# Living in Philippines on $32,000USD per year



## Jeff Crockett (Feb 15, 2015)

Good evening, or over there, more likely Good morning.

I am a 25 year old male who has traveled extensively throughout your country including spending time visiting friends in manila, though not long enough to gauge exactly the cost of living longterm.

I am a professional poker player with a net worth of $800,000 USD invested in multiple money market accounts and CDs with a fixed annual rate of return at 4% or $32,000 annually.

This amount is untouched as far as my bankroll goes and it set aside specifically for lifelong security. I am a licensed plumber and would go back into working the trade before TOUCHING this money should a string of losses diminish my bankroll.

For years I have been seriously considering moving to the Philippines, specifically Manila. I am currently learning the Filipino language, and not surprisingly, English is my first language.

Few questions: 

1. How difficult would it be for me to get a visa/be approved for residency to move there, and what types of options are available to me? I have the financial security and no criminal record, though I'm guessing at 25 I'm too young to qualify for any type of retirement Visa.

2. Living in Manila, at least at first, what type of lifestyle can I afford on an annual income of $32,000 USD per year? (Interest adjusted every 10 years for inflation) Keping in mind I would return to the States to see family at least once a year as well as the fact that I like to vacation in Athens annually. As a professional I hope to earn extra income playing cash Hold'em games at some of the Casinos in Manila as I have done in Vegas and the Heartland Poker Tour, but that annual $32,000 a year would be my guaranteed income and what I would budget for. This inquiry is not just for supporting myself but also for the prospect of meeting a Filipina woman and having a child, as I do want to have a family.

3. Could I potentially hold my interest for life without touching the 800K Principal?

4. Any advice and broken down budgets would be appreciated


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## jon1 (Mar 18, 2012)

First off welcome to the forum.

You could live comfortably on that in Manila. You can rent a 1 bedroom condo or apartment for $500-$1000/mo depending on the location. 

For Retirement Visa options, look at this web site PRA: Philippine Retirement Authority to see if you qualify for one. If anything you can get a Tourist visa (renews every couple of months) with an annual cost of about $560.

I do not see why you could not get by without touching principle unless you decide to buy a condo unit or after getting married a house. You can always lease a house in your name (long-term up to 50 years).

For some cost comparisons between your home and here, check out Cost Of Living Comparison

I understand why you want to live in Manila but the pollution there is horrendous and can adversely affect your health long term.


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## Cebu Citizen (Dec 13, 2013)

I agree with Jon1's comments, (and also...Welcome to the Forum). You can easily live in or around Manila on this amount and probably half that amount if you watch your spending. I am currently residing very easily in Manila for approximately half of what you have available. I have more available each month but after four months here, I have not yet gone beyond spending more than $1,200 to $1,400 each month...condo rent, electric, water, landline telephone, mobile phone, cable TV, wireless internet, food, entertainment and transportation costs.

You can also easily buy a condo on that amount without touching your principle if you make monthly payments on the purchase rather than pay cash.

There are also Visa options here in the Philippines that only require that you have a certain amount deposited in a Philippines bank along with a monthly revenue stream. This amount varies according to your age. The younger you are, the more they want in your bank account, ($50.000.00 I think for the younger ages and only $20,000.00 for older retirees like me at age 59). The reason for this as I was told is that the Philippine Government wants to make sure that you will not be a burden on the society here and that you have adequate monthly income and a Philippine Bank Savings Account to guarantee your ability to support yourself. These two items should make you eligible for a Retirement Visa.

Good Luck and if it is the right move for you, hope to see you here soon in the Philippines...


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## Tukaram (Dec 18, 2014)

$32k a year? Yeah, you should be fine. I raised 2 kids in the US on that! Anything over $1,500 a month here is just gravy.


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## Gary D (Oct 28, 2013)

Cebu Citizen said:


> I agree with Jon1's comments, (and also...Welcome to the Forum). You can easily live in or around Manila on this amount and probably half that amount if you watch your spending. I am currently residing very easily in Manila for approximately half of what you have available. I have more available each month but after four months here, I have not yet gone beyond spending more than $1,200 to $1,400 each month...condo rent, electric, water, landline telephone, mobile phone, cable TV, wireless internet, food, entertainment and transportation costs.
> 
> You can also easily buy a condo on that amount without touching your principle if you make monthly payments on the purchase rather than pay cash.
> 
> ...


You need to be 35 before you can get a SRRV.


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## M.C.A. (Feb 24, 2013)

I'd travel around and figure out where you would like to retire to and buy a condo, foreigners are allowed to buy condo's, it'll pay for itself and if not you could rent it out and make money.

I think there's a program where even if you buy the condo that could qualify you for a Permanent Visa because of your investment. If you don't want to go that route another way is $50,000 deposit into a Philippine bank, I like the first option but there are so many spots in the Philippines and since your a gambler you'd want to make sure you retire to the right Island.


