Millions of people opt to retire and live abroad each year, either for a better lifestyle, climate, a change of scenery, or just for the sake of reducing living expenses. But the first and most important thing to consider when retiring overseas is always the visa and residency policy of a country. In total, there are over 28 to 33 countries that offer a dedicated visa for retirees, and the requirements of some of these programs are very difficult. One has to showcase a large amount of savings or income to be eligible. So in this article, we've ranked some of the best countries where the requirement for obtaining a retirement visa is cheap and easy. Aside from the lenient visa requirements, these countries offer retirees some of the best opportunities to enjoy a comfortable lifestyle and a decent quality of life with a substantially low cost of living.
From Latin America to Asia and Europe, here are 15 of the best countries with the cheapest retirement visas:
15. Portugal
Portugal accommodates one of the highest numbers of retirees in the world and, according to the annual Global Retirement Survey, always ranks in the top 5 best retirement destinations. Its moderately low cost of living, safety, developed infrastructure, sunny weather, and developed healthcare attract senior foreigners from around the globe. The country offers two ways to obtain retirement status: one is by investing around three to four hundred thousand dollars, while the other path requires one to avail of its D7 Visa program. Out of both, the D7 Visa program is the most common path for non-EU nationals to obtain residency in the country. Plus, the requirements are pretty straightforward: an applicant must receive passive income like a pension, rental income, or profits amounting to 820 US dollars per month. Successful applicants are allowed to reside in the country for up to 4 months, and after that, they're eligible to apply for its temporary residence permit, which boasts its own set of requirements. Unlike the D7 visa, when applying for a residence permit, one has to showcase earnings of at least 3000 US dollars. Those who maintain their temporary residence permit can switch to permanent residency, which eventually leads to citizenship after 5 years.
14. Greece
Greece, the land of stunning islands, pristine beaches with clear blue waters, green valleys, and breathtaking landscapes, offers everything one could want from retirement on the Mediterranean. Great food, history, sunny weather, safety, and low living costs make it a viable contender to retire on an affordable monthly budget. There are many ways for retirees to reside in Greece, such as the Greece Golden Visa program, which requires a hefty investment of almost 500,000 US dollars. But aside from this expensive pathway, the country offers a cheaper program called "The Financially Independent Person Permit". This visa is targeted towards retirees and remote workers. It grants a two-year residence permit that is applicable to non-EU citizens boasting inadequate resources at a level of steady annual income amounting to 2400 US dollars/per month or 48,000 US dollars/per year. Plus, this visa is also extendable for an additional two years, and successful applicants are able to conduct business, open bank accounts, and even travel to the Schengen area visa-free.
13. Spain
Spain, with a combination of fantastic year-round Mediterranean weather, gastronomic delights, rich culture, and a more relaxed pace of life, is easily a favorite among retirees. In fact, to this date, more than 500,000 people have moved to collect their pensions in Spain. The country also offers great benefits for anyone who retires here, such as low cost of living, a high-quality lifestyle, and excellent healthcare. When it comes to visa policies, obviously EU nationals can easily retire here without needing a visa, but for non-EU nationals, there is a non-lucrative visa. This visa is issued to anyone of retirement age with a monthly income exceeding 2,500 US dollars or a bank statement of around 36,000 US dollars. By possessing this visa, retirees can only work remotely with their own business or with clients who are not based in Spain. In addition, this visa is initially granted for a period of one year and can then be renewed for a further two years, and then another two years. After this initial five-year period, retirees are eligible to apply for permanent residency in Spain.
