Best Countries to Retire in Asia in 2022

Best Countries to Retire in Asia in 2022.

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Introduction

A difficult decision to make when you retire is where you want to spend the rest of your life. The best countries to retire in Asia sure would suit you if you’re the adventurous type who loves nature, tropical climates, sunny beaches, exotic food, diverse culture and beliefs, as well as [very] cheap costs.

Do not fret if you’re the type who needs calm and longs for a more laid-back lifestyle, though. There certainly is a quiet nook in Asia that’s waiting for you.

In this article, we will discuss the best countries to retire in Asia and other vital information you would need as you select your new home.

Of course, navigating visas, immigration, languages, plus related fees can be challenging. Hence, we narrowed down our list to focus on certain aspects, such as the standard of living, ease of immigration, healthcare quality, and cost of living.

This list omits nations with good healthcare systems but are also very difficult for retirees to reside in permanently, like Japan and Singapore.

As a result, the best countries to retire in Asia are those that offer the ideal balance of elements that will support your retirement demands and way of life.

Best Countries to Retire in Asia: Thailand

Thailand, also referred to as the Land of Smiles, is an excellent choice and one of the best countries to retire in Asia. The country is home to a number of retirement communities as well as sunny beaches and a thriving nightlife.

Getting a retirement visa is possible with an 800,000 baht or about US$22,118 (as of the time of writing) worth of bank deposit for each person, or the equivalent of monthly pension worth 65,000 baht.

A minimum age of 50 is also required when retiring in Thailand. Be mindful that you might need to submit a report to immigration authorities every 90 days, however you might be able to do so online after the initial submission.

Many excellent hospitals are available in Thailand. Phyathai Hospital, Bangkok Hospital, and Bumrungrad Hospital are just a few of the world’s top medical facilities that can be found in the country.

Where you choose to live will have a significant impact on your quality of life overall as an expat retiree. You will fit in just well even in the more rural parts of Thailand if you are fluent in the language, have lived in the country before, and are familiar with its culture and customs.

If you’re not as familiar with the nation, retiring in this part of Asia can be quite tough. Nevertheless, Thailand is a popular retirement destination due to the fact that English is widely spoken in places with a bigger tourist population, so there will be a way for you to connect with locals somehow.

A meal at an inexpensive restaurant in the country is estimated to cost 70 baht (as of the time of writing) while a mid-range restaurant can charge 800 baht for a three-course meal for two, according to global cost of living data aggregator Numbeo. The exclusivity of the venue and the neighborhood have a big impact on the costs.

The cost per square meter for buying an apartment within the city center is at 109,500 baht, while that outside of the area is at 59,975 baht.

Rent for one-bedroom apartments inside and outside Thailand’s city center cost 13,048 baht (US$361) and 7,214 baht on average per month, respectively. For comparison, monthly average rent prices for one-bedroom apartments inside the US’ city center costs about five times as much at $1,675.5 while that outside of the area costs $1,254.                   

The overall monthly cost of living in Thailand for one person can hit 18,001 baht on average, while it can cost about 64,892 baht for a family of four, both excluding rent. It surely deserves the top spot on our list of best countries to retire in Asia.

Best Countries to Retire in Asia: Malaysia

If you’d like to retire in Malaysia, you can get the Malaysia My Second Home (MM2H) visa. This scheme was rolled out by the government to enable retirees to live in the country as long as possible on a multiple-entry social visit pass.

There are no restrictions on how frequently you can enter or depart Malaysia with the MM2H visa, which has a 10-year validity period and is renewable. Thanks to such ease of securing a visa for the long term, Malaysia definitely becomes one of the best countries to retire in Asia.

New requirements for the program were announced by the government, requiring applicants to have a minimum of 1.5 million ringgit in liquid assets and a minimum of 1 million ringgit in permanent savings, Malaysia-focused news portal Free Malaysia Today reported recently.

The only income subject to tax in Malaysia is that which is earned there. As a result, you won’t be required to pay taxes on your income if all of it is tied to retirement, such as a pension or Social Security benefits. If you work in Malaysia, your tax rate might be as high as 30% depending on your wage.

Additionally, the Malaysian economy is growing which is encouraging for the future of the nation.

