Best Places to Retire in Asia

Asia is a continent of contrasts.

From one corner of the continent to the other, you’ll find hundreds, if not thousands, of unique cultures, landscapes and lifestyles that might prompt you to stop and wonder, ‘This is great… could I live here?’

While the sheer variety of options might initially overwhelm you – Asia tends to do that to first-time visitors – it also underlines just how spoilt for choice you are.

That’s a nice position to be in if you plan to retire in Asia. 

From Thailand’s sun-kissed beaches to Japan’s serene mountain retreats, each destination offers a unique charm, along with very distinct financial and lifestyle benefits.

Asia’s beauty and ‘exotic’ cultures are alluring to most retirees and its history and traditions are great reasons to consider retiring here. 

Imagine spending your retirement years strolling through ancient temples in Cambodia or indulging in the culinary delights of Penang.

Such experiences, combined with a lower cost of living, make Asia a compelling choice for those planning their retirement.

However, increasingly strict tax regimes, especially for high earners with worldwide income sources, mean anyone considering retirement here needs to be smart about planning their financial strategy.

It’s important to understand your options as you search for your ideal retirement haven in Asia. Let us guide you through the best places to retire in a continent that, with the right planning, can deliver a life of adventure and financial prosperity.

Why Retire in Asia

Asia provides retirees with almost endless options. Even within each country, there is a kaleidoscope of experiences and lifestyles to explore.

In cities like Kuala Lumpur, for example, you can find luxury condos amidst an incredibly modern, lively city, while traditional homes and a slower pace of life are more typical in the serene Vietnamese countryside.

Even beyond housing options, Asia caters to diverse preferences and budgets. For most retirees, the lower cost of living, at least in Southeast Asia, is a significant advantage with places such as Chiang Mai and Da Nang offering affordability. 

While affordability may not be the draw of places like South Korea or Japan, the tradeoff is access to an exceptionally high quality of life which includes a strong infrastructure, great access to social services and modern amenities.

Healthcare is exceptional across much of Asia, with countries like Singapore ranking top on most lists of the best healthcare systems in the world. Medical tourism is popular here, a legacy of exceptional care and state-of-the-art facilities at a fraction of the cost found in the West.

One thing to consider before settling down in Asia is that the climate varies widely from one country or region to the next.

If you enjoy tropical warmth, for example, you might want to consider the Philippines but if cooler weather holds more appeal, then try searching out a quaint cottage high in the Japanese mountains.

Ultimately, though, the continent’s vastness and sheer volume of places to choose from, means that, for most, Asia is a gateway to a lifestyle rich in culture and adventure.

How Much Does it Cost to Retire in Asia?

As with the varying landscapes and cultures, retiring in Asia offers diverse financial landscapes, with costs varying significantly between countries and even sub-regions within countries. 

In Chiang Mai, Thailand, for example, single retirees can enjoy a comfortable lifestyle for roughly just over US$500 per month. Renting a nice one-bedroom apartment in the city centre would add an additional US$400, bringing the monthly total to under US$1,000.

In contrast, Singapore presents a higher cost of living, with monthly expenses for a single person averaging around just under US$4,000, including rent. 

Rent alone for a one-bedroom apartment outside the city centre is about US$2,700, which is more expensive than popular European cities like Lisbon, Barcelona and Malta.

However, this city-state offers unparalleled urban conveniences and a robust healthcare system, justifying the premium.

Indonesia, particularly Bali, provides a middle ground where retirees can live very well on around US$1,700 per month. 

This includes rent, local transport and leisure activities, meaning that for under US$2,000, you could enjoy a balanced lifestyle amidst the island’s natural beauty.

As part of calculating how much it costs to retire in Asia, don’t forget to consider ongoing costs which include, of course, taxes. 

At one point Thailand was well-known for not taxing foreign income but that changed at the beginning of 2024. So, any current planning should take account of a higher tax bill than might previously have been anticipated.

Singapore taxes foreign-sourced income under certain conditions, while Indonesia offers various tax incentives to retirees but still imposes personal taxes on worldwide income.

Such factors contribute to the overall cost of retiring in Asia, especially if you’re a high-net-worth individual.

So, don’t make the mistake of moving there until you’ve completed your research and built a cast-iron plan that lets you know exactly what your move will cost and how you can protect your wealth long-term.

Ultimately, the diversity in cost of living means you can choose a lifestyle that aligns with your budget. But, for high earners especially, it would be a mistake to assume all parts of Asia treat tax issues, immigration and investors alike.

The Best Places to Retire in Asia

Singapore

Singapore is one of the best places to retire in Asia if you want a high-quality urban lifestyle. 

Its modern infrastructure and ultra-safe environment are on par with most Western cities, making for less of a culture shock than might be experienced if moving to remote areas of Cambodia or Vietnam.

