Asia is getting serious about competing for the global retiree’s business.
As Philippines Correspondent Chris Bech reported this week, “With the new tourism bill, passed last month, the Philippine government is working hard to encourage foreigners to come and invest and settle in this country. They’ve made it their goal to develop the Philippines as Asia’s tourist hub.
“Now under consideration is a bill that would allow for direct foreign ownership of land in this country, so foreigners would no longer have to set up a corporation to hold property.
“If this law passes, the Philippines will be the most liberal country in Southeast Asia for overseas investment. It’s already the most appealing choice for expats in this part of the world, in my opinion.”
Correspondent Wendy Justice, on the other hand, points out that, when it comes to full-time permanent residence for foreigners…Malaysia comes out the winner, with its “My Second Home” program for foreign retirees.
“Many countries, frankly, sound great at first blush. The trouble can start when you begin to look closely at the foreign immigration requirements or restrictions. The red tape involved with organizing residency many places, certainly permanent legal residency, can be intimidating and even, sometimes, impossible to navigate successfully.
“This is where Malaysia really shines. Unlike many of its Asian neighbors, Malaysia makes immigration easy. Most nationalities can enter Malaysia with a ‘social visit’ stamp that you get from immigration at the airport. For more permanent immigration status, there’s the Malaysia My Second Home, or MM2H, program…”
Both these countries deserve a close look right now. Watch this space for more and more in-depth coverage.
Meantime, I’ve got to run. We’re finalizing presentations and events for attendees joining us here in Panama City this week for our How To Retire Overseas and Live & Invest in Panama conferences. Speakers and correspondents arrive starting this afternoon. We’re looking forward to a crazy busy week of new ideas, new opportunities, and new friends.
If you’re not able to join us, don’t worry. I’ll do my best to keep you connected in real time to events and discoveries as they unfold throughout the week.