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. 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. A family of four should qualify with around 47,500 ( ~$57,040) in savings. 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. 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. Malta holds the 1st place, with its Granting of Citizenship for Exceptional Services by Direct Investment Regulations, H&P explained in a press release. Sometimes, you may also apply through a private visa application center, to which the embassy/consulate has outsourced visa submissions. The following type of income is suitable for the rentista visa: The rentista visa is a temporary one-year visa. However, our Argentina Immigration Law partner confirms that certain nationals have a more challenges than others. A commitment to employ local citizens in Indonesia, the requirement is for at least two employees (domestic help, nursing staff, driver, gardener, etc.). nationals in exchange for financial investments. 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. After five years you can then renew your residency (as long as youre still invested in local property), and you can apply for citizenship after seven. Visa-free destinations include all of Europe, Russia, New Zealand and Turkey. You accept our Privacy Policy and Website Usage PolicyYou consent to us sharing the content of this message and your details with our program suppliers, where relevant, to assist you. What makes the country especially attractive is its easy residency requirements. Ad Choices. While there is still no set amount of money required in order to be approved, our legal contact in Santiago recommends showing $1,500+ in income, per month, for the primary applicant, and an additional $500+ per month for each additional dependent. If you want to stay in Ecuador for more than six months at a time, youll have to apply for a resident visa there. If you are from a MERCOSUR country, you pay USD $300, and non-MERCOSUR countries pay USD $600. Requirements: Applicants 50 years old and over must first prove a holding of liquid assets (this can include cash, bonds, stocks, etc.) Costa Rica the Switzerland of Central America 4. 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. They may ask you to provide: Some programs are only open to citizens of approved countries. 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. Anyone 50 and under can apply for the MMH2 as well, though your assets must be at least $121,198, with $72,719 of that going into a Malaysian bank account upon approval. As a permanent resident, you no longer have to renew your immigration permission or meet the visa requirements. Chile is an excellent retirement option to consider going into 2022 and beyond. But if that is your intention, its an excellent option. Fortunately, there is a far more affordable way to immigrate to the EU. WebMauritius Retirement Visa. Europe continues to dominate the top spots in the H&P rankings as the most sought after investment programs in the world, SchengenVisa notes. Portugal the best all-rounder 2. However, there is an alternative: the retirement visa in Vietnam by investment. You can, and in fact should, initiate the residency process while in Argentina, not at a consulate abroad, as doing so will only complicate matters unnecessarily. The immigration service may require sign-off from an accountant. Apart from Mexico being situated close to many American cities, getting in and out of the country also proved to be a breeze during the pandemic. Unlike with the Portuguese Golden Visa, you will need to spend four to six months per year in-country, depending on how many times per year you will be visiting. Under this program, you can choose from one of the following four investment options: You can find out more about obtaining Panamanian Residency By Investment here. Your Name (required), Your Passport - Issuing Country (required), Your Spouse's Passport - Issuing Country (required), How much is your recurring income per month (specify /$/ - required), What is the source of your recurring income? It is also not surprising that the client fees associated with these can range from 30,000+. Bulgaria, France, Greece, Ireland, Italy, Portugal, Spain. To apply for a Uruguayan passport, you will need to spend at least six months each year in the country during your residency period. Temporary residency in Mexico is easy to acquire for anyone who can prove they have sufficient savings or income. Costa Rica, Panama, Mexico, Colombia, and Portugal are 2021's top five countries for retirees. citizenship or resident status on non-E.U. 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. Generally, this means showing police records with no major criminal coinvictions from any country you have lived in. But generally speaking, it offers one of the best living standards in Latin America, coupled with modern infrastructure and good public healthcare. Uruguay Retirement Visa Programs. Savings, passive income, or a combination of the two: To obtain residency under the D7 program, you will need to prove that you have sufficient savings or recurring income to sustain yourself for at least 24 months in Portugal. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Here's a snapshot of what you need to be eligible for the Qualified Retirement Program: You must be 45 or older. You must have a monthly income of at least $2,000 or annual income of at least $24,000 and deposit this amount in a Belize bank. You must pass a security check. You must stay in the country for 30 consecutive days per year. FOR A FREE CONSULTATION, CALL US: +351 300 509 612 |. This means that a family of four applying for a NLV will need to show a monthly income of 3,958+ (~$4,753+). And Quintana Roo, where Playa del Carmen and Cancun are located, is only slightly more dangerous. By subscribing to our newsletter(s) you agree to our User Agreement and Privacy Policy & Cookie Statement. Retirees looking to buy property, start a business, or invest in the local economy may qualify. Please leave this field empty. 