Gleneagles and Prince Court Medical Center in Kuala Lumpur (Malaysia’s capital) are two of the countr’s best hospitals. A fantastic healthcare system and a large number of top-notch hospitals are other strengths of the nation. They are also working to improve their healthcare system’s availability and quality.

In contrast to Thailand or the Philippines, expats are also permitted to own land in Malaysia even if they are not citizens of the country. This authorization, however, excludes historic land.

In Malaysia, English is widely spoken, particularly in bigger cities and regions with a considerable expat presence.

Malaysia has excellent overall living standards. The high cost of imports, the frequent downpours, and some environmental pollution are some drawbacks. Low crime rates, affordable living expenses, a wealth of enjoyable outdoor activities, vibrant social scenes, and sunny beaches are just a few of the advantages.

A meal at an inexpensive restaurant in Malaysia is estimated to cost 10 ringgit while a mid-range restaurant can charge 80 ringgit for a three-course meal for two, according to Numbeo.

The cost per square meter for buying an apartment within the city center is at 8,153 ringgit, while that outside of the area is at 4,684 ringgit.

Rent for one-bedroom apartments inside and outside Malaysia’s city center cost 1,541 ringgit and 1,044 ringgit on average per month, respectively.

The overall monthly cost of living in Malaysia for one person can hit 1,979 ringgit on average, while it can cost about 7,068 ringgit for a family of four, both excluding rent.

Best Countries to Retire in Asia: South Korea

Another excellent choice is South Korea, thanks to its topnotch medical care system, fast internet connection, plus good public services.

Asan Medical Center, Samsung Medical Center, and Seoul National University Hospital are a few of the best medical facilities in the country.

You would need to purchase land on Jeju Island, which starts at roughly 500 million won (US$371,513) in order to obtain an investment visa from South Korea. As long as you own the property, you are granted residency for a period of three years, which may be extended. The country is one of the few retirement destinations in Asia where you can buy land in your own name.

Since it’s an investment visa rather than a retirement visa, there is no minimum age requirement, and as long as you abide by the rules, you can qualify by purchasing freehold properties like homes and land.

However, it’s important to keep in mind that purchasing property in South Korea is highly expensive, particularly if you intend to purchase in a major city like Seoul or Busan.

The economies and industries of South Korea are also very advanced and are still expanding. The infrastructure is cutting-edge, and the quality of life is very high.

Even though fluency in Korean is not necessary, learning some fundamental phrases could be very beneficial. You might be able to locate new acquaintances who speak English because the country is home to a large number of expats.

However, do note that South Korea is the priciest country on this list of best countries to retire in Asia. If cost is not a concern, it unquestionably boasts the highest living standards in comparison to anywhere else on our list.

A meal at an inexpensive restaurant is estimated to cost 8,000 won while a mid-range restaurant can charge 50,000 won for a three-course meal for two, according to Numbeo. The type of neighborhood and exclusivity of the venue greatly impact the prices. 

The cost per square meter for buying an apartment within the city center is at about 20.2 million won, while that outside of the area is at roughly 11.1 million won.

Rent for one-bedroom apartments inside and outside South Korea’s city center cost 628,902 won and 432,912 won on average per month, respectively.                         

The overall monthly cost of living in South Korea for one person can hit 1.2 million won on average, while it can cost about 4.4 million won for a family of four, both excluding rent.

Best Countries to Retire in Asia: The Philippines

The Philippines has a cheap cost of living, and obtaining a long-term visa is not too difficult if you wish to retire there.

In order to retire in the Southeast Asian country, you must be at least 50 years old and have a pension worth a minimum of $1,000 a month.

In the Philippines, you are allowed even as an expat to own homes and condos freehold. Due to their low incomes, locals do undoubtedly pay a high price for real estate, but most foreign purchasers still find it to be rather affordable.

Beach home projects are becoming quite widespread in the Philippines as a result of the increasing number of expats and retirees who are migrating there.

Because of its high population, bureaucracy, and inadequate infrastructure, the Philippines has a number of economic problems, including unemployment. Political divide even in towns is also quite glaring and oligarchy is rampant. Nevertheless, the country is expanding quickly. Similar to this, urbanization will continue to increase demand in big cities, such as Manila and Cebu.