The city-state offers world-class healthcare and its cleanliness is unmatched. For those looking to explore the area, the public transport system is both reliable and convenient.

Retirees often gravitate towards Sentosa for its leisure activities and coastal views, and Bukit Timah, which is better for those who enjoy greenery and tranquillity. 

Although living costs in Singapore are high, averaging around US$4,000 per month, the investment is justified by the exceptional quality of life. 

You can also find cheaper accommodation (and fewer people) if you head north to the Woodlands district.

Pros:

• Great healthcare
• Safe, clean environment
• Rich cultural diversity.

Cons:

• Limited residential space.

Thailand

While Thailand has long been a popular destination for backpackers.

The affordability and diverse landscapes have made it a favourite among retirees looking for a warm climate and super-friendly locals. 

In addition, the strong Buddhist culture means you’ll never be too far from a centuries-old temple or cultural event so, if you are looking for a lively retirement, Thailand will probably tick all your boxes, at least in terms of fun. 

And let’s not forget about the food. Whether you live in Bangkok, Pattaya or a tiny town up in the mountains, you’re never far from world-class Thai food.

For some, the culinary draw alone is reason enough to spend at least a couple of years of your retirement here.

As for where to live, Chiang Mai is becoming popular among retirees for its tranquil atmosphere and green surroundings, while Bangkok offers urban excitement and extensive amenities akin to most popular Western cities.

The cost of living is budget-friendly, even in Bangkok. While prices have increased recently due to inflation, you can live comfortably in Bangkok for less than US$3,000 per month, including rent and utilities.

Although the quality of healthcare varies, major cities provide excellent medical facilities. The language barrier can be challenging, but English is widely understood in tourist areas.

Pros:

• Low cost of living
• Unique cultural experiences
• Warm, welcoming community.

Cons:

• Language barrier
• Inconsistent healthcare quality.

Vietnam

For retirees interested in a blend of city life and historic architecture, it’s hard to look beyond Vietnam.

Ho Chi Minh City is a great spot to consider if you want to enjoy an urban lifestyle with mostly modern amenities. The city has everything from lively street markets and historical sites to Western comforts (within reason – don’t expect US-level comforts).

Da Nang is ideal if you want to live near great beaches and UNESCO Heritage Sites such as Hoi An. While more laidback than Ho Chi Minh City, there’s still much to see and do here, like getting out and exploring the Hải Vân Pass.

Regardless of where you choose to settle down, the cost of living across Vietnam is relatively low, even compared to other Asian countries. You can live comfortably on US$1,000 monthly, even in major cities.

Best of all, Vietnam’s infrastructure is growing to support a larger expat community. While there might be a slight language barrier, locals are often eager to communicate.

Keep in mind that while healthcare services are improving, quality care is mainly available in larger cities, which means you might have to travel for specialised care – something older retirees with frequent appointments might want to to consider.

Pros:

• Low living costs
• Rich culture
• Friendly locals.

Cons:

• Developing infrastructure
• Limited English proficiency.

Indonesia

Indonesia, particularly Bali, is a tropical paradise that’s great for those searching for a warm, local community. Many cities across Bali offer modern comforts without sacrificing that ‘local’ feel.

Ubud is where you want to go for serene landscapes and outdoor adventures, while Seminyak is known for its trendy cafes and beaches. Both are popular choices for retirees.

Due to the increased popularity and subsequent influx of tourists in recent years, Bali is becoming incredibly expensive for locals. For foreign retirees, however, you can still find places to rent in popular, well-connected areas for under US$1,000.

For example, current estimates indicate it’s possible get a good two-bedroom villa in Ubud for just under US$800. A couple living more lavishly can still live on the island for under US$2,000, depending on your other expenses, like dining out and transportation.

On the downside, while the healthcare system is improving, it remains a work in progress, and some areas can be incredibly tourist-heavy.

Pros:

• Truly breathtaking natural landscapes
• Easy access to Australia
• Friendly community.

Cons:

• Developing healthcare facilities
• Tourist-heavy areas.

What About Retiring in Japan or South Korea?

No, we didn’t unintentionally leave these two popular destinations off our list of the best places to retire in Asia – it’s just that they are just really, really expensive these days.

Certainly, Japan and South Korea both offer expats a high quality of life with excellent healthcare and advanced infrastructure and both countries are well-known for their modern (even futuristic) amenities, making them intriguing places to live.

However, the cost of living and taxes are notably high, a significant drawback for most retirees.

If you have your eye on these destinations as a place to spend your golden years, it’s important to evaluate your financial imperatives.

If maximising wealth and reducing taxes are your priorities, these countries may not be the best long-term fit.

