Many adults dream of owning one or several properties because they represent independence, financial freedom and security, and even business opportunities. They also mean settling in a specific place for their career, family, and retirement. For some people, that place is the Philippines.
Data from the Philippine Retirement Authority shows that the country has given out more than 60,000 visas to foreign retirees since its start in 1987. What exactly makes the Philippines an attractive place to live and retire in?
Why You Should Settle In The Philippines
Here are why you should consider the Philippines your retirement destination.
Low Cost Of Living
Many foreigners retire in the Philippines because of its low cost of living. For instance, rent in the country is 77.95% lower than in the U.S. Groceries are also 47.71% cheaper than those in America. Most expats can live comfortably with $1,000 to $2,200 a month in the Philippines.Consider moving to the Philippines if you want to live frugally or access many commodities without spending much money.
The Philippines only has two seasons: the dry season from December to May and the rainy season from June to November. The country’s tropical weather makes it an enjoyable place for any local and foreigner to live in. It also allows you to invest in fewer seasonal clothes since there’s no autumn and winter in the Philippines.
Filipinos are known for their hospitality. If you visit their home, they will go out of their way to clean their place, serve you food, and make you feel like you’re part of the family. When you settle in the Philippines, you can expect your neighbors, workmates, and even strangers to help you adjust properly.You shouldn’t have a problem with the language barrier because Filipinos are known for being fluent in English.
Retirement Benefits For Foreigners
Expatriates and foreign retirees can avail of many benefits when they live in the Philippines. For one, expats can receive a duty-free import of $7,000 worth of household goods and exemption from airport travel taxes. The Philippines is also part of the U.S. Social Security Administration’s International Direct Deposit to help American expats receive their benefits in the U.S.Foreigners can also invest in or start a business in the Philippines to earn extra income. These benefits allow them to fulfill their goals and live comfortably in the country.
Cultural, Historical, And Natural Sites
The Philippines is rich in culture, mainly influenced by different countries. For instance, Spanish words and dishes are deeply ingrained in the Filipino language and cuisine because Spain occupied the country for more than 300 years. Meanwhile, some Filipino traditions and superstitions stemmed from China because of a long-time trading relationship.Aside from culture, there’s also no shortage of historical and natural sites in the Philippines.
You can visit Intramuros, Quiapo Church, and Binondo in Metro Manila alone. Move up to Banaue, Ifugao, and you’ll find the Banaue Rice Terraces, regarded as one of the world’s seven wonders. Travel to Visayas and see the famous white beaches of Boracay in Aklan or Chocolate Hills in Bohol.
How To Own A Property In The Philippines
Choosing the Philippines as your retirement destination is just the tip of the iceberg. The next step is learning how to settle in. Check the infographic below to learn how to purchase a property in the country. Click on the infographic to view the full size version.