KNOW THE THRIVING RETIREE SECTOR
Many countries have tapped the retirees sector as a viable market. They have rolled out discounts and tax breaks as some of the perks and benefits for those who qualify. With the introduction of the five-year retirement visa scheme, the UAE will soon join the bandwagon of nations offering flexible retiree visa plans.
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Barney Almazar, 36, director of corporate commercial department at Gulf Law Middle East, said: “Retirees visa, however, is not new. In the Philippines, there is a special resident retiree visa programme, where a foreigner, who is at least 35 years old, can retire and live indefinitely in the Philippines. The minimum investment is $20,000 and in certain instances, the retiree may use the deposit to acquire a property in the Philippines. In addition to tax privileges, the retiree can also sponsor his family to reside in the country. We have assisted a couple of European expats in the UAE to secure retirees visa in the Philippines. For the UAE, the reform in residency rules will make the country more competitive.”
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Malaysia has a programme called ‘Malaysia My Second Home’ and minimum monthly income requirement for retirees, who seek to stay in the Asian country, is 10,000 ringgits (around $3,125) plus other minimum investment.
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Neighbouring Thailand has a minimum monthly income requirement of 65,000 Thai baht ($2,100) and there is no additional income requirement for each dependent. Pleasant weather, great medical facilities, and low cost of living are just some of the attractions Thailand is offering, including a 10-year Thai retirement visa.
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Belize, Ecuador, Nicaragua, Colombia and Panama also offer retiree residency programmes called pensionado visas. These are all similar but vary in the minimum monthly incomes required to qualify, as well as the particulars of the tax and other discounts.
In Ecuador, the minimum monthly income requirement is just $800 and additional income requirement for each dependent is pegged at $100.