15 Best Countries to Retire in Asia
In this article, we will take a look at the 15 best countries to retire in Asia. If you wish to skip our detailed analysis on Asia, the new face of retirement, you may go to 5 Best Countries to Retire in Asia.
Asia: The New Face of Retirement
According to the International Monetary Fund (IMF), Asia seems to be a dynamic region of growth amidst a backdrop of what seems to be a challenging world economy. With Russia's war in Ukraine, banking strains in Europe and the US, a stubbornly high level of inflation, and rising interest rates, global economic growth is on the brink of deceleration. On the other hand, Asia’s domestic demand remains strong despite monetary tightening and a weakening external demand, such that the region expects to contribute approximately 70% to global growth this year.
As such, China's reopening has successfully provided fresh impetus to Asia's economic growth. A sharp 5.1% rebound has been predicted for the country in 2023 following this reopening. The growth is projected to be led by a recovery in demand, especially for services. Companies like Alibaba Group Holding Limited (NYSE:BABA), Baidu, Inc. (NASDAQ:BIDU), and Tencent, the big tech leaders in China, are slowly recovering lost ground after a depressing 2022.
According to Alibaba Group Holding Limited (NYSE:BABA) Q1 2024 Earnings Call Transcript dated August 10, 2023, the company beat its earnings expectations. Reported EPS for Alibaba Group Holding Limited (NYSE:BABA) is $2.4, while expectations were $1.97. Their revenue reached RMB234 billion, growing 14% year-over-year. Meanwhile, Baidu, Inc. (NASDAQ:BIDU) Q2 2023 Earnings Call Transcript dated August 22, 2023, reported a total revenue of RMB34.1 billion, increasing 15% year-over-year. According to Insider Monkey, Baidu, Inc. (NASDAQ:BIDU) is one of the stocks that will benefit from AI as well. Tencent has also been witnessing double-digit revenue growth in the first three months of this year.
Apart from China, the rest of the region is observing growth too, even though it has been uneven. Specifically, many South East Asian countries have been experiencing notable growth in health, education, as well as living standards. According to the World Bank, the region saw an increase in economic growth from 6.9% in 2009 to 7.7% in 2016. South Asia’s economy is largely driven by India, characterized by its rise of middle class as well as a booming technology sector.
Other countries such as Bangladesh are major exporters of textiles, which contributes to GDP. All in all, South Asia’s GDP climbed up to 8% in 2021. With improvements in economy, healthcare, and living standards, many countries in Asia are increasingly becoming the new face of retirement for expats around the world.
Best Countries to Retire in Asia
Home to many religions and civilizations, Asia can be one of the best continents to retire to. The major attraction for many expats in Asia is its reasonable cost of living. An Asian retirement, particularly a Southeast Asian retirement, is cheaper than one in places such as the US and the UK. Some of the cheapest countries to retire in Asia include the Philippines, Vietnam, and Cambodia. Many Asian countries also boast affordable and efficient healthcare, such as Singapore, Thailand, and Malaysia. South Korea, and Japan are also some Asian countries with the best quality of life.
For those wondering about how much to retire in Asia, the answer is not much. In fact, many expats report living comfortably under $1,000 per month in many South Asian countries. Other countries such as Singapore, Malaysia, and Thailand need around $2,000 to retire, with many living far cheaper depending on their needs and wants. Some other best places to live in Asia for expats include the Philippines, Laos, Taiwan, and Vietnam. Beautiful landscapes, diverse natural settings, and unique cultural experiences can enhance the retirement experience for those who choose to retire here.
When retiring, many expats may feel hesitant to try a new country due to language barriers. As such, some of the best places to live in Asia for English speakers include the Philippines and Malaysia. Retirees will have little difficulty adjusting to these places as the locals are familiar with English.
Without further ado, let’s move on to the best countries to retire in Asia.
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Methodology
In order to compile the list of the best countries to retire in Asia, we began by listing out all Asian countries. Since many countries in Asia are facing political and other instabilities, we eliminated those countries that had a score above 2.5 based on the Global Peace Index Report 2022 and GIWPS. Next, we used the Legatum Prosperity Index to rank countries based on safety and security, personal freedom, social capital, economic quality, living conditions, health, and education.
After ranking the countries on these factors, we picked the first 20 Asian countries with the highest scores. We further ranked the countries based on their living costs from Numbeo, granting them additional points for appearing on our list of best countries for expats and countries with the best quality of life. All scores were added to come up with a final score, and countries were ranked in ascending order from the lowest to the highest scores.
Cost of living figures are mentioned for a single expat retiree living in the country, sourced from International Living, Cost of Live, and others.
