the loss to the police before I could get a new one. I even have SCB bank accounts in different provinces (not easy to get) because if you use the ATM card (Master Card) for a bank account in one province you will be charged if you withdraw money using the ATM card in another province. Then I transfer money between the bank accounts (free) using the mobile app so I can use the ATM cards without beeing charged. That means I have an ATM card/Master Card for each bank account. You access all your SCB accounts with the same mobile app.
Foreign Medical Program (FMP) For eligible Veterans living or traveling abroad, VA offers medical services through the Foreign Medical Program (FMP). Through this program, FMP will pay for health care services, medications, and durable medical equipment associated with a service-connected condition and/or aggravated condition. Eligibility requirements vary whether you live within or outside the United States. VA may authorize foreign medical services for any condition if you are participating in the VA Vocational Rehabilitation Program (38 U.S.C. 31). NOTE: Veterans living in Canada are under the jurisdiction of FMP; however, inquiries and claims must be directed to the Foreign Countries Operations in Canada. See Contact Us information below. How to Enroll Benefits and Claims Support Contact Us FAQs Resources How to Enroll Enrolling in FMP is simple. Please fill out the FMP Registration Form (VA Form 10-7959f-1) and send to VHA Office of Community Care. (Fillable PDFs can be completed online, saved, edited, and printed.) FMP Registration Form (VA Form 10-7959f-1) You may also send your full name, mailing address, address of residence (including country), and VA claim number to the VHA Office of Community Care. To enroll in FMP, mail your information to: VHA Office of Community Care Foreign Medical Program (FMP) P.O. Box 469061 Denver, CO 80246-9061 We will confirm your service-connected disabilities and send you a benefits authorization letter, which outlines the medical conditions we cover. For more information about the program, call toll free at 877-345-8179.
How do they require you to demonstrate the monthly income? Do you have to establish a Thai bank account and have the money going into that account ahead of time? Or would a US bank account showing the income coming in be adequate to the need?
Money in a Thai bank, transferred from a foreign bank and a letter from the Thai bank showing the deposits and their source, when you apply for your visa.
I don't believe Thailand doesn't want expats. I believe they don't want expats with little funding. Also I believe that for the long termers in Thailand lower deposit amounts ( and maybe have been grandfathered from previous lower levels as a concession to those long termers.
@@robertleger4986 The attitude of the average Thai is mirroring that of the govt. Thais are easily led and influenced by authority. I see it more and more often when I go shopping in the stores. Not so much on the street.
They don't want EXPATS. They don't care where they are from. We are a CANCER upon their holy Culture. May they sink beneath the waves and never surface again.
THERE ARE NO HEALTH INSURANCE PROVIDERS IN THAILAND OFFERING THE BASIC COVER REQUIRED BY THAI IMMIGRATION TO OBTAIN A RETIREMENT VISA...it would appear to me that the present requirement to obtain a retirement visa in Thailand is that you must provide Bt40,000 outpatients and Bt4000,000 in patients. If this not so then I stand corrected. I am only interested if I can obtain the minimum insurance cover that will satisfy the Thai Immigration requirements. They indicate that is i.e. Bt40,000 outpatients and Bt400,000 in patients cover...that is all that is required to qualify for a Thai Retirement Visa. Plus of the Bt 800,000 visa fee. I am very much frustrated that even blind Freddie would know that this means exactly what has been said/stated. There is nothing I can see that suggests that you provide anything other than what is stated in the new regulations and this is the only way you can get a retirement visa. These pages are full of many offers from many insurance companies that clearly fall short of the requirements. Like too old, cover not provided, too sick not covered, pre-existing of all sorts of ailments not covered. Additional premiums with age etc. It may be for older applicants that the policies may only provide partial cover or not at all. (most likely). The objective is to compensate Thai hospitals if you are a patient or if you die they still get paid. It seems the Thai Government has chosen a path that is unachievable. Thailand requires that intending retirement visa applicants provide "Universal Health Care Insurance" for hospitals for in house treatment by an insurer up to the amounts stated where the premium is paid by the insured and the cover is comprehensive and all hospital debts incurred by Farangs are paid. Having been in the insurance industry in my younger days I believe most claims would fall within the Bt400.000 limit with a few over the required cover limit. We used to call this type of insurance "Personal Accident and All risks" or shortened to "All risks". I processed claims. Thailand's objective are, yes, unachievable and in view of all the exclusions contained in the 13 Insurance companies' travel insurance policies of medical cover provided it is significantly short of the objectives of the Thai Government. The requirements are Bt40,000 and Bt400,000. (yes, I keep repeating myself). Many of the policies on offer are for 5/10/20/30/50/100/million baht cover with a premium to match, we only require 0.4 million Bht to comply (Bt400,000). The offers presented by these companies far exceed the Thai government's basic requirements. sometimes by a hundred times. That sounds good but these amounts are unrequired to comply. All we have to do is comply? Universal health care is mostly only provided by Governments in a lot of countries. The USA has a sort of Universal Health Care offers provided by private enterprise, ( that's an oxymoron) the cost is often 10 times what similar treatment might cost in many Government administered health care funds in other countries and is a dog's dinner with a 100 million in the US with no cover whatsoever. (a few slow learners there). The premiums are too high. The health care providers there have money coming out of their ears. It's championed as "Free Enterprise"...wow. Even Mr. Trump. in a very recent speech castigated advocates of Universal Health Cover and stated that universal health cover was the objective of socialist and communists. Completely ignoring the fact that nearly all advanced first and second world countries worldwide with the exception of USA have very effective socialized health care and usually free to their citizens. Evan Thailand does for its own people. They now just want farangs to pay their hospital bill, and they have every right to insist on this, most farangs have never paid tax in Thailand and probably none ever will pay anything in the future...OK. I believe Universal health is the only way to go in Thailand's objective I believe presently is unachievable, if it's for farangs only, it's just too hard. Insurance for Medical cover in Thailand offered by existing Medical Insurance offers is very much short of what Thailand requires and what the customer needs are. Thailand and the medical insurers appear to be heading in different directions. Perhaps the only workable alternative is that Farangs will need to lodge part of the Bt800,000 visa application fee as a financial bond Bt400,000 or similar against incurring outstanding unpaid hospital bills. I'd be OK with that. If you don't require medical services in Thailand you pay nothing. Sounds good to me. If the existing insurance companies can't do the job well like the old saying goes " if you don't know how to cook the broth get out of the kitchen"
The only reason one picks Thailand for retiring is because things are cheaper compared to whre they come from.I think you must first like the place ,the people, the weather, and the culture,if not I don’t see any reason for anyone to stay and live in the country.
actually USD is falling against Thai currency for quite long time, on the other hand, until recently, USD has been strong against other major currency such as EURO, AUD, etc, and south east asia currencies
@@drkenchao1849 I sold all my investments i could that i had in US dollar. I expect him do drop another 10% against the Euro. USA is in financial crisis.
Malaysia is fine if you're a Muslim. The real truth is that no one wants any foreigners to live in their country. Visit, spend money, leave, thank you very much. Better yet, just send money.
@Movenpick - Sea Fun Divers the reason why the bhat is strong is because a lot of manufacturing, such as cars and computer parts, occurs in Thailand. Many multinationals have moved into Thailand. Yes the high bhat has resulted in a down turn in tourism and some exports. The THB rose due to economic infrastructure development. It didn't go up based on nothing!!!!
1k USD is NOT enough to live on here as an expat. Sure, many Thai's live on less, but Thai's have a national health plan which costs them 30 baht a visit. A 70 year old foreigner whose more likely to get sick and need constant medical care due to being old does not get that plan, plus as a foreigner, who wants to sit all day in a government hospital to be treated? And as a foreigner living here, who wants to live like a poor Thai? I had no problem showing my proof of income via my pension, which meets Thai requirements and a passbook from my bank showing monthly deposits. 800k is for people who can't do this.
@JG Lee I knew some very destitute foreigners here who used to live here on 1k a month or less and just went to local clinics if they were ill or self medicated via a pharmacy. Those times are over. Yes, the rules are much stricter now, but this is Thailands decision, not ours.
