Details and assistance with more programs are available. 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. (Its also one of the safest countries in Europe.). 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. Most Golden Visa holders. Path 2: The Panama Retirement Visa (Pensionado Visa Program). citizenship or resident status on non-E.U. At the beginning of 2021, we even hosted a highly successful and well attended Total Access event in Cancun. One or five years (10 years for nationals of specific countries). As long as you can show a steady transfer of more than USD$1,500 per month, you can live in this And you can complete 95% of the application process without leaving your home. Portugal Golden Visa: Real estate option 2 (350,000) #7. 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. They may ask you to provide: Some programs are only open to citizens of approved countries. Greece the best mix of culture and traditions 6. These are all similar but vary in the Cond Nast Traveler does not provide medical advice, diagnosis, or treatment. During 2020, Panama launched a Residency By Investment Program aimed specifically at countries not featured on the Friendly Nations list. Explore immigration programs with names like: These options cover many countries for you to consider as your overseas retirement destination. Temporary residency in Mexico is easy to acquire for anyone who can prove they have sufficient savings or income. An overview of the Non-Lucrative Visa (NLV) Program, While the Non-Lucrative Visa is widely known as the Spanish retirement visa, you dont need to be of retirement age to apply. You will lose your resident status only if you leave Uruguay and stay abroad for more than three years. As of April 2021, the Argentine Rentista Visa offers a relatively simple path towards establishing the first step towards citizenship, being legal residency. Retirees looking to buy property, start a business, or invest in the local economy may qualify. Important: Please note that you are no longer able to apply for the rentista visa from inside Chile; you now have to apply via your closest Chilean consulate in your home country. We also use third-party cookies that help us analyze and understand how you use this website. Lets get into the Costa Rican visa options for expats below: The pensionado or retirement residency visa is pretty self-explanatory. [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. Chile is an excellent retirement option to consider going into 2022 and beyond. And this is absolutely fine for these people. It must also be noted that the Elective Residence program is not suitable as a paper residency in order to keep your residency status renewable, you wont be allowed to leave Italy for any period longer than six uninterrupted months. Italy the art of slow living 5. If you earn a periodic, stable income (from sources other than a salaried job), the rentista program should be an excellent option for you. What makes the country especially attractive is its easy residency requirements. Africa Kenya, Mauritius, This residency period (of three or five years) starts counting from the moment you first arrive in Uruguay to file for residency. 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. Although it doesnt lead to permanent residency or citizenship, the alluring Malaysia My Second Home (MM2H) program is a great way to enjoy the benefits of retiring abroad without actually having to retire. 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. The immigration service may require sign-off from an accountant. Uruguay is not the right place if you want a paper residency.. budget.. WC2H 9JQ, 2021 All Rights Reserved | Privacy & Terms. These include the ability for retirees to import up to $20,000 of household goods (such as furniture, clothing, etc.) Chile has had its share of political issues in the past few years, and its COVID-19 lockdowns have been exceptionally strict. After five years of legal residency, you can apply for naturalization, which means becoming a Mexican citizen, and obtaining a Mexican passport. country compared with the obstacles of seeking international protection, legal migration or naturalization through conventional channels. 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 are all similar but vary in the minimum monthly incomes required to qualify, as well as the particulars of the tax and other discounts. No minimum stay enforced presently, but 6 months+ per year could be required. London, United Kingdom Out of all the countries our team has been to in these challenging times, Mexico has been one of the stand-out destinations in terms of reasonable COVID-19 regulations and its overall sense of pre-pandemic normalcy. For every additional dependent, this amount goes up by another IPREM value of 564.90 (~$678). The program requires significant, stable and recurring income from passive sources such as pension, dividends, fixed-rate interest earnings or the rental of movable or immovable assets. 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. In fact, one of our own team members and his family escaped the stifling lockdowns in Chile to go ride out the pandemic in Playa del Carmen, which in comparison with Santiago was massively relaxed and largely mandate-free. Youll need to earn at least $800 per month as a single applicant, and an additional $100 per month for each additional dependent. As of 2021, the IPREMs monthly value is 564.9, and the minimum monthly requirement for a single applicant is set at IPREM x 4 (2,259.60, or ~$2,712). And while the program is targeted at affluent retirees, anyone capable of meeting the programs requirements can apply, regardless of their age. Property prices in Ecuador are exceptionally low compared to countries like the US, enabling many retirees to own both a primary home in the city and a beach or country home elsewhere in the country. 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). The FIP residency program requires you to stay in Greece for a minimum of 183 days per year, making it unsuitable as a paper residency. Malta holds the 1st place, with its Granting of Citizenship for Exceptional Services by Direct Investment Regulations, H&P explained in a press release. In fact, some offer real incentives, too. 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. Others dont have a minimum, and anyone can apply. While not retired yet, the planning is underway! But in order to get on the path to Argentine citizenship, you first need to establish legal residency there. However, other countries may also have visas that retirees can use to immigrate. Be careful, as these requirements can be very specific. 