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. How Long Does It Take to Get a Retirement Visa? 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 some consulates do not even require you to be retired at all.). 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. These cookies do not store any personal information. Alternatively, you can replace it with around $100,000 in your bank account, or liquid investments. 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. 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. Some programs have a minimum eligible age ranging from 35 to 65 years old. Since 2013, this European country has offered its Greece Golden Visa, granting five-year The visa is valid for two years, and then can be renewed for three more. Greece Financially Independent Person (FIP) Visa Program, No (unless you have a VERY substantial amount of savings). Showing $1,500 per month in income is usually enough. These visas can now be renewed indefinitely. We have a couple of issues with this visa program, the biggest is the fact that it requires an annual salary of $100000, and $150000. teams last count, there were at least 50 different ways of obtaining residency in Panama. 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. Before applying for the retirement visa, you must assemble the required documents and prepare them according to the instructions. 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 Highly Qualified Activity Visa (175,000) #4. London, United Kingdom Having official residency can be highly beneficial. You also cannot work in Costa Rica on this visa. The country boasts a growing middle class, rapidly improving infrastructure, a stable economy and a reasonable level of personal safety. And if youre earning dollars in your retirement, you can look forward to enjoying the finer things in life for substantially less. To top it all off, the country makes it very simple and straightforward to obtain a residency visa permit there. First, youll obtain a temporary residency, which lets you stay in Ecuador for two years. 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. In many countries, the government wont tax your foreign income at all. 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. How many years of income do you need to show? You also have the option to opt-out of these cookies. According to the Social Security Administration, US overseas retirement grew by 40% from 2007 to 2017. Details and assistance with more programs are available. Otherwise, Portugal is the most affordable and fastest route to 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. If youre 50 or older but dont have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead. A minimum price of $242,395 is typically required, though its often lower for MMH2 visa holders in select states, like Penang. The requirements If sundrenched island living is your idea of a good time, then retiring in Greece could be just the option for you. 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. 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. But, just because your dream destination does not offer a visa explicitly aimed at people who want to retire overseas, dont give up. Path 3: The Panama Residency By Investment Program. 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. ), 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. 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. If youre not 100% sold on Greece, the Portuguese D7 Visa could be an attractive and far more affordable alternative. The additional income requirement for dependents ranges from 25% to 100% of the main applicants amount. Spain is one of the most popular expat retirement destinations in the world and with good reason. You can learn more about the exact income requirements for the Non-Lucrative Visa here. France the importance of enjoying the best of life 7. Check out our list of investment visa options to see if your favorite country is on the list. Since ending such programs could have serious economic impacts on the countries involved, E.U. Still, the overall goal is to bring in foreign dollars, so government officials hope youll spend accordingly. If you have money to invest, Greece may be the retirement spot for you. 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. In order to qualify, youll need to show at least $1,000 per month in pension from a government or private pension scheme. And Argentina will be satisfied with just $2,000 a month.). Malta is the easiest country in the EU to get citizenship, if youre willing to pay a high fee (750,000). WebMauritius Retirement Visa. As a permanent resident, you no longer have to renew your immigration permission or meet the visa requirements. Portugal is an excellent travel and retirement destination, scoring high on climate, scenery, cuisine, healthcare, and cost of living, in particular. Learn EVERYTHING you need to know about the BEST places to live, when you move to Puerto Rico. Another index of countries offering the best residence programs puts Portugal in the first position. You may opt-out by. Some countries have created visa policies specifically designed for retirees and in some cases offer special benefits and incentives for relocating. The most attractive retirement visas are usually found in Latin America, although a few Asian countries also offer appealing programs. Belize. Panama. Indonesia. Colombia. Ecuador. Nicaragua. This residency period (of three or five years) starts counting from the moment you first arrive in Uruguay to file for residency. To qualify for this type of visa, you must be at retirement age and have enough money to support yourself. Be careful, as these requirements can be very specific. But if that is your intention, its an excellent option. Successful applicants receive a 10-year, multiple-entry visa that is renewable, plus a tax-exemption on all the money brought with you. country compared with the obstacles of seeking international protection, legal migration or naturalization through conventional channels. Many people hold the view that Mexico is stereotypically dangerous. The second is an