South Korea taxes residents on all worldwide income, while Japan imposes federal and local income taxes akin to state taxes in the United States. 

How to Retire in Asia

So, are you ready to retire in Asia?

It is, unfortunately, not as easy as booking a one-way ticket and packing your bags. Depending on where you hope to go, you need to research the country’s visa requirements and tax rules.

Singapore

Singapore doesn’t offer a special retirement visa and your residency options are somewhat limited as a foreigner.

You’ll have to apply for permanent residency in Singapore via one of these three main pathways:

• Employment Pass: Designed for foreign managers, executives and professionals. Requires a minimum monthly salary of S$3600 (US$2760). Ideal for those with high qualifications and relevant work experience.
• EntrePass (Investor Program): For foreign investors, innovators or entrepreneurs wishing to establish a business in Singapore. Applicants must meet specific criteria within their respective categories to qualify.
• S Pass: Targeted at mid-level skilled workers and available to those earning a monthly salary of at least S$2300 (US$1760). You’ll need appropriate qualifications and work experience to be eligible.

Most options may not be suitable for retirees as they are targeted towards those looking to set up a business or find work opportunities.

The most viable option is the Global Investor Program, which offers permanent residence for a minimum investment of S25 million (US$19 million) in Singapore-based companies.

Singapore operates a territorial tax system, taxing only locally sourced income, providing potential tax advantages for retirees whose income is generated abroad.

Thailand

Thailand offers the Non-Immigrant O-A Visa, known as the Retirement Visa, for people over 50 years old. 

While you’ll have to show proof of financial stability, the income requirements are quite low. You must meet only one of the following requirements to qualify:

• Have THB800,000 (roughly US$23,000) as a security deposit
• Be able to show a monthly income of at least THB65,000 (roughly US$1,900).

There are other requirements such as a police check and proof of health insurance, but the visa is valid for one year, with the possibility of renewal. 

For those looking to put down more established roots in Thailand, the Thai Elite Visa offers the potential to stay in the country for up to 20 years. 

This option comes with a much heftier price tag than the Retirement Visa but also comes with more perks and immigration privileges. 

As indicated above, until the beginning of January 2024 taxes were levied only on income earned within Thailand, which benefitted retirees with foreign income sources. However, now, you can expect to pay taxes on your worldwide income, which stings (just a bit).

With the proper planning and the help of the Nomad Capitalist team, however, Thailand could still qualify as a tax-friendly country. 

Vietnam

Vietnam, like Singapore, does not offer a retirement visa. Instead, most retirees apply for a Vietnam Investor Visa (DT Visa).

This DT Visa is increasingly popular among financially independent and high-net-worth foreigners. It’s divided into several categories based on the amount of capital invested:

• DT1: For investments of at least VND100 billion (nearly US$4 million), typically valid for five years
• DT2: For investments ranging from VND50 billion (just over US$2 million) to less than VND100 billion in businesses encouraged for investment, usually granted for up to five years
• DT3: For capital contributions from VND3 billion (about US$120,000) to less than VND50 billion, valid for up to three years
• DT4: For investments under VND3 billion, this option is valid for only 12 months.

Unfortunately, in Vietnam, tax residents are subject to personal income tax on their worldwide income.

Indonesia

As of August 2023, Indonesia now offers a five-year Retirement Visa for individuals over 60 years old. 

The Retirement KITAS scheme, as it is called, allows you to reside in Indonesia for up to five years if you can show a stable pension income of no less than US$3,000 monthly and show you have access to at least US$50,000 in savings in a bank account in your name.

If you don’t have US$50,000 in savings, you can apply for an Indonesian retirement visa with proof of a pension fund of US$3,000 monthly. However, your visa will only be valid for one year, and you’ll have to renew it yearly (for up to five years).

While this is a great way to spend a few years enjoying Bali and beyond, Indonesia taxes worldwide income for residents, which is why we suggest careful financial planning to manage your global income efficiently.

Best Places to Retire in Asia – FAQs

How to Know if Retiring in Asia is Right for You

In short, Asia is full of great places to spend your retirement. However, it’s also clear that each country offers very different geographical, financial and tax landscapes.

So, how do you know if retiring in Asia is right for you?

For high-net-worth individuals, finding the answer to that question means taking a good, hard look at your current financial situation and future goals. 

Are you hoping to relax entirely throughout retirement or are you planning on taking it easy while still travelling for business and fun? 

How do you plan to protect and maximise your wealth for you and your family as you ease into your golden years?

Nomad Capitalist can help you answer all these questions (and more). Our team of specialists helps seven- and eight-figure entrepreneurs navigate the complexities of life abroad with one goal in mind – to help you go where you’re treated best.

Apply to join an exclusive list of clients and we’ll help you create an immigration, asset protection and investment strategy that is as unique as you and your goals.