Retiring to a third world county? (2011, rentals, hotel)

[Philfun]

Originally Posted by msta999

I have been reading an online magazine, which talks about people leaving the US, UK and other western countries to retire in third world countries. The reason is because you can live so much cheaper there. Anyone know of anyone doing this? I have thought of something similar, but I would do it before I reach retirement age. I guess the key would to have something going, so you have an income coming in. There are countries where you can live comfortably for as little as 500 a month.....so they are saying.

Retiring On $500 A Month | EFAM | Escape From America Magazine

Retiring on $500 a Month: How to Afford a Better Life in the Sun - Part 2 | EFAM | Escape From America Magazine

My question is, do you know anyone who has done this? Is it working?

I moved to the Philippines 3 years ago. I live well on a little more than $500 a month, but I know several American expats who live well on about that figure. But you must come here and stay at least a month before you make a final decision as to wether the Philippines is for you. This applies to ANY country you are thinking of moving to. Do not underestimate cultural differences and the differences in services, way of living, etc from what you are used to in Amaerica, Europe or Australia.

[Philfun]

"But renting abroad can be very difficult due to residency permits and 90 day stay limits and such. Buying will often get you rights to reside"

Many countries will not let a non-citizen buy property. In any case, buying a property just to get residence rights can be a bad decision for many reasons. In the Philippines, a residence visa "SRRV" can be purchased for $10k currently. Marrying a local will also get you a residence visa, but that is just as bad a reason as buying property.

[Tiger Beer]

philfun,

Says Dumaguete...are you actually in Valencia? Quite a few foreigner end up in Valencia...and I've heard it is quite nice. I went to Dumaguete once myself, I like the waterfront, just wish there was a nice air-conditioned mall in that town (similar to most other cities in the Phils!)

[bibit612]

Originally Posted by Am Fil 1

We plan on retiring in the Philippines especially after the current downturn in USA economy. Especially an alternative if one spouse is a dual citizen of Philippines

Count me as one considering this a big possibility.

[team_evans]

Marrying a local will also get you a residence visa, but that is just as bad a reason as buying property.

Geez, finally someone said that. I'm shocked at the blase 'marry a local, any local, get a residency visa' attitude one come across. As distasteful as the 'marry an American, any American, get a green card' you see coming the opposite geographical direction.

But whatever floats your boat, I guess.

[Tiger Beer]

Originally Posted by team_evans

Marrying a local will also get you a residence visa, but that is just as bad a reason as buying property.

Geez, finally someone said that. I'm shocked at the blase 'marry a local, any local, get a residency visa' attitude one come across. As distasteful as the 'marry an American, any American, get a green card' you see coming the opposite geographical direction.

But whatever floats your boat, I guess.

Good point as well.

Thailand is literally littered with foreigners who married locals and bought properties...divorced shortly thereafter, and foreigners 'wealth' is gone.

There is a saying with almost all third world countries...'whats the best way to make a little fortune in ______?'.....Answer: Bring a large fortune to begin with.

[20yrsinBranson]

Originally Posted by msta999

I have been reading an online magazine, which talks about people leaving the US, UK and other western countries to retire in third world countries. The reason is because you can live so much cheaper there. Anyone know of anyone doing this? I have thought of something similar, but I would do it before I reach retirement age. I guess the key would to have something going, so you have an income coming in. There are countries where you can live comfortably for as little as 500 a month.....so they are saying.

Retiring On $500 A Month | EFAM | Escape From America Magazine

Retiring on $500 a Month: How to Afford a Better Life in the Sun - Part 2 | EFAM | Escape From America Magazine

My question is, do you know anyone who has done this? Is it working?

Those are the two best articles I have read on this subject in a long time. I am sick to death of people who move to another country and expect it to be "just like the United States" and are disappointed when it isn't.

At least the article showed that there are good places to live in the world that don't have an American accent. I would LOVE to live in a third world country. I'd do it in a heart beat if my mother wasn't elderly and need me. Maybe one day I will go! LOL

20yrsinBranson

[faabala]

Another vote for the Philippines. I have my military retirement and my wife of 20 years has dual citizenship. It is our fall back position if real estate business tanks in our area. I would prefer to just have a vaction home and spend a couple months a year there.

[msta999]

Anyone living in Korea? I was there for a year in 84-85 and everything, including food was cheap. I was told housing was cheap, but didn't care at that time. Cheap rent, cheap food and travel.....don't know anything about health care and such, but it is a place I have thought of going back to so I could see more of the culture and history. When I was there in the Army, all I did was work and was glad to leave there, now I wish I had seen more of the country.

[Tiger Beer]

Originally Posted by msta999

Anyone living in Korea? I was there for a year in 84-85 and everything, including food was cheap. I was told housing was cheap, but didn't care at that time. Cheap rent, cheap food and travel.....don't know anything about health care and such, but it is a place I have thought of going back to so I could see more of the culture and history. When I was there in the Army, all I did was work and was glad to leave there, now I wish I had seen more of the country.

I lived in South Korea for about 7 years teaching English. I did notice ex-military would sometimes go back to Korea and teach English there. I started out abroad teaching English, never had any military background, but I am envious of all of those who do their time in the military and retire with those great 'set for life' packages often after 20 years at the age of 38! Amazing.

Personally I think there are much better countries to live in Asia...but when you need to make money AND want to live in Asia as a Westerner...the teaching gigs in Korea are everywhere, very easy to get, and is a pretty easy lifestyle.