Visiting is good enough for me I like my motorhome I live near the beach and mountains no visa needed no special income required extreme minimalist Now that’s what I call a lay back retirement
If you are eligible to receive Social Security benefits, you can continue collecting them while living in the Philippines-whether you are a citizen of the U.S. or the Philippines. Those who relocate may have their retirement benefits either mailed to them in the Philippines, deposited directly into a U.S. bank account, or deposited into another American financial institution of their choice. In general, foreigners are prohibited from owning land in the Philippines, but they can legally own residences, such as condominiums. Social Security If you are eligible to receive Social Security benefits, you can continue collecting them while living in the Philippines, whether you're a citizen of the U.S. or a citizen of the Philippines. But special rules may apply if you are not a U.S. citizen and if you receive benefits as a dependent or survivor of a worker. The Social Security Administration's (SSA) Payments Abroad Screening Tool can elucidate your specific situation. You can choose to have your benefits mailed to you in the Philippines or deposited directly into a U.S. bank account or other U.S. financial institution of your choice. For many retirees, the direct deposit option eliminates the possibility of delayed, lost, or stolen checks, plus the money is delivered faster. The deposited money can then be withdrawn with ATM cards, and international money exchange services can be used to transfer larger sums when needed. Since Feb. 2018, the Philippines began participating in the Social Security Administration’s International Direct Deposit (IDD) program, allowing benefits to be sent directly to Filipino bank accounts. Note that Medicare does not cover health services received outside the U.S. Although Medicare benefits are available if you return to the U.S., you'll be subject to a 10% higher premium for each 12-month period you could have been enrolled. If you need assistance with your federal benefits, the U.S. Embassy Manila hosts the offices of the SSA, as well as the U.S. Department of Veterans Affairs (USDVA). The SSA office can answer questions about Social Security, help you apply for benefits, or process post-entitlement issues like address changes or direct deposit enrollments. For information, call (632) 301-2000 ext. 9, or email FBU.Manila@ssa.gov. The USDVA office can assist with processing benefit claims, local payment of benefit checks, and other services. For information, call (632) 550-3888. Land Ownership Foreigners are generally prohibited from owning land in the Philippines, but they can legally own homes. For this reason, it makes more sense to procure a condominium, which entails owning the house itself, but not the land, rather than seeking a traditional property, which involves owning both the structure and the land on which it sits. The Philippine Condominium Act specifies that foreigners can own condo units, provided that Filipinos own at least 60% of the units in the building. Option #1 Option #1 is to buy a house on leased land. Even though you can't own the land beneath the house, you can buy the house itself. Under the Investor's Lease Act of the Philippines, a foreign national can enter into a lease agreement with a Filipino landowner for a long-term lease of 50 years, with a one-time 25-year renewal option. Option #2 Option #2 entails marrying a Filipino citizen and purchasing the property in your spouse’s name. While your name won’t be on the title, it can be added to the contract to buy the property. If you legally separate from your spouse or if your spouse passes away, the land cannot be transferred to you, but you’ll be given a reasonable time in which to sell the property and collect the proceeds. If you don't swiftly accomplish this, the property will automatically convey to your spouse's heirs. Note that if you have dual citizenship in both the U.S. and the Philippines, you'll enjoy the same ownership rights as a Filipino citizen. If you are a native-born Filipino who is a naturalized citizen of another country, you can buy and register land in your own name, but you will be limited to 1,000 square meters of residential land or one hectare (about 2.5 acres) of agricultural or farmland. Citizenship and Visas Nationality laws in the Philippines provide that you become a citizen if you were born in the country or if at least one parent was a Filipino citizen at the time of your birth. Children born before Jan. 17, 1973, to a Filipino mother can obtain citizenship upon reaching the age of majority. If you're a dual U.S./Philippines citizen, you can remain in the Philippines indefinitely. If you enter on your U.S. passport, or if you no longer have a Philippines passport, you can apply for a Special Resident Retiree's Visa (SRRV), which lets you live, work, and study in the Philippines. You may also travel outside the Philippines and re-enter anytime. To be eligible for the SRRV, you’ll need a minimum visa deposit, which varies depending on your age, pension status, and type of visa. If you're at least 50 years old, and you apply for the SRRV "Classic," you must deposit $10,000 in a local bank if you have a pension of at least $800/month for a single applicant, $1,000/month with your spouse if you're collecting Social Security, or $20,000 if you don’t have a pension. If you are between the ages of 35 and 49, the visa deposit jumps to $50,000. Taxes If you are considered a resident of the Philippines, you will be taxed on your worldwide income. Non-residents are taxed only on Philippines-sourced income. Because the U.S. and Philippines have an income tax treaty in place, you generally won’t pay taxes twice on the same income. Note that people typically pay taxes in both countries, but use offsetting tax credits to limit taxes to one. Because tax laws are complicated and ever-changing, a qualified tax accountant can help you achieve the most favorable treatment possible. The Bottom Line Anyone considering moving abroad during retirement must contend with collecting Social Security benefits while overseas, buying properties, and obtaining the correct visas. Like any nation, the Philippines has a range of rules and regulations that must be honored. Note that U.S. citizens traveling or living abroad are encouraged to enroll in the Department of State's Smart Traveler Enrollment Program (STEP), which provides security updates and makes it easier for the nearest U.S. embassy or consulate to contact you or your family in case of an emergency.
i think mandarory health insurance premium depends on your age, it could escalate quickly as you age, and become unaffordable, or not worthwhile if you still healthy. So need,to think if yiu can settle as final destination for life
The retirement money deposits are there for at least 10 years from now. That nothing new and most have found a way. 800,000 is not much, considering most had no heath insurance at all. Thailand don't want any farang take financial advantage of the thai health system. But with the current situation everyone should keep in mind that the rules and amounts can be increased any time.
Cost of Living in The Philippines If you’re finding it hard to stretch your dollar in the U.S., you might want to consider the the Philippines for your golden years. Numbeo, a major database of economic conditions in different countries, reports that the cost of living in the Philippines is significantly lower than it is in the U.S. How much lower? Below, we compare the Philippines and the U.S. in terms of specific costs. Rent Prices: 79.16% lower than in the U.S. Consumer prices with rent: 59.19% lower than in U.S. Restaurant meal prices 71.48% lower than in U.S Grocery prices: 50.24% lower than in U.S. Local Purchasing Power: 76.94% lower than in U.S International Living, a magazine that extensively covers the costs of residing in different countries, reports that most expats can live comfortably with $800 to $1,200 a month. That includes housing and going out to enjoy what the Philippines has to offer. Getting Your Visa in the Philippines To retire in the Philippines with a valid visa, you may have to jump through a few hoops. But we’ll walk you through the process step by step. First, you need to obtain a variety of the Special Resident Retiree’s Visa (SRRV). Its most attractive option is the classic option. To qualify for one, you have to meet the following requirements: Be at least 50-years-old. Deposit at least $10,000 into a Philippines bank if you have guaranteed monthly income ($20,000 otherwise). This covers you and two dependents. Deposit $15,000 for each additional dependent. Have proof of pension that pays at least $800 a month ($1,000 for couples). The good news is that “pension” can refer to most sources of retirement income including Social Security benefits. The one-time visa application fee is $1,400 for the head of household, plus $300 for each additional family member. You also have to pay an annual fee of $360 to renew it. This fee covers you, your spouse and one child. You also have to pay $100 for each additional child if you have any. In addition to your visa, you must obtain an Alien Certificate of Registration (ACR-I) card with a microchip containing bio-metric data. It also contains your fingerprints. This card serves as your re-entry permit along with your valid passport with a visa stamp. It costs $50, and you must renew it each year. Retiree Housing in the Philippines retiring in the philippines Securing housing as a retiree expat in the Philippines would take some strategy. If you have an SRRV visa, you can purchase a condo or townhouse. However, you can’t buy a fully detached home. The good news is you can use the $10,000 deposit for the visa to purchase one of these homes if your overall investment in the country is at least $50,000. So you may want to rent until you can purchase your own home. That said, it’s important to research a potential location with laser focus. Some areas in the Philippines lack sufficient infrastructure. This means power outages and water stoppages can become the norm in some places. You’re also going to want to have easy access to healthcare, banks and entertainment. Access to Healthcare in the Philippines Obtaining healthcare may be a challenge in the Philippines depending on where you stay. If you live in the capital, Manila, it’s very easy to get access to healthcare. However, other areas lack sufficient healthcare facilities. This can pose a serious issue for those with chronic conditions or expats who require frequent medical attention. But if you have easy access to hospitals, healthcare costs significantly lower than it does in the U.S. and you can easily sign up for a local health insurance plan. You can also apply for the government healthcare program PhilHealth. Unfortunately, however, hospitals in the Philippines don’t accept traditional Medicare. Plus, many hospitals require payment at the point of service. But if you’re in the military, you may be able to access local VA clinics. Taxes for Retired Expats in the Philippines The tax code in the Philippines is particularly friendly to expats. Resident aliens are taxed only on income they get from sources within the Philippines. The rates vary depending on what type of income you receive. The Philippines government classifies income as compensation, income subject to final tax and other income. Compensation is basically paycheck income, which is taxed at a rate ranging from 20% to 35%. Income subject to final tax is typically passive income. The maximum rate for this is 20%. Again, this applies only if you work in the Philippines. If you plan to take a full retirement, the Philippines government won’t tax the income you receive from a pension, 401(k), individual retirement account (IRA) or other type of retirement plan. Safety in the Philippines Despite its scenic beauty, the Philippines can get dangerous in some areas. One of the latest travel advisories issued by the U.S. State Department in 2018 warned Americans to exercise “increased caution due to crime, terrorism, civil unrest and a measles outbreak.” The note particularly advised people to avoid travel to the following areas: Sulu Archipelago, including the southern Sulu Sea Marawi City in Mindanao Other areas of Mindanao In any case, you should review the Crime and Safety Report for the Philippines that the State Department issued. However, SkyScanner recently listed the following places as the safest areas in the Philippines. El Nido, Palawan Batanes Cagayan de Oro City Pagudpud, Ilocos Norte Davao City The Takeaway retiring in the philippines Retiring in the Philippines can be a great escape when done right. Overall, you’re going to notice goods and services are cheaper than they are in the U.S. You can also find affordable healthcare as long as you retire in a location close to hospitals. However, certain parts lack infrastructure and investment. Therefore, you’re not likely to find easy access to healthcare in these places. Some areas are undergoing high crime rates that include terrorism threats. So be sure to review the location you want to stay in to make sure its safe. But if you can find the right location, you can enjoy the beauty that the Philippines has to offer, from sandy beaches to vibrant rural areas where you can really relax. Tips to Help You Afford Retirement As mentioned above, you can retire comfortably abroad from $800 to $1,200 a month. For some people, the value of your Social Security benefit is enough to cover your costs of living. You can estimate your benefit amount with this Social Security calculator. While many people dream of living abroad in retirement, it isn’t always the best option. Some places in the U.S. may offer similar benefits - sunny weather, tax advantages and a low cost of living. Before you make any big moves, you should consult an expert. A financial advisor will help you understand how much you have in savings and how far it can take you. If you do have the money to move somewhere, an advisor can also help you understand the finer points of moving, including the tax implications. Our financial advisor matching tool will help you to find and get started with a financial advisor near you.
One thing I think is reasonable is for visitors to have proper health care insurance. I believe the UK has just adopted a similar system. I do hope Thailand sees sense in all of this and makes it easier for ex-pats to stay long term. They need cheap Charlies to help with local economies. The monthly income needed now is far too high for ex-pats to sustain. If the Thai authorities want a vibrant ex-pat community that brings in millions they will have to work with ex-pats to make Thailand an attractive place to live. At the moment ex-pats don't feel wanted by Thailand but I know this is a Government issue, the locals are happy to have foreigners and don't want ex-pats to leave.
Thais do not want a "vibrant expat community," they do not want foreigners living in Thailand. The Govt. attitude has trickled down to the locals. You can feel it in the stores. There is no sense or logic in Thailand and they are not capable of thinking things through. It's the result of a Confucian education, i.e., memorize and obey.
@@farshimelt They always look short term, if you said I can give you £100 now or £200 tomorrow they will take the $100. The locals will feel the pinch. If they go on like this there will be no more ex-pats. There loss.
@@farshimelt , spoken to people on the ground, walking street they say the Indians don't spend money. The girls say they want one girl to service groups of them for a knockdown price. The Chinese just don't spend. Crazy false economy and will affect the local businesses who need it most.
@@pokeamaniwillnotbereplaced You are correct. The only people who spend enough money to keep the bubble from bursting are the wealthy Thais, Chinese and Western tourists. The crash wont be pretty.
the ridiculously high exchange rate is the killer for me, plus the new immigration rules where i have to keep money in the bank, thats because of fake pension accounts / statements and the UK gov will no longer endorse my pension. The U.S gov is the same, i am not sure about other countries. For me i will probably take my wife and family back to the UK, The Thai gov will lose my financial input, in fact i do think i will be better off in the UK, better schools where your kids arnt whipped i kid you not, better health care, banks you can trust, no insane crazy drivers the list goes on and on !
The cost of living in the UK is about the same as in Bangkok, which is now one of the 50 most expensive cities to live in, in the world. In the past year it jumped up 50 places. As long as you don't live in London, you'll be fine.
