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AussieBill
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Retirement options are expanding
Posted by pattayatoday on Jan 30th, 2013 and filed under LATEST EDITION. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.
Thailand, long a front-leader as a destination for retirees, is now facing stiff competition for the “gray dollar” from other Asian destinations. In a recent survey by International Living, Malaysia was the only Asian country to appear in the top five havens for foreign retirees, pushing Thailand into ninth place. Malaysia’s attractions were said to be its balmy climate, quality medical care, widely-spoken English and the low cost of living.
Although Thailand issues far more annual retirement visas than Malaysia – 35,000 compared with 3,000 at the last count – Malaysia is actively recruiting foreigners who do not insist on a cosmopolitan nightclub scene. Their Second Home Programme, launched a decade ago, includes a ten-year multi-entry visa, tax exemption for remittance of offshore pension funds, the right to open a business and work for 20 hours a week, tax-free purchase of locally-made cars and ownership of freehold property subject to some restrictions. However, an initial deposit must be made in a local bank, typically US $50,000.
The one-year retirement visa issued by Thailand is easy to obtain but has no similar perks. In Thailand, a local bank account must contain 800,000 baht or evidence shown of yearly foreign income to the same amount. Although pension income must be confirmed by the applicant’s embassy or consulate, it is well known that many diplomatic posts make no check whatsoever. The downside of the Thai retirement visa is that working is strictly forbidden and there are penalties and inconvenience for those forgetting to obtain a re-entry permit for foreign travel or omitting to report their address every three months. The minimum age is 50, somewhat higher than the regulations in several other countries.
Some other ASEAN countries also are promoting themselves as retirement havens. The Philippines, the only other Asian country to appear in International Living’s table of the top 22 destinations, has a special retiree’s resident visa which is proving popular with Chinese and Japanese as well as Americans. Financial requirements are a time-deposit of US $10,000 and a monthly pension of at least US $800, whilst wives and dependants can follow with a minimum of bureaucratic fuss.
Laos, Cambodia and Vietnam do not yet have an extended visa programme for retirees, although it is possible to live there without regular departures. Cambodia is not strict about issuing multiple-entry, one-year business visas which can be renewed even if no business has been transacted. In Laos, long-stay foreigners often volunteer with an NGO-sponsored organization, and Vietnamese embassies abroad can issue one-year visas which may be extended.
Indonesia requires that retirees rent a dwelling and employ at least one local as a maid or driver. Singapore is too expensive for most pensioners and a five-year permit requires a high income as well as purchase of a residence in certain permitted zones. The Myanmar embassy in Bangkok told Pattaya Today that its visa regulations were currently under review.
Author Peter Cox, who is researching a book on retirement, said that the onset of the ASEAN Economic Community in 2015 will have many consequences for the retirement market. He predicted that many retirees would seek a long-term visa in more than one country to take advantage of the easing of regional travel restrictions in the medium term. Cox also cautioned that Thailand needed to re-examine its policy on retirement visas by reducing the age limit and offering incentives such as those pioneered by Malaysia.
The International Living report suggests that the best country of all in which to retire is Ecuador, quoting its low living costs. A beer costs 85 cents (28 baht) and a doctor’s visit is about US $25, not to mention the special benefits for retirees which include half-price entertainment and local transport, discounted airfares and refunds of sales tax. It is, however, suggested that you learn some Spanish before taking up residence in Ecuador or you may risk many lonely evenings.
Posted by pattayatoday on Jan 30th, 2013 and filed under LATEST EDITION. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.
Thailand, long a front-leader as a destination for retirees, is now facing stiff competition for the “gray dollar” from other Asian destinations. In a recent survey by International Living, Malaysia was the only Asian country to appear in the top five havens for foreign retirees, pushing Thailand into ninth place. Malaysia’s attractions were said to be its balmy climate, quality medical care, widely-spoken English and the low cost of living.
Although Thailand issues far more annual retirement visas than Malaysia – 35,000 compared with 3,000 at the last count – Malaysia is actively recruiting foreigners who do not insist on a cosmopolitan nightclub scene. Their Second Home Programme, launched a decade ago, includes a ten-year multi-entry visa, tax exemption for remittance of offshore pension funds, the right to open a business and work for 20 hours a week, tax-free purchase of locally-made cars and ownership of freehold property subject to some restrictions. However, an initial deposit must be made in a local bank, typically US $50,000.
The one-year retirement visa issued by Thailand is easy to obtain but has no similar perks. In Thailand, a local bank account must contain 800,000 baht or evidence shown of yearly foreign income to the same amount. Although pension income must be confirmed by the applicant’s embassy or consulate, it is well known that many diplomatic posts make no check whatsoever. The downside of the Thai retirement visa is that working is strictly forbidden and there are penalties and inconvenience for those forgetting to obtain a re-entry permit for foreign travel or omitting to report their address every three months. The minimum age is 50, somewhat higher than the regulations in several other countries.
Some other ASEAN countries also are promoting themselves as retirement havens. The Philippines, the only other Asian country to appear in International Living’s table of the top 22 destinations, has a special retiree’s resident visa which is proving popular with Chinese and Japanese as well as Americans. Financial requirements are a time-deposit of US $10,000 and a monthly pension of at least US $800, whilst wives and dependants can follow with a minimum of bureaucratic fuss.
Laos, Cambodia and Vietnam do not yet have an extended visa programme for retirees, although it is possible to live there without regular departures. Cambodia is not strict about issuing multiple-entry, one-year business visas which can be renewed even if no business has been transacted. In Laos, long-stay foreigners often volunteer with an NGO-sponsored organization, and Vietnamese embassies abroad can issue one-year visas which may be extended.
Indonesia requires that retirees rent a dwelling and employ at least one local as a maid or driver. Singapore is too expensive for most pensioners and a five-year permit requires a high income as well as purchase of a residence in certain permitted zones. The Myanmar embassy in Bangkok told Pattaya Today that its visa regulations were currently under review.
Author Peter Cox, who is researching a book on retirement, said that the onset of the ASEAN Economic Community in 2015 will have many consequences for the retirement market. He predicted that many retirees would seek a long-term visa in more than one country to take advantage of the easing of regional travel restrictions in the medium term. Cox also cautioned that Thailand needed to re-examine its policy on retirement visas by reducing the age limit and offering incentives such as those pioneered by Malaysia.
The International Living report suggests that the best country of all in which to retire is Ecuador, quoting its low living costs. A beer costs 85 cents (28 baht) and a doctor’s visit is about US $25, not to mention the special benefits for retirees which include half-price entertainment and local transport, discounted airfares and refunds of sales tax. It is, however, suggested that you learn some Spanish before taking up residence in Ecuador or you may risk many lonely evenings.
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