An increasing number of retirees are choosing Southeast Asia as their destination of choice. The likes of Malaysia, Vietnam, and Thailand are emerging as popular spots for those that want their retirement period to be an adventure. Not only are these areas fascinating, but also they are some of the most economical places to live well, which is always a massive bonus. If you dream of retiring to Asia, read on for some top tips for retirement in Asia.
Choose your new country carefully
Whether you want to relocate to somewhere you have visited several times or you simply have no idea where you wish to move to, it’s a good idea to create a list of your requirements. This can include everything from language, to visas, to taxes, to cost of living, to crime. It helps to ensure that the country meets your needs. Let’s take a look at some of the more attractive cities in Asia.
- Hong Kong – There are many reasons why people choose to relocate to Hong Kong. There is a wealth of new buildings and lots of diversity when finding somewhere to live. There’s a lot to see and do, including a varied nightlife and delicious cuisine. It’s easy to get around in Hong Kong and many expats appreciate the friendly community in the city.
- Kuala Lumpur – Malaysia has long been a popular spot for expats and Kuala Lumpur is one of the main reasons why. From the incredible food scene to the stunning skyline, it’s a great spot to spend your retirement.
- Manila – Manila, which is the capital city of the Philippines, is actually one of the cheapest largest cities across the globe. You can enjoy a luxury lifestyle on a lower budget.
- Bangkok – Bangkok is popular because it strikes the perfect balance between affordability yet modern convenience. It’s a vibrant city with many great shopping malls, public parks and such like. Transport is also efficient in Bangkok.
- Singapore – Singapore certainly does not offer the low prices that Manila does. However, it presents convenient living, a large English-speaking population, excellent entertainment, and good food culture.
Get your finances in order prior to your move
There is a lot to consider when it comes to your finances. Planning is essential to ensure you have enough money for your move. You will want to hire estate attorneys to update this. You’ll also need to look into a pension transfer as well.
Take out an international health insurance policy
An international health insurance policy is imperative. You will have access to the best network of hospitals, facilities, and professionals, not only in your new location but you will be covered when you go back to visit your family or even take a vacation.
Rent before you buy in your new country
You may not want to buy a property at all. However, if you do, it’s always a good idea to rent first. You’ll be able to get a true taste for life in your new destination before committing to a property. Moreover, the property rules can be complex in Asia.
Plan for taxes before you leave
You’ll need to determine what taxes you will be obliged to pay in your new country and whether you will need to pay any in your home country as well. This will depend on your status in your new location, i.e. whether you are going to become a resident or non-resident.