Costa Rican Temporary Residency Visas (Pensionado and Rentista), 5. Most programs will want to know that you are of good character. These visas can also lead to residency, permanent residency, citizenship, and a passport. As long as you can prove you are officially retired and have a pension or Social Security income of at least $3,500 per month, you can qualify for permanent residency immediately. The program is, however, convoluted and reported to have a very high rejection rate. All rights reserved. These visas can now be renewed indefinitely. Understanding the various visa options available to you is an important part of making your ultimate where-to-retire-overseas decision. The time varies from 2 to 5 years. citizenship in exchange for investment, during the March plenary. In Argentina, there is no written rule excluding some countries. 1. 2023 Cond Nast. In practice, this means that the D7 is NOT well suited as a back-up plan you actually need to spend around six months or more per year in Portugal. Path 3: The Panama Residency By Investment Program. and a car up to $25,000 in value, duty-free. Minimum monthly income requirement: $2,000Additional income requirement for each dependent: $750Minimum age to qualify: 45Value of personal goods you can bring with you duty-free: No stated maximum; used goods onlyCan you import a car duty-free: Yes, but you pay 12.5 percent sales taxMinimum time required in the country every year: 30 daysSpecial discounts: No, Minimum monthly income requirement: 3 times the monthly minimum wage; currently $1,035Additional income requirement for each dependent: NoneMinimum age to qualify: 18Value of personal goods you can bring with you duty-free: No stated maximum; used goods onlyCan you import a car duty-free: NoMinimum time required in the country every year: Must visit at least every six monthsSpecial discounts: No, Minimum monthly income requirement: $800Additional income requirement for each dependent: $100Minimum age to qualify: 18Value of personal goods you can bring with you duty-free: No stated maximum; used goods onlyCan you import a car duty-free: Vehicle tax is discountedMinimum time required in the country every year: Can't leave for more than 90 consecutive days in the first two years of pensionado residencySpecial discounts: Yes, Minimum monthly income requirement: 10,000 ringgits (currently $3,125) plus other minimum investment in a local CDAdditional income requirement for each dependent: None for unmarried children under 21Minimum age to qualify: Over-50s have lower investment requirementValue of personal goods you can bring with you duty-free: No stated maximum; used goods onlyCan you import a car duty-free: YesMinimum time required in the country every year: NoneSpecial discounts: No, Minimum monthly income requirement: $650Additional income requirement for each dependent: $150Minimum age to qualify: 45Value of personal goods you can bring with you duty-free: Up to $20,000; used goods onlyCan you import a car duty-free: Yes (value up to $25,0000; if you sell the vehicle after 5 years, you pay no sales taxMinimum time required in the country every year: 6 monthsSpecial discounts: Yes, Minimum monthly income requirement: $1,000Additional income requirement for each dependent: $250Minimum age to qualify: 18Value of personal goods you can bring with you duty-free: No stated maximum; used goods onlyCan you import a car duty-free: Yes, but you still pay 7 percent sales taxMinimum time required in the country every year: Must make at least one visit every two yearsSpecial discounts: Yes, Minimum monthly income requirement: 65,000 Thai baht (currently $2,100)Additional income requirement for each dependent: NoneMinimum age to qualify: 50Value of personal goods you can bring with you duty-free: NoneCan you import a car duty-free: NoMinimum time required in the country every year: No requirementSpecial discounts: No. Part of HuffPost News. Greece Financially Independent Person (FIP) Visa Program, No (unless you have a VERY substantial amount of savings). Although you know the Panama Retirement Visa basics, we can dive a bit deeper into the details. Spain the top cultural hotspot with a great climate 3. To retire in Portugal, you need to apply for a Portugal From a carefree life, great food, to a true connection to nature. (Combined pensions for one individual qualify. Friendly Nations retirees enjoy a host of benefits in Panama, including discounts on public transport, airfares, dining out in restaurants, fast food, medicines, certain medical services, services such as plumbers and electricians as well as water and electricity bills. Our Sovereign Confidential members benefit from Monthly Alerts, Intelligence Reports and Black Papers covering topics ranging from second residency and citizenship to retirement planning, legal tax reduction and offshore strategies. Your retirement visa fees can go to $2,000 along with the service and administrative costs. Offer a no-obligation intial consultation to see if they can help you. must be verified with an apostille stamp, if applicable, or certified. It takes a few months to process your retirement visa application. This post was published on the now-closed HuffPost Contributor platform. MM2H visa holders ages 50 and older can still work part time, as long as the work youre doing isnt taking employment from a Malaysian national. Its Pensionado (pensioner) Visa is the gold standard of retirement visas. This visa is easy to qualify for and comes with a host of special benefits, like access to discounts at hotels and restaurants, a tax exemption on the import of household goods and the ability to jump lines