Thai Elite Visa: Pay anywhere from $15,000 to just over $60,000 for You are not from an eligible country for a retirement visa. Millions of people are choosing to retire overseas. You can become an Argentine citizen after only two years of holding legal residency there. Therefore, only consider residency in Costa Rica if you decide that this is where you want to spend a significant amount of your time. While the D7 program is well suited for foreign retirees wanting to spend their golden years or a large chunk thereof in Portugal, the program is open to ANYONE who can meet the program requirements. The additional income requirement for dependents ranges from 25% to 100% of the main applicants amount. 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. And as of April 15, there still arent any PCR testing requirements upon entry. Belize, Ecuador, Nicaragua, and Panama all offer well-publicized retiree residency programs known as pensionado visas. It can be extended in one-year increments. Opinions expressed by Forbes Contributors are their own. This allows many retirees to be granted residence cards avoiding the exhausting and stressful visa-run . Citizens of the United States and most other countries do not need a visa to visit Uruguay unless they plan to stay for more than 180 days. The immigration service may ask for a current certificate of health from a doctor. From Greece to Panama, these countries offer tax breaks and steep discounts for foreign retirees. How many years of income do you need to show? By subscribing to our newsletter(s) you agree to our User Agreement and Privacy Policy & Cookie Statement. Even though Norway is not one of the retirement visa countries, and there is no specific retirement visa, you can apply for a permanent residency. The minimum passive income requirements for the program are as follows: Important: As with the other EU retirement / passive income visas, the exact income requirement can vary from one Italian consulate to the next. This site uses cookies to ensure an amazing experience! Since ending such programs could have serious economic impacts on the countries involved, E.U. Heres our guide to countries with visas and residency for retirees. (This operation is going from strength to strength.). Chile has had its share of political issues in the past few years, and its COVID-19 lockdowns have been exceptionally strict. These individuals and their families use Golden Visas as an insurance policy, as a place to run to should the situation in their home country deteriorate suddenly. A family of four should qualify with around 47,500 ( ~$57,040) in savings. However, some countries may have higher tax rates than you are used to. 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. Also, as is the case with Spains Non-Lucrative Visa, youre not allowed to get a local job in Greece on the FIP Visa, though you can keep working on your remote job or business. (Argentine passport holders do need a visa to the USA, Canada, and Australia, however.). Spain the top cultural hotspot with a great climate 3. This residency period (of three or five years) starts counting from the moment you first arrive in Uruguay to file for residency. Most programs will want to know that you are of good character. Citizenship may be the next logical step. 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. Option A: Applying on the basis of passive or recurring income: Long-term, stable income such as rental income, fixed-rate interest, royalties, pension or even dividends (provided that youre not operationally involved in the business) and salaried income can also be used as the basis for your application. Just to make sure you have all the necessary documentation, the complete requirements are as follows: countries via these schemes with the total investment estimated at 21.4 billion from 2011 to 2019.. You cannot work in Costa Rica on this visa. What Golden Visa marketers and Citizenship By Investment firms typically. We have discussed each countrys retirement visa options above. And you can complete 95% of the application process without leaving your home. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Social security income and pension are known to be acceptable; other forms of income may not be eligible. After spending the required number of years in a country, you will become eligible to file for naturalization in Uruguay. But if youre looking for a paper residency as a back-up plan, Panama is well worth considering. Previously, the government also allowed you to also show a lump sum in your bank account six figures or more and qualify this way. As long as you can show a steady transfer of more than USD$1,500 per month, you can live in this Several countries offer a retirement visa. Having official residency can be highly beneficial. Europe continues to dominate the top spots in the H&P rankings as the most sought after investment programs in the world, SchengenVisa notes. (required), How much accessible savings do you have? Panama was one of the first countries in the world to launch a pensioner specific visa program. Whether you choose to settle on Santorini, Corfu, Crete or Lefkada all highly popular among expat retirees youll get to enjoy amazing weather and acclaimed cuisine in one of the prettiest countries in Europe. 