Relocation in the Philippines

by: Manny Paez

There are a few countries in the world that financial advisers recommend as legal retirement tax haven like Belize, Ecuador, Mexico, Costa Rica, Thailand and of course, the Philippines. As the baby boomers starts to reach retirement age, most are in search for a place to retire. The world now seems smaller due to economically fast transportation and internet connectivity, retirees do not limit themselves to their place of birth as their retirement destination.

Europeans, Canadians, Australians, Japanese, Korean and Americans see the Philippines as one of the best place to retire due to the natural friendliness of the locals, their ability to communicate in the universal language of English, the multiplier effect of their currency conversion and peace and order.

The Philippine government see this opportunity as this retirees are actually investors, too. They have to bring money to the country and spend it. This creates economic activity. As such, the government provides various incentives to lure foreigners and former Filipinos who went overseas to retire in the Philippines. This includes but not limited to tax-exemptions and duty-free shipments of household goods. Business incentives in Export Processing Zones, among others.

Relocation to the Philippines does not necessarily living there 365 days a year. As some people spend their summers in New York and winter in Florida, now people are adding a friendly foreign country like the Philippines as their additional address.

Let me welcome you to your new address in the Philippines. Mabuhay!