at banks, among other perks. The only catch is that its not well suited as a back-up plan, as youre expected to spend around six months per year living there. The other top countries offering the best citizenship-by-investment options include North Macedonia, St. Kitts and Nevis, St. Lucia, Antigua and Barbuda, Grenada, Dominica, Turkey, Jordan, Egypt, Vanuatu and Cambodia. Proof of saving in your home country or your new home. WebPortugal, Spain, Italy and Greece all offer alternative, stable income based residency programs, enabling you to settle in these countries, obtain permanent residency, and While most of these programs are aimed at retirees with sufficient means to support themselves while living abroad, there are also a number of these programs that are open to applicants of all ages. In fact, some offer real incentives, too. And the countries above may have different visa and residency options that may be better suited. You can renew the visa every two years, as long as you spend at least two weeks in the country during that time span. Spain is one of the most popular expat retirement destinations in the world and with good reason. Note that, while permanent legal residency can have its benefits, especially if you establish it as a pensionado, you could avoid the whole residency visa question by retiring overseas not full time but only part of the year. At the beginning of 2021, we even hosted a highly successful and well attended Total Access event in Cancun. Argentina is one of the countries in the world offering the fastest route to regular naturalization. No minimum stay enforced presently, but 6 months+ per year could be required. This site uses cookies to ensure an amazing experience! WebHere are some countries that issue retirement visas: Dubai. Best of all, Panama is an excellent option as a paper residency. In addition to having significantly higher passive income requirements than its Iberian competitors (Spain and Portugal), it is also harder to apply for without the assistance of a professional service provider. Heres the validity period of retirement visa in different countries: Yes, you are eligible for permanent residency with a retirement visa. The immigration service may ask for a current certificate of health from a doctor. Malta is the easiest country in the EU to get citizenship, if youre willing to pay a high fee (750,000). Each option has its own requirements, though the Special Resident Retiree's Visa (SRRV) is the countrys overall standard. Our team member reports spending only $800 per month on rent for an upmarket, fully furnished two-bedroom condo in Playa del Carmen, with a delicious brunch in the trendy town of Tulum costing as little as $7.50. We only work with immigration law firms that: Thats why Where Can I Live has a TrustPilot ranking more than 30% above the average immigration attorney. Enjoy summers back home with the kids and grandkids.. .and winters somewhere tropical, returning "home" before your tourist visa runs out. There are many reasons, including cheap airfares for family visits and tools like Skype, Zoom, and Facebook to stay connected. For both this visa and the retirement visa below, youll need to ensure you have all the documents required to prove your income. To qualify for this type of visa, you must be at retirement age and have enough money to support yourself. Portugal Highly Qualified Activity Visa (175,000) #4. Malaysias MM2H program also has some extras for those who qualify. Let the D7 Passive Income Visa Experts Guide You To Portuguese Residency in 2021. 71-75 Shelton Street, Covent Garden, While not retired yet, the planning is underway! So if youre looking to stretch your retirement funding while enjoying the finer things in life, Costa Rica could be a great option for you. New Zealand Unlike with Portugals D7 Visa, the Non-Lucrative program does not allow you to become employed in Spain during your residency. And this is absolutely fine for these people. Ad Choices. ), And Quintana Roo, where Playa del Carmen and Cancun are located, is only slightly more dangerous, AND lean the basics of who can qualify for these types of retirement vehicles, as well as, 8 Easiest Citizenships & Passports To Get In 2023, 4 Powerful Estate Planning Strategies for 2023, straightforward path to Chilean residency, complete 95% of the application process without leaving your home, shortcut to permanent residency in Mexico, program became a lot more expensive and restrictive, obtaining Panamanian Residency By Investment, income requirements for the Non-Lucrative Visa. A detailed income and expenses statement. To apply for a Uruguayan passport, you will need to spend at least six months each year in the country during your residency period. In order to qualify for this visa, youll have to provide proof of having a monthly income of US$2,500 per family for 2 years, OR US$60,000 deposited in a Costa Rican bank. The SRRVs many benefits include the option to import $7,000 worth of household items into the Philippines tax-free; the ability to work, study, and buy property; and access to PhiHealth, the countrys universal health care program. For both the rentista and pensionado visas, the application process can take between eight and 14 months, with renewals required after two years, then after three years, and then at five-year intervals thereafter. Under the proposal, which is backed by a majority of legislators, revenues generated by these schemes would be taxed to fund the E.U. A paper residency is a legal residency that you can maintain by spending minimal time in a country usually just a few days per year. Furthermore, the programs