I'm not really thinking about migrating, but rather, moving for a long period to live when I'm older.
I like Singapore for the medical, economic stability, property prices for investment, etc.
May change in future, but for now, I like being a citizen and enjoying the benefits.
If we are old now, 55+, and have a fair AUM, around $1 million, and Singapore is what it is now, I would like to remain a Singapore citizen but move to another place to stay.
In future, I don't know, cos things may change, the political environment may change, Singapore may lose it's status as a hub in Asia, whatever.
But let's think about now, cos some things, think also no use.
So I was thinking...
What places would I like to move to?
What would be the criteria? Where would I feel comfortable?
This is a personal opinion, cos my concerns are obviously different from other people's concerns. So what I'm willing to accept and sacrifice vs other folks will differ which will result in different conclusions.
So what am I looking for?
- I want a safe enough environment. I don't really go out late at night so I think if the place is not entirely lawless, I'm pretty ok with many places.
- It needs to be a city or small town, my wife likes her amenities. So we won't be looking at places where our neighbour is a few miles away.
- It can't be congested with traffic. I feel claustrophobic in Singapore. There's just so many people and cars. Even on weekdays.
- The environment should be a bit laid back, the locals shouldn't be always rushing all over the place.
- I would like to be able to blend into the society, such that people won't know I am a foreigner on sight. So if they hear me speak and realize I'm a foreigner, that's ok.
I went to the UK recently. I didn't like being the minority. They just look at us differently. You may not feel that way, I feel that way, let's just leave it at that.
This wipes out the whole western regions as options for us.
- The place should be fairly cheap to live in, well, it doesn't need to be cheap if I can afford it, but there's a high chance that I won't be able to afford many of the super developed cities.
Here are my 3 top listings currently
1) Right on top. Taiwan is number 1.
Actually, just some parts of Taiwan, the quieter cities like Kaohsiung, Yilan, near the airport but not Taipei.
Pros
Safe enough environment, city area with all the necessary amenities, not really congested, the smaller cities are more laid back, we can blend in well, they hardly notice we are foreigners until we speak, we can even understand their dialect. Public transportation is cheap and convenient.
Rental is around S$700-$1000 depending on size and location.
Food is relatively cheap at S$3-5 per meal.
So if I fully pay my HDB and rent it out ay $3k, we should be able to easily survive in the quieter parts of Taiwan.
Cons
Political uncertainty. Troubles with mainland China. I don't really care about their local disputes, they can fight in parliament, I don't care, but their issues with China are more serious. Which is why I like Kaohsiung cos we can get to an airport in 30 minutes and fly back to Singapore.
Relatively polluted, too many scooters.
Locals are a bit more crude than Taipei. It's a big Taiwan city, but it's further south so behaviour is somewhat less refined. There were times when I couldn't distinguish if they were Kaohsiung locals or whether they were from mainland China, until they spoke in their dialect 台語, which is closely related to Hokkien.
2) Penang, Malaysia
This was my number 1 choice many years back. But Taiwan has overtaken it.
My ancestors came from Penang. I have some super distant relatives there whom I do not keep in touch with. Nonetheless, to me, Penang, is a good place for long term stay.
Pros
Rent is cheap, food is cheap. Amenities are pretty much available. It's so close to Singapore. There's a large population of Chinese in Penang, language is no real problem, although learning Malay would be beneficial. We don't really look like foreigners cos Malaysia Chinese and Singaporean Chinese look pretty much similar until we speak. The place is super slow paced and relaxed. It's like a trip to the past to Singapore in the 70s-80s.
Same strategy, to pay off the HDB and rent it out and live comfortably in Penang.
Cons
Racial politics.
May be unsafe at various times of the day.
No good and reliable public transportation.
Relatively polluted, many vehicles, but yet no congested.
3) Surprise surprise! Kyoto, Japan
You'd think Japan wouldn't be able to make it on this list, but you'd be surprised.
Pros
Safe, amenities, laid back, the list is essentially checked.
Rental is around S$700-S$1000. The place is super small though, so maybe just enough for a couple with hardly any space to hang around.
Should be able to get cheap enough food if we know where to look for it.
We've both been mistaken for Japanese before, when we were in Japan some locals asked us for directions, so I reckon that counts as being able to blend in.
Kyoto is super slow and relaxing. It's an old city, not the hustle and bustle as Tokyo or Osaka.
The rent out HDB strategy should work out, else will need to supplement with other passive income from dividends, etc.
Cons
Probably a bit more expensive than the first 2.
Must learn learn the Japanese language. It's a necessity for long term stay.
Other locations up for consideration
Thailand - It's cheap, but there's a big language barrier, not sure if it's worth to learn just for long term stay purposes. Political uncertainty as well.
Ipoh - It's promising as the points are similar with Penang. I've heard it's real boring though.
Korea - I'm not sure about Korea. I find the people loud and crude, it's their culture. There's some food I like in Korea, there's also a lot which I don't like. Also need to learn the language. Might as well select Japan in that case.
Batam / Bintan / Bali - Cheap but language barrier, might as well go for Penang. But it's an ok option.
Locations not for consideration
Western regions - Don't like being a minority.
Mainland China - Polluted, people are "unrefined", this is a personal preference. I understand that mainland Chinese folks are loud and to me might be crude, but that's normal in their culture. They aren't trying to be rude intentionally.
Hong Kong - NO, definitely NO, people are rude, place is packed, everyone is in a rush, people overly emphasize the importance of money, etc...
Any other ideas and suggestions??
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