My daughter attended a international school in Thailand, it was great and no child was ever whipped. spanked or mistreated. If you're a foreigner living in Thailand and sending your child to a Thai school (where they aren't even taught in English) you have to be low income and irresponsible. You placed your child in a terrible academic circumstance.
Over 20 yrs and I cant find all these new regs or that it is harder to live here........BUT, please do not settle in Thailand. This land is lots more pleasant to be in with fewer foreigners. Do not settle here and if here, please do leave.
There has been an increase in question about the Philippines from Americans who have RUclips channels there for those who are veterans honorable discharge from military services there's a cheaper Visa for those who are married to Filipinos and still have their Filipino citizenship and are over 60 there's a special discount card that you can apply for 20% discount on a variety things for Americans who are over 60 there's a special visa for you and you also get discounts from special visa program (SRRV) so it's just another option take care and God bless oh yes they have universal healthcare do your due diligence with healthcare system, and you're not allowed to buy property you can buy condos or 25 to 50 year lease on land but you better check into that not sure about that take care and God bless
The Philippines is filthy, super low quality of living and filled to the rim with scammers, liars and cheats. I'm married to a Filipina, we've lived in Thailand, the U.S and now Australia. We'd never consider moving to P.I despite the fact she has friends and family there. nice to visit (short term) but living there, no way.
That hasn't stopped people from going there and retiring there , there are some challenges in the Philippines from what the people who live there who have RUclips channels who are Americans with different ethnicities they seem to love country and the women that they're married to take care and God bless PS and there some have left Philippines went back to the United States left the United States and went back to the Philippines there's good and bad in every single country that's all I can say about that
@@michaelb.3438: My wife is a Filipina and we live in Asia. I can assure you there are many better options than the Philippines unless you're a sexpat aka an old undesirable who wants to buy love and admiration.
The Expanded Senior Citizens Act of 2010 (Republic Act 9994) defines the privileges all senior citizens are entitled to. Elderly Filipinos are aged 60 and above are entitled to a 20% senior citizen discount and exempted from the value-added tax (VAT) on applicable goods and services for their exclusive use. These privileges apply to both cash and credit card payments. for Filipinos citizen, only 60 years and over need to get your discount card List of Senior Citizen Discounts and VAT Exemptions Medicines: Generic and branded medicines, vitamins, and mineral supplements (with doctor’s prescription) Medical supplies and equipment: Hearing aids, eyeglasses, wheelchairs, crutches, dentures, etc. Medical and dental services in private facilities: Lab tests such as blood tests, x-rays, etc. Professional fees of attending physicians and licensed health workers Domestic air and sea travel fares Public land transportation fares: Jeepneys, buses, taxis, shuttle services, MRT, LRT, PNR, etc. Hotels: Accommodation and amenities in hotels, beach resorts, mountain resorts, etc. Restaurants: Food, beverages, dessert, and other consumables for dine-in, take-out, drive-thru, and delivery orders Recreation centers: Rental and other fees for sports facilities such as gyms, badminton courts, tennis courts, ballroom dancing studios, bowling lanes, etc. Places of leisure: Cinemas, museums, parks, theaters, concert halls, etc. Funeral and burial services for deceased senior citizens: hospital morgue, embalming, casket or urn, cremation, etc. List of Senior Citizen Benefits Income tax exemption for minimum wage earners Training fee exemption on socio-economic programs Free medical and dental services in government facilities Free flu and pneumococcal vaccinations for indigent senior citizens Scholarships and financial assistance for seniors’ education in public and private schools Retirement benefits from SSS, GSIS, and Pag-IBIG Discounts in special programs for senior citizens Express lanes for senior citizens in all government offices and commercial establishments How to Compute Senior Citizen Discount Know that a senior citizen is exempted from paying Value Added Tax (VAT). To compute the VAT exempt sales, divide the selling price by the VAT rate. Below is a sample computation: Product Price: PHP 500 VAT Rate: 12% Formula: Selling Price ÷ VAT Rate = VAT Exempt Sales Solution: PHP 500 ÷ 1.12 = PHP 446.43 Senior citizens are entitled to a 20% discount upon purchase of goods and services. To compute for the discount, deduct the percentage by multiplying the VAT exempt sales by 20%. Formula: VAT Exempt Sales x 20% = Senior Citizen Discount Solution: PHP 446.43 x 0.20 = PHP 89.29 To identify the billable amount, subtract the VAT exempt sales by senior citizen discount. Formula: VAT Exempt Sales - Senior Citizen Discount = Billable Amount Solution: PHP 446.43 - PHP 89.29 = PHP 357.14 11 Facts about Senior Citizen Privileges You Might Not Know The senior citizen law in the Philippines could be too complicated for common people to grasp, what with its many provisions and conditions. There are gray areas, too, leaving a lot of elders, their family, and business owners confused. To avoid confusion and frustration, equip yourself with knowledge and share it with your elderly loved ones. Here are the important reminders about the special perks for senior citizens. from PhilHealth website Under Republic Act 10645, all senior citizens automatically receive PhilHealth coverage in accredited healthcare facilities in the Philippines. The government provides this benefit in addition to the senior citizen discount and VAT exemption. For private hospital confinement, the 20% discount and VAT exemption are deducted first from the medical bill before deducting the PhilHealth benefit. Meanwhile, the No Balance Billing Policy applies in public hospitals, meaning senior citizen patients no longer pay for their hospital bill. Even without the Member Data Record (MDR), elderly patients can avail of treatments through their senior citizen ID or any government ID. However, it’s better to register as a senior citizen PhilHealth member to receive the benefits seamlessly. 2. The Senior Citizen Law Applies Everywhere in the Philippines Many businesses outside Metro Manila seem to be unaware of the Senior Citizen Act that they don’t give the senior citizen discount, a Philippine Daily Inquirer report notes. When your senior parents or grandparents are denied the mandatory 20% discount anywhere in the Philippines, help them assert their right as senior citizens to the store owner or manager. 3. Elders Can Get a Senior Citizen Discount Using Any Valid ID Seniors must present their senior citizen ID, issued by the Office of the Senior Citizen Affairs (OSCA), to avail of their privileges under the Senior Citizen Act. But without it, they’re still entitled to a senior citizen discount, as long as they present their government-issued ID that shows their age. Without an OSCA-issued ID, elderly customers may show any of the following valid IDs: Passport SSS ID or UMID card GSIS ID Driver’s license PRC ID Voter’s ID Postal ID Read more: PRC Online Application: Guide for Professionals in the Philippines It’s illegal for businesses to honor only the senior citizen ID and refuse to give discounts when senior customers present another valid ID. In such a situation, seniors have the right to demand the discount due to them.
I think it is a real shame for those who are settled, especially those in love relationships with a Thai woman, even moreso for those with kids. I found it interesting that your video was US-related, considering that the vast majority of foreigners there are either European or Australian. Well, Thailand's loss will be their neighbours' gain.
Does it have clean beaches? Good beer? Nice local people? How much is the average monthly rent? Do I need to learn a new language? Are the women pretty & well-mannered? What's the food like? Is it in SE Asia?
@@intiaboats Clean beaches? No. Good beer? No, unless it's imported. Rent? Depends on how and where you want to live. A 50,000 baht house in Bangkok, if you can find a house, will cost 15,000 baht in Hua Hin or Chiang Mai. Learn a new language? Yes, if you want to communicate with Thais. The women are beautiful but you'll never meet any educated, upper class women. Most women, if well treated, are well-mannered. There is a variety of food from all over the world, but it is much more expensive than Thai food. Is it in SE Asia? Is that a serious question?
Sorry, I responded to a comment that may have been deleted, unless it was the result of an ongoing hack on my phone. These hacks, or removed comments, are always promoting The Philippines over other SE Asian countries. Doubtful coincidence that I've been legally married to - albeit, separated from - a Filipina, for 28.5 years. I was in/near Thailand from 2013 to 2016, and am sorry to hear of the visa challenges & ever-increasing Baht.
@@intiaboats, in the world perspective, philippines yes noo devorce.. many seperated yes,bt compared to other countries we are still ok according in marriage ,unlike in devorce legalize then it would be rarer to find someone/couple wth long lasting marriage..🙂 Many filipina is single mom yes,we admit it because some men irresponsible and bad men for their life..😕 Here in the Philippines only one pilipina/pilipino can marry a person, marriage is sacred and holly here 🇵🇭 And almost everyone who lives here is Roman catholic,tht's why almost ppl here is marriage or need. all over the world Philippines and the Vatican only banned devoce.. The only way is seperation paper🙂
All currencies globally are derivative to major moves in currency valuations between the major currencies in the IMF SDR basket. There is nothing occurring domestically at all that is causing or has caused alterations to the Baht; if only marginally, and in terms of 1 baht or less. Movements to USD, or weakness of Euro, or Thai Baht valuation to USD 2005 to date, all have to do with strength of USD, because of demand for USD after return to normalcy, quickly after 2008 was realized to be the GLOBAL financial crisis, with USD used as trade, reserve and investment currency, strength of USD, and weakness of Euro, or Yen, or Swissy, or SK Won, RMB, then Baht also. Same with South African Rand and so forth. Little check, check timeframe for Baht at 41 and South African Rand, and check todays value, look and see if proportional alterations are similar, similar fall or rise, proportionally as a percentage of GDP. Or merely look at Euro to USD in 2005 and Euro to USD today, and note Baht movements, such will be easiest.
You are required to put $25,000 in the bank in the Philippines if you want a retirement visa and you can't touch it. If you don't have $25000 you would have to have a condo worth at least approximately $40,000 although I'm not a 100 percent sure on that figure it could be more.
I have to correct myself! it's 20,000 not 25000 I was getting confused with something else. If you can prove you're getting at least $800 + a month from some type of stipend, you're only required to put up $10,000 or the deed of a condo.
@@theghostofpennsylvania_11 yes if you're married to a Filipina you get a one-year Visa but you are still required to leave the country once a year and you have to take your Filipina wife with you that means two plane tickets at twice the expense where ever you go because you're required to have her with you when you come back at the airport in order to get that yearly Visa again.
Farang live in thailand you don't pay tax for your income you pay tax for your country so if it fare you must be in your country but you want to live in thailand i thank you know the reason . So i think my goverment must choose farang and want to live in thailand and not a problem finance at this time no farang for sex only for cheap. Not expensive. My people have not choice to do another job you know i am very sad. So i want farang have a quality for develop my country to live in thailand.
