How Much To Retire In The Philippines As A Foreigner (Copyright Free Content)
Channel: Owl of Asia
Date: 2021-12-14

Throughout this channel, we speak about retirement in the Philippines. From time to time, the subject of money has cropped up, but in today's video, we will be focusing exclusively on an updated version of the cost of retiring in the Philippines as a foreigner.  

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How Much Do You Need To Retire In The Philippines As A Foreigner In 2022

Cost to retire Philippines 2023 2024 cost to retire single man Philippines retirement cost the Philippines for expats 


Housing for foreigners in the Philippines

The property market in the Philippines is diverse in terms of price. The area of the country and whether you will live in a city or province will have a part to play in the overall price. 

Within the city,  small condominiums tend to be priced between 14K – 18K. One-bedroom units range between 18K – 25K, and two-bedroom units range between 25K – 40K. However, this is an average, and prices will change depending on the location. 

House prices can be as low as a few thousand pesos if you wish to live like a local. However, most suitable housing starts around 5K – 9K. These tend to be housed outside the city. a small house within the city can range between 10K – 14K, But this will depend on the facilities and location. 

When moving in, you will need to pay two month deposits and a one-month advance payment in most cases. So basically, once you have the total cost of your property, times this by 3 for the amount needed to pay before moving in. 

Visa

The Retirement Visa in the Philippines has several options. To summarise,each option will have different financial commitments.

In the Philippines, a retirement visa requires a time deposit. This can be depending on the type of retirement visa and whether or not the visa holder has a pension. The typical retirement visa has a time deposit of $20,000, but if you have a pension of more than $800 a month, the time deposit can be as low as $10,000. The processing fee is currently $1400, with an annual fee of $360.  



Food costs for retirees in the Philippines

The food costs can fluctuate from person to person, but if you are eating local cuisine, your overall food budget will remain low. Farmer's markets and local street food vendors offer the lowest prices. 
The biggest food expense tends to be when eating in western food chain restaurants. Nevertheless, a small budget of $300 - $500 is often enough if you eat local foods, but you may wish to add an extra $100 on top if you enjoy eating out regularly or mainly eat western foods. 


Utility bills 


Previously we've spoken about utility bills in-depth, so to summarize, electricity prices in the Philippines can be high; however other expenses such as water remain extremely low. 

If you live in a condo, you may wish to budget between 5K-7K pesos a month. This includes mobile phone bills, high-speed Internet, electricity and so on. If you live in a large house with your family, use the air conditioning unit frequently, etc., you may wish to increase your budget by a few thousand pesos. On the other hand, if you are a single retiree foreigner in the Philippines and do not use a lot of electricity, utility prices are very low, such as a few thousand pesos a month.


General Living as a retiree foreigner in the Philippines 

To retire comfortably in the Philippines, a budget of $1500 - $2000 is often recommended. However, in actual fact retiring in the Philippines can be cheaper. There have been retirees that have spoken on YouTube about how they have retired in the Philippines on a low budget of $800 or less. 

The reality is in the Philippines; there are highly paid local professionals such as doctors and teachers living a very good life on a much smaller budget than most retirees spend in the Philippines. This goes to show that there are opportunities to live well on a budget if you wish. 



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