Philippines a good option for expat retirees leaving the Gulf States

For expat professionals leaving the Gulf States for retirement elsewhere, the Philippines is a good option.

As the situation in the Gulf States gets even more uncertain for expat professionals approaching retirement age, many are considering the Philippines’ Special Retirement Visa as an affordable, straightforward option. The visa itself can be had from the age of between 35 and 49 years at a cost of Dh184,000 ($50,000), and for those over 50 years of age it’s Dh37,000 ($10,000) combined with a guaranteed monthly income of Dh3,000. Without the monthly income, the initial payment is set at Dh73,000. The initial deposit can be converted into a property investment, with the deposit guaranteed returnable in the case of a change of mind due to unforeseen circumstances. For some, permanent residency is available.

Other advantages include dependent children not needing study visas, tax-free importation of personal goods and effects, assistance with obtaining drivers’ licenses and other permits, tax-free income from pensions and annuities and much more. Compared with many other Southeast Asian countries’ visa regulations, the Philippines is now looking like the best deal in the region for expat retirees. English is widely spoken across the archipelago, and Filipinos are known as some of the world’s genuinely friendly people.

The majority of the country’s beachside cities and towns have already-established expatriate communities, and voluntary organisations have helpful on and offline presences across the islands. For younger retirees, a ten-year stay entitles you to apply for Philippine citizenship, with a shorter qualifying term applied to those who marry local girls or have taught in the country for two years or more. If you’re planning to work or start your own business, you’ll be taxed on income generated within the country at between 20 and 35 per cent according to your salary. Passive income is taxed at 20 per cent, and expats who’ve fully retired don’t pay tax on their pensions.