Well some of us love Thailand and have Thai family. I not live in Thailand now plan to do later but I have Thai wife and family, not all farlang complain yes its a pity about the money in the bank but I look on it this way the 400.000 bath can help my wife a little if something will happens to me when I will stay in Thailand, so not all complains, when this is said I also understand people a little before retirement og marriage in Thailand some people use many money and buy house they can never Own after that we continuing use money In Thailand i not complain but I think that the law about people who have wife and family is little to hard... You now ask then why you want stay In Thailand,, i want that bc i love my thai wife and my Thai family,, I think that we not have to complain, I think that there is nothing wrong in speaking about this on a normal and polite level. Some say Thai not want farlang in Thailand, yes I think some realy not want us in Thailand I am farlang and I understand the people who say like that. Its a big pity for me to say this. But when I see and know how many. Farlang behave in Thailand then sorry guys then I understand that sort of Thai people,,, but but but thai people and Thailand also have to understand this we are not all like that., I think many farlang thinking about leaving Thailand. And together with that many tourists begins to go to other countries, thr Bath is way to strong. People loose jobs in Thailand the economy not good Al this not good for thais and Thailand, so maybe Thai government have to be little more friendly to farlang, we not all bad and I realy understand that Thailand. Have to do something about all the bad people who comes to Thailand,, but they have to do it so they not kill other things in the process, again I love Thai people and Thailand so what is going on now is a big pity for me
A so-called cheap Charlie is generally a non-suckers who do not unnecessary waste their money buying Thai women homes, cars, clothes and supporting families other than their own. You know, the old desperate western weirdo types who migrate their to attract women by playing the role of human ATM machines until they're broke and suicidal.
The exphats complaining the loudest are the ones chasing bar and massage girls, that look and smell like bums, spending their days sitting on a bar stools complaing about they have no money. Also the ones that were burned by the Thai 20 y.o. girl friends and wives. Stop complaing! Leave the country and take your sorry butt's to another country. If you didn't have enough to retire in your home country, you won't be able retire anywhere. Go back to work and save some money. Also, this sounds a lot like Chris. Let it go, move on with your life.
needles_sub I am not sure if that reply was intended for me but I am complaining after being compelled to buy an insurance I did not need when someone at the other end of the country in the same circumstances has not had to pay out for the same. I haven't a clue who Chris is and bar stools and bar girls have never been my scene. In fact as you can see from my reply not only have I transferred more than is required every year but I also have ample funds on deposit in a Thai bank to meet any medical emergency several times over and a lot more than is required by the new regulations.
Come on, how easy is it for someone to retire in the USA from Asia, they couldn’t even go there on holiday, tired of this kind of content...dry your eyes
Regarding the retirement visa and insurance. I have just visited the immigration office and was assured that if you have a retirement visa that was obtained with an O visa on entry then you are not required to have insurance.
Tourist arrivals are dropping dramatically.
The average tourist is now Chinese or Indian all-inclusive, all paid at home. No extra.
One European or one American tourist or expat is equal to four (4) Chinese tourists. But EU's and US's are disappearing. Will remain only Indians.
Long staying foreigners are now kindly invited to go elsewhere if not rich as Thais wants, kap khun khaaa.
Thai export is not going well.
Competion in SEA is stronger and stronger.
Economy crises in Europe will be bigger in future and will effect long distance holidays.
The new Thai younger generations (say
1 European/American equal 4 Chinese ? You got be kidding, I thought was the other way round!
Yep... Not retired yet, 15 years in the kingdom, married, divorced, have a duaghter, everything is fine on that side. Spent millions of Bahts, I've had ALL types of visas...And enough is enough! It becomes ridiculously stupid (it already was, but it reached a limit!) I have to beg for my last visa (next March), an extra 12 month to sort everything out and bye bye Thailand! Going to a much friendlier nation, where I will get a one year visa, a foreign I.D and a work permit with a copy of my passport and a couple of photos. Period. ;)
@John Sandvik Haha! My post had nothing to do with money! It seems a problem for you indeed! My first salary in this country was 15k! I had to borrow money to pay for my daughter's birth, and I struggled for years! How dare you speak about something you have no ideas about? Those judgments are insulting. I work 7/7 so yes, I do have a comfortable lifestyle nowadays. Again nothing to do with my original post.
@@bangkokxpats More expats should listen to you. You have it figured out,as do many other expats who have lived here for a while.
@John Sandvik Bullshit, John. We can't survive on our incomes in our "original countries". The USA and Britain and most of Europe have priced themselves out of the retirement market. If Thailand wants the Trumps to live there, they can have them. "We of more modest means will live elsewhere.
I lived in China for three years and then the Philippines for two years. I don't speak for all that live abroad but as for myself, there's no place like home and I'm back in the states now since 2014. If I ever decided to live abroad again it would be in the Philippines simply because the people there have been exposed more to western culture and of course, less expensive.
Riddled with crime there, no thanks.
@@throwback888 all countries have crime.
Of course they do, it's just really bad there. Security guards with shotguns sitting around in front of shops like jewelry stores, prostitution oenly on display in all large cities, etc.
@@throwback888 The Philippines is the same way.
@@throwback888 ..
We don't care if u nt like philippines sir,
So don't blame wth us that other country no crime too and don't fly ur flag..😉
in the world perspective,
philippines yes have crime.,bt compared to other countries we are still ok according in safe ,unlike in other country,
If u look nation master philippines is safe🙄watch ur mouth and make sure u research 😏
This was sad to make and is something I am dealing with myself. If Thailand don't want us, so be it! Please share your experiences.
At 78 years of age I have decided after spending 5 hours at the immigration office I won’t be doing it next year. Having no home to go back to in the UK my plans are to purchase a canal Longboat as my future UK home. No council tax, no TV license, no gas or electric bills as such. These boats are less than half the price of a house
expat taffy great option 😍
Couldn't you pay a lawyer to handle immigration for you? Or higher a Thai to sit at immigration for you.
A trick: watch series on flixzone. Me and my gf have been using it for watching a lot of movies recently.
@Kashton Nathanael Definitely, been watching on Flixzone for since november myself =)
Retiring in the Philippines: Pros and Cons
Each year, InternationalLiving.com’s Global Retirement Index ranks the top 25 retirement destinations in the world, based on factors like climate, health care, fitting in, benefits and discounts, and cost of living. The Philippines-an archipelagic country of 7,000+ islands-made the 2018 list, scoring especially well in the Cost of Living, Fitting In, and Entertainment & Amenities categories (it did not make the top-25 in 2019).
Though the Philippines is still a low-cost country, it did not rank at the very cheapest level for the cost of living; that honor belonged to Cambodia, which got 100 of a possible 100 points. For 2018, the Philippines earned 90-the fifth cheapest. (Vietnam came in second, at 96.) The country also scored 96 for "Fitting In" (is English spoken, are locals welcoming, is there an ex-pat community, etc.), the second-best of any nation. Only Ireland scored higher, earning 97.
For most people, the decision to retire abroad is a difficult one, and it can be even more of a challenge to decide where to settle down. Issues of safety are of increasing concern, along with costs. The recent anti-drug violence in the Philippines should be factored in with other issues.
Here, to get your research started, are some of the pros and cons of retiring in what is considered one of the world’s best retirement destinations: the Philippines.
Pros
Low Cost of Living
Many choose to retire overseas to find a lower cost of living. The Philippines doesn’t disappoint, and most ex-pats can live comfortably on about $800 to $1,200 a month-including dining out and in-country travel-according to InternationalLiving.com.
The average retired U.S. worker’s Social Security benefit is $1,404 per month as of January 2018, which means your monthly benefit alone could be enough to cover your basic living expenses in the Philippines. An added perk: Household help is very affordable, so it’s possible - even on a tight budget - to hire someone to help with the cooking and cleaning
.
Expat Incentives
The Philippines welcomes expats and even has a government agency dedicated to attracting foreign retirees. Expats here receive a number of financial benefits, including discounts for the 60+ crowd, the duty-free import of $7,000 worth of household goods, and exemption from airport travel taxes. In addition, expat residents are allowed to work or start a business. Also helpful: once you have permanent residency, you can stay in the Philippines for as long you like (your retiree visa does not expire), and you can leave and return without reapplying for residency.
Beautiful Setting
The Philippines is known for its tropical climate and natural beauty. From the tops of its lush mountains to its colorful coral reefs-and everywhere in between-it’s easy to be in awe of your surroundings almost anywhere in the country. Its many beaches (remember those more than 7,000 islands) are perhaps the biggest draw: places like Boracay in Aklan, with its white sand and crystal clear blue water, and El Nido in Palawan, a richly bio-diverse area where limestone cliffs rise from the sea, attract people from all over the world.
The Benefits for English-Speaking Visitors
English-language policy in the Philippines in recent decades has resulted in many fundamental changes in Filipino society. These changes have made the country more attractive to visitors from English-speaking countries. In fact, tourism in the Philippines is booming. In the years from 2004 to 2014, the annual number of foreign tourists visiting the Philippines more than doubled from 2.3 million to over 4.8 million.
In 2017, the total number of visitors to the nation was 6.6 million, a 50% increase from just three years prior. Four of the top 10 nationalities visiting the Philippines were from English-speaking countries: the United States, Canada, the United Kingdom, and Australia.
Retiring in the Philippines
The Philippines is also growing as a retirement destination for English speakers. Although no official Filipino government statistics are available, International Living magazine ranks the Philippines among the fastest growing and most welcoming places to retire in the world. Each year, International Living’s Global Retirement Index ranks retirement destinations around the world, measuring factors such as climate, healthcare, benefits and discounts, and cost of living. For the 2017 Index, the Philippines scored a 90 out of 100 for the cost of living, with the magazine praising the Philippines' relatively low cost of living, its quality health-care system and its widespread use of English.
International Living also shows that ex-pats can live comfortably in the Philippines for about $800 to $1,200 a month. If you live on $800 per month - probably the lowest amount on which most retirees could live comfortably - your $200,000 savings account would last about 21 years; live on $1,200 a month and your savings would last 14 years. This assumes the unlikely situation that your monthly expenses stay the same over the years and that you have no other income or expenses during retirement.
The Philippines has both private and public healthcare facilities. In general, private hospitals tend to be rated higher in terms of facilities and technologies offered; they are also more expensive because government hospitals don’t charge any fees. That being said, it’s important to note that some of the country’s best doctors serve in the public sector.
According to global health insurer Allianz, the top hospitals in the Philippines - all private hospitals located in Manila - are:
The Alabang Medical Center
The Asian Hospital and Medical Center
The Makati Medical Center
The Medical City
St. Luke’s Medical Center - Quezon City
As far as healthcare costs are concerned, most locals and ex-pats consider both services and medications to be very affordable. Another plus: Expats should have no trouble communicating with medical personnel since nearly all speak and understand English.