The medical quality is acceptable but not as good as some of the other hospitals on the list, such as those in Malaysia or South Korea. That is something you ought to remember if you’re retiring in the Philippines.

The Medical City, St. Luke’s Medical Center – Global City, and Manila Doctor’s Hospital are a few of the top medical facilities in the Philippines.

Citizens in the Philippines have access to discounted medical treatment through PhilHealth, a government-owned and subsidized health insurance provider. This is only applicable to citizens who pay a certain premium per month to PhilHealth. Sometimes, hospital bills can be free as well, depending on the total payable and amount of contribution that has already been credited to a citizen’s account. Citizens who are considered indigent are also supposed to get access to free healthcare under PhilHealth. 

The Philippines does, however, have a good overall standard of living despite its poor healthcare and unpredictable weather. The Philippines is one of the best countries to retire in Asia thanks to its hospitable people, stunning beaches, global culture, and affordable costs.

A meal at an inexpensive restaurant is estimated to cost 185 pesos while a mid-range restaurant can charge 1,200 pesos for a three-course meal for two, according to Numbeo. The exclusivity of the place and the neighborhood have a big impact on the costs, just like in other countries.

The cost per square meter for buying an apartment within the city center is at 122,288 pesos, while that outside of the area is at 66,626 pesos.

Rent for one-bedroom apartments inside and outside the Philippines’ city center cost 19,062 pesos and 10,647 pesos on average per month, respectively.       

The overall monthly cost of living in the Philippines for one person can hit 26,698.5 pesos on average, while it can cost about 92,030.6 pesos for a family of four, both excluding rent.

Best Countries to Retire in Asia: Cambodia

Similar to the Philippines, Cambodia has an incredibly affordable cost of living and a rapidly expanding economy. The population of Cambodia is growing and increasingly urbanizing, with an average age of 25.

As a retiree, you’ll find it simple to obtain a long-term visa in Cambodia because those over 55 merely need to provide evidence of their ability to support themselves, which is a broad and loosely construed requirement.

While foreign nationals as a whole cannot legally own land, they may legally own any other sort of property, which could include an apartment or office building.

Real estate values will inevitably rise as a result of continuing patterns of rural residents moving to cities and young people starting families.

In the main tourist locations, you shouldn’t have any issues if you don’t know Khmer because tourism makes up a significant portion of the economy, depending on what region of Cambodia you want to reside in.

The majority of banking and significant transactions are conducted in US dollars in Cambodia, which has a heavily dollarized economy.

Although Cambodia and the Philippines both have respectable hospitals, neither country has as good of a hospital system as the other countries on this list.

Healthcare in Cambodia would be our top pick for individuals on a tight budget or without pensions, though. Having said that, you might be able to find a private clinic or hospital in Cambodia, which often offer higher standards for medical care vs public ones.

The Pasteur Institute, Sovann Polyclinic, and Royal Phnom Penh Hospital are a some of the country’s top private hospitals and clinics.           

Cambodia has a large population of retirees and a high standard of living. It’s in a wonderful location with easy access to other parts of Asia and has a generally safe environment.

The nation’s persistent humidity and the somewhat less developed infrastructure when compared to destinations like Singapore or Malaysia are two factors you should be aware of when retiring in Cambodia.

A meal at an inexpensive restaurant is estimated to cost US$3 while a mid-range restaurant can charge US$21 for a three-course meal for two, according to Numbeo.

The cost per square meter for buying an apartment within the city center is at US$2,338, while that outside of the area is at US$1,217.

Rent for one-bedroom apartments inside and outside Cambodia’s city center cost about US$447 and US$246.5 on average per month, respectively.

The overall monthly cost of living in Cambodia for one person can hit US$582 on average, while it can cost about US$2,063.5 for a family of four, both excluding rent.

Best Countries to Retire in Asia: Bottom Line

No matter where you choose to spend the rest of your life — whether it’s in Asia or elsewhere — never forget that no place is flawless. Take note of all the advantages and disadvantages of different residence options. Eventually, you should consider your personal goals and wants when choosing a place to stay, depending on your level of tolerance, your basic needs, and what you can live with and without. Always take your time in finalizing your decision.  

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Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.