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 kind of back-pocket residency permit forms an essential part of a robust Plan B for many people, as it creates optionality. But if youre looking to actually move to Portugal, there is a far better alternative and its vastly more affordable. 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. Wake up to the day's most important news. After spending the required number of years in a country, you will become eligible to file for naturalization in Uruguay. After holding temporary residency for four years, you can upgrade to permanent residency. These all require at least evidence of adequate funds, a health check, and a police check that If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. Qualifying applicants for this permanent-residency visa receive import-tax exemptions on household goods up to $10,000 and on a new car every other year, plus substantial discounts on everything from utility bills (25 percent) to dental exams (15 percent) and transportation services (up to 30 percent). Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. You do not meet the age criteria for a retirement visa. And given the countrys relatively affordable property and low cost of living, your retirement years can be truly carefree. For this reason, several countries issue retirement visas to allow foreigners to live and enjoy their retirement. 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. New Zealand It takes a few months to process your retirement visa application. 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. Some immigration departments look at your finances in more detail than just showing qualifying income. 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. The Spanish Non-Lucrative Visa Program, BONUS PROGRAM: The Uruguayan Permanent Residency Visa Program, Which options allow you to obtain a second passport, (This operation is going from strength to strength. Before going abroad, check visa and residency requirements, 1. Top 10 Countries Offering Retirement Visas 2022 | Ultimate Guide Five years in, you can apply for permanent citizenship. 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 passive income sources are acceptable? Launched in 2012, the Friendly Nations program enables applicants from Friendly Nation countries to apply for Panamanian residency on the basis of company formation. After five years of legal residency, you can apply for naturalization, which means becoming a Mexican citizen, and obtaining a Mexican passport. At the beginning of 2021, we even hosted a highly successful and well attended Total Access event in Cancun. Lets get into the Costa Rican visa options for expats below: The pensionado or retirement residency visa is pretty self-explanatory. Some countries may take longer or less time to process depending on the number of applications. 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. Costa Rica the Switzerland of Central America 4. Portugal is an excellent travel and retirement destination, scoring high on climate, scenery, cuisine, healthcare, and cost of living, in particular. The additional income requirement for dependents ranges from 25% to 100% of the main applicants amount. You can renew the visa every two years, as long as you spend at least two weeks in the country during that time span. Many retiree visas restrict working. Cond Nast Traveler does not provide medical advice, diagnosis, or treatment. Another motivator: All foreign income is tax-free. What is the renewal process, how long does it take, and how do you qualify? It is important to note that your income has to be passively earned a pension or rental income from a property you own will work. Bulgaria, France, Greece, Ireland, Italy, Portugal, Spain, Belize, Costa Rica, Mexico, Nicaragua, Panama, Argentina, Brazil, Chile, Colombia, Ecuador, Uruguay, Indonesia, Malaysia, Thailand, The Philippines. If sundrenched island living is your idea of a good time, then retiring in Greece could be just the option for you. You can certainly travel to Panama on a tourist visa and later change your status in Panama. It also includes a tax-exemption on most foreign incomeincluding pensions, dividends, and real estate investmentsfor up to 10 years. Offer a no-obligation intial consultation to see if they can help you. We also use third-party cookies that help us analyze and understand how you use this website. The golden residence list also includes: Greece, Malta, Jersey, Singapore, Australia, New Zealand, Spain, Canada, Cyprus, Ireland, Dubai (UAE), Latvia, U.S., Monaco, Hong Kong, South Korea, Thailand, Panama, Mauritius, Bulgaria and Malaysia. The Spanish Non-Lucrative Visa Program offers an easy path to residency and, potentially, eventual Spanish citizenship and its the perfect residency option for pensioners. Note: these are calculated using exchange rates in Q4 2022 and are subject to change. For both this visa and the retirement visa below, youll need to ensure you have all the documents required to prove your income. Thai Elite Visa: Pay anywhere from $15,000 to just over $60,000 for To qualify for a tax transfer, however, you cant have paid taxes in Greece over any of the last five years. Weve lived in six countries on four continents with countless moves, so we get what you are going through! Chile is an excellent retirement option to consider going into 2022 and beyond. And you can complete 95% of the application process without leaving your home. These cookies do not store any personal information. That is a great asset that gives you another option to live and work (or escape) outside of your home country. country via the Golden Visa, you can become eligible for Portuguese citizenship in as little as five years.. To include your spouse, youll need to deposit an additional 20% (9,600+, or ~$11,527+), while the deposit required increases by 15% (7,200+, or ~$8,645+) for each dependent minor child. The European Commission has issued recommendations to all its member states on residence permits and citizenship under investor schemes and is discussing an E.U.