Insurance
The Philippines has a universal health coverage system called PhilHealth (the Philippine Health Insurance Corporation), a government organization attached to the Department of Health. The agency’s mandate is “to provide health insurance coverage and ensure affordable, acceptable, available and accessible healthcare services for all citizens of the Philippines.” The system is designed to be a way for the healthy to help pay for the care of the sick, and for those who can afford medical care to subsidize those who can’t. Premiums vary based on age and income.
Under certain circumstances, foreign nationals can enroll in PhilHealth. If you are married to a Philippine national, for example, you can get coverage as a dependent. The vast majority of ex-pats, however, must purchase private health insurance policies. Depending on your situation, health and comfort level with the local healthcare, you might want to consider adding a policy that includes evacuation to your country of choice, such as Malaysia, Singapore or Thailand - countries with booming medical tourism industries.
The Bottom Line
If you live or retire in the Philippines, you can reasonably expect good, affordable healthcare if you are in the capital city of Manila. Outside Manila, it might be a different story. The U.S. Embassy in Manila notes that “Hospitals in and around Manila often offer high-quality medical care....Many hospitals outside major urban areas may offer only basic medical care in rudimentary conditions. It is wise to evaluate the standards of medical care at a hospital before contemplating a medical procedure.” If you live in a rural area in the Philippines, it’s a good idea to research your local options and decide how you’ll get to better care - before any healthcare services are needed. See also How to Plan Your Retirement in the Philippines.
very detailed indeed. Many thanks
worth to explore more
@danyou must have had a bad experience because you got Americans who have RUclips left this country and retired in the everybody has to take the initiative to find out the dangers of any country that they're retiring and I and they never gave me that kind of it seems like there's more Americans leaving this country and going to the Philippines United States got a long relationship with the former military installations retirees for the military over over 200,000 Americans guys leaving this country marrying Filipinos I know the dangers of the countrybut I never heard that from any of those guys over there on RUclips but thanks for the warning take care and God bless
@dan you can say the same thing for the United States there's more guns than there is people thanks for the warning the people that retired moved over there who have RUclips channels never gave me that impression maybe they got it wrong maybe that's a figment of my imagination take care and God bless
@dan As someone that has a history with the Philippines, I can say that you are partially correct! This is predominantly based on where you go and who you associate with. If you don't use common sense and place yourself in the wrong situations, things can go badly in the Pines. No different than many parts of the West. If you are careful and not living a dangerous lifestyle the risk is perfectly reasonable. This is just based on my experiences. :)
@@thailandfacts7729Facts U.S.-Philippine relations are based on strong historical and cultural links and a shared commitment to democracy and human rights. the United States has a long history with Phillippines I'm not partially right I'm right and here the proof the Philippines was ceded from Spain to the United States in the Treaty of Paris. Treaty of Paris of 1898 [21][22] The United States recognized the Philippines as an independent state and established diplomatic relations with it in 1946. Except for the 1942-45 Japanese occupation during World War II, the Philippines had been under U.S. administration since the end of the Spanish-American War in 1898
Filipino Americans 4,037,564[1]
1.23% of the U.S. population (2017) There are an estimated four million U.S. citizens of Philippine ancestry in the United States, and more than 220,000 U.S. citizens in the Philippines, including a large presence of United States veterans. An estimated 650,000 U.S. citizens visit the Philippines each year. BILATERAL RELATIONS FACT SHEET
BUREAU OF EAST ASIAN AND PACIFIC AFFAIRS
JULY 17, 2018
I had no problem meeting the income requirements and in addition I have substantial funds in a Thai bank to cover even the most serious medical emergency. However the recent requirement for medical insurance was just a step too far for me. It means that in future years I will be required to pay ever increasing amounts to a Thai insurance company in order to get an annual extension. I have been here in Thailand for almost 15 years never any problems paying my medical expenses and complying with Thai immigration laws. However I think it's time to leave while I can still establish myself back in my own country so to that end I am using this my final year to make those arrangements.
Bottom line: come to Thailand if you are rich enough to live in Los Angeles, otherwise, don't bother.
What SPECIFICALLY is a new requirement ?
Better to retire of your country of origin than to complain about other people's country's struggles to level-up.
It's cold and expensive there. If we could we would. It gets like -20 in the winter.
What makes you think the narrator of the video was complaining? I thought he was just stating some facts in order to better educate those individuals who might be thinking about retiring here.
It is a good idea to research about countries. and always have a backup plan.
Once visited Thailand and lost my bank card ( HSBC) so went to the main bank in Bangkok to ask if I could have my other bank card shipped over from the UK would be easy so you would think ,but the staff in the HSBC in Bangkok would not even speak to me ! Told me to sort it out with my bank ,I said you ARE my bank when I complained security at the bank threw me out ! If that's how they treat foreigners then it's a country not worth visiting !
No they were right. The banks in different countries are not the same. HSBC in uk works under uk rules and has no connection with HSBC in say Canada!
@@paulmac8450 What i found strange when this happened at Siam Commercial to me, i had to report the card loss to the police. Not a banking book. A card loss.
@@llothar68 I have had SCB since 1983. No problems when you get used to how things works here. I have lost the banking book ones and I had to report the loss to the police before I could get a new one. I even have SCB bank accounts in different provinces (not easy to get) because if you use the ATM card (Master Card) for a bank account in one province you will be charged if you withdraw money using the ATM card in another province. Then I transfer money between the bank accounts (free) using the mobile app so I can use the ATM cards without beeing charged. That means I have an ATM card/Master Card for each bank account. You access all your SCB accounts with the same mobile app.
I heard that Vietnam is a cheaper option these days
Yes, it is, and i will be moving to Da Nang Vietnam next September
Foreign Medical Program (FMP)
For eligible Veterans living or traveling abroad, VA offers medical services through the Foreign Medical Program (FMP). Through this program, FMP will pay for health care services, medications, and durable medical equipment associated with a service-connected condition and/or aggravated condition. Eligibility requirements vary whether you live within or outside the United States. VA may authorize foreign medical services for any condition if you are participating in the VA Vocational Rehabilitation Program (38 U.S.C. 31).
NOTE: Veterans living in Canada are under the jurisdiction of FMP; however, inquiries and claims must be directed to the Foreign Countries Operations in Canada. See Contact Us information below.
How to Enroll
Benefits and Claims
Support
Contact Us
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How to Enroll
Enrolling in FMP is simple. Please fill out the FMP Registration Form (VA Form 10-7959f-1) and send to VHA Office of Community Care. (Fillable PDFs can be completed online, saved, edited, and printed.)
FMP Registration Form (VA Form 10-7959f-1)
You may also send your full name, mailing address, address of residence (including country), and VA claim number to the VHA Office of Community Care.
To enroll in FMP, mail your information to:
VHA Office of Community Care
Foreign Medical Program (FMP)
P.O. Box 469061
Denver, CO 80246-9061
We will confirm your service-connected disabilities and send you a benefits authorization letter, which outlines the medical conditions we cover.
For more information about the program, call toll free at 877-345-8179.
How do they require you to demonstrate the monthly income? Do you have to establish a Thai bank account and have the money going into that account ahead of time? Or would a US bank account showing the income coming in be adequate to the need?
Money in a Thai bank, transferred from a foreign bank and a letter from the Thai bank showing the deposits and their source, when you apply for your visa.
@@farshimelt Must be shown 2 months prior to extending visa going into a thai bank
@@newyorklove4u That's for a marriage visa, it's 3 months before for a retirement visa.
@@farshimelt okay.thank you
I don't believe Thailand doesn't want expats. I believe they don't want expats with little funding.
Also I believe that for the long termers in Thailand lower deposit amounts ( and maybe have been grandfathered from previous lower levels as a concession to those long termers.
Ken, Really good point!
@@robertleger4986 The attitude of the average Thai is mirroring that of the govt. Thais are easily led and influenced by authority. I see it more and more often when I go shopping in the stores. Not so much on the street.
@@robertleger4986 To be pedantic; 178 countries.
They don't want EXPATS. They don't care where they are from. We are a CANCER upon their holy Culture. May they sink beneath the waves and never surface again.
I think he is thai?
THERE ARE NO HEALTH INSURANCE PROVIDERS IN THAILAND OFFERING THE BASIC COVER REQUIRED BY THAI IMMIGRATION TO OBTAIN A RETIREMENT VISA...it would appear to me that the present requirement to obtain a retirement visa in Thailand is that you must provide Bt40,000 outpatients and Bt4000,000 in patients. If this not so then I stand corrected. I am only interested if I can obtain the minimum insurance cover that will satisfy the Thai Immigration requirements. They indicate that is i.e. Bt40,000 outpatients and Bt400,000 in patients cover...that is all that is required to qualify for a Thai Retirement Visa. Plus of the Bt 800,000 visa fee.
I am very much frustrated that even blind Freddie would know that this means exactly what has been said/stated. There is nothing I can see that suggests that you provide anything other than what is stated in the new regulations and this is the only way you can get a retirement visa.
These pages are full of many offers from many insurance companies that clearly fall short of the requirements. Like too old, cover not provided, too sick not covered, pre-existing of all sorts of ailments not covered. Additional premiums with age etc. It may be for older applicants that the policies may only provide partial cover or not at all. (most likely). The objective is to compensate Thai hospitals if you are a patient or if you die they still get paid.
It seems the Thai Government has chosen a path that is unachievable. Thailand requires that intending retirement visa applicants provide "Universal Health Care Insurance" for hospitals for in house treatment by an insurer up to the amounts stated where the premium is paid by the insured and the cover is comprehensive and all hospital debts incurred by Farangs are paid. Having been in the insurance industry in my younger days I believe most claims would fall within the Bt400.000 limit with a few over the required cover limit. We used to call this type of insurance "Personal Accident and All risks" or shortened to "All risks". I processed claims.
Thailand's objective are, yes, unachievable and in view of all the exclusions contained in the 13 Insurance companies' travel insurance policies of medical cover provided it is significantly short of the objectives of the Thai Government. The requirements are Bt40,000 and Bt400,000. (yes, I keep repeating myself). Many of the policies on offer are for 5/10/20/30/50/100/million baht cover with a premium to match, we only require 0.4 million Bht to comply (Bt400,000). The offers presented by these companies far exceed the Thai government's basic requirements. sometimes by a hundred times. That sounds good but these amounts are unrequired to comply. All we have to do is comply?
Universal health care is mostly only provided by Governments in a lot of countries. The USA has a sort of Universal Health Care offers provided by private enterprise, ( that's an oxymoron) the cost is often 10 times what similar treatment might cost in many Government administered health care funds in other countries and is a dog's dinner with a 100 million in the US with no cover whatsoever. (a few slow learners there). The premiums are too high. The health care providers there have money coming out of their ears. It's championed as "Free Enterprise"...wow.