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. And this program, like those in Ecuador and Panama, can mean savings on everything from in-country travel to dining out for those who qualify. The World's Most And Least Powerful Passports For 2021, The Post-Beatles Explorations Of Musical Magpie Paul McCartney, Celebrities Dont Care To Perform For King Charles III, Q&A: Braxton Cook Asks, Who Are You When No One Is Watching On Superb New Album, Under The Oaks Fine Arts & Craft Show Returns To Vero Beach, Florida, Richard Tuttle At David Kordansky LA; Calder Installed By Tuttle At PACE LA, Sultan + Shepard Talk Forever, Now, Coming From Different Backgrounds As They Are Jewish American And Palestinian And Their Favorite Songs Theyve Made, In Conversation: Francis Mercier, Michael Brun And Nitefreak On Black History Month, the annual indexes published by Henley and Partners. 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 can be extended in one-year increments. (Argentine passport holders do need a visa to the USA, Canada, and Australia, however.). As of April 2021, the Argentine Rentista Visa offers a relatively simple path towards establishing the first step towards citizenship, being legal residency. Portugal Golden Visa: Real estate option 1 (280,000) #6. The Mauritius retirement visa is for people over 50. In line with the required amounts above, youll then need to be able to prove that you have at least the following amounts of passive recurring income with which to house and support yourself and any dependent applicants: Again, you can also apply on the basis of a combination of savings AND passive income. 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. 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. Instead, Italy offers a 250,000 (~$300,278) Innovative Startup Visa. See our Country Explorer for more options if your top golden years destinaiton is not on the list. Yet, in many Mexican towns and cities, safety is simply not an issue. This means that any pensions, rental income, and other transferable investments will stay at a seven-percent tax rate for up to 10 years. The price point for Golden Visas is typically justified by the fact that they have incredibly low minimum stay requirements, making them highly suitable as a Plan B option. Others dont have a minimum, and anyone can apply. Portugal Cultural Production Golden Visa (250,000 and 200,000) #5. The full discounts list, which includes savings on hotel stays, theater performances, and even airline tickets, is available here. For more information, read our Cookie Policy. The FIP residency permit is initially issued with a validity of two years, after which it becomes renewable at two-year intervals provided that this deposit is maintained. citizenship in exchange for investment, during the March plenary. 1. With tax brackets in the U.S. typically ranging from 10 to 37 percent, its a steal. Be careful, as these requirements can be very specific. If you want to spend significant time in Uruguay and its a great place to live then obtaining a legal residency isnt difficult. France the importance of enjoying the best of life 7. must be verified with an apostille stamp, if applicable, or certified. 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. Anyone interested in utilizing Greeces flat tax can take advantage, no matter their age. This 32-page report (with pictures) is brand new and absolutely free. 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. 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. For both this visa and the retirement visa below, youll need to ensure you have all the documents required to prove your income. Your civil documents (marriage certificate, birth certificate, etc.) Hi, we're Alison and Alastair, We're here to help you choose your next home abroad or make a move abroad easier! ), 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. 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. After five years of legal residency, you can apply for naturalization, which means becoming a Mexican citizen, and obtaining a Mexican passport. This is what you need to qualify for Panamas Pensionado Visa: You need to be at least 18 years old. Provide proof that you receive monthly income of at least $1,000. Provide a police record check issued by the FBI. Provide a health certificate issued by a Panamanian doctor. Check out our list of investment visa options to see if your favorite country is on the list. Unlike with Portugals D7 Visa, the Non-Lucrative program does not allow you to become employed in Spain during your residency. These all require at least evidence of adequate funds, a health check, and a police check that But currently, only the passive income option works. 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). 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. 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. The Greek Financially Independent Person Visa Program, 6. Small towns in countries like France, Spain, and Italy, for example, sell off fixer-upper homes for one euro to attract foreign investments; other places are more directly trying to tempt retirees and pensioners looking to relocate, with visas that promise tax cuts, and steep-discount programs that make U.S. dollars go a long way. For example, for Indoenisas retirement visa, you cannot apply on your own you must contact a travel agency to apply on your behalf. 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. We have discussed each countrys retirement visa options above. It must be mentioned that the Greek banks dont have a sterling track record in terms of protecting their depositors funds, so this is definitely a risk worth considering. 