Top 5 Retirement Visa Countries

Introduction

If you are looking for a change of scenery and lifestyle in your golden years, you might be interested in exploring some of the countries that offer retirement visa programs.

This is not a list of popular countries for retirement, as that’s more to do with personal preferences, this is about the countries with the best retirement visa options.

These are special visas that allow foreign retirees to live in a country for a long period of time, usually with some conditions such as having a minimum income, health insurance, or property investment. Here are the most popular retirement visa programs around the world, their benefits and requirements.

1. Portugal

Portugal is one of the most popular destinations for European retirees, thanks to its sunny climate, affordable cost of living, rich culture, and friendly people. Portugal offers a retirement visa program called the Non-Habitual Resident (NHR) scheme, which allows retirees to live in Portugal for up to 10 years without paying any income tax on their foreign pensions or other sources of income. To qualify for the NHR scheme, you need to have a residence permit in Portugal and not have been a tax resident in Portugal in the previous five years. You also need to have a minimum income of €7,200 per year from your pension or other sources.

2. Thailand

Thailand is another popular destination for retirees who want to enjoy a tropical paradise with a low cost of living, delicious food, and friendly locals. Thailand offers a retirement visa program called the Non-Immigrant O-A visa, which allows retirees to stay in Thailand for up to one year at a time, with the possibility of extending it indefinitely. To qualify for the O-A visa, you need to be at least 50 years old and have a minimum income of 65,000 baht (about $1,950) per month or a bank balance of 800,000 baht (about $24,000) or a combination of both. You also need to have health insurance that covers at least 400,000 baht (about $12,000) of inpatient care and 40,000 baht (about $1,200) of outpatient care per year.

3. Malaysia

Malaysia is another attractive option for retirees who want to experience a diverse and multicultural country with modern amenities and natural beauty. Malaysia offers a retirement visa program called the Malaysia My Second Home (MM2H) program, which allows retirees to stay in Malaysia for up to 10 years at a time, with the possibility of renewing it indefinitely. To qualify for the MM2H program, you need to be at least 50 years old and have a minimum income of 10,000 Malaysian ringgit (about $2,400) per month or a bank balance of 350,000 ringgit (about $84,000) or a combination of both. You also need to buy or rent a property in Malaysia worth at least 300,000 ringgit (about $72,000).

4. The Philippines

The Philippines offers a special retirement visa program (SRRV) for foreigners who want to live in the country permanently. The SRRV is a multiple-entry visa that allows the holder to stay in the Philippines without any time limit, as long as they meet the eligibility and financial requirements. The SRRV also grants the holder some benefits, such as exemption from travel tax, customs duties, and income tax on pensions and annuities. The SRRV is administered by the Philippine Retirement Authority (PRA), which is a government agency under the Department of Tourism.

5. Panama

The Panama retirement visa program is a great option for foreigners who want to enjoy the benefits of living in a safe, beautiful and low-cost country. The program allows you to obtain permanent residency in Panama if you have a lifetime pension or retirement income of at least $1,000 per month . You can also bring your spouse and dependents with you, as long as you increase your monthly income by $250 for each one .

Some of the advantages of the Panama retirement visa program are:

• You can import your household goods tax-free .
• You can import a new car every two years without paying import taxes .
• You can get discounts on various services and products, such as utility bills, airline tickets, medical fees, entertainment and hotels .
• You can apply for the visa even if you are not of retirement age in Panama, which is 62 for men and 57 for women .

The Panama retirement visa program is one of the best in the world for retirees who want to enjoy a high quality of life at a low cost. If you are interested in applying for this visa, you should contact a reputable lawyer in Panama who can guide you through the process and help you with the paperwork.

Summary

These are just some of the countries that offer retirement visa programs for foreign retirees who want to live abroad and enjoy their retirement years. Of course, there are many other factors to consider when choosing a country to retire in, such as the culture, language, safety, health care system, and social activities. Therefore, it is advisable to do your own research and visit the country before making a final decision.