Even Mr. Trump. in a very recent speech castigated advocates of Universal Health Cover and stated that universal health cover was the objective of socialist and communists. Completely ignoring the fact that nearly all advanced first and second world countries worldwide with the exception of USA have very effective socialized health care and usually free to their citizens. Evan Thailand does for its own people. They now just want farangs to pay their hospital bill, and they have every right to insist on this, most farangs have never paid tax in Thailand and probably none ever will pay anything in the future...OK.
I believe Universal health is the only way to go in Thailand's objective I believe presently is unachievable, if it's for farangs only, it's just too hard. Insurance for Medical cover in Thailand offered by existing Medical Insurance offers is very much short of what Thailand requires and what the customer needs are. Thailand and the medical insurers appear to be heading in different directions.
Perhaps the only workable alternative is that Farangs will need to lodge part of the Bt800,000 visa application fee as a financial bond Bt400,000 or similar against incurring outstanding unpaid hospital bills. I'd be OK with that. If you don't require medical services in Thailand you pay nothing. Sounds good to me.
If the existing insurance companies can't do the job well like the old saying goes " if you don't know how to cook the broth get out of the kitchen"
The only reason one picks Thailand for retiring is because things are cheaper compared to whre they come from.I think you must first like the place ,the people, the weather, and the culture,if not I don’t see any reason for anyone to stay and live in the country.
@David Chaplin There are no "real jobs" for uneducated people.
for your info, thai baht was 20 to one USD back in 1978, and 25 to one USD in 1984, now it is about 30 to one USD
@JG Lee Expectations are like opinions & beliefs.
But this was a decline in dollar, the USD lost against all currencies not just the baht.
actually USD is falling against Thai currency for quite long time, on the other hand, until recently, USD has been strong against other major currency such as EURO, AUD, etc, and south east asia currencies
that's why there is report there may be central bank intervention so that the Baht will not keep on rising so fast
@@drkenchao1849 I sold all my investments i could that i had in US dollar. I expect him do drop another 10% against the Euro. USA is in financial crisis.
is vietnam viable choice? i do not know similar retirement offer, maybe malaysia?
Absolutely. I believe Vietnam is a great option. Different though!
Malaysia is fine if you're a Muslim. The real truth is that no one wants any foreigners to live in their country. Visit, spend money, leave, thank you very much. Better yet, just send money.
The THB isn't going to go down as Thailand is a now an major manufacturing hub for cars and digital technology. Cheap retirement is over in Thailand.
@Movenpick - Sea Fun Divers the reason why the bhat is strong is because a lot of manufacturing, such as cars and computer parts, occurs in Thailand. Many multinationals have moved into Thailand. Yes the high bhat has resulted in a down turn in tourism and some exports. The THB rose due to economic infrastructure development. It didn't go up based on nothing!!!!
1k USD is NOT enough to live on here as an expat. Sure, many Thai's live on less, but Thai's have a national health plan which costs them 30 baht a visit. A 70 year old foreigner whose more likely to get sick and need constant medical care due to being old does not get that plan, plus as a foreigner, who wants to sit all day in a government hospital to be treated? And as a foreigner living here, who wants to live like a poor Thai? I had no problem showing my proof of income via my pension, which meets Thai requirements and a passbook from my bank showing monthly deposits. 800k is for people who can't do this.
@JG Lee I knew some very destitute foreigners here who used to live here on 1k a month or less and just went to local clinics if they were ill or self medicated via a pharmacy. Those times are over. Yes, the rules are much stricter now, but this is Thailands decision, not ours.
@JG Lee The fee, in a govt. hospital is 300 baht per visit + any services or medication. Ex: Blood test for kidney disease is 1400 baht.
Visiting is good enough for me I like my motorhome I live near the beach and mountains no visa needed no special income required extreme minimalist
Now that’s what I call a lay back retirement
If you are eligible to receive Social Security benefits, you can continue collecting them while living in the Philippines-whether you are a citizen of the U.S. or the Philippines.
Those who relocate may have their retirement benefits either mailed to them in the Philippines, deposited directly into a U.S. bank account, or deposited into another American financial institution of their choice.
In general, foreigners are prohibited from owning land in the Philippines, but they can legally own residences, such as condominiums.
Social Security
If you are eligible to receive Social Security benefits, you can continue collecting them while living in the Philippines, whether you're a citizen of the U.S. or a citizen of the Philippines. But special rules may apply if you are not a U.S. citizen and if you receive benefits as a dependent or survivor of a worker. The Social Security Administration's (SSA) Payments Abroad Screening Tool can elucidate your specific situation.
You can choose to have your benefits mailed to you in the Philippines or deposited directly into a U.S. bank account or other U.S. financial institution of your choice. For many retirees, the direct deposit option eliminates the possibility of delayed, lost, or stolen checks, plus the money is delivered faster. The deposited money can then be withdrawn with ATM cards, and international money exchange services can be used to transfer larger sums when needed. Since Feb. 2018, the Philippines began participating in the Social Security Administration’s International Direct Deposit (IDD) program, allowing benefits to be sent directly to Filipino bank accounts.
Note that Medicare does not cover health services received outside the U.S. Although Medicare benefits are available if you return to the U.S., you'll be subject to a 10% higher premium for each 12-month period you could have been enrolled.
If you need assistance with your federal benefits, the U.S. Embassy Manila hosts the offices of the SSA, as well as the U.S. Department of Veterans Affairs (USDVA). The SSA office can answer questions about Social Security, help you apply for benefits, or process post-entitlement issues like address changes or direct deposit enrollments. For information, call (632) 301-2000 ext. 9, or email FBU.Manila@ssa.gov. The USDVA office can assist with processing benefit claims, local payment of benefit checks, and other services. For information, call (632) 550-3888.
Land Ownership
Foreigners are generally prohibited from owning land in the Philippines, but they can legally own homes. For this reason, it makes more sense to procure a condominium, which entails owning the house itself, but not the land, rather than seeking a traditional property, which involves owning both the structure and the land on which it sits.
The Philippine Condominium Act specifies that foreigners can own condo units, provided that Filipinos own at least 60% of the units in the building.
Option #1
Option #1 is to buy a house on leased land. Even though you can't own the land beneath the house, you can buy the house itself. Under the Investor's Lease Act of the Philippines, a foreign national can enter into a lease agreement with a Filipino landowner for a long-term lease of 50 years, with a one-time 25-year renewal option.
Option #2
Option #2 entails marrying a Filipino citizen and purchasing the property in your spouse’s name. While your name won’t be on the title, it can be added to the contract to buy the property. If you legally separate from your spouse or if your spouse passes away, the land cannot be transferred to you, but you’ll be given a reasonable time in which to sell the property and collect the proceeds. If you don't swiftly accomplish this, the property will automatically convey to your spouse's heirs.
Note that if you have dual citizenship in both the U.S. and the Philippines, you'll enjoy the same ownership rights as a Filipino citizen. If you are a native-born Filipino who is a naturalized citizen of another country, you can buy and register land in your own name, but you will be limited to 1,000 square meters of residential land or one hectare (about 2.5 acres) of agricultural or farmland.
Citizenship and Visas
Nationality laws in the Philippines provide that you become a citizen if you were born in the country or if at least one parent was a Filipino citizen at the time of your birth. Children born before Jan. 17, 1973, to a Filipino mother can obtain citizenship upon reaching the age of majority.
If you're a dual U.S./Philippines citizen, you can remain in the Philippines indefinitely. If you enter on your U.S. passport, or if you no longer have a Philippines passport, you can apply for a Special Resident Retiree's Visa (SRRV), which lets you live, work, and study in the Philippines. You may also travel outside the Philippines and re-enter anytime.
To be eligible for the SRRV, you’ll need a minimum visa deposit, which varies depending on your age, pension status, and type of visa. If you're at least 50 years old, and you apply for the SRRV "Classic," you must deposit $10,000 in a local bank if you have a pension of at least $800/month for a single applicant, $1,000/month with your spouse if you're collecting Social Security, or $20,000 if you don’t have a pension. If you are between the ages of 35 and 49, the visa deposit jumps to $50,000.
Taxes
If you are considered a resident of the Philippines, you will be taxed on your worldwide income. Non-residents are taxed only on Philippines-sourced income. Because the U.S. and Philippines have an income tax treaty in place, you generally won’t pay taxes twice on the same income.
Note that people typically pay taxes in both countries, but use offsetting tax credits to limit taxes to one. Because tax laws are complicated and ever-changing, a qualified tax accountant can help you achieve the most favorable treatment possible.
The Bottom Line
Anyone considering moving abroad during retirement must contend with collecting Social Security benefits while overseas, buying properties, and obtaining the correct visas. Like any nation, the Philippines has a range of rules and regulations that must be honored.
Note that U.S. citizens traveling or living abroad are encouraged to enroll in the Department of State's Smart Traveler Enrollment Program (STEP), which provides security updates and makes it easier for the nearest U.S. embassy or consulate to contact you or your family in case of an emergency.
i think mandarory health insurance premium depends on your age, it could escalate quickly as you age, and become unaffordable, or not worthwhile if you still healthy. So need,to think if yiu can settle as final destination for life
The retirement money deposits are there for at least 10 years from now. That nothing new and most have found a way. 800,000 is not much, considering most had no heath insurance at all. Thailand don't want any farang take financial advantage of the thai health system. But with the current situation everyone should keep in mind that the rules and amounts can be increased any time.
Cost of Living in The Philippines
If you’re finding it hard to stretch your dollar in the U.S., you might want to consider the the Philippines for your golden years. Numbeo, a major database of economic conditions in different countries, reports that the cost of living in the Philippines is significantly lower than it is in the U.S. How much lower? Below, we compare the Philippines and the U.S. in terms of specific costs.
Rent Prices: 79.16% lower than in the U.S.
Consumer prices with rent: 59.19% lower than in U.S.
Restaurant meal prices 71.48% lower than in U.S
Grocery prices: 50.24% lower than in U.S.
Local Purchasing Power: 76.94% lower than in U.S
International Living, a magazine that extensively covers the costs of residing in different countries, reports that most expats can live comfortably with $800 to $1,200 a month. That includes housing and going out to enjoy what the Philippines has to offer.
Getting Your Visa in the Philippines
To retire in the Philippines with a valid visa, you may have to jump through a few hoops. But we’ll walk you through the process step by step.
First, you need to obtain a variety of the Special Resident Retiree’s Visa (SRRV). Its most attractive option is the classic option. To qualify for one, you have to meet the following requirements:
Be at least 50-years-old.
Deposit at least $10,000 into a Philippines bank if you have guaranteed monthly income ($20,000 otherwise). This covers you and two dependents.