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. Your retirement visa fees can go to $2,000 along with the service and administrative costs. After one year, you can withdraw a third of your local savings for necessities like medical bills or buying a car. WebPortugal, Spain, Italy and Greece all offer alternative, stable income based residency programs, enabling you to settle in these countries, obtain permanent residency, and Coming from behind with a relatively new program, Nicaragua beats out all the competition with the most affordable minimum monthly income requirement by far. What is behind the change? Mexico was super cheap even before COVID-19. These are all similar but vary in the This is the seventh consecutive year that Malta appears at the top of the Global Citizenship Program Index, followed by two other European countries Austria and Montenegro. There is a range of opportunities as long as you can show that you have a steady income that will cover your living expenses. Mexican Residency Visa Programs (Temporary Residency, and Permanent Residency Program For Retirees), 8. Greece Golden Visa Program. Then, your application will be processed for some time until a decision is made. Sometimes, you may also apply through a private visa application center, to which the embassy/consulate has outsourced visa submissions. Another motivator: All foreign income is tax-free. Under this program, you can choose from one of the following four investment options: You can find out more about obtaining Panamanian Residency By Investment here. 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. Using a Golden Visa as your retirement visa can be a great option. Requirements: There's no requirement to invest in local real estate to take advantage of the tax rate, nor are you expected to permanently reside in Greece. This pushes the visa firmly into retirement visa territory. Given its natural beauty, world-class beaches, sumptuous cuisine and proximity to the US, it truly is a stand-out location for Americans seeking to up their quality of life and reduce their cost of living. Similar to with the Portugal D7 Visa, you can apply on the basis of: Applying on the basis of recurring income: The minimum financial requirement for the program is calculated based on the IPREM, a financial index focused on the countrys cost of living. Since 2013, this European country has offered its Greece Golden Visa, granting five-year permanent residency to anyone investing approximately $301,892 or more in local real estate. It therefore comes as no surprise that the countrys community of expat retirees is growing year by year. Details and assistance with more programs are available. Be careful, as these requirements can be very specific. The following type of income is suitable for the rentista visa: The rentista visa is a temporary one-year visa. Programs range in duration from one year to five years. budget.. A deposit into a qualifying bank account. [COMPARISON]: EU Recurring Income Visa Programs 2023, Golden Visas were made famous through a combination of government PR and the efforts of citizenship by investment firms marketing these programs around the world. As golden passport and visa programs around the world undergo strict scrutiny and the European Union prepares to issue harsher controls, Malta and Portugal have secured top spots in the annual indexes published by Henley and Partners (H&P) ranking the worlds most attractive Investment Migration Programs. 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. Setting up a Panamanian corporation is fast, affordable and easy. Under the proposal, which is backed by a majority of legislators, revenues generated by these schemes would be taxed to fund the E.U. Switzerland is a small Central European country and one of the wealthiest in the world. Citizens of EU countries, Iceland, Lichtenstein, Norway, and Switzerland are given permanent residency automatically after five years. Others dont have a minimum, and anyone can apply. Established in the early 1990s, Mercosur is a free trading union of countries, which includes Argentina, Brazil, Paraguay and Uruguay. This type of visa has been around in Latin America for more than 40 years, and is typically used by people who are eligible for private or government pensions in their home countries. These visas are granted for unlimited periods. Fortunately, there is a far more affordable way to immigrate to the EU. If you need to flag this entry as abusive. First of all, let us give you a short overview of the countries we will discuss in this guide 1. The country has, however, been known to have occasional bouts of political instability. However, Costa Rica is not a good choice for second residency if you only want to show up for a day a year in order to maintain your residency. Some countries may take longer or less time to process depending on the number of applications. Five years in, you can apply for permanent citizenship. 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. For example, the state of Yucatan home to the colonial city Merida has the same violent crime rate per capita as peaceful Wyoming. Alternatively, you can apply on the basis of savings $40,000 or so per person should be sufficient. How Long Does It Take to Get a Retirement Visa? WebThe retiree residence status requires that applicant demonstrates an income or pension of only US$1,000.00 per month and US$250.00 for each dependent. Your passport pictures must be recent and the size required by the embassy/consulate. Why? 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. Similar to the above EU pensioner visa programs, the Elective Residency program requires non-EU applicants to have sufficient financial means to support and accommodate themselves in Italy without the need to get a job locally. Starting at 250,000 (increasing to 500,000 in some areas from May, 1, 2023 onwards) Greece is the cradle of democracy and the Associate members Chile, Peru, Ecuador, Colombia, Guyana, and Suriname, and freedom of movement applies to them also. Web* Note: The following are only some of the countries offering retirement visa programs. Alastair has lived in South Africa, the United Kingdom, Australia, and Spain. You only need to visit Panama once every two years to maintain your residency status, making it an excellent Plan B destination. You must use a company registered in Spain, and the policy must be fully comprehensive with no gap payment. Most retirement visas have an income requirement. 