12. Costa Rica
This Central American country always welcomes overseas nationals, especially retirees from the U.S. and Canada. It's a great option for those looking for an active and outdoorsy lifestyle with a host of remote beaches, tropical forests, and mountains. One can hike a volcano, visit a cloud forest, relax in thermal waters, and snorkel through new worlds beneath the sea. In addition to its natural beauty and favorable climate, Costa Rica also has a well-established legal system that makes it easy for retirees to obtain legal residency. Retirees can choose from a range of residency options, including the "pensionado" visa, "rentista" visa, and investor visa programs. Out of all these options, the pensionado is best suited for retirees, with the only requirement being proof of a monthly income of 2,500 US dollars from a pension, business, or other passive modes. Plus, it does not tax any retirement income, which makes it an even more attractive destination for retirees looking to maximize their retirement funds.
11. Mexico
Another favorite pick of U.S. and Canadian retirees, Mexico features a relaxed lifestyle with a decent healthcare system and good weather at much lower prices than its North American counterparts. In addition to lower living costs, Mexico offers a wide range of places to live, from beach resorts and modern metropolises to old historic cities and quaint small towns where retirees can indulge in the local lifestyle. Plus, U.S. and Canadian citizens can stay in Mexico for consecutive 180 days without needing a visa, while those looking to establish long-term retirement must acquire its Mexican permanent residence card. This residency is given to any retiree who is willing to prove that they have been receiving $2,200 from any retirement source or prove to have investments or bank accounts with an average monthly overall balance equivalent to $85,000.
10. Thailand
Away from the nightlife and party cliché, the allure of Thailand begins with its sun-drenched warm climate and appeals to those who have a keen sense of adventure and an eye for natural and cultural beauty. Moreover, it's the only country in Southeast Asia that wasn't colonized by any European countries and therefore maintains a culture untouched by other influences. Foreigners who are over the age of 50 and want to move to Thailand for retirement are eligible to apply for a Thai retirement visa. Although it is the more commonly used term, the official term for a Thailand retirement visa is a 'category O' of the non-immigrant visas for Thailand. The eligibility criteria of this visa program are a bit different; notably, the main applicant and spouse need to showcase a financial reserve of at least 800,000 baht, which roughly equates to 23,000 US dollars, or an unnotarized bank statement showing a regular income of 1,900 dollars per month.
9. Indonesia
Although not as enticing as Thailand, Indonesia is blissfully unique in its own way, with places like Bali and Lombok being the prime hotbeds for retirees and digital nomads. It's also known for its varied topography, from spectacular countryside to mountains, beaches, and tiny hidden islands to city life. As of August 2023, its Ministry of Immigration released a new regulation that allows foreigners to retire in Indonesia for up to five years. But even though this retirement visa allows one to stay in the country for a long period, it does not permit retirees to actively work and generate income. Thus, it requires applicants to provide proof of a deposit or pension account with annual funds of 2,000 dollars. In addition to a pension fund, you need to have life and health insurance, lease a place to stay for at least 12 months, and hire a local helper or maid once you settle down. Another thing to note is that Indonesia currently only allows foreigners from 60 countries to obtain retirement visas, so to ensure eligibility, one must visit its local consulate's website.
8. Bulgaria
To some, the idea of retiring in Bulgaria might seem unorthodox, but after joining the EU, the country has improved its standard of living, healthcare system, and infrastructure. Unlike other retirement hot spots in Europe, Bulgaria does not have retirement enclaves, as retiring here is more of a settlement. Foreigners who have made the move tend to scatter more widely into local communities around the country. Additionally, it's one of the cheapest countries in all of the EU, and the requirements for its retirement visa, aptly known as the Bulgarian pensioner D Visa, are very low. This visa is issued for six months to non-EU nationals. During this period, the retired applicant is eligible to apply for long-term residency. The income requirements to avail this visa are not specified by the government, but according to local visa consultants, one must generate a monthly income of at least 1,800 US dollars, while those applying with family must be able to make 2,500 US dollars/per month.
7. The Philippines
Home to almost 80,000 retirees, the Philippines is perfect for those wanting to enjoy crystal-clear beaches and beautiful tropical weather. Another huge bonus, of course, is the low cost of living in most of its renowned islands and cities. A