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countries for sinkies to retire in

dancingshoes

Alfrescian
Loyal
Saturday, May 16, 2015
Joanne Poh

MoneySmart

Why bother saving for retirement, right? The cost of living in Singapore is going to be so high by the time you get there that whatever you have in your CPF, assuming you're even able to get it out, is going to be worth peanuts.

But wait, there is a reason you should be assiduously saving for retirement rather than thinking of your savings as money to spend at your own funeral. There's a whole list of countries around the world that offer retirement visas, many with a much lower cost of living.

In exchange, you'll usually be asked to demonstrate proof that you have enough money to live on in retirement, as well as promise not to work.

While the amount of retirement income you'll have to show is probably going to be higher than your CPF payouts (if you can even get them by then) renting out your home in Singapore and then taking an extended vacation as a retiree is an option that just might be within reach.


1. Malaysia

While Johor has long been a popular choice for Singaporean retirees, many still snootily think of Malaysia as Singapore's poorer, more dangerous cousin.

But ask any Malaysian working in Singapore and they'll tell you that Singapore's overcrowded shopping malls don't hold a candle to Malaysia's beautiful beaches, verdant jungle and more laid back way of life.

Malaysia also has one of the world's best retirement programmes, offering the possibility of a 10 year visa and the right to invest in Malaysian property.

Length of visa: 10 years

Minimum age: None, although there are less onerous requirements for those above 50.

Requirements: Applicants under 50 must have liquid assets above 500,000 MYR (188,650 SGD) and a monthly income of over 10,000 MYR (3,770 SGD); applicants over 50 must have assets of over 350,000 MYR (132,100 SGD) and a monthly retirement income of 10,000 MYR (3,770 SGD).

Upon approval of the application, you must maintain in a Malaysian bank account a fixed deposit of 300,000 MYR (113,200 SGD) if you're under 50 or 150,000 MYR (56,600 SGD) if you're over 50. Some withdrawal is allowed for property purchases, medical insurance or children's education expenses. Those receiving a government pension of over 10,000 MYR (3,770 SGD) a month are exempt from this requirement.

Visa holders are allowed to invest in businesses, although only certain applicants will be granted the right to work up to 20 hours, depending on the usefulness of their expertise.



2. Thailand

Thailand is one of Singapore's favourite countries, and practically every Singaporean knows how to say "sawadeeka" or "sawakeekrap".

At the moment, you can live a fairly luxurious life in Thailand for under $1,000 a month including rent. Whether you'll be lazing on a beautiful Thai beach with a cocktail in hand or finding out how 60 is the new 20 at Thai discos, you won't have felt this good since never.

Best of all, the visa requirements are pretty easy to satisfy.

Length of visa: 1 year

Minimum age: 50

Requirements: At least 800,000 THB (32,000 SGD) in a Thai bank account OR proof of a monthly income of 65,000 THB (2,660 SGD) OR a combination of the two.



3. Indonesia

Bali is already a hugely popular retirement destination for foreigners, but Yogyakarta with its cultural gems and Bandung with its relatively cool weather are also great choices.

Length of visa: 1 year, extendable to a maximum of 5 years

Minimum age: 55

Requirements: A minimum of 1,500 USD (1,970 SGD) per month and proof of accommodation costing at least 35,000 USD (46,000 SGD) if purchased, 500 USD (660 SGD) a month if rented in Jakarta, Bandung or Bali, 300 USD (390 SGD) a month if rented in Java Island, Batam, Medan and 200 USD (260 SGD) a month if rented in other cities. Retirees are required to employ an Indonesian maid during their stay in Indonesia.

Visa fees are typically about 5 million IDR (530 SGD) to 7 million IDR (740 SGD).



4. Costa Rica

Long before Singaporeans started leaving the country, US citizens were retiring in Costa Rica, known as one of the world's #1 retirement destination. While Costa Rica is home to stunning beaches and rainforests, it is also the Central American country with the highest standard of living, so you won't have to worry about not being able to find modern amenities or services

Length of visa: Renewable every year so long as you show proof of income

Minimum age: none

Requirements: At least 1,000 USD (1,300 SGD) a month through pension or a social security benefit, or proof of a 2,500 USD (3,300 SGD) monthly income for at least five years.

While you're not allowed to work, you can run a business.



5. New Zealand

Singaporeans often refer to New Zealand as the perfect place for retirement, ostensibly because it's slow paced and full of jaw-dropping natural landscapes.

It is also the closest "Western" country to Singapore that offers a retirement visa, ever since Australia closed its doors to new applicants.

