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Why is it best to retire in the Philippines?

Author: crosspay   |   October 19, 2021

Retirement age is the age at which a person intends to settle down peacefully, free of work stress, and to enjoy the rest of their life. The initial phase of our lives is a race to fulfil financial goals and to secure the future for us and our loved ones. These financial goals include standard of living, quality education, investments, insurance and also retirement planning.
Retiring abroad has been observed as the most common move among seniors. They want to get rid of the fast-living and monotonous life that is always chaining them behind and to finally relax in the lap of soothing nature. Now, the Philippines offers everything just like a parcel waiting to be ordered. The Philippines is the best place for retirement and it is worth choosing this archipelagic country located in the Pacific Ocean, sharing its borders with China, Vietnam, Indonesia, Malaysia, and Taiwan.
Why choose the Philippines for retirement?
The Philippines is among the top 25 countries listed as the best place to retire. This country has over 7000 islands, where the topology comprises beaches, rainforests, ocean views, and skyscrapers.
Now, let us see what the country has more to offer.

• The cost of living is lower

An affordable, luxurious lifestyle remains a dream for Americans and Europeans, and this is the biggest economic reason for moving into the Philippines for their retirement phase. The capital city of the Philippines, Manila, is the main point of interest. Its bustling bayside metropolis is suffused with new-fangled and contemporary attractions. The warm and sunny hustling islands, tropical beaches, and a massive city with a population of fewer than two million appeals to most seniors abroad. The financial system and money transactions are easier in the Philippines, making it the best place to retire.

• Major economic center

The densely populated city of Manila has to offer the best job opportunities to earn an average income of 1160 dollars per month that can support your retirement and can keep you a little busy, but with low intensity for the greater part of the day. If your loved ones want to support your retirement, they can effortlessly send money to the Philippines from other countries. The rural-urban migration assures you that you will not starve, no matter what business you choose to start. The influence of western cultures has never stopped the consistency of modernisation in the country, which includes Spanish, British, and American elements in its greater part of history.

• Food in the Philippines

There is a great influence of Chinese culture on Filipinos. This can be figured out from Lumpin, the crispy spring roll made from rice flour, water, and salt, and the Chinese star egg rolls. Halo-Halo is a tropical mess of mouthful things resulting in a colourful and tasty dessert. Chicken Adobo is the start sign of how the country is the best place for varied historical influences, even standardised as the national dish of the Philippines.

• Life in the Philippines

Culture shock is common when moving to a different country due to language and cultural barriers, but the Philippines might save you from the ordeal as English is widely spoken here, so you can easily manage renting and banking. Also, Filipinos are the friendliest of all the countries. The Philippines Retirement Authority (PRA), approved by the former President, has been set up to assist retirees from abroad. The nightlife in the Philippines is the best place as it includes clubs, bars, and dinners, enjoyed by the expats as a beautiful way to socialise with other expats and Filipinos. The malls in Manila are the best escapes from the hot sun.

• Visa for Retirees in the Philippines

This is the first step to retiring in the Philippines, i.e., getting the Special Resident Retiree Visa (SRRV), which is a right to remain in the Philippines. The criteria for eligibility include the following:

• They must be foreign nationals or former Filipino citizens.
• Anyone from 39 to 50 years of age or above.
• Deposit £14,7405 into a Filipino bank’s savings retirement account.
• It requires evidence for your pension to be £580 per month for single people.  

 
With Crosspay, you can simply send money to the Philippines from the UK or other countries to fulfil the eligibility criteria for depositing in the Filipino bank account. If you are taking the SRRVISA in the Philippines, you must open a bank account with the so-called big banks. They have a larger network and offer several services to retirees, like branch staff and ATMs.