By Matters India
Manila: Indians have ranked third among foreign retirees in the Philippines.
According to the Philippine Retirement Authority (PRA), a government agency that admits foreign retirees, China nationals topped the list with 27,678, followed by Koreans at 14,144 and Indian at 6,126.
As of October 2020, the Philippines has a total of 70,520 foreign retirees. At least 39.25 percent or about 2 in every 5 foreign retirees are Chinese.
PRA’s website says that foreign retirees who belonged to aged 35 to 49 should have at least US$50,000 and must make an “active investment” like in buying a condominium unit or a long-term house lease.
Sources say most Indians who are in the Philippines are engaged in business, informal money laundering and education.
A foreigner can avail of Special Resident Retiree Visas (SRRV) to stay without limit in the Philippines with multiple entries and exit privileges, under PRA norms. Those who have SRRV are permitted to work, study, and invest in the country.
As young as a 35-year-old foreign national can be a retiree in the Philippines, according to PRA General Manager Bienvenido Chy.
PRA did not say the explicit reasons why the Philippines is a preferred retirement destination for foreigners.
More than 100 nationalities choose the Philippine as their retirement destination.
In the wake of the influx of foreign retirees in the country, some lawmakers such as Senators Richard Gordon, Villanueva and Nancy Binay, have expressed concerns about security issues.