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## cvgtpc1 (Jul 28, 2012)

I'd worry more about playing poker in the PI with the wrong people even if in a legit casino/poker room if you plan to supplement your income that way.

But then again since you're out of the US you could get away with playing online with a PI bank account.


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## lefties43332 (Oct 21, 2012)

cvgtpc1 said:


> I'd worry more about playing poker in the PI with the wrong people even if in a legit casino/poker room if you plan to supplement your income that way.
> 
> But then again since you're out of the US you could get away with playing online with a PI bank account.


I thought the same thing exactly


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## Gary D (Oct 28, 2013)

mcalleyboy said:


> I'd travel around and figure out where you would like to retire to and buy a condo, foreigners are allowed to buy condo's, it'll pay for itself and if not you could rent it out and make money.
> 
> I think there's a program where even if you buy the condo that could qualify you for a Permanent Visa because of your investment. If you don't want to go that route another way is $50,000 deposit into a Philippine bank, I like the first option but there are so many spots in the Philippines and since your a gambler you'd want to make sure you retire to the right Island.


The program where you can buy a condo with the bank stake is called SRRV. Again you still have to 35+ to qualify.


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## fmartin_gila (May 15, 2011)

cvgtpc1 said:


> I'd worry more about playing poker in the PI with the wrong people even if in a legit casino/poker room if you plan to supplement your income that way.


Thinking of how the general population thought process, this would be my major consideration of this method of livelihood.

Fred


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## Nickleback99 (Aug 6, 2011)

cvgtpc1 said:


> I'd worry more about playing poker in the PI with the wrong people even if in a legit casino/poker room if you plan to supplement your income that way.
> 
> But then again since you're out of the US you could get away with playing online with a PI bank account.



You can easily And Cheaply go back and forth to real casinos in Macau while based in PI (And Not have to live In Manila...no reason or need to) and earn Real winnings at your level that you probably can bank off shore somewhere. Then when living and chilling in P.I., you could live near a beach or much nicer area. Curious though, Why Philippines over some other Asian destinations?


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## fuji0001 (May 5, 2014)

I am laying down the plans to PERHAPS retire in a couple of years to the Philippines. A good portion of my income will be dividends from my retirement accounts. I just want to know where you can get 4% on money markets and CD -- assuming you are invested in the USA and not in high risk 3rd world bonds LOL WHat with the US Treasury keeping rates artificially low please do tell


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## fuji0001 (May 5, 2014)

fuji0001 said:


> I am laying down the plans to PERHAPS retire in a couple of years to the Philippines. A good portion of my income will be dividends from my retirement accounts. I just want to know where you can get 4% on money markets and CD -- assuming you are invested in the USA and not in high risk 3rd world bonds LOL WHat with the US Treasury keeping rates artificially low please do tell



I should say the Federal Reserve keeping rates artificial. As for protecting your principle that is any one's guess given your cost of living is in Asia and your monetary policy is in the US. If you have a crystal ball to figure out where the Phil economy is headed over the duration of your stay, military skirmish with China, continuation of the Jihadist movement, take all that in and project a 50+ more years life expectancy........ where did I leave those tea leaves:noidea:


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## lefties43332 (Oct 21, 2012)

fuji0001 said:


> I should say the Federal Reserve keeping rates artificial. As for protecting your principle that is any one's guess given your cost of living is in Asia and your monetary policy is in the US. If you have a crystal ball to figure out there the Phil economy is headed over the duration of your stay, military skirmish with China, continuation of the Jihadist movement, take all that in and project a 50 more year like expectancy........ where did I leave those tea leaves


Lol...good point


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## 197649 (Jan 1, 2013)

Let not forget our good friends at the IRS. 50k in the bank must be reported. 10k transfers must also be reported. Buying a condo here is a good investment but again reportable. Just playing the devils advocate


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## Tukaram (Dec 18, 2014)

fmartin_gila said:


> Thinking of how the general population thought process, this would be my major consideration of this method of livelihood.
> 
> Fred


We just had 2 young ladies (one was 17) killed over gambling debts from a wake! Some of these folks are crazy!


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## fmartin_gila (May 15, 2011)

Tukaram said:


> We just had 2 young ladies (one was 17) killed over gambling debts from a wake! Some of these folks are crazy!


As I have mentioned in some other post's, The thought process in this Country seems to vary over a very wide spectrum and is sometimes quite questionable and sometimes non reasonable. Try to fly under the radar, MYOB, and maintain a low profile.

Fred


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## colemanlee (Nov 17, 2014)

Living here on 32k usd would be easy in my opinion...being a pro gambler, not so easy, If you lose they would love you, if you win, good chance of getting killed and the winnings stolen. Filipinos are very bad losers..has to do with face....I get invited to gamble here all the time, but I never do, not so much because I dont gamble, but because if I won it would create more problems than I want to deal with....It might be different in a professional setting like a casino but I doubt it....


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