It seems like real estate is something retirees do not think twice of sinking their hard-earned money in, and last July, it was reported that a total of some 40,00 units are to be built by condominium developers over the next five years to compensate for the demand for residential property of retirees (Filipinos and foreign nationals alike) and overseas Filipino workers (OFWs) as well.
It has been a vision of the Philippine Retirement Authority (which was mandated in July 1985 to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines) to make the Philippines the preferred retirement destination in Southeast Asia by 2010, and it seems it would indeed materialize. Both PRA and the Philippine Retirement Inc. (PRI) plan to attract close to a million retirees by 2015 as well.
PRA’s flagship campaign is the Special Resident Retiree Visa or SSRV to would-be retirees and offer them a range of services, benefits and comforts that would make their stay truly worthwhile in the Philippines. Registered residents are set to enjoy the option for permanent residency, multiple entry and indefinite stay in the country. As of March of this year, there are a total of 17,580 retirees enrolled in the program and the number is expected to grow even bigger.
With the assistance of PRA, retires can choose to invest their required deposit through three means: (1) purchase, acquisition and ownership of a condo unit; (2) long-term lease of house and lot, condominium or townhouse for a period not shorter than 20 years; and (3) purchase, acquisition and ownership of golf or country club shares.
Indeed, with several real estate projects currently in the works, the Philippines is fast-becoming a haven for retirees.