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 idea of retiring abroad is an appealing one. Visa-free destinations include all of Europe, Russia, New Zealand and Turkey. One or five years (10 years for nationals of specific countries). There are also an estimated 20,000 to 30,000 American expats currently living in Panamano surprise, since the Panama Pensionado (or Panama Retirement) visa, started in 1987, is one of the best for attracting foreign nationals. Given that. The cost of living in Chile is quite high, relative to other Latin American countries, however retirees from North America and Europe will enjoy significantly more purchasing power than at home. If you are from a MERCOSUR country, you pay USD $300, and non-MERCOSUR countries pay USD $600. 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). Sovereign Research has long held Panama to be an excellent Plan B destination. But if youre looking to actually move to Portugal, there is a far better alternative and its vastly more affordable. But since the pandemic struck, the cost of living has become even more affordable. residency should only be awarded to people who are investing in the real economy and who can be trusted to be legitimate investors without criminal backgrounds.. 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. For those looking to build a home, retirees can also purchase up to $50,000 of construction materials tax-free. (And some consulates do not even require you to be retired at all.). Mexico is one of the most underrated second home destinations in the world. Apart from Mexico being situated close to many American cities, getting in and out of the country also proved to be a breeze during the pandemic. In this section, well cover information such as who can apply for the Panama Retirement Visa program, the minimum monthly income, and the visa fees.. Later in this post I will cover the benefits of the Panama Retirement Visa, the required Along with its volcanoes, freshwater lakes, and rainforests brimming with wildlife, Nicaragua lures foreign retirees with a bevy of financial incentives. 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. To qualify for a tax transfer, however, you cant have paid taxes in Greece over any of the last five years. All rights reserved. Also, the country or nation where youre transferring your tax residence from must already have a tax agreement with Greece; the U.S. income tax treaty with Greece qualifies, and means youre won't be paying taxes twice. The citizenship and residence-by-investment schemes have been in the international spotlight for some time now, with growing calls to ban such practices altogether. 2023 Cond Nast. According to the Social Security Administration, US overseas retirement grew by 40% from 2007 to 2017. Then a move to Argentina might be just the thing for you. Before applying for the retirement visa, you must assemble the required documents and prepare them according to the instructions. Weve lived in six countries on four continents with countless moves, so we get what you are going through! While northern Italy can be quite expensive in terms of its cost of living, the southern parts of the country offer low-cost, high-quality living. The good news is that there are many options for people planning to retire abroad. Temporary residency in Mexico is easy to acquire for anyone who can prove they have sufficient savings or income. However, there is an alternative: the retirement visa in Vietnam by investment. 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. That is a great asset that gives you another option to live and work (or escape) outside of your home country. Importantly, it is not just immigration options labeled Retirement Visa that you can use; there are many other options. Americans, Canadians, Britons and EU nationals can enter Mexico without a visa and stay for up to 180 days, no questions asked. Costa Rica the Switzerland of Central America 4. For a family of four, Chile wants to see around $3,000 in monthly income. In Argentina, in order to qualify for the rentista visa, you need to demonstrate a minimum of $2,000 per month in passive income, which needs to be transferred to an Argentine bank account in your name. This allows you to earn over $100,000 in foreign income (more if you include foreign housing deductions) and not pay any US taxes on it. Portugal is known for its Golden Visa, which uses tax perks to attract foreign nationals. And while the program is targeted at affluent retirees, anyone capable of meeting the programs requirements can apply, regardless of their age. These schemes are characterized by requiring minimal or no physical presence and offer a fast-track to residency or citizenship status in an E.U. Some forbid all work, while others allow remote work or freelance work. Some of them use their Golden Visa property as vacation accommodation or as a second summer home. Their passive income residency program is commonly known as the Greek Financially Independent Person (FIP) Visa. (Although you are required to have an address there.). Many retiree visas restrict working. If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. The Italian Elective Residence Visa Program competes with the likes of the Portuguese D7 Visa, the Spanish Non-Lucrative Visa and Greeces Financially Independent Person (FIP) Visa (all discussed in more detail in the respective sections of this article). This was by far the easiest way of establishing legal residency in Panama, and its open to applicants from around 50 Friendly Nation countries, including the US, South Africa, Canada, Australia, Germany, Singapore and the UK. We only work with immigration law firms that: Thats why Where Can I Live has a TrustPilot ranking more than 30% above the average immigration attorney. Portugal Golden Visa: Real estate option 2 (350,000) #7. Boasting a diverse landscape covering everything from snow-capped volcanoes and pacific beaches to lush jungles and colonial cities, Ecuador truly has something for everyone. (specify /$/ - required), Are you able to work remotely from Portugal for your current clients/employer? Take Back Control Of Your Retirement Savings Today. The second place in the ranking of the worlds most important residence-by-investment programs is shared by Austria and Italy, with the Swiss Residence Program in third. WebThe Dominican Republic Retirement Visa program offers foreigners over 65 the opportunity to retire in the country with access to unique benefits. 