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Retiring and Pensions

Brunei - Retiring and Pensions



There are no specific schemes which are aimed at attracting retired people to Brunei. It is possible for a retired person to move to Brunei and remain there on a long term basis provided they are able to prove that they can support themselves. This usually means that you will need evidence of a minimum income from a pension or private income and this will have to be presented with your visa application to prove that you will not need to live on the Brunei social security system.

The Brunei government is currently working to encourage foreign investment in the country so those who wish to buy a property will have their visa applications looked upon favourably.

Some people who have been living in Brunei for some years may qualify for a pension from the state system. The retirement age was 55 though this has been changed to 60 and many choose to retire at a later age. Those who have been working in the country and have made enough contributions to the system may qualify for pension payments from the government although this is rare as most foreign workers will not pay into this section of the system.

Those who do not qualify for a pension in Brunei may be able to claim a pension from their home country. A number of countries will have a reciprocal agreement with Brunei so that pensions can be paid to you while you are resident in the country. It is a good idea to check with the pension department in your home country to see if this will be possible. If not you may be able to have this money paid into a bank account in your home country so that you can transfer the monies yourself. If you are in receipt of a private pension then this may also be paid to you while you are in Brunei but you will have to check the regulations connected to these payments.

Retired people will find Brunei attractive as it is a warmer climate and there are many opportunities for leisure. Those who enjoy water sports can take part in scuba diving and sailing and the capital city is a good place for indulging in some retail therapy as there are a wide variety of shops. The cost of living is very low in Brunei and it is possible to live very well on a fairly low amount of money. Property costs are much lower and there is no income tax to be paid.






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