The cost of living and beautiful sun-kissed paradise islands of the Philippines are an irresistible pull for expats looking to take a breather from the rat race.
Living in the Philippines is cheap by US and European standards.
Although the nation is the world’s 12th largest by population and home to almost 100 million people, expats like to keep the charms of the country to themselves.
What makes the hundreds of islands that make up the country so popular is money – specifically spending it.
Expats go to the Philippines for two reasons – to retire or are professionals stepping out of the hurly-burly of working in stressful industries like oil, mining or finance.
Inexpensive living costs
Food, clothing and other day-to-day bills are much cheaper in the capital Manila – and even cheaper in outlying islands and towns.
Compared with working in higher-priced locations like China, Qatar and Singapore, the Philippines is refreshing cheap and cheerful.
But expats should not spend too much time neglecting their finances just because the cos t of living is inexpensive.
The same financial issues apply to expats in Manila as elsewhere.
For retirees, just because the Philippines has no provider offering a Qualifying Recognised Overseas Pension Scheme (QROPS) does not mean switching cash into one from a UK pension is impossible.
Similarly, although expats flock to the Philippines, plenty of Filipinos have worked in Britain and may have a pension entitlement that they wish to move offshore.
Finding Philippines QROPS
With more than 3,700 QROPS offered by providers in more than 45 countries, many fit the bill for retirement savers living in the Philippines.
QROPS offered in financial centres like Malta and Gibraltar will host pensions for expats in other countries, such as the Philippines.
This is also a help to expats based in The Philippines but with personal and job mobility that could take them anywhere in the world.
Once on the move, a third party QROPS based in Malta or Gibraltar stays safely put while the expat roams from contract to contract.
This saves money as the fund is in place without any transfer charges and associated costs as an expat moves between financial jurisdictions.
So, if you find the blue coral seas, beautiful beaches and cheap cost of living of the Philippines enticing you, don’t let your laid-back lifestyle stop you from considering a Philippines QROPS.