If you want to spend your golden years gazing at glaciers and looking at the stars instead of fighting your way through crowded shopping malls, consider retiring in New Zealand… if you're loaded, that is.

Length of visa: 2 years, renewable if requirements are met

Minimum age: 66

Requirements: Investments of at least 750,000 NZD (765,000 SGD) over 2 years. You also need to nominate 500,000 NZD (510,000 SGD) for maintenance funds and prove that you have an annual income of 60,000 NZD (61,100 SGD).



6. Canada

It's easy to see why so many Singaporeans flock to Canada, given it's wide diversity of cultures. With Vancouver ranked the 3rd most liveable city in the world, and Toronto following after at number 4, Singaporeans can choose between living in the city or in a much more rural area. Also, with income tax

Length of visa: To live in Canada per*ma*nently or for more than six months a year, you usu*ally must apply for per*ma*nent res*i*dent sta*tus.

Minimum age: None

Requirements: If you're well edu*cated, you speak flu*ent English and French, and your spouse also has a uni*ver*sity degree, you're more likely to qual*ify. Also, another fac*tor is the amount of sav*ings you have.

Even though you're retired, if you can demonstrate that you have ample finan*cial resources to take care of your*self and your fam*ily, Canada will usu*ally look more favour*ably on your appli*ca*tion. And if you have funds to invest in Canada, that's another plus.

They have a simple and short survey you can take to find out if you are eligible for permanent residency.



This article first appeared in MoneySmart.sg at http://blog.moneysmart.sg/lifestyle/top-6-countries-singaporeans-might-a
 
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Leongsam

High Order Twit / Low SES subject
Admin
Asset
I've been encouraging sinkies to cash out for the last 15 years ever since I started this forum.

Most don't have the balls to make the move.
 

tanwahtiu

Alfrescian
Loyal
retirement is English thing and is all about money. It is like need more money for their industrial revolution targeted Far East Asians, only massive human population Chinese race can consume drugs to send back their money to finance and fund more stupid English invention boiling water machines.

Aging is normal human process and retirement is about money.
 

Agoraphobic

Alfrescian
Loyal
I emigrated a long time ago, am back in Sg for work reasons. Almost all my relatives keep persuading me to reinstate my citizenship. Myself, I can be in anywhere in the world so long as I have a source of income, and a "reasonable" job, but it looks like most people here are quite comfortable and contented with whatever they have. Don't blame them, everyone is different.

Cheers!

I've been encouraging sinkies to cash out for the last 15 years ever since I started this forum.

Most don't have the balls to make the move.
 

tanwahtiu

Alfrescian
Loyal
Singapore is not a place to retire. Makeshift HDB poor peasant housing types to retire make you sick. The food here sucks and all imported stuff no guarantee freshness.



I emigrated a long time ago, am back in Sg for work reasons. Almost all my relatives keep persuading me to reinstate my citizenship. Myself, I can be in anywhere in the world so long as I have a source of income, and a "reasonable" job, but it looks like most people here are quite comfortable and contented with whatever they have. Don't blame them, everyone is different.

Cheers!
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
I emigrated a long time ago, am back in Sg for work reasons. Almost all my relatives keep persuading me to reinstate my citizenship. Myself, I can be in anywhere in the world so long as I have a source of income, and a "reasonable" job, but it looks like most people here are quite comfortable and contented with whatever they have. Don't blame them, everyone is different.

Cheers!

It is impossible to retire comfortably in Singapore because the country is so small there is no rural area to move to.
 

laksaboy

Alfrescian (Inf)
Asset
It is impossible to retire comfortably in Singapore because the country is so small there is no rural area to move to.

Come on... don't you have faith in the PAP govt's capability to take care of the Pioneer Generation (TM)? :wink:


Pioneer+Generation+Card.jpg
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
I've been encouraging sinkies to cash out for the last 15 years ever since I started this forum.

Most don't have the balls to make the move.

Apparently, you don't have the balls to make the move either, because you are in a rented room in Bedok South.
 

Dark Knight

Alfrescian (Inf)
Asset
There's no way for an average local sinkie to retire in their small little island with the "most expensive gahbrament" in the world.
To sustain such an expensive gahbrament, the peasants will always be "suck high and dry" every now and then will all sorts of stupid $$$ churning policies that the MIW came out with.

By the time you reach 50s of age, you'll probably left with no hard cash $$$ and yet you still got your housing load, kids education and wife maintenance etc to worry about.
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
I emigrated a long time ago, am back in Sg for work reasons. Almost all my relatives keep persuading me to reinstate my citizenship. Myself, I can be in anywhere in the world so long as I have a source of income, and a "reasonable" job, but it looks like most people here are quite comfortable and contented with whatever they have. Don't blame them, everyone is different.