-wide ban on golden passports, common rules for golden visas and other strict measures such as stringent background checks (including on family members and on sources of funds), mandatory checks against E.U. But if youre looking for a paper residency as a back-up plan, Panama is well worth considering. Successful applicants receive a 10-year, multiple-entry visa that is renewable, plus a tax-exemption on all the money brought with you. 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. After two years of holding temporary residency, you can apply for naturalization. Belize, Ecuador, Nicaragua, and Panama all offer well-publicized retiree residency programs known as pensionado visas. Tips and tricks from our travel experts along with the latest news from airlines, hotels, loyalty programs, and more, delivered to your inbox weekly, Inside the 5 Most Expensive Hotel Rooms in Europe, This Is India's Most RomanticAnd PriciestWedding Destination, Where to Stay in and Around Zion National Park, 5 Trending Destination Wedding Locales to Book Before Everyone Else, Marriott Bonvoys 100,000-Point Welcome Offer Means Up to 13 Free Nights at a Hotel, Hilton American Express Cards Have Welcome Offers Up to 165,000 Points. The time varies from 2 to 5 years. Speaking to a good local tax expert is essential to ensure there are no ugly surprises! 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. Government, private sector pension, or social security pensions all qualify.). Showing $1,500 per month in income is usually enough. Check out our article onPassive Income Visasfor more details on some of these programs. nationals in exchange for financial investments. Temporary residency in Mexico is easy to acquire for anyone who can prove they have sufficient savings or income. These visas are granted for unlimited periods. The more income and savings you can prove, the better. It can be extended in one-year increments. How Long Does It Take to Get a Retirement Visa? By continuing to use our website, you agree to our use of cookies. You should check with your immigration lawyer to ensure you can apply. 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. Other Income Visas You Can Use to Retire Abroad, Investment / Golden Visas to Retire Abroad, Temporary Residence Visa Retired (Jubilando), Greece Financially Independent Person Visa, New Zealand Temporary Retirement Visitor Visa, nationals have a more challenges than others, Spanish private insurance requirement for visas, Where Can I Live has a TrustPilot ranking, consultation with a Where Can I Live trusted Immigration Laywer, Non-Lucrative Visa Spain >> Easy 2023 Guide, Spain Digital Nomad Visa >> New 2023 Guide, US Expat Taxes Guide How to make it easier, Healthcare in Spain >> Public & Private Care Guide. If you are from a MERCOSUR country, you pay USD $300, and non-MERCOSUR countries pay USD $600. It gives you more options in terms of where you can live, should things go wrong in your home country. (Argentine passport holders do need a visa to the USA, Canada, and Australia, however.). If you were required to pay earlier, you must provide a payment receipt. 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. This residency period (of three or five years) starts counting from the moment you first arrive in Uruguay to file for residency. 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. Portugal the best all-rounder 2. These factors mean this trend is only going to increase. From Greece to Panama, these countries offer tax breaks and steep discounts for foreign retirees. It therefore comes as no surprise that the countrys community of expat retirees is growing year by year. Citizenship may be the next logical step. Once approved, youre expected to put at least $36,360 of those assets into a Malaysian bank account. Best of all, Panama is an excellent option as a paper residency. Similarly to Portugal, Italy and Spain (featured below), Greece seeks to attract financially self-sufficient non-EU nationals via its long-term (temporary) residency visa program. For a family of four, around $5,000 per month should be sufficient. If you are single, you can apply for naturalization after five years as a resident, and if you are married three years is sufficient. Retirement Visa: If you are 50 or older, you can get a retirement visa by either showing proof of an 800,000 baht deposit (about $25,600 USD) or a monthly pension or income source of 65,000 baht or more (about 2,080 USD at 2020 exchange rates), or a combination of both. Retirees also have a shortcut to permanent residency in Mexico. This post was published on the now-closed HuffPost Contributor platform. Most governments require some form of insurance cover. 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. Generally, this means showing police records with no major criminal coinvictions from any country you have lived in. The Argentine passport is an excellent travel document, ranked 52nd in the world, with visa-free or visa on arrival access to 147 countries. 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