As retirement approaches, many people begin to think about the ideal place to spend their golden years (the years of retirement, typically after age 65). With a variety of options available worldwide, retirement living recommendations can vary greatly depending on individual preferences.
There are many factors to consider, such as climate, cost of living, access to healthcare, and proximity to family and friends.
Forbes, an American business magazine, has compiled several lists of recommended retirement locations. Below are some recommendations for ideal retirement locations based on various factors and preferences:
Thailand
In Thailand, seniors are treated with respect in their daily lives. They rarely have to wait in line, and people are generally helpful to them. Long-term retirement visas are available, such as the ten-year Thailand Retirement Visa ("O-X") and the one-year visa ("O-A"), with specific financial requirements.
The O-X visa is granted to foreigners aged 50 and above from certain countries for 5 years, with the option to extend. This visa requires a minimum deposit of 3,000,000 THB ($81,677) and a monthly income of 1,200,000 THB ($32,670) in a Thai bank.
On the other hand, the O-A visa is open to more nationalities with a deposit of 800,000 baht (approximately $21,720) or proof of monthly income of 65,000 baht (approximately $1,765). It is valid for one year and can be extended indefinitely.
Thailand offers health insurance benefits for long-term visa holders at a reduced cost for applicants applying from September to December, from THB 3 million ($82,000) to THB 440,000 ($12,000).
Discounts of up to 50% on public transportation are available for seniors over the age of 60, and discounts of 5% to 20% are available from several airlines and car rental companies.
There are many attractive retirement locations in Thailand such as Bangkok, Phuket, Krabi, and Chiang Mai. However, freehold property ownership is limited to apartments, not land. Nevertheless, there are excellent medical facilities, especially in major cities like Bangkok, Phuket, and urban areas.
Bali, Indonesia
Indonesia, including Bali, offers a Retirement Visa for those who are at least 55 years old and have sufficient financial resources, requiring proof of a minimum income of $18,000 per year from retirement or other sources. In order to meet the requirements of this retirement visa, you must also employ local workers (e.g. gardeners, drivers, helpers).
In Bali, the culture respects the elderly and considers them a source of wisdom. For this reason, elderly care facilities are not very common, as the elderly are considered to be an integral part of the family and the society. Families often live together traditionally in harmonious complexes where several generations coexist.
Bali is also known for its beautiful beaches, tropical landscapes, unique culture, and the remarkable friendliness of its people. Bali's family tradition emphasizes attention and respect for the elderly, including welcoming elderly tourists.
The Philippines
This country offers a Special Resident Retiree's Visa (SRRV) to facilitate your move to the Philippines. The requirements are a minimum age of 50 years with an income of $800 per month and an active investment of $10,000, such as long-term house rental or condominium purchase. This visa provides benefits including certain tax exemptions and Philippine Health Insurance benefits.
However, local property ownership is limited to apartments, not land. On the other hand, you will experience fewer language barriers compared to most other Southeast Asian countries, as English is one of the official languages in the Philippines and about 55% of the population is fluent in English.
The local culture is friendly with a good understanding of Western social norms, but it also maintains strong traditional social values. Filipinos are also known to be friendly and respectful to the elderly, using honorifics and gestures such as "mano po" in everyday interactions.
