By Jackson Henry —-
Squeezing every drop of pleasures out of one’s golden years is the objective of retirees. For foreign retirees on fixed income, the dream is to live like royalties within that budget. It is the very reason why they comb the earth searching for dream destinations to live like despots at great prices. Today, many countries are jumping on the band wagon to provide retirement heavens for this blossoming market.
Palau too can profit from this multi-billion dollar industry if we play our cards right and put friendly legal frameworks in place.
The main reason retirees seek to live abroad is due to low cost of living. There are 4 million American retirees living abroad, likeMexico,Belize,ThailandandPanamabecause the cost of living is below theUS. These countries do roll the “red carpet” for retirees by offering low taxes, great housing and lots of attractions to dazzle them and keep them entertained all year round.
For tropical destinations likePalau, retirees dream of living like kings and queens with daily maid services, seafood restaurants, pristine surroundings, online banking and occasional Golf and massage at $70 a day. To sip on the effervescent Mai Tai on the beach, watching the rays of the sunsets in an exotic place at great prices, drives many to retire early overseas.
There is an Elite Visa Program inPalaunow that allows foreigners to retire inPalaubut, at $250,000 a pop, we have priced ourselves out of the market. ConsideringIndonesia,Thailandand thePhilippineshave similar programs for less than $50,000,Palaucannot compete with these destinations. The array of amenities, medical care, exotic foods, condos and adventure they offer are unbeatable.
Second,Palauneeds to build retirement housing and communities with convenience, shopping, medical clinics, banks, restaurants, great entertainment and special services aimed at those enjoying their golden years. As the saying goes, sell the sizzle, not the steak.
On the positive side of the equation,Palaualready has many unique attractions that can lure retirees to our shore. First is our natural beauty and pollution free environment. Second,Palauuses the US dollar and our FDIC insured banks do have online banking and ATMs. Third, our property laws provide security to foreigners who choose to build their homes on 99-year leasehold estates. Fourth,Palauis virtually crime free and people are friendly and speak English. Last isPalau’s close proximity toAsia’s metropolis.
The retirement market has escapedPalauthese past years because we either never had a law in place or our program is way out of the playing field. We need to look at the competition inAsiato carve our market niche and to gain an edge over the others. We need competitive, realistic and friendly retirement programs in place now to create a new income source. The retirement market is out there waiting.
.
