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Dubai, UAE – 01 October 2019 - Did you know that your real estate purchase in the Philippines takes you just a few steps to getting a multiple entry visa then permanent residency in the Philippines?
The Philippines’ Special Retiree’s Resident Visa “Classic” has few restrictions on nationalities and gives you flexibility making it the most popular visa for retirees. Applicants as young as 35 to 49 years old can obtain this visa with an AED 184,000 deposit; while anyone 50 years old and over can with an AED 37,000 deposit combined with proof of guaranteed monthly income (can be social security pensions) of AED 3,000 for individuals or AED 3,700 for couples. Without this proof then with just a minimum deposit of AED 73,000.
This visa is unique in that it allows you to convert a minimum AED 184,000 deposit into an investment, including purchase of real estate that should be ready for occupancy. It gives you allowances and privileges, specially that you:
Get guaranteed repatriation of your deposit if you cancel.
Get permanent residency, which means no need to get extensions for your residence beyond paying AED 1,300 annually, and this covers three family members.
Can include your spouse and one unmarried dependent below 21 years old with the original application. You can add as many dependents after for an AED 55,000 deposit each.
Your dependent children don’t need to get study permits/visas anymore.
Get a one-time tax-free importation of household goods and personal effects up to maximum AED 26,000.
Get Philippine government assistance for documents specially employment permits, drivers’ licenses and tax exemption/extension certificates
Are entitled to PHILHEALTH benefits & privileges
Don’t need to apply for exit clearances and re-entry permits anymore.
Don’t need to get the ACR I-Card (Alien Certificate of Registration Immigration Card) anymore, nor pay the Philippine travel tax when your stay is less than a year from your last entry.
Get tax-free remittance of your annuities and pensions.
Get paid interest tax-free on your foreign currency deposits.
And ultimately can apply for Philippine citizenship after residing in the country for ten continuous years, shorter if you were in fact born in the country; or held a government office in the country, established a new industry or introduced a useful invention, married a Filipino, or taught in the country for minimum two years.
Is retiring in the Philippines right for you? Each year, indices on global retirement rank the top retirement countries in the world based on cost of living, fitting in, entertainment & amenities, climate and health care. In 2018 the Philippines made the rank.
You can live comfortably for AED 3,000 to AED 3,700 per month. A bonus: household help is affordable. Enjoy a 3-course meal at a mid-range restaurant for AED 25, a spa treatment for AED 37, watch an international movie in a cinema for AED 18, get a sports club membership for AED 125/month.
You can live in a condo in the big cities (purchase price AED 15,000/sqm in city centre; AED 7,000 outside the centre) or a cottage by the sea. The Philippines is known for its tropical climate and natural beauty: lush mountains, colorful coral reefs and its many beaches are the biggest draw. To name a few: Boracay, with its white sand and crystal-clear blue water; El Nido in Palawan, a richly bio-diverse area where limestone cliffs rise from the sea; and Siargao Island, covered with coconut palm trees, with waves that attract surfers all over the world, rockpools, waterfalls and lagoons.
English is widely spoken, making it easy to get by day by day and form new friendships with Filipinos who rank in any index as one of the friendliest, most hospitable in the world. There are also large non-Filipino communities in the cities and beaches; and voluntary organizations where their information is online.
You’ll be taxed only on income you earn within the Philippines. Paycheck income is taxed from 20% to 35%; passive at maximum 20%. If you’re in full retirement, you won’t get taxed on your pension, individual retirement account or on other retirement plans.
Ultimately your decision to retire in a country not where you were born can be a difficult one. Tell us, what are you looking for?
Ayala Land International Dubai is a branch of Ayala Land International Sales Inc., a wholly owned company of Ayala Land, set-up in Dubai in 2013. Ayala Land is the Philippines’ largest real estate developer with over a century of planning, building and maintaining master-planned, mixed-use and sustainable real estate whose history and reputation remain the standard in the country. Set an appointment with us through https://www.facebook.com/AyalaLandInternationalMiddleEast or call us on +971 4 2948411.
*Conversion rate used during the release of the write -up is AED 1.00:PHP 13.50 – actual cost in AED may change when you apply for the visa.
