Countries throughout the world are looking to attract American retirees. 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 European and Asian countries also offer appealing programs.
Listed in alphabetical order, here are nine countries that offer retirement visas:
— Belize
— Colombia
— Costa Rica
— Ecuador
— Indonesia
— Malta
— Panama
— The Philippines
— Thailand
Belize
Belize is a warm and tropical English-speaking country about two hours by plane from the southern United States. Setting up a life in Belize is easy thanks to its retiree-specific visa. The Qualified Retirement Program, available through the Belize Tourism Board, is one of the most user-friendly visa programs in the world.
Here’s a snapshot of what you need to be eligible for the Qualified Retirement Program:
— You must be 40 or older.
— You must have a monthly income of at least $2,000 or an annual income of at least $24,000 and deposit this amount in a Belize bank account.
— You must pass a security check.
— You must stay in the country for 30 consecutive days per year.
You’ll need to renew your QRP ID card annually. The downside of this program is that it does not lead to permanent residency in Belize.
[Related:How to Retire Overseas]
Colombia
Colombia is quietly becoming an overseas retirement haven. Medellín is a Euro-chic culture capital that provides a high quality of life at a low cost. The country’s growing American expat numbers are largely due to its user-friendly retirement visa.
The main requirements for Colombia’s retirement visa are:
— You must provide proof of monthly income from a state or private pension of at least three times Colombia’s minimum monthly wage. This changes every year and is about $926 per month in 2024.
— You need to undergo a criminal background check from the county where you have been resident for the past three years.
— You need a medical certificate showing good physical and mental health.
— You must provide proof of health coverage in Colombia for the duration of your stay.
As a type of migrant visa, the retirement visa is available for up to three years. You can apply for a resident visa after five years of living in Colombia.
[See: Best Places to Retire Overseas in 2024]
Costa Rica
Costa Rica is a beloved travel destination famous for its natural beauty, laid-back atmosphere and friendly locals. Plenty of expats from the U.S. and beyond have been drawn to Costa Rica’s lush jungles, cloud-topped mountains and rugged beaches along its Pacific and Caribbean coastlines. Retirement in Costa Rica is a dream for many, and thanks to its pensionado residence visa, the dream is easy to achieve.
These are the basic requirements for Costa Rica’s retirement visa:
— You must provide proof of income of $1,000 per month from a lifetime pension, Social Security, annuities, retirement funds, military pensions or other guaranteed retirement benefits.
— You must have a clean criminal record.
There’s no minimum age to qualify for this visa. It’s valid for two years and is renewable as long as you meet the requirements.
Ecuador
Ecuador’s diverse landscape creates a variety of lifestyle opportunities for expats, including everything from Miami-style Pacific beach cities to Spanish-colonial highland towns with strong indigenous influences. Life in Ecuador comes at a low cost for Americans, and it uses the U.S. dollar as its currency. It’s easy for retirees to qualify for Ecuador’s jubilado visa, a temporary residence visa that is valid for two years.
Here’s a snapshot of what you need for Ecuador’s jubilado visa:
— You need a monthly income of at least three unified basic salaries, which is about $1,380, and proof that this payment is guaranteed.
— You must have a clean criminal record.
— You need health insurance for the same period as the visa.
The downside of Ecuador’s retirement visa is that it doesn’t allow you to be out of the country for more than 90 days per year.
Indonesia
Exotic culture and stunning natural beauty have made Indonesia a world-famous travel destination. Indonesia’s retirement visa is available if you’re at least 60 and can prove financial solvency of $3,000 monthly or $36,000 annually.
While these stipulations are standard, Indonesia also imposes a few additional requirements for its retirement visa:
— You need Indonesian health insurance.
— You need to sign a rental agreement for at least a year.
— You must agree to hire an Indonesian person as a maid, driver or domestic helper. The minimum wage is about $322 per month.
This visa is valid for one year, but after five years, it can be converted into a permanent stay permit that is valid for five years and indefinitely renewable.
Malta
Malta is an island nation that floats in the Mediterranean Sea just south of Sicily. It stands out for its great year-round weather, fascinating history and English-speaking population. English is an official language alongside Maltese. Malta is one of the few European countries that offer a visa for retirees.
These are the basic requirements of the Malta Retirement Programme:
— You must have a pension that makes up 75% of your chargeable income, and you must receive it in Malta.
— You must rent or own a qualifying property in Malta or its sister island, Gozo. If you rent, your annual rent must be at least $9,603; if you own, the value of your property must be at least $241,449. Exact amounts vary by location.
— You must have a health insurance plan that provides coverage throughout the European Union.
This program grants a five-year residence permit. If you qualify, you also become eligible for tax benefits. Specifically, a 15% flat tax rate on foreign pension income becomes available.
Panama
Panama has long been home to big American expat populations. Its pensionado visa is the gold standard of retirement visas. This visa is easy to qualify for and comes with a host of special benefits, such as discounts at hotels and restaurants, a tax exemption on importing household goods and the ability to jump lines at banks, among other perks.
This is what you need to qualify for Panama’s pensionado visa:
— You need to be at least 18 years old.
— You must provide proof that you receive a monthly income of at least $1,000.
— You must provide a police record check issued by the FBI.
— You must provide a health certificate issued by a Panamanian doctor.
You need to file your application in Panama with a local lawyer, but the residency permit that this visa grants is indefinite.
The Philippines
The Philippines is an archipelago made up of thousands of islands in the South China Sea. There are bustling cities and endless tropical destinations ideal for investment, retirement and exploration. The Philippines is a former U.S. colony home to sizable expat communities. To reside here long-term as a retiree, your best option is the special resident retiree’s visa. The requirements vary depending on whether or not you receive a pension.
These are the basic requirements for the SRRV:
— You must be at least age 50.
— You must receive a pension of at least $800 per month and make a one-time deposit of $10,000, which you will use to purchase a condominium or lease a house and lot long-term.
— If you don’t receive a pension, you must make a one-time deposit of at least $20,000, which can also be used to purchase a condominium unit or the long-term lease of a house and lot.
While the SRRV does not grant permanent status in the Philippines, it can be renewed annually for a small fee.
[Related:The Best Places to Retire in the U.K.]
Thailand
Thousands of expats have settled in Thailand, attracted by the breathtaking beaches, excellent health care, friendly locals and low cost of living. Thailand welcomes foreigners with friendly visa policies. Its retirement visa is a type of nonimmigrant “O” visa.
Here’s what you need to qualify for it:
— You must be at least 50 years old.
— You must have accommodation in Thailand. You’ll need at least a six-month lease.
— You’ll need to provide proof of funds. You can either show a monthly income of about $1,940 or hold $23,883 as a security deposit for at least two months before applying for the visa. A combination of these two options can also work.
— You must provide a police clearance certificate and a medical certificate.
— You must purchase health insurance in Thailand with a minimum coverage of $100,000.
This visa is valid for one year and is renewable indefinitely.
More from U.S. News
The 25 Best Places to Retire in 2024
The Best Affordable Places to Retire Overseas in 2023
10 Retirement Hot Spots in the U.S.
9 Countries That Offer Retirement Visas originally appeared on usnews.com
Update 10/23/24: This story was published at an earlier date and has been updated with new information.