Deposit $15,000 for each additional dependent.
Have proof of pension that pays at least $800 a month ($1,000 for couples).
The good news is that “pension” can refer to most sources of retirement income including Social Security benefits.
The one-time visa application fee is $1,400 for the head of household, plus $300 for each additional family member. You also have to pay an annual fee of $360 to renew it. This fee covers you, your spouse and one child. You also have to pay $100 for each additional child if you have any.
In addition to your visa, you must obtain an Alien Certificate of Registration (ACR-I) card with a microchip containing bio-metric data. It also contains your fingerprints. This card serves as your re-entry permit along with your valid passport with a visa stamp. It costs $50, and you must renew it each year.
Retiree Housing in the Philippines
retiring in the philippines
Securing housing as a retiree expat in the Philippines would take some strategy. If you have an SRRV visa, you can purchase a condo or townhouse. However, you can’t buy a fully detached home. The good news is you can use the $10,000 deposit for the visa to purchase one of these homes if your overall investment in the country is at least $50,000. So you may want to rent until you can purchase your own home.
That said, it’s important to research a potential location with laser focus. Some areas in the Philippines lack sufficient infrastructure. This means power outages and water stoppages can become the norm in some places. You’re also going to want to have easy access to healthcare, banks and entertainment.
Access to Healthcare in the Philippines
Obtaining healthcare may be a challenge in the Philippines depending on where you stay. If you live in the capital, Manila, it’s very easy to get access to healthcare. However, other areas lack sufficient healthcare facilities. This can pose a serious issue for those with chronic conditions or expats who require frequent medical attention.
But if you have easy access to hospitals, healthcare costs significantly lower than it does in the U.S. and you can easily sign up for a local health insurance plan. You can also apply for the government healthcare program PhilHealth. Unfortunately, however, hospitals in the Philippines don’t accept traditional Medicare. Plus, many hospitals require payment at the point of service.
But if you’re in the military, you may be able to access local VA clinics.
Taxes for Retired Expats in the Philippines
The tax code in the Philippines is particularly friendly to expats. Resident aliens are taxed only on income they get from sources within the Philippines. The rates vary depending on what type of income you receive.
The Philippines government classifies income as compensation, income subject to final tax and other income. Compensation is basically paycheck income, which is taxed at a rate ranging from 20% to 35%.
Income subject to final tax is typically passive income. The maximum rate for this is 20%. Again, this applies only if you work in the Philippines. If you plan to take a full retirement, the Philippines government won’t tax the income you receive from a pension, 401(k), individual retirement account (IRA) or other type of retirement plan.
Safety in the Philippines
Despite its scenic beauty, the Philippines can get dangerous in some areas. One of the latest travel advisories issued by the U.S. State Department in 2018 warned Americans to exercise “increased caution due to crime, terrorism, civil unrest and a measles outbreak.”
The note particularly advised people to avoid travel to the following areas:
Sulu Archipelago, including the southern Sulu Sea
Marawi City in Mindanao
Other areas of Mindanao
In any case, you should review the Crime and Safety Report for the Philippines that the State Department issued.
However, SkyScanner recently listed the following places as the safest areas in the Philippines.
El Nido, Palawan
Batanes
Cagayan de Oro City
Pagudpud, Ilocos Norte
Davao City
The Takeaway
retiring in the philippines
Retiring in the Philippines can be a great escape when done right. Overall, you’re going to notice goods and services are cheaper than they are in the U.S. You can also find affordable healthcare as long as you retire in a location close to hospitals. However, certain parts lack infrastructure and investment. Therefore, you’re not likely to find easy access to healthcare in these places. Some areas are undergoing high crime rates that include terrorism threats. So be sure to review the location you want to stay in to make sure its safe. But if you can find the right location, you can enjoy the beauty that the Philippines has to offer, from sandy beaches to vibrant rural areas where you can really relax.
Tips to Help You Afford Retirement
As mentioned above, you can retire comfortably abroad from $800 to $1,200 a month. For some people, the value of your Social Security benefit is enough to cover your costs of living. You can estimate your benefit amount with this Social Security calculator.
While many people dream of living abroad in retirement, it isn’t always the best option. Some places in the U.S. may offer similar benefits - sunny weather, tax advantages and a low cost of living. Before you make any big moves, you should consult an expert. A financial advisor will help you understand how much you have in savings and how far it can take you. If you do have the money to move somewhere, an advisor can also help you understand the finer points of moving, including the tax implications. Our financial advisor matching tool will help you to find and get started with a financial advisor near you.
Exchange rate is not the issue. You're wrong in this matter!
One thing I think is reasonable is for visitors to have proper health care insurance. I believe the UK has just adopted a similar system. I do hope Thailand sees sense in all of this and makes it easier for ex-pats to stay long term. They need cheap Charlies to help with local economies. The monthly income needed now is far too high for ex-pats to sustain. If the Thai authorities want a vibrant ex-pat community that brings in millions they will have to work with ex-pats to make Thailand an attractive place to live. At the moment ex-pats don't feel wanted by Thailand but I know this is a Government issue, the locals are happy to have foreigners and don't want ex-pats to leave.
Thais do not want a "vibrant expat community," they do not want foreigners living in Thailand. The Govt. attitude has trickled down to the locals. You can feel it in the stores. There is no sense or logic in Thailand and they are not capable of thinking things through. It's the result of a Confucian education, i.e., memorize and obey.
@@farshimelt They always look short term, if you said I can give you £100 now or £200 tomorrow they will take the $100. The locals will feel the pinch. If they go on like this there will be no more ex-pats. There loss.
@@pokeamaniwillnotbereplaced They think that the Indian tourists will take up the slack. Like I said; no sense, no logic.
@@farshimelt , spoken to people on the ground, walking street they say the Indians don't spend money. The girls say they want one girl to service groups of them for a knockdown price. The Chinese just don't spend. Crazy false economy and will affect the local businesses who need it most.
@@pokeamaniwillnotbereplaced You are correct. The only people who spend enough money to keep the bubble from bursting are the wealthy Thais, Chinese and Western tourists. The crash wont be pretty.
Poor people who buy real estate 3 years ago in Thailand, because now prices 70% down 😰
the ridiculously high exchange rate is the killer for me, plus the new immigration rules where i have to keep money in the bank, thats because of fake pension accounts / statements and the UK gov will no longer endorse my pension. The U.S gov is the same, i am not sure about other countries. For me i will probably take my wife and family back to the UK, The Thai gov will lose my financial input, in fact i do think i will be better off in the UK, better schools where your kids arnt whipped i kid you not, better health care, banks you can trust, no insane crazy drivers the list goes on and on !
The cost of living in the UK is about the same as in Bangkok, which is now one of the 50 most expensive cities to live in, in the world. In the past year it jumped up 50 places. As long as you don't live in London, you'll be fine.
My daughter attended a international school in Thailand, it was great and no child was ever whipped. spanked or mistreated. If you're a foreigner living in Thailand and sending your child to a Thai school (where they aren't even taught in English) you have to be low income and irresponsible. You placed your child in a terrible academic circumstance.
Over 20 yrs and I cant find all these new regs or that it is harder to live here........BUT, please do not settle in Thailand. This land is lots more pleasant to be in with fewer foreigners. Do not settle here and if here, please do leave.
You are welcome here at The land of genuine smiles! ☺Its more fun in Philippines! 🎶 💃 ☀ 🏄
There has been an increase in question about the Philippines from Americans who have RUclips channels there for those who are veterans honorable discharge from military services there's a cheaper Visa for those who are married to Filipinos and still have their Filipino citizenship and are over 60 there's a special discount card that you can apply for 20% discount on a variety things for Americans who are over 60 there's a special visa for you and you also get discounts from special visa program (SRRV) so it's just another option take care and God bless oh yes they have universal healthcare do your due diligence with healthcare system, and you're not allowed to buy property you can buy condos or 25 to 50 year lease on land but you better check into that not sure about that take care and God bless
The Philippines is filthy, super low quality of living and filled to the rim with scammers, liars and cheats. I'm married to a Filipina, we've lived in Thailand, the U.S and now Australia. We'd never consider moving to P.I despite the fact she has friends and family there. nice to visit (short term) but living there, no way.
@@derekm4819 I guess there's good and bad in all country
That hasn't stopped people from going there and retiring there , there are some challenges in the Philippines from what the people who live there who have RUclips channels who are Americans with different ethnicities they seem to love country and the women that they're married to take care and God bless PS and there some have left Philippines went back to the United States left the United States and went back to the Philippines there's good and bad in every single country that's all I can say about that
@@michaelb.3438: My wife is a Filipina and we live in Asia. I can assure you there are many better options than the Philippines unless you're a sexpat aka an old undesirable who wants to buy love and admiration.
The Expanded Senior Citizens Act of 2010 (Republic Act 9994) defines the privileges all senior citizens are entitled to. Elderly Filipinos are aged 60 and above are entitled to a 20% senior citizen discount and exempted from the value-added tax (VAT) on applicable goods and services for their exclusive use. These privileges apply to both cash and credit card payments. for Filipinos citizen, only 60 years and over need to get your discount card
List of Senior Citizen Discounts and VAT Exemptions
Medicines: Generic and branded medicines, vitamins, and mineral supplements (with doctor’s prescription)
Medical supplies and equipment: Hearing aids, eyeglasses, wheelchairs, crutches, dentures, etc.
Medical and dental services in private facilities: Lab tests such as blood tests, x-rays, etc.
Professional fees of attending physicians and licensed health workers
Domestic air and sea travel fares
Public land transportation fares: Jeepneys, buses, taxis, shuttle services, MRT, LRT, PNR, etc.
Hotels: Accommodation and amenities in hotels, beach resorts, mountain resorts, etc.
Restaurants: Food, beverages, dessert, and other consumables for dine-in, take-out, drive-thru, and delivery orders
Recreation centers: Rental and other fees for sports facilities such as gyms, badminton courts, tennis courts, ballroom dancing studios, bowling lanes, etc.
Places of leisure: Cinemas, museums, parks, theaters, concert halls, etc.
Funeral and burial services for deceased senior citizens: hospital morgue, embalming, casket or urn, cremation, etc.