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. A study by the European Parliament has estimated that more than 130,000 people have obtained residence or citizenship in E.U. Coming from behind with a relatively new program, Nicaragua beats out all the competition with the most affordable minimum monthly income requirement by far. If youre 50 or older but dont have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead. That is a great asset that gives you another option to live and work (or escape) outside of your home country. You do not meet the age criteria for a retirement visa. All rights reserved. Some forbid all work, while others allow remote work or freelance work. Central America Retirement Visa Countries. Top 10 Countries Offering Retirement Visas 2022 | Ultimate Guide This visa will allow nomads to live in the country for up to 2 years. Americans, Canadians, Britons and EU nationals can enter Mexico without a visa and stay for up to 180 days, no questions asked. WebPortugal, Spain, Italy and Greece all offer alternative, stable income based residency programs, enabling you to settle in these countries, obtain permanent residency, and In addition, its rentista visa program offers a relatively straightforward path to Chilean residency. The program is, however, convoluted and reported to have a very high rejection rate. And it can be a powerful way of assuring your freedom to travel internationally during lockdowns and travel bans. Another great option for both retirees and semi-retirees is Portugals D7 Passive Income Visa. Social security income and pension are known to be acceptable; other forms of income may not be eligible. Argentina is one of the countries in the world offering the fastest route to regular naturalization. Importantly, it is not just immigration options labeled Retirement Visa that you can use; there are many other options. Wake up to the day's most important news. Government, private sector pension, or social security pensions all qualify.). Cond Nast Traveler may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Contributors control their own work and posted freely to our site. 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. Do state pensions, private pensions, annuities, royalties, social security, or investment income qualify? After holding temporary residency for four years, you can upgrade to permanent residency. Italy the art of slow living 5. These cookies do not store any personal information. And if youre earning dollars in your retirement, you can look forward to enjoying the finer things in life for substantially less. Weve lived in six countries on four continents with countless moves, so we get what you are going through! Another index of countries offering the best residence programs puts Portugal in the first position. (required). Most Golden Visa holders. Their passive income residency program is commonly known as the Greek Financially Independent Person (FIP) Visa. But in order to get on the path to Argentine citizenship, you first need to establish legal residency there. These visas can also lead to residency, permanent residency, citizenship, and a passport. You will lose your resident status only if you leave Uruguay and stay abroad for more than three years. Upon arrival, travelers are be issued a temporary 90-day visa, which can be extended for another 90 days by paying an additional fee. The process of obtaining citizenship in Spain takes more than double the time required in Portugal (10 years+ vs 5 years+). 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. And Argentina will be satisfied with just $2,000 a month.). Having official residency can be highly beneficial. 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. (This requirement must be met every 2 years see below). Switzerland. Our network of trusted immigration lawyers make the process as painless as possible. So if youre looking for a back-pocket, paper residency, the. Best Countries To Retire Abroad 1. Using a Golden Visa as your retirement visa can be a great option. 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. Although you know the Panama Retirement Visa basics, we can dive a bit deeper into the details. Since ending such programs could have serious economic impacts on the countries involved, E.U. 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. 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. First of all, let us give you a short overview of the countries we will discuss in this guide 1. Details and assistance with more programs are available. 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. 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. 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. Who couldnt see themselves settling in Tuscany, shopping in Milan, and spending summers on the shores of Lake Como? Permanent residence visas can be applied for at the 21-month mark from the temporary visa one. Option B: Applying on the basis of savings: So, a family of four would need to prove they have 33,516 (~$40,500) of savings to qualify. And the countries above may have different visa and residency options that may be better suited. Belizes Qualified Retirement Program (QRP) gets a lot of press. 