Cheers!

If you emigrated along time and ago, and then come back to singapore to work, does that mean you are a loser twice over? First time, you cannot make it in singapore and had to emigrate overseas. That's fine, I know many friends and relatives who have done that. But apparently, you could not make it in your new country and returned here to find work? That's really sad. To have to come back to this crowded shit hole run by a despot short sighted govt and populated mostly by 3rd world FTs for the sake of money would make me suicidal. Ever thought of killing yourself?
 

laksaboy

Alfrescian (Inf)
Asset
By the time you reach 50s of age, you'll probably left with no hard cash $$$ and yet you still got your housing loan, kids education and wife maintenance etc to worry about.

All of those are optional. Unless of course, you deem yourself to be not living the 'Singapore Dream' without those things. :cool:
 

Agoraphobic

Alfrescian
Loyal
I don't think I ever want to retire. Must have something to do, to look forward to, people to interact with, new things to learn. Foodwise, Sg ain't too bad, large selection. Price, its up to the individual, there are super expensive and lower cost alternatives. No complaints in this area. Main setback for Singapore is the lack of space, everywhere is crowded. Weekdays, weekends, malls, parks, people everywhere. I try to avoid congested areas whenever I can, but in Singapore, it is not an easy thing to do. Many places, I am discouraged to go because getting a parking space can be daunting. Well, some things, just have to adapt and adjust. Make the best of the situation.

Cheers!

Singapore is not a place to retire. Makeshift HDB poor peasant housing types to retire make you sick. The food here sucks and all imported stuff no guarantee freshness.
 

Agoraphobic

Alfrescian
Loyal
I had a decent job in Singapore, then I started a business, then I emigrated. Not because of work, but because I wanted a different life. Back then, I was so busy, I couldn't even start a family. Then I went to Canada, started a family, very routine life - work, home. Then I visited China for a holiday, and felt I wanted to see Asia more, and I got a regional post in Singapore, which I accepted. Then my family moved back here under my E-pass. I have lived in Singapore before, have lots of contacts here, and know the island inside-out, no problems getting around here, very familiar with the way things work in Sg. Yes, Sg is crowded, and has gotten more crowded since, and is still increasing in congestion. I joined a private club upon my return so I have a place to go relax and unwind for the weekends I do not go up north, and don't have to drive around looking for a parking space. Sg has its ups and downs, but we should live our lives looking at the bright side of things, not focused on the negatives all the time. I have lots of friends and contacts, here, family and relatives too, so I can be at home here as well. If we look at the dark side of things, everywhere in the world they exist.

Kill myself? No. As long as I am alive, there will always be something(s) worth striving for. I am happy because I am lucky to live in a time of peace, and the world is a great place (well, mostly.)

Cheers!

If you emigrated along time and ago, and then come back to singapore to work, does that mean you are a loser twice over? First time, you cannot make it in singapore and had to emigrate overseas. That's fine, I know many friends and relatives who have done that. But apparently, you could not make it in your new country and returned here to find work? That's really sad. To have to come back to this crowded shit hole run by a despot short sighted govt and populated mostly by 3rd world FTs for the sake of money would make me suicidal. Ever thought of killing yourself?
 

Agoraphobic

Alfrescian
Loyal
I do not think about retiring. But I do wish to carry on being active when I slow down my pace of life in my aging years. Still wish to take up fly-fishing. Although there are people doing this in Sg (really small number), its just kind of humid here to be enjoyable. Just got to maintain my health for that to happen.

Cheers!

It is impossible to retire comfortably in Singapore because the country is so small there is no rural area to move to.
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
I do not think about retiring. But I do wish to carry on being active when I slow down my pace of life in my aging years. Still wish to take up fly-fishing. Although there are people doing this in Sg (really small number), its just kind of humid here to be enjoyable. Just got to maintain my health for that to happen.

Cheers!

Retirement isn't about being inactive. It's about achieving financial independence so that you can then live an even more active lifestyle doing what you enjoy rather than what you're paid to do.
 

xebay11

Alfrescian
Loyal
Retirement isn't about being inactive. It's about achieving financial independence so that you can then live an even more active lifestyle doing what you enjoy rather than what you're paid to do.

Huh, being inactive to live more?
 

Geminipegasus

Alfrescian
Loyal
when one is not allowed to work how can one then earn the required amount to meet the minimum monthly income to satisfy the requirement?
 
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