The Philippines

Another nation that has an incentive scheme for retirees is the Philippines, which offers the "Special Resident Retiree's Visa." The program comes with a host of benefits, including the ability to enter and exit the Philippines many times and the right to live there permanently. Under this arrangement, you can get your pension and annuity income tax-free and travel in and out of the nation as frequently as you'd like. Additionally, you can import your possessions tax-free.

This tropical nation's affordable cost of living is its biggest draw. Everything in the Philippines will be less expensive for you, including real estate, food, entertainment, domestic help, labor prices, power, etc. In the Philippines, you may live comfortably on $1,000 per month.

The Philippines can provide a high standard of living, and the nation has first-rate medical care. Additionally, this program has the advantage of being available to you from the age of 35 and allowing you to continue working in the country (if you want to).

To be eligible for the scheme, let's say you are retiring to the Philippines with a pension in your bank account. In such instance, you must be 50 years of age or older, have a deposit in a Filipino bank equal to $10,000, and have a pension income of $800 per month for a single applicant and $1000 per month for a couple (about £650 and £800, respectively). What do you receive in return? A tropical haven with immaculate beaches, affordable housing, and cheerful smiling people, eating out frequently, traveling, hiring housekeepers, and never keeping track of your finances.