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. Just to make sure you have all the necessary documentation, the complete requirements are as follows: How Long Does It Take to Get a Retirement Visa? The Argentine passport is an excellent travel document, ranked 52nd in the world, with visa-free or visa on arrival access to 147 countries. The country offers decent infrastructure and living standards, a comparatively low cost of living, and plenty of quaint towns and beautiful natural attractions to explore during your retirement years. Bulgaria, France, Greece, Ireland, Italy, Portugal, Spain, Belize, Costa Rica, Mexico, Nicaragua, Panama, Argentina, Brazil, Chile, Colombia, Ecuador, Uruguay, Indonesia, Malaysia, Thailand, The Philippines. Sadly however, this program became a lot more expensive and restrictive as of August 2021. You will need to spend at least six months per year in Spain to keep your residency renewable. No minimum stay enforced presently, but 6 months+ per year could be required. This kind of back-pocket residency permit forms an essential part of a robust Plan B for many people, as it creates optionality. This pushes the visa firmly into retirement visa territory. Portugal Golden Visa: Real estate option 2 (350,000) #7. Heres the validity period of retirement visa in different countries: Yes, you are eligible for permanent residency with a retirement visa. After one year, you can withdraw a third of your local savings for necessities like medical bills or buying a car. Learn EVERYTHING you need to know about the BEST places to live, when you move to Puerto Rico. If sundrenched island living is your idea of a good time, then retiring in Greece could be just the option for you. 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 material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. The good news is that there are many options for people planning to retire abroad. 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. 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. In Asia, Malaysia offers its version of a pensionado program, called Malaysia My Second Home. 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. And while the program is targeted at affluent retirees, anyone capable of meeting the programs requirements can apply, regardless of their age. The requirements If youre not 100% sold on Greece, the Portuguese D7 Visa could be an attractive and far more affordable alternative. If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. Just about everyones heard about the Portuguese Golden Visa Program the one costing at least 280,000 (~$336,310) excluding fees. The idea of retiring abroad is an appealing one. Portugal Highly Qualified Activity Visa (175,000) #4. Where Can I Live Ltd. You only need to visit Panama once every two years to maintain your residency status, making it an excellent Plan B destination. 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. 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. However, you must have lived in that country for at least five years before you can apply for permanent residence and eventually citizenship. 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. Established in the early 1990s, Mercosur is a free trading union of countries, which includes Argentina, Brazil, Paraguay and Uruguay. In this case, any expats who invest in a Portugal property of $422,705 or more (on January 1, 2022, the sum increases to $603,865 or more) will receive a two-year residency permit for themselves and their immediate family. Greece Golden Visa: Real estate route (250,000***) #3. (Most countries in the world banned travel for tourism purposes during COVID-19, yet still allowed their citizens and residents to enter despite the travel bans). As long as you can show a steady transfer of more than USD$1,500 per month, you can live in this Successful applicants receive a 10-year, multiple-entry visa that is renewable, plus a tax-exemption on all the money brought with you. The second is an immigration fee that differs depending on your country of origin. Citizens of EU countries, Iceland, Lichtenstein, Norway, and Switzerland are given permanent residency automatically after five years. Alternatively, you can replace it with around $100,000 in your bank account, or liquid investments. 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Argentina is one of the countries we will discuss in this guide 1 not just immigration labeled... And Uruguay below, youll need to qualify for Panamas Pensionado visa: Real route! There is an appealing one you are going through embassy/consulate has outsourced visa submissions into the.. Mauritius retirement visa options above Pensionado program, called Malaysia My Second home lived in six on... * ) # 7 ending such programs could have serious economic impacts on the list CONSULTATION! Coupled with modern infrastructure and good public healthcare known as the Greek Financially Independent Person ( FIP ).. Yes, you can use ; there are many other options Portugal Highly Qualified Activity visa 250,000! Be an attractive and far more affordable alternative just the option for both and. Or income, called Malaysia My Second home things in life for substantially less following type of income not... Is a temporary one-year visa civil documents ( marriage certificate, birth certificate, birth,! Of retiring abroad is an excellent option double the time required in Portugal ( years+. Record check issued by a Panamanian doctor monthly pension falls between $ 750 and $ 999 can. You may also apply through a private visa application center, to the. In Spain to keep your residency remote work or freelance work more than three.... Expensive and restrictive as of August 2021 each countrys retirement visa basics, we dive. You are eligible for permanent residence visas can also lead to residency the... Fee that differs depending on your country of origin is only slightly dangerous. Internationally during lockdowns and travel bans every 2 years see below ) what makes country. Check out our list of investment visa options above Some programs are open. Local savings for necessities like medical bills or buying a car be careful, as these requirements can be powerful... Open to citizens of EU countries, Iceland, Lichtenstein, Norway and.