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. Who doesnt want more sangria, tapas and sunshine in their diet? You can, and in fact should, initiate the residency process while in Argentina, not at a consulate abroad, as doing so will only complicate matters unnecessarily. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The Portugal Golden Visa is a residence visa issued to non-E.U. Its all about the discounts. Complete guide to the worldwide retirement visas, the general requirements, the standard application process, and FAQs. You do not meet the age criteria for a retirement visa. Sadly however, this program became a lot more expensive and restrictive as of August 2021. Though again, this pensionado visa wont work as a paper residency; you have to spend 122+ days per year living in Costa Rica in order to keep your residency renewable. It gives you more options in terms of where you can live, should things go wrong in your home country. (Its also one of the safest countries in Europe.). Anyone 50 and under can apply for the MMH2 as well, though your assets must be at least $121,198, with $72,719 of that going into a Malaysian bank account upon approval. The report produced by Parliament's civil liberties committee calls the schemes objectionable from an ethical, legal and economic point of view., This is a BETA experience. Before you spend a lot of time and money conceiving a plan for a new life overseas, take a close look at the options for establishing residency in each country on your list. country via the Golden Visa, you can become eligible for Portuguese citizenship in as little as five years.. Offering world-class beaches, magnificent architecture, a vibrant culture and one of the lowest costs of living in Europe, its no surprise that more Americans and Canadians are choosing Spain for retirement. The official financial requirements are quite low, and tied to the Portuguese minimum wage (which, in 2021, is 665 (~$798) per month). No problem. As of April 2021, the Argentine Rentista Visa offers a relatively simple path towards establishing the first step towards citizenship, being legal residency. Yet, in many Mexican towns and cities, safety is simply not an issue. In order to be eligible, youll have to prove earning sufficient retirement pension from abroad to cover your expenses in Ecuador. Best of all, Panama is an excellent option as a paper residency. (required). Our website uses cookies (and 3d party cookies) to provide you with the best experience. Importantly, youll have to prove that this income will be earned for the rest of your life; the Panamanian government wants to be sure that you can cover your living expenses while retiring in the country. But thats the bare minimum. nationals in exchange for financial investments. Getting your social security or pension income tax-free makes a low cost-of-living country even cheaper. 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. Once you receive a residency card, which grants retiree status (it takes up to 6 months once youve submitted your application), you can open a local bank account, use credit to shop, and even get a local phone plan. 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. It also includes a tax-exemption on most foreign incomeincluding pensions, dividends, and real estate investmentsfor up to 10 years. 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. Hes traveled and worked in more than 50 countries so far. 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. However, our Argentina Immigration Law partner confirms that certain nationals have a more challenges than others. See the difference between an embassy and a consulate. What passive income sources are acceptable? The regulations allow for the granting of citizenship following a 36-month residency period or by exception a 12-month residency period.. If sundrenched island living is your idea of a good time, then retiring in Greece could be just the option for you. 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. The program is, however, convoluted and reported to have a very high rejection rate. Retirement visa fees change from country to country: Your retirement visa can be issued between one to five yearsdepending on your destination country. With no office tying you down, and the option to spend your days whereverand howeveryou please, passing your time in a new country calls to many avid travelers. teams last count, there were at least 50 different ways of obtaining residency in Panama. If you want to spend significant time in Uruguay and its a great place to live then obtaining a legal residency isnt difficult. Proof of saving in your home country or your new home. After assembling your documents, you must attend your visa interview and hand over your application and biometrics (pictures, fingerprints). It can take anywhere from 8 to 12 months. In many cases applying for permanent residency makes sense. Another great option for both retirees and semi-retirees is Portugals D7 Passive Income Visa. (Doing so is also the only type that lets you bring belongings into Ecuador duty-free.).