The Top 5 Best Places in Asia to Live, Work, and Retire
Asia is known as a leading financial and trade center in the world. Indeed, offshore banking and real estate have been strong growth sectors in the Asian market in recent years. Moving to Asia, and residing in one of its countries, can facilitate business for investors. This will allow you to travel to Asia on business and open you up to Asian markets.
However, these Asian countries also have another big attraction for investors interested in residence, their high quality of life. Many high-net-worth entrepreneurs, businesspeople and other successful individuals value freedom and quality of life above all else.
The world dynamics are changing. Asia is one of the regions that has made great strides in desirability, especially when it comes to digital nomads. It is one of the most diverse and culturally rich continents in the world. Asian countries prioritize the quality of life of the people who choose to go there for tourism, residence or investment and rival the quality of life found in European countries.
How Do You Measure a Country’s Quality of Life?
Quality of life can be subjective. However, there are several standards by which to make an assessment of quality of life. This includes the quality of life index, life expectancy, health system, high quality public education system, amongst others. But even these standards vary greatly among other companies, countries or regions.
To make global comparisons, the Human Development Index and World Happiness Report can give you an idea of a country’s quality of life. You can also look at the GDP per capita or standard of living of a country to gauge the quality of life of its citizens.
5 Asian Countries with the Best Quality of Life
The following is a list of countries in Asia with the highest quality of life.
Due to large oil reserves in the country, Oman has become a rich country with a GDP of US$ 154 billion in 2021. Further to this, increasing oil and gas production in 2022 is expected to increase GDP in the coming years. Due to its oil and other natural resources, Oman does not tax its residents income, making it a Middle Eastern tax haven.
While oil will remain the main source of wealth for the near future, Oman is now looking for passive sources of income, making it a new, secure market for entrepreneurs. Oman also offers all the benefits of an emerging economy.
Few countries can compete with Oman’s standards for security, political stability and peace, as it is in the top five Arab countries in the Global Peace Index 2022. Oman is one of the safest countries in the world. In comparison to its warring neighbours, Oman makes a safe oasis for tourists, offering them the chance to immerse themselves in the region’s rich culture and stunning landscapes.
2. United Arab Emirates
The second country, also from the Middle East, is the United Arab Emirates. The United Arab Emirates is renowned across the globe for its appeal to locals and expats alike. Dubai and Abu Dhabi boast the architectural wonders of the world, and the United Arab Emirates has no shortage of domestic and international highlights.
Working-class individuals strive to come to the United Arab Emirates, to participate in the region’s thriving and fast-paced economy. The wealthy come to the United Arab Emirates to indulge in an exotic luxury that cannot be found anywhere else in the world.
Dubai is one of the most popular states in the United Arab Emirates, with a luxury experience for the rich. Dubai has it all for those looking for the highest quality of life: an incredibly diverse environment, an ultra-affluent community, and the most expensive and luxurious products and services imaginable.
It is the perfect tax-friendly country for high-net-worth expats. The United Arab Emirates does not levy any income tax is yet another advantage.
Due to its low crime rate and political stability, Japan has consistently been in the top ten for the Global Peace Index for the past 13 years. Japan is also the fourth largest country in the world by purchasing power parity.
The culture and values of the region are just as impressive as government policies and maintenance. For example, the standards for cleanliness are quite remarkable, due to the people’s commitment to excellence.
Although, Japan’s government also contributed to a robust public health care system, huge financial resources, excellent infrastructure, access to cutting-edge technology, and a strong culture true to its roots.
When it comes to wealth, ultra-high net worth individuals flock to Singapore in Southeast Asia for all it has to offer. Singapore is one of the wealthiest countries in the world, and among the top five countries in the world for digital security, health care quality and infrastructure. The Singapore government heavily regulates firearms, and the result has been nearly non-existent reports of violent crime.
Singapore’s UHNWI population is expected to grow by 270% in 2026, a true testament to its popularity as a place of residence.
While Malaysia does not give the same wealthy feel to it as other countries on the list, we have included it as an up-and-coming country that you should be aware of. Malaysia is on track to reduce poverty and become a developed country. It might make the perfect residence investment for you, moving forward.
Located in Southeast Asia, the capital Kuala Lumpur is a very diverse city. English is widely spoken which makes it accessible for expats. It also has one of the cheapest costs of living.
Outside of the capital, Malaysia is one of the lowest populated countries in Asia. This means plenty of unspoiled nature, beaches and islands to explore.
How to Move to Asian Countries with High Quality of Life
Investment immigration programs are available in several Asian countries. The application process and requirements for these programs vary depending on the country in which you are applying.
When making the choice of which country is best to apply to, you need to consider a number of factors. Is the lifestyle compatible with you? Or are you just looking for a country that meets your financial needs? And if so, are taxes an issue or are you simply looking to access the Asian market to invest?
Depending on the answers to these questions, different countries may be the right solution for you. The importance of asking yourself these questions cannot be overstated as they have a direct impact on your decision about a second home. Your intentions and goals for Asian residency will determine these options.
Next, you need to make sure you understand the intricacies of each program at your disposal. If you are moving to a tax-friendly country to enjoy tax benefits, you need to make sure that you are not considered a tax resident. Likewise, if you are looking to buy real estate in the country, you should research the market.
Many of these Asian countries do not have physical presence requirements to maintain residency.
Asia residency programs offer some of the most varied options for investors, each with their own unique investment requirements and benefits as a resident. While this list is not exhaustive, the countries on this list may provide you with a good start in vetting the quality of life you will experience in these countries.