The Philippines is one of the top retirement destinations for retiring expats as well as investors. It isn’t a secret that investing a certain amount of money in a foreign country opens up many opportunities for a person, and the Philippines is no exception. Unlike people coming on a work permit, foreign investors get immediate access to many benefits.
So if you are looking for a different style of life and eager to learn about a new culture and explore beautiful nature with over 7,000 islands, volcanos, and sandy beaches, you may consider applying for the Philippines’ Special Investor Resident Visa (SIRV).
Due to its growing economy, the Philippines is among the best countries in the SEA (Southeast Asia). According to the Philippines Statistics Authority (PSA), the country’s GDP leaped to 8.3% in Q1 2022, and investment grew by 20%. On top of that, foreign investors can take advantage of 100% foreign ownership in most business industries due to the open economy.
When it comes to the cost of living, life in Manila and other cities is much cheaper than in the USA. Are you relocating to the Philippines from the USA and want to know more?
Keep on reading to see how you can live in the Philippines via foreign investment of at least $75,000.
Cost of Living in the Philippines
The Philippines generally has a low cost of living. The Numbeo’s data reveals that a one-bedroom apartment in Manila in the city center is around $325 (19,030 Philippine pesos) and in the suburban areas, let’s say, outside the capital or Quezon City is only $180.
Even with adding a couple of hundred dollars for utilities, meals, and other expenses, it isn’t hard to figure out that a single person can live in this country on average for $1000 per month, including taxes. A three-bedroom flat has a monthly rent of $730, and outside the city is $374.
Yet, your ultimate monthly cost of living will depend on where you live and your lifestyle. But in any scenario, Americans will live very comfortably in the Philippines.You can even get a round of golf for $7. International Living even describes it as a “luxury” life, living as “royalty.” .
Bonuses of Living as a Foreign Investor in the Philippines
Expats moving to the Philippines from the USA under SIRV are guaranteed to enjoy the following bonuses.
- Tax and duty-free import of household goods;
- Can live in the Philippines for an indefinite period as long as the investment conditions are maintained;
- Favorable tax system on income;
- SIRV holders earn interest on their time deposit;
- 100% foreign ownership;
- Airport travel taxes exemption;
- English is an official language;
- Welcoming surrounding;
- Foreigner-friendly culture.
Moving to the Philippines from the USAAs a retiree, moving to the Philippines from the USA can be accomplished in a breeze. The country has straightforward rules for accepting retirees, and expats usually get VIP treatments. Also, they can move their personal belongings, vehicles, and furniture to the country. They can conveniently do this by hiring the service of SDC International Shipping, a reliable international moving company that helps hundreds of Americans relocate to the Philippines.