List of Senior Citizen Benefits
Income tax exemption for minimum wage earners
Training fee exemption on socio-economic programs
Free medical and dental services in government facilities
Free flu and pneumococcal vaccinations for indigent senior citizens
Scholarships and financial assistance for seniors’ education in public and private schools
Retirement benefits from SSS, GSIS, and Pag-IBIG
Discounts in special programs for senior citizens
Express lanes for senior citizens in all government offices and commercial establishments
How to Compute Senior Citizen Discount
Know that a senior citizen is exempted from paying Value Added Tax (VAT). To compute the VAT exempt sales, divide the selling price by the VAT rate. Below is a sample computation:
Product Price: PHP 500
VAT Rate: 12%
Formula: Selling Price ÷ VAT Rate = VAT Exempt Sales
Solution: PHP 500 ÷ 1.12 = PHP 446.43
Senior citizens are entitled to a 20% discount upon purchase of goods and services. To compute for the discount, deduct the percentage by multiplying the VAT exempt sales by 20%.
Formula: VAT Exempt Sales x 20% = Senior Citizen Discount
Solution: PHP 446.43 x 0.20 = PHP 89.29
To identify the billable amount, subtract the VAT exempt sales by senior citizen discount.
Formula: VAT Exempt Sales - Senior Citizen Discount = Billable Amount
Solution: PHP 446.43 - PHP 89.29 = PHP 357.14
11 Facts about Senior Citizen Privileges You Might Not Know
The senior citizen law in the Philippines could be too complicated for common people to grasp, what with its many provisions and conditions. There are gray areas, too, leaving a lot of elders, their family, and business owners confused.
To avoid confusion and frustration, equip yourself with knowledge and share it with your elderly loved ones. Here are the important reminders about the special perks for senior citizens.
from PhilHealth website
Under Republic Act 10645, all senior citizens automatically receive PhilHealth coverage in accredited healthcare facilities in the Philippines.
The government provides this benefit in addition to the senior citizen discount and VAT exemption. For private hospital confinement, the 20% discount and VAT exemption are deducted first from the medical bill before deducting the PhilHealth benefit. Meanwhile, the No Balance Billing Policy applies in public hospitals, meaning senior citizen patients no longer pay for their hospital bill.
Even without the Member Data Record (MDR), elderly patients can avail of treatments through their senior citizen ID or any government ID. However, it’s better to register as a senior citizen PhilHealth member to receive the benefits seamlessly.
2. The Senior Citizen Law Applies Everywhere in the Philippines
Many businesses outside Metro Manila seem to be unaware of the Senior Citizen Act that they don’t give the senior citizen discount, a Philippine Daily Inquirer report notes.
When your senior parents or grandparents are denied the mandatory 20% discount anywhere in the Philippines, help them assert their right as senior citizens to the store owner or manager.
3. Elders Can Get a Senior Citizen Discount Using Any Valid ID
Seniors must present their senior citizen ID, issued by the Office of the Senior Citizen Affairs (OSCA), to avail of their privileges under the Senior Citizen Act. But without it, they’re still entitled to a senior citizen discount, as long as they present their government-issued ID that shows their age.
Without an OSCA-issued ID, elderly customers may show any of the following valid IDs:
Passport
SSS ID or UMID card
GSIS ID
Driver’s license
PRC ID
Voter’s ID
Postal ID
Read more: PRC Online Application: Guide for Professionals in the Philippines
It’s illegal for businesses to honor only the senior citizen ID and refuse to give discounts when senior customers present another valid ID. In such a situation, seniors have the right to demand the discount due to them.
thai baht is over valued
may need to be devalue its currency, as its fiat currency is over priced
I think it is a real shame for those who are settled, especially those in love relationships with a Thai woman, even moreso for those with kids.
I found it interesting that your video was US-related, considering that the vast majority of foreigners there are either European or Australian. Well, Thailand's loss will be their neighbours' gain.
I am American. You are right though, most of the fellow expats I know are European/Australian.
Does it have clean beaches? Good beer? Nice local people? How much is the average monthly rent? Do I need to learn a new language? Are the women pretty & well-mannered? What's the food like? Is it in SE Asia?
@@intiaboats Clean beaches? No. Good beer? No, unless it's imported. Rent? Depends on how and where you want to live. A 50,000 baht house in Bangkok, if you can find a house, will cost 15,000 baht in Hua Hin or Chiang Mai. Learn a new language? Yes, if you want to communicate with Thais. The women are beautiful but you'll never meet any educated, upper class women. Most women, if well treated, are well-mannered. There is a variety of food from all over the world, but it is much more expensive than Thai food. Is it in SE Asia? Is that a serious question?
Sorry, I responded to a comment that may have been deleted, unless it was the result of an ongoing hack on my phone.
These hacks, or removed comments, are always promoting The Philippines over other SE Asian countries. Doubtful coincidence that I've been legally married to - albeit, separated from - a Filipina, for 28.5 years.
I was in/near Thailand from 2013 to 2016, and am sorry to hear of the visa challenges & ever-increasing Baht.
@@intiaboats,
in the world perspective,
philippines yes noo devorce..
many seperated yes,bt compared to other countries we are still ok according in marriage ,unlike in devorce legalize then it would be rarer to find someone/couple wth long lasting marriage..🙂
Many filipina is single mom yes,we admit it because some men irresponsible and bad men for their life..😕
Here in the Philippines only one pilipina/pilipino can marry a person, marriage is sacred and holly here 🇵🇭
And almost everyone who lives here is Roman catholic,tht's why almost ppl here is marriage or need.
all over the world Philippines and the Vatican only banned devoce..
The only way is seperation paper🙂
All currencies globally are derivative to major moves in currency valuations between the major currencies in the IMF SDR basket. There is nothing occurring domestically at all that is causing or has caused alterations to the Baht; if only marginally, and in terms of 1 baht or less.
Movements to USD, or weakness of Euro, or Thai Baht valuation to USD 2005 to date, all have to do with strength of USD, because of demand for USD after return to normalcy, quickly after 2008 was realized to be the GLOBAL financial crisis, with USD used as trade, reserve and investment currency, strength of USD, and weakness of Euro, or Yen, or Swissy, or SK Won, RMB, then Baht also. Same with South African Rand and so forth.
Little check, check timeframe for Baht at 41 and South African Rand, and check todays value, look and see if proportional alterations are similar, similar fall or rise, proportionally as a percentage of GDP. Or merely look at Euro to USD in 2005 and Euro to USD today, and note Baht movements, such will be easiest.
The visa situation in the Philippines is much easier.
You are required to put $25,000 in the bank in the Philippines if you want a retirement visa and you can't touch it. If you don't have $25000 you would have to have a condo worth at least approximately $40,000 although I'm not a 100 percent sure on that figure it could be more.
@@jasguy2715
No it's 10,000 us dollars. But if married to a Filipina you get 1 year visa.
@@jasguy2715 When I was there it was 10,000 bucks.
I have to correct myself! it's 20,000 not 25000 I was getting confused with something else. If you can prove you're getting at least $800 + a month from some type of stipend, you're only required to put up $10,000 or the deed of a condo.
@@theghostofpennsylvania_11 yes if you're married to a Filipina you get a one-year Visa but you are still required to leave the country once a year and you have to take your Filipina wife with you that means two plane tickets at twice the expense where ever you go because you're required to have her with you when you come back at the airport in order to get that yearly Visa again.
Funny how all this is true but you dont need this if you go to a visa shop!!! say no more
Thailand cannot sustain high currency unless it finds new industry or exports
Farang live in thailand you don't pay tax for your income you pay tax for your country so if it fare you must be in your country but you want to live in thailand i thank you know the reason . So i think my goverment must choose farang and want to live in thailand and not a problem finance at this time no farang for sex only for cheap. Not expensive. My people have not choice to do another job you know i am very sad. So i want farang have a quality for develop my country to live in thailand.
No money no honey
Wow
Good.
I don't understand, why you guys don't just leave Thailand for somewhere else cheaper or whatever you like. Why have to complain.
@Wes Takahashi no one force you to do that. That why I said just leave the country.
Well some of us love Thailand and have Thai family. I not live in Thailand now plan to do later but I have Thai wife and family, not all farlang complain yes its a pity about the money in the bank but I look on it this way the 400.000 bath can help my wife a little if something will happens to me when I will stay in Thailand, so not all complains, when this is said I also understand people a little before retirement og marriage in Thailand some people use many money and buy house they can never
Own after that we continuing use money In Thailand i not complain but I think that the law about people who have wife and family is little to hard...
You now ask then why you want stay In Thailand,, i want that bc i love my thai wife and my Thai family,, I think that we not have to complain, I think that there is nothing wrong in speaking about this on a normal and polite level. Some say Thai not want farlang in Thailand, yes I think some realy not want us in Thailand I am farlang and I understand the people who say like that. Its a big pity for me to say this. But when I see and know how many. Farlang behave in Thailand then sorry guys then I understand that sort of Thai people,,, but but but thai people and Thailand also have to understand this we are not all like that., I think many farlang thinking about leaving Thailand. And together with that many tourists begins to go to other countries, thr Bath is way to strong. People loose jobs in Thailand the economy not good Al this not good for thais and Thailand, so maybe Thai government have to be little more friendly to farlang, we not all bad and I realy understand that Thailand. Have to do something about all the bad people who comes to Thailand,, but they have to do it so they not kill other things in the process, again I love Thai people and Thailand so what is going on now is a big pity for me
@Wes Takahashi good luck and good bye
All the Cheap Charlie's are leaving in droves
A so-called cheap Charlie is generally a non-suckers who do not unnecessary waste their money buying Thai women homes, cars, clothes and supporting families other than their own. You know, the old desperate western weirdo types who migrate their to attract women by playing the role of human ATM machines until they're broke and suicidal.
not expats, retirees, immigrants, cheap charlies.
The exphats complaining the loudest are the ones chasing bar and massage girls, that look and smell like bums, spending their days sitting on a bar stools complaing about they have no money.
Also the ones that were burned by the Thai 20 y.o. girl friends and wives.
Stop complaing! Leave the country and take your sorry butt's to another country. If you didn't have enough to retire in your home country, you won't be able retire anywhere. Go back to work and save some money.
Also, this sounds a lot like Chris. Let it go, move on with your life.
needles_sub
I am not sure if that reply was intended for me but I am complaining after being compelled to buy an insurance I did not need when someone at the other end of the country in the same circumstances has not had to pay out for the same. I haven't a clue who Chris is and bar stools and bar girls have never been my scene. In fact as you can see from my reply not only have I transferred more than is required every year but I also have ample funds on deposit in a Thai bank to meet any medical emergency several times over and a lot more than is required by the new regulations.
Come on, how easy is it for someone to retire in the USA from Asia, they couldn’t even go there on holiday, tired of this kind of content...dry your eyes
Could not agree more
@@lawsweeguan5656 what does that even mean? Dont think you are in the category you just mentioned
Retire in your own country .best option
Thai Governments come and go,
Regarding the retirement visa and insurance. I have just visited the immigration office and was assured that if you have a retirement visa that was obtained with an O visa on entry then you are not required to have insurance.