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. This requirement can typically be met by signing a property lease agreement, renting an Airbnb property, or by having a friend living in Portugal issue a letter confirming that they are willing to accommodate you. Sign up below for advice from other Expats, opportunities, and professional advice. Costa Rica, Panama, Mexico, Colombia, and Portugal are 2021's top five countries for retirees. This years edition was further expanded and now includes analysis and comparison of 40 programs, the highest number to date. Americans, Canadians, Britons and EU nationals can enter Mexico without a visa and stay for up to 180 days, no questions asked. Discover ten of the most popular retirement visas, passive income visas and similar pensioner visa programs in the world below. To make the comparison easy, weve quoted all income amounts as the monthly minimum in US Dollars ($ USD). Looking to spend your golden years in a sundrenched beach location or scenic highland town? Millions of people are choosing to retire overseas. These cookies will be stored in your browser only with your consent. For every dependent minor child (or children up to 25, provided that theyre single and still studying), the income requirement goes up by $250 per month. Requirements: To apply, you must be 50 years of age or older, and have a proven pension of $800/month (or a joint $1,000/month for couples), along with $10,000 deposited in a Philippine bank account. 2023 Cond Nast. Unlike with the Portuguese Golden Visa, you will need to spend four to six months per year in-country, depending on how many times per year you will be visiting. Applying on the basis of recurring income, the minimum requirement for a single applicant is 2,000+ (~$2,401+) per month. 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. Established in the early 1990s, Mercosur is a free trading union of countries, which includes Argentina, Brazil, Paraguay and Uruguay. If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. Greece Financially Independent Person (FIP) Visa Program, No (unless you have a VERY substantial amount of savings). You only need to visit Panama once every two years to maintain your residency status, making it an excellent Plan B destination. It takes a few months to process your retirement visa application. Citizens of this union can travel, live, work, study or retire across the other member countries with ease. countries via these schemes with the total investment estimated at 21.4 billion from 2011 to 2019.. In order to meet the programs minimum income requirement, youll need to provide proof of income of US$1,000 per month (or equivalent) from a permanent pension source or a retirement fund. It even allows access to the countrys extensive healthcare system. Weve lived in six countries on four continents with countless moves, so we get what you are going through! Requirements: Anyone 18 years of age or older can apply for the Panama Pensionado, as long as you have a proven lifetime pension or income of $1,000 per month (its an additional $250.00 per month for each dependent). Successful applicants receive a 10-year, multiple-entry visa that is renewable, plus a tax-exemption on all the money brought with you. 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 idea of retiring abroad is an appealing one. Requirements: Applicants 50 years old and over must first prove a holding of liquid assets (this can include cash, bonds, stocks, etc.) The above amount is sufficient to cover both individuals and married couples. All rights reserved. Five years in, you can apply for permanent citizenship. 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. Belizes Qualified Retirement Program (QRP) gets a lot of press. Yet the fact that you cant work in Spain on a Non-Lucrative Visa does make the program more suitable for retired folks. Portugal Highly Qualified Activity Visa (175,000) #4. Spain is one of the most popular expat retirement destinations in the world and with good reason. A deposit of $10,000 should be enough for your whole family to qualify. Citizens of the United States and most other countries do not need a visa to visit Uruguay unless they plan to stay for more than 180 days. Your Name (required), Your Passport - Issuing Country (required), Your Spouse's Passport - Issuing Country (required), How much is your recurring income per month (specify /$/ - required), What is the source of your recurring income? 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. By subscribing to our newsletter(s) you agree to our User Agreement and Privacy Policy & Cookie Statement. Especially if youre looking at settling in a smaller town or in the countryside, you can enjoy a high quality of life at a relatively low cost, and experience little restrictions, if any, in the event of future pandemic lockdowns. These range from a visa for retired armed forces officers to another for pensioners aged 35 and above who are in need of medical assistance. To obtain a permanent residency in Uruguay, you will need to live there. Most governments require some form of insurance cover. Situated in close proximity to the US, Costa Rica offers a relaxed lifestyle, good living standards and a substantially lower cost of living than the US. Some programs have a minimum eligible age ranging from 35 to 65 years old. Best Countries To Retire Abroad 1. 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. Sovereign Research has long held Panama to be an excellent Plan B destination. Programs range in duration from one year to five years. Any information published by Cond Nast Traveler is not intended as a substitute for medical advice, and you should not take any action before consulting with a healthcare professional. The official financial requirements are quite low, and tied to the Portuguese minimum wage (which, in 2021, is 665 (~$798) per month). Retirement visa . 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. The process of obtaining citizenship in Spain takes more than double the time required in Portugal (10 years+ vs 5 years+). But generally speaking, it offers one of the best living standards in Latin America, coupled with modern infrastructure and good public healthcare. The following type of income is suitable for the rentista visa: The rentista visa is a temporary one-year visa. For more information, read our Cookie Policy. It can take anywhere from 8 to 12 months. Why? Understanding the various visa options available to you is an important part of making your ultimate where-to-retire-overseas decision. Best of all, Panama is an excellent option as a paper residency. Note: This is a list of countries that have recognized Retirement Visas. This is a temporary residency visa targeted at financially self-sufficient retirees. For people seeking to relocate and settle in Europe on a long-term (6 months per year+) or full-time basis, there exists a variety of alternative visa options worthy of exploration and theyre, MINIMUM PASSIVE INCOME / SAVINGS REQUIREMENTS (2021), GREEK FINANCIALLY INDEPENDENT PERSON VISA, You accept our Privacy Policy and Website Usage Policy. Anyone interested in utilizing Greeces flat tax can take advantage, no matter their age. By purchasing local property worth at least $ 100,000 location or scenic highland?. Not featured on the Friendly Nations list a single applicant is 2,000+ ( ~ $ ). Of income is suitable for the rentista visa is pretty self-explanatory comparison of 40,! Six countries on four continents with countless moves, so we get what you are going through 2021 top. You agree to our User Agreement and Privacy Policy & Cookie Statement sufficient... Citizenship in Spain takes more than three years requirement for a single applicant 2,000+... 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