Would you like to retire in the Philippines? The growing fad of spending one’s Golden years in the third world is of interest to anyone who wants to make sure their years don’t outlast their gold. Here are some basics you need to know retiring to the Philippines.
- First, you have to sign up as a Special Resident Retiree and get a visa. The Special Resident Retiree Visa (SRRV) is what you need to get in and out of the country and live there. Forget about retiring to the Philippines if you can't get one of these. Don't worry about qualifying though, they take anyone over 35 with a clean record.
- The Catch. To let you live there, the Philippines expects you to keep some of your money in one of their banks. How much? $75,000 if your under 50, or $50,000 if you're above. You also pay the higher fee if you're a former diplomat. The free parking had better been worth it.
- Once your deposit is paid, you can bring two family members with you for residency as long as they are your spouse or children under the age of 21. For more than two children an additional deposit of $15,000 will be required.
- The Loophole. That $15,000 may sound like a chunka-change, but it could be worth it. Children who get their SRRV keep even when they pass the age of 21 as long as the original retiree keeps his cash in the bank. This means as long as grandpa keeps his dough in the bank, the whole family can join him in Manilla as life-long retirees.
There are a lot of benefits in retiring to the Philippines. Just make sure you carefully do your research, and abide by all the requirements. See you on the beach.