Long-term visas, relatively easier property buying laws offered by several Asian countries are luring expats to buy property and retire here in thousands.
Malaysia, the Philippines and Thailand have rolled out the red carpet for foreigners wanting to settle in the region, other countries like Indonesia, Cambodia and Sri Lanka are other tax friendly countries where one can settle with ease. This is in stark contrast to countries like Singapore where foreigners can only settle if they are employed.
Take for instance the ‘My Second Home (MM2H)’ launched by the Malaysian government to attract expats for long-term stays. Since it was introduced in 2002 more than 50,000 expats have settled in the former British colony.
Likewise, Sri Lanka’s ‘ Sri Lanka My Dream Home Program’ is promoted by the Sri Lankan government to allow foreign nationals who fulfill certain criteria, to stay in Sri Lanka as long as possible on a Long Term Resident Visa. This program allows applicants to bring with them their spouses, and children who are unmarried and below the age of 18. It is the perfect visa for foreign citizens to enjoy long-term stay in Sri Lanka.
Meanwhile, both Thailand and the Philippines too offer long-term visas to retirees to help boost their local economies.
However, most of the countries do not allow foreign nationals to acquire rights to the land, but otherwise a property constructed on it can be easily bought.
Here are the top six Asian countries with expat friendly taxes and easy property buying rules:
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