South East Asia is a hotspot for retirees with lots of Westerns heading towards the beaches of Thailand, Vietnam and the Philippines. With the cheaper cost of living magnificent beaches year-round warm weather and friendly people it not hard to see why people want to spend their retirement in this region. So what are the key points I need to know and where can I go?
Thailand Elite Visa
The Thai have started their elite visa program and this has proven quite popular with a lot of nomads, and people that want to live long term and retire in the country. It has a range of options from 5-20 years and includes some perks such as Golf benefits and club lounge at the airport, and airport picks up service. These options range in price from 500,000 THB for the five years to 2,000,000 THB for the elite membership option. You also have family options and some of the programs include annual health check-ups at Thailand private hospitals (which are some of the top in the world). The table below details all the options that you have in regards to the program.
Thailand Property Investment is another option to get into the region the property option is another option where you can purchase a Thailand property (normally a new build and has to be a specific condo)the purchase has to be over 10,000,000 THB (about 300,000 USD).
Thailand Summary
The Thai elite visa has shown to be popular as a lot of people like the idea of living in places like Phuket, Chang Mi, and Hua Hin although this is an expense that you don’t get back. It can be said the more pricey options come with benefits this would be for the kind of people who are looking for a lifestyle visa and a no-hassle approach (as you pay for the convenience in the service), with the golf packages, health checkup, and taxis from the airport. These options give retires and nomads the option to live in Thailand. While the property investment is more expensive it has followed the trend of other countries in the region (Malaysia) by residence by property purchase. So if you have 300,000 USD and do want to live in Thailand this is an option because you get ownership of the property.
Malaysia
This is a personal favorite. Malaysia, in general, is somewhat of an overlooked country and I believe very underrated as it has all of what Thailand has in regards to the beaches the Island and in KL it has the modernness that feels like Singapore in some parts. Combined this with it being a regional hub and cheap flights across the region and similar price if not cheaper than Bangkok (Source: Numbero cost of living). The MM2H Visa program getting a lot of attention, they have set requirements and although not a cheap option in terms of residence compared to developed places like Singapore next down is a fraction of the price.
The requirement comes in two forms for over 50s must show a net worth of 350,000 Malaysian ringgit (107,000 USD) or have a monthly offshore income of at least 10,000 Ringette (3,100 USD). If this is not feasible for you-you can deposit 150,000 Ringgit into a Malaysian bank account. And can withdraw 50,000 Ringgit after one year for the domestic living costs (medical care, real estate).
While if you are under 50 the levels go higher at 500,000 ringgit as well as 10,000 ringgit monthly income. You will if approved need to deposit 300,000 Ringgit into a local bank account half of which can be withdrawn for approved purchases after one year.
Malaysia Summary
This is a great option for those who meet the desired level of income or that have enough liquid cash to afford it as it allows for some to be used for education purposes. The only slight downside is that is not at the cheaper end of the market but is affordable for most medium/high level of an income earner.
Philippines
The Philippines, arguably the best islands in the region and comes with it a more western style of life with the food the houses and the culture. So people can feel more at home here. With Manila having places like Makati for expats that are like a mini Singapore you can live easily here. And yes be only a short trip away from some of the world best islands. In regards to their visa programs, there are four kinds and will explain
This is an abstract from what the Philippines visa program says:
The most basic is the SRRV Smile, which allows you to remain in the Philippines as long as you wish provided you deposit US$20,000 in a Philippine bank and keep it there for the duration of your stay. This visa is available to anyone who is 35 or older. The deposit is fixed and may not be converted into an investment for a long-term lease or condominium purchase.
SRRV Classic, you can use your funds to purchase a condo or a long-term property lease. Applicants, age 35 to 49 must deposit US$50,000 in a Philippine bank or buy a ready-to-occupy condo costing US$50,000 or more. Applicants, age 50 or above need to invest only US$10,000 if they have an individual pension of at least US$800 per month. (A couple would need a combined pension income of at least US$1,000 per month.) Applicants who are at least 50 years old who can not meet the pension requirements can still qualify for the “SRRV Classic” visa by maintaining a deposit of at least US$20,000 in a local bank.
The “SRRV Human Touch” offers the benefits of permanent Philippine residency to any retiree with a pre-existing, non-contagious medical condition who is in need of ongoing medical care or services. The minimum investment amount is just US$10,000 for any applicant age 35 or older, and the conditions are the same as those in the “SRRV Smile” program. “SRRV Human Touch” applicants must be able to show a pension of at least US$1,500 per month and give proof of health insurance. This makes residency in the Philippines a great option for people with disabilities or chronic medical conditions.
The “SRRV Courtesy” visa is for individuals aged 50 or older who are either former citizens of the Philippines or ambassadors or diplomats who have served in the Philippines. The terms and conditions for the courtesy visa are the same as for the “SRRV Classic” program.
Retirees who have any of the four SRRV visas are allowed to remain in the Philippines for as long as they want without needing to re-qualify or leave the country for any reason. If you do want to leave the country, though, you can come and go as you wish.
Your overseas pension or social security is exempt from Philippine taxes, and any interest earned on bank deposits may be withdrawn at any time. If you ever decide to relinquish your Philippine residency status, your entire qualifying deposit is returned to you.
SRRV applicants must pay a one-time administration fee of US$1,400. The application process is relatively simple and can be completed online. There is no need to hire an agent for assistance.
Philippines Summary
This is a cheap and great option and ideal for those of retirement that are wanting to live in the Philippines, and compared to others in the region is somewhat more affordable even with the basic smile program for 20,000 USD.
Singapore
Singapore, as well the livable place in every aspect of its medical care, banking, freedom to do business, its airport, its airline, its education system, it’s standard of living, cleanest, safest all rank among the top in the world. In short its the closest thing you have to a utilitarian place.
This place is great as it has seen notable personnel move here like Edwardo Saverin, because of the convenience of the place.
The visa program Singapore offers permanent residency to those who can meet the income requirements, but this is not practical if you’re on a fixed income or have limited assets. To retire in Singapore, you need to own property that is valued at US$400,000 or more, in addition to having a pension of at least US$5,500 a month or a combination of income and savings of US$317,000 or more.
Singapore Summary
Note that the cost of living in Singapore and is regularly noted as one of the highest in the world with Cars purchases being one of the least affordable (although it is not necessary with the great transportation systems). So retirees should have a higher amount than in other countries. This is not cheap, but if you are a higher earner retiree that is looking for somewhere that is a more convenient and safer option this is for you.
