Am i a millionaire in Phillippines? Can i have business there?

Well my Brazilian friend, Cambodia is the land of opportunity for sure. With its tranquil, friendly people , you will definitely live like King with your Budhist queen. But I am not sure whether 50Grand will be enough to enlighten and pamper yourself for 20 years. You need to teach Portugese to Cambodians and earn your living. Also you can open an immigration office in there to entice the incumbents to advice to move to Brazil. Even though USA has around 10 million Budhist Yankee citizens; Brazil doesn't have. So it will be an advertisement office for Cambods.Take care wix.com/hakanozcan/eng

Thanks for your response abdullahhakan1!

My biggest worries are financial. How much i need if i wanted to live whithout working or how much i need to open a small business that can cover some expenses, leaving my savings secured and lasting more are my main concerns.

The plan is to know what financial goals i need to accomplish in my homeland so i can go to Cambodia to live in peace.

If anybody here could give some examples of expenditures (monthly and the cost to establish yourself) it would be great!

Oh and PHili too

If you are an expatriate,

PHILIPPINES is the only country in Asia which most or all people could speak and understand English. IF you would be lost in the farthest corner of the Island, simple English is comprehendable to every one even locals so it means "Language" is not a barrier.

If you love western culture and a mixed, Philippines has the most diverse culture which is not far from Western Culture so you wont suffer culture shock.

Investing in the Philippines is so great these days.

Thanks Renay for your fair words.

Well, what would be the amount of money necessary to live in RP forever? 300k dollars? I mean, this is an amount that afford some luxuries and a comfortable life?

Or maybe a monthly value, like 2.500 dollars? In another thread i saw that a poster asked if 5.000 monthly would be good to live in RP and people said that he would be king!

About business, every expat told me to not do that. I'm sad because could be a good way to cover expenses in local currency. This means that we need more money saved in our home countries..

How old are you?  How many years do you expect to live?  Then do the math. A good financial advisor will tell you how much you need to survive. So if you think $2500 a month is enough, start from there.

Also, consider what currency your funds are in. A lot of American expats on fixed USD incomes are suffering in Phl as the USD has fallen significantly.

it's true that your $50,000 is worth PHP2,200,000 now, it seemed like you will be considered a millionaire. well, not for a year or two. If you say that you have $300,000 available. There are investment programs that are being offered that will let you earn from 14% to 27% per annum. With $2500 a month, you can live a comfortable life here. A combination of your $300k and your monthly $2500 will definitely allow you to live a long time here in the Philippines. I just set up a client who brought in the same amount that you mentioned, but they also had the extra $120k to buy their own house and lot. If you are single, you don't need a big house and lot. Perhaps a reasonable size of a house where you can have your own maid, driver (unless you can manage to drive in the crazy traffic here). Or you can do a rent to own condo unit to get started with so that you won't be wasting money on regular rent. The monthly expenses will all depend on your lifestyle and location.I don't really how people are surviving with PHP10,000 a month or $200 a month, but there are people who do. I only deal with people who live with more than that amount.

I agree with prince_denison, this is the only country where English is spoken by almost anybody. Cannot guarantee you that you will understand each other, ha ha! If you are a Christian, then, this is a better place to be.

You still have 3 to 10 yrs to prepare. Start saving now and if you have available savings that you want to start investing with higher rates of return, let me know and we will help. I just advised the other expat, you have to have at least one year's worth of funds to cover your monthly expenses when you decide to move here and a monthly income coming in so you don't have to work!
Pinaymentor


Pinaymentor

Hi,

If one looks at South East Asia (Asean) Countries - 10 countries, the countries that has no problem with English are Singapore, Malaysia, Brunei and Philippines.  But among there countries, Philippines have the lower cost of living.

Being all equal and not against any nationalities or circumstances.  Philippines is a great place and I had been to many cities there such as Baguio, Batangas, Cebu, Cagayan de Oro, Bacolod, Illo Illo, Illigan and Manila. 

I almost landed myself there but weighing all things, I decided otherwise because Philippines is subjected to natural disaster such as typhoon and earthquake.  Of course this depends on which city but then you may loose communication with the cities itself.  Besides, there is power failure and no electricity (brown outs) even on normal days.

Filipinos are great people and I respect them.  You find them all over the world because they could not get jobs back home.  They are hard working and resilient especially their home can be wipe out by the natural disaster yet they stand up again.

Retiring in a country means you need your visa settled and does the country accept your age?  If not then what are you going to do with your visa? 

Are you going going to work or start your business? 

Its expensive to shuttle flight out of Philippines to another country for visa.  But if you live in a country that has road links or budget airlines then you save a lot when doing your visa.

crazyaboutabroad,

You are not a millionaire in PH for $50K, but you can stretch that money few months or 1 to 2 years,  if you live away from busy cities.

If anyone who said $5K is living like a king is pure exaggeration. Monarchs live nicely and that means they have everything. Your $50K could not even open a business with 100% ownership but you can open a small business if you have a Filipino wife who also co-owns that business. Most condo have selling price starting from Php 1M and with your budget you will most likely get a studio. As for women, its just the same everywhere, you have the good and the bad.

With $300K, you can open a small corporation and that allows you 100% ownership with long term visa to live in PH... hopefully then your business grow and you can live happily ever after.

A foreigner cannot own land in RP unless through a wife. Buying a condo, still needs 60% of units to be owned by Philippinos. Also, I beleive all corporations need to be 60% owned by Philippino.