Expatriate Retirement Options
Expatriate’s now retiring in the Philippines now have the option for a Special Retirement Resident Retires Visa (SRRV).
The SRRV is a retirement program for the expatriate and, is issued by the Philippines Retirement Authority as part of the Bureau of Immigration.
With the Philippines fast becoming an expatriate destination with most from the US and the UK, tight controls have become more apparent for the local government. An influx from Thailand to more relaxed island just a short flight away has seen many expatriates fly over to the neighbouring country and join the vast few expatriates already in the Philippines.
Do you have a current pension?
Expatriates aged 50-years and above are required to have the equivalent of $10,000 and, a monthly income from the pension of around $800,00 per person or $1000,00 per couple. However, this can change should you not retire as a couple and marry a Filipino as an expatriate.
Expatriate with no current pension?
Are you an expatriate 35-49 years old? You would be required to have the equivalent $50,000 in a designated account should you not have met and, married a Filipino. The local government are requesting a lot for the expatriate when retiring in the Philippines.
Restrictions following expatriate retirement with an SRRV
When retiring in the Philippines, you will be unable to purchase a property and place this in your name. You can however place this in your partners name when you marry.
The process of the SRRV is quite quick and takes around 7 to 10 working days to complete. Not bad for the expatriate in hurry to get it all done quickly. All this can be achieved while you are on a 30-day visa from entering the country.
Options with Harrison Brook
Have a pension within the US or the UK?
Harrison Brook can assist with either a suitable custodian for the American expatriate and a SIPP for the UK expatriate. With the release of the UK budget a SIPP option for the UK expatriate avoids the 25% tax charge.
Expatriate with no pension?
Harrison Brook can assist with saving’s or growth accounts for those with a lump sum to invest. This can suit the expatriate in the Philippines as they can build a tax-free savings income for retirement. With a wide range of fund options suitable for all expatriates, Harrison Brook work with a range of banking and financial institutes to suit all expatriates and, offer a fee based approach with comprehensive financial advice.
Contact Harrison Brook today and speak with a qualified advisor for impartial advice.
The information contained herein is for informational purposes only which is subject to change and should not be relied upon. You should seek advice from a professional adviser before embarking on any financial planning activity.