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Published On: Mon, Mar 23rd, 2015

Tips to prepare for retirement in Asia

An increasing number of retirees are choosing Southeast Asia as their destination of choice. The likes of Malaysia, Vietnam and Thailand are emerging as popular spots for those that want their retirement period to be an adventure. Not only are these areas fascinating, but also they are some of the most economical places to live well, which is always a massive bonus. Does this sound like the type of retirement you want to enjoy? If so, read on for some top tips for retirement in Asia.

1. Choose your new country carefully– Whether you want to relocate to somewhere you have visited several times or you simply have no idea where you wish to move to, it’s a good idea to create a list of your requirements. This can include everything from language, to visas, to taxes, to cost of living, to crime. It helps to ensure that the country meets your needs.

Let’s take a look at some of the more attractive cities in Asia…

  • Hong Kong – There are many reasons why people choose to relocate to Hong Kong. There is a wealth of new buildings and lots of diversity when finding somewhere to live. There’s a lot to see and do, including a varied nightlife and delicious cuisine. It’s easy to get around in Hong Kong and many expats appreciate the friendly community in the city.
  • Kuala Lumpur– Malaysia has long been a popular spot for expats and Kuala Lumpur is one of the main reasons why. From the incredible food scene to the stunning skyline, it’s a great spot to spend your retirement.
  • Manila– Manila, which is the capital city of the Philippines, is actually one of the cheapest largest cities across the globe. You can enjoy a luxury lifestyle on a lower budget.
  • Bangkok– Bangkok is popular because it strikes the perfect balance between affordability yet modern convenience. It’s a vibrant city with many great shopping malls, public parks and such like. Transport is also efficient in Bangkok.
  • Singapore– Singapore certainly does not offer the low prices that Manila does. However, it presents convenient living, a large English speaking population, excellent entertainment and good food culture.
Southeast Asia Image/Ichwan Palongengi

Southeast Asia
Image/Ichwan Palongengi

2. Get your finances in order prior to your move– There is a lot to consider when it comes to your finances. Planning is essential to ensure you have enough money for your move. You’ll also need to look into a UK pension transferas well.

3. Take out an international health insurance policy– An international health insurance policy is imperative. You will have access to the best network of hospitals, facilities and professionals, not only in your new location but you will be covered when you go back to visit your family or even take a vacation.

4. Rent before you buy in your new country– You may not want to buy a property at all. However, if you do, it’s always a good idea to rent first. You’ll be able to get a true taste for life in your new destination before committing to a property. Moreover, the property rules can be complex in Asia.

5. Plan for taxes before you leave– You’ll need to determine what taxes you will be obliged to pay in your new country and whether you will need to pay any in your home country as well. This will depend on your status in your new location, i.e. whether you are going to become a resident or non-resident.

Now you know about some of the most important preparation steps you need to take prior to your relocation to Asia. Taylor Brunswick Group can help you with your financial planning, which includes tax planning and finding the right medical insurance plan. They will help you to have a happy and financially secure retirement.

Image/CIA

Image/CIA

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About the Author

- Adam Lee is a financial writer who has insightful knowledge in dealing with different financial issues. He tries to help people to get out of difficult financial situations by contributing financial write ups to websites and blogs such as Moneyforlunch.com and Moneynewsnow.com

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  1. Power Planet says:

    Nice Blog about retirement

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