Here are the best countries to retire in Asia:
15. Sri Lanka
Insider Monkey Score: 12
Thanks to its Dream Home Visa Program, expats can make Sri Lanka their home. Retirees over the age of 55, having a monthly remittance of $1,500 or the equivalent in an approved foreign currency for the principal applicant and $750 or the equivalent in an approved foreign currency for each spouse and dependent child, can avail the opportunity to retire here. Besides the affordable cost of living that can be covered within the monthly required income, the country offers a steady and homogenous temperature, amazing hotels, nightlife, wellness facilities, and art theaters. There are many festivals, ancient temples, and historical sites to enjoy. The locals are also very friendly, and English is widely spoken in the country.
14. Thailand
Insider Monkey Score: 13
Thailand makes it to our list of top retirement destinations in Asia owing to its quality healthcare, natural beauty, affordable living, and thriving expat communities. Lush jungles, picturesque islands, and beautiful beaches add to the beauty of retiring to this country. A single expat retiree can live well within $1,000, while a luxurious lifestyle can cost an individual around $2,000. One-bedroom condos within a mile of a beach cost around $500, while resort-style one bed-houses near Koh Samui cost as low as $1,200. The gastronomic haven is the perfect way to explore local Thai food as well as cuisine from Indian, Chinese, and Malay origins.
13. Mongolia
Insider Monkey Score: 13
Mongolia is a popular retirement destination in Asia for those who love the outdoors. Snow-capped mountains, rolling hills, and pristine lakes offer ample opportunities for enjoying nature and the outdoors. The rich nomadic culture of Mongolia is very appealing to retirees as well, providing them an opportunity to experience this way of life. While the country doesn’t have a fairly large expat community, retirees can enjoy and have fun with the nomads. They also get to explore the country’s rich culture, filled with festivals, music, and art. A single expat retiree can expect to live under $1,500 in the country.
12. Maldives
Insider Monkey Score: 14
Pristine white sand beaches, vibrant coral reefs, and heavenly waters attract many retirees to the beautiful island country of Maldives. Retirees who love the waters will enjoy trying out activities such as snorkeling, scuba diving, fishing, and even swimming. Overwater bungalows and high-end resorts can make staying here much more fun and luxurious. Maldivian cuisine is a huge plus, as are the friendly locals that retirees can befriend. A single expat retiree can live here under $2,143.
11. South Korea
Insider Monkey Score: 14
South Korea may not be the most inexpensive option on our list, but it is definitely one of the best places to retire in Asia. Excellent healthcare system, delicious cuisines, and natural beauty are some of the many reasons expatriates are drawn to this country. It is worth noting here that South Korea does not grant a retirement visa, and expatriates would need to qualify for its long term visa to stay. One bedroom apartments, on average, start from $265 and go all the way up to $800, and average cost of living in a metropolis such as Seoul is around $1,411. Food and transportation are cheap in the country.
10. Vietnam
Insider Monkey Score: 15
Vietnam is revered for its affordable healthcare, scenic beauty, and delicious cuisine. Retirees can find good housing rental options anywhere between $300 to $800 and live comfortably under $1,000 to $1,500. Vietnamese cuisine is known to be delicious and cheap, and retirees have lots to try here, such as pho, white rose dumplings, and Vietnamese pizza. The locals are friendly as well, and English is spoken in most tourist and expat areas.
9. Nepal
Insider Monkey Score: 16
Beautiful country, affordable living costs, and a pleasant climate make Nepal one of the best retirement destinations in Asia. Lush forests, pristine lakes, and the beautiful Himalayan mountain range provide the perfect opportunity for retirees to indulge in trekking, hiking, or simply enjoying the outdoors. The country's cost of living is very affordable, and a single retiree can live here under $1,000. The locals are very friendly too, and the country is revered for its spiritual and wellness retreats.
8. Philippines
Insider Monkey Score: 16
Home to the most hospitable and happiest people in the world, the Philippines can be a nice place for retirees to call home. The Special Resident Retiree's Visa (SRRV) can help expatriates move to the country and join over 200,000 expats who already call it home. A couple can live here quite easily for under $1,500 per month, while a single retiree can manage to live under $1,000. The country is also home to beautiful beaches and pristine islands that retirees can explore, and modern and well-developed healthcare facilities are also available.
7. Cambodia
Insider Monkey Score: 16
Cambodia is revered for its warm climate, affordable living, and rich cultural heritage. It is also one of the cheapest countries in Asia to retire to, making it an ideal retirement destination. A single expat retiree can live well under $1,000; while many manage to live within $500, too. Apartment rents can be as low as $200. The country is also known for its friendly locals, natural beauty, and growing expat communities, especially in Phnom Penh and Siem Reap.
6. China
Insider Monkey Score: 17
Affordable living, high quality of life, and world-class healthcare make China one of the best countries to retire in Asia. It also boasts a rich cultural heritage, with many landmarks to explore, such as the Great Wall of China, the Terracotta Army, and the Forbidden City. The cost of living in the country is 45% lower than in the US, and a single expat retiree can live comfortably on $750 per month. This could be higher depending on city or individual needs.
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Disclosure: none. 15 Best Countries to Retire in Asia is originally published on Insider Monkey.