requirements are poorly documented in English online, and the Italian bureaucracy can be challenging to navigate especially if you dont speak Italian. As a main applicant, you will need to have at least 27,115+ (~$32,561+, calculated as 2,259.60 x 12) in your bank or brokerage account, plus an additional 6,778+ (or ~$8,139+, calculated as 564.90 x 12) for each dependent you bring with you. An additional 400+ (~$480+) per month is required for your spouse, while an additional 300+ ( ~$360+) per month is required per dependent minor child. According to the Social Security Administration, US overseas retirement grew by 40% from 2007 to 2017. This 32-page report (with pictures) is brand new and absolutely free. Ecuador is a highly popular retirement destination among Americans and Canadians, offering pensioners the ability to live exceptionally well on a shoestring. Sovereign Research has long held Panama to be an excellent Plan B destination. Requirements: There are no age restrictions for the D7 visa, though you must demonstrate an annual passive income of at least $9,194 (plus $4,345 per adult, and $2,606 per dependent), which is equal to the countrys current minimum wage, to apply. To qualify for the Golden Visa, you cant have paid taxes in Portugal over any of the last five years. No problem. Please note: Permanent resident visa holders will not be able to be out of Ecuador for over 180 days per year during the first two years and for over two continuous years afterwards. Americans, Canadians, Britons and EU nationals can enter Mexico without a visa and stay for up to 180 days, no questions asked. Important: Be sure to confirm the exact requirements from your closest Spanish consulate or embassy and prepare your application based on their confirmed requirements at the time. In order to qualify, youll need to show at least $1,000 per month in pension from a government or private pension scheme. Discounts at PRA-accredited businesses, complimentary assistance in navigating other government agencies, and an exemption from taxes on pension and other foreign-earned annuities are also part of the draw. Government, private sector pension, or social security pensions all qualify.). A retirement visa is a residence permit that allows you to spend your retirement years in a foreign country. Requirements: Foreign nationals can retire in Nicaragua at the age of 45 as long as they have a permanent passive income of $600 per month (plus $150 per month for each dependent). You just need to prove that you can support yourself. Most of our readers take this route to obtain Chilean residency. However, if settling or retiring in Italy is your objective, the Elective Residence program can help you get there without the need to make a significant property investment. It is also not surprising that the client fees associated with these can range from 30,000+. Since ending such programs could have serious economic impacts on the countries involved, E.U. Just to make sure you have all the necessary documentation, the complete requirements are as follows: (More on this below). Hi, we're Alison and Alastair, We're here to help you choose your next home abroad or make a move abroad easier! Expats can also purchase property in Malaysia, as long as local state authorities approve the purchase first. If youre not 100% sold on Greece, the Portuguese D7 Visa could be an attractive and far more affordable alternative. This popular residency program includes the option to become a non-habitual resident (and reap the aforementioned tax benefit), as well as the ability to actually work while there, whether its living life as a digital nomad or being employed at a Portuguese-run business. Check out our list of investment visa options to see if your favorite country is on the list. However, other countries may also have visas that retirees can use to immigrate. Some countries have created visa policies specifically designed for retirees and in some cases offer special benefits and incentives for relocating. The most attractive retirement visas are usually found in Latin America, although a few Asian countries also offer appealing programs. Belize. Panama. Indonesia. Colombia. Ecuador. Nicaragua. If youre 50 or older but dont have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead. This website uses cookies to improve your experience while you navigate through the website. If you include a spouse or other dependent on your application, expect to show more income. Top 10 Countries for Retirement in 2022 Below are the top 10 countries that offer a comfortable retirement and meet the criteria mentioned above, according to 2022 data: 1st New Zealand 2nd Switzerland 3rd Spain 4th Portugal 5th Australia 6th Canada 7th Luxembourg 8th Italy 9th Ireland 10th Netherlands 1. This is a temporary residency visa targeted at financially self-sufficient retirees. Before going abroad, check visa and residency requirements, Youll need to earn at least $800 per month as a single applicant, and an additional $100 per month for each additional dependent. These are all similar but vary in the Here are some countries that issue retirement visas: You can apply for a retirement visa if you meet the following criteria: Make sure you provide the following documents for your retirement visa application: Heres how to apply for a retirement visa: You must find the correct visa center in your country where you can apply for a retirement visa, such as an embassy or a consulate. See our Country Explorer for more options if your top golden years destinaiton is not on the list. Others rent it out in order to generate a typically low return on their investment, up