immigration fee that differs depending on your country of origin. It is mandatory to procure user consent prior to running these cookies on your website. Speaking to a good local tax expert is essential to ensure there are no ugly surprises! Top 10 Countries Offering Retirement Visas 2022 | Ultimate Guide Some of them use their Golden Visa property as vacation accommodation or as a second summer home. Most retirement visas have an income requirement. So if youre looking for a back-pocket, paper residency, the. Can the income be from work, or must it be passive? A very welcome recent change is that bearers of temporary resident visas will no longer have length of stay abroad limitations, meaning that you can now travel freely outside of Ecuador for indefinite periods. Who couldnt see themselves settling in Tuscany, shopping in Milan, and spending summers on the shores of Lake Como? However, if youre not quite sold on shelling out over 500,000 (~$600,450) for a property under Spains Golden Visa program, there is an excellent and vastly more affordable alternative. What makes it even more attractive is that its got one of the best retirement visa programs in the world and its relatively unknown. Income derived from financial investments: dividends, annuity, receipts from a trust, interest payments from certificates of deposit, etc. FOR A FREE CONSULTATION, CALL US: +351 300 509 612 |. For instance, retirees with knowledge of English literature can lecture at a university, or an expat professor with specialized skills can work up to 20 hours a week. Auckland. Millions of people are choosing to retire overseas. This post was published on the now-closed HuffPost Contributor platform. Portugal the best all-rounder 2. You cannot work in Costa Rica on this visa. You must use a company registered in Spain, and the policy must be fully comprehensive with no gap payment. Understanding the various visa options available to you is an important part of making your ultimate where-to-retire-overseas decision. Many retirees move to their new homes with long-term plans. 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. 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. In fact, some offer real incentives, too. Uruguay Retirement Visa Programs. Path 2: The Panama Retirement Visa (Pensionado Visa Program). 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. However, if you buy a property in Panama valued at $100,000 or more, the minimum income requirement goes down to only $750. No minimum stay enforced presently, but 6 months+ per year could be required. 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. Opinions expressed by Forbes Contributors are their own. Simply complete the form on our program page if youd like to speak with a Spanish immigration professional. Once you find the visa office, make an appointment to submit your application and complete your visa interview. In addition to the above passive requirements, youll also have to demonstrate that you have accommodation in Italy, pre-paid for 12 months, along with comprehensive medical insurance cover. 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. Belizes Qualified Retirement Program (QRP) gets a lot of press. Some countries may take longer or less time to process depending on the number of applications. When you visit the visa center, they may ask you to pay the application fee the same day. To make things more enticing, Greeces Ministry of Finance recently proposed a seven-percent flat tax for any foreign nationals willing to transfer their tax residence (meaning the place where youre legally required to pay taxes) here. Belize, Ecuador, Nicaragua, and Panama all offer well-publicized retiree residency programs known as pensionado visas. But thats the bare minimum. Before going abroad, check visa and residency requirements, Our website uses cookies (and 3d party cookies) to provide you with the best experience. 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. citizenship in exchange for investment, during the March plenary. The requirements and process vary by country. Five years in, you can apply for permanent citizenship. Others rent it out in order to generate a typically low return on their investment, up until the point theyre ready to retire there. Having official residency can be highly beneficial especially if youre a US taxpayer, since itll be much easier to prove that youre a bona fide resident of a foreign country and claim your Foreign Earned Income Exclusion. But since the pandemic struck, the cost of living has become even more affordable. 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. 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. Can I Get Permanent Residency With a Retirement Visa? Discover ten of the most popular retirement visas, passive income visas and similar pensioner visa programs in the world below. In order to qualify for this visa, youll have to provide proof of having a monthly income of US$2,500 per family for 2 years, OR US$60,000 deposited in a Costa Rican bank. They may ask you to provide: Some programs are only open to citizens of approved countries. 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. WebThe Dominican Republic Retirement Visa program offers foreigners over 65 the opportunity to retire in the country with access to unique benefits. Their passive income residency program is commonly known as the Greek Financially Independent Person (FIP) Visa. But opting out of some of these cookies may have an effect on your browsing experience. If you were required to pay earlier, you must provide a payment receipt. Portugal Golden Visa: Real estate option 1 (280,000) #6. The other top countries offering the best citizenship-by-investment options include North Macedonia, St. Kitts and Nevis, St. Lucia, Antigua and Barbuda, Grenada, Dominica, Turkey, Jordan, Egypt, Vanuatu and Cambodia. Portugal Highly Qualified Activity visa ( 175,000 ) # 4 holders in select states like! Programs in the world below finer things in life for substantially less and the must. Age ranging from 35 to 65 years old work, or must it be?! 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