until the point theyre ready to retire there. For those seeking to apply on the basis of savings, the program requires a deposit of at least 48,000+ (~$57,637+, calculated as 2,000 x 24 months) into an account with a Greek national bank. The below six countries, across Europe, Southeast Asia, and Latin America, offer some of the best incentives for retireespromising to make the big move well worth your while. Book a consultation with a Where Can I Live trusted Immigration Laywer today. Just about everyones heard about the Portuguese Golden Visa Program the one costing at least 280,000 (~$336,310) excluding fees. Bulgaria, France, Greece, Ireland, Italy, Portugal, Spain. Your retirement visa application may have been rejected for any of the following reasons: Note:We do not offer visa/legal advice or application services, so we do not respond to such inquiries. Panama Residency Visa Programs (Friendly Nations, Retirement and Investment Based), 10. The warm climate, low cost of living, and high quality of life and national healthcare make Portugal a popular destination for retirees. But once you decide to relocate abroad (and get a sense of what it will take to do so), you've got to decide where to go. Your Name (required), Your Passport - Issuing Country (required), Your Spouse's Passport - Issuing Country (required), How much is your recurring income per month (specify /$/ - required), What is the source of your recurring income? If you want to spend significant time in Uruguay and its a great place to live then obtaining a legal residency isnt difficult. And if youre earning dollars in your retirement, you can look forward to enjoying the finer things in life for substantially less. For those looking to build a home, retirees can also purchase up to $50,000 of construction materials tax-free. And while the program is targeted at affluent retirees, anyone capable of meeting the programs requirements can apply, regardless of their age. Check out our article onPassive Income Visasfor more details on some of these programs. And retiring abroad can offer affordable healthcare, a low cost of living, and vibrant and engaged communities worldwide. Note: This is a list of countries that have recognized Retirement Visas. lawmakers are proposing a gradual phaseout of golden passport schemes and tight rules for residence arrangements, including much more rigorous checks on applicants, reports Reuters. But since the pandemic struck, the cost of living has become even more affordable. Youre also required to spend at least 6 months (which can be non-consecutive) per year within the country to keep residency status. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Then, your application will be processed for some time until a decision is made. A deposit of $10,000 should be enough for your whole family to qualify. For instance, retirees with knowledge of English literature can lecture at a university, or an expat professor with specialized skills can work up to 20 hours a week. Greece Golden Visa: Real estate route (250,000***) #3. Our network of trusted immigration lawyers make the process as painless as possible. Auckland. Greece Golden Visa Program. Mexico is one of the most underrated second home destinations in the world. This is not to suggest that Panama is all rainbows and buttercups; on the contrary the country has its own unique challenges, as does practically every other country listed here. But currently, only the passive income option works. While America, Canada, the UK and most of Europe were subjected to insanely petty lockdown regulations, in Mexico, it was pretty much business as usual. After spending the required number of years in a country, you will become eligible to file for naturalization in Uruguay. Late last year, Portuguese Prime Minister Antnio Costa announced that the countrys Golden Visa might have fulfilled its purposeleading many to believe that abolition was imminent. Citizenship may be the next logical step. The official currency of Panama, the balboa, is currently equivalent in value to the U.S. dollar, making deciphering costs easy for Americans keen on retiring here. We have discussed each countrys retirement visa options above. Therefore, only consider residency in Costa Rica if you decide that this is where you want to spend a significant amount of your time. After holding temporary residency for four years, you can upgrade to permanent residency. If, though, you're interested in full-time retirement somewhere beautiful, affordable, welcoming, and adventure-filled, here are seven countries where full-time retiree residency is not only possible but easy and, in some cases, full of perks. Both indexes appear in the 2022 edition of the annual Investment Migration Programs offering a systematic analysis and comprehensive benchmarking of the worlds most important residence and citizenship by investment programs, providing the gold standard in this field," H&P said in a statement released on Tuesday. Having official residency can be highly beneficial. Another index of countries offering the best residence programs puts Portugal in the first position. This kind of back-pocket residency permit forms an essential part of a robust Plan B for many people, as it creates optionality. As long as you can show a steady transfer of more than USD$1,500 per month, you can live in this The fastest route to obtain Chilean residency use to immigrate and investment Based ), 10 and retiring can! Make the process as painless as possible for relocating offer Special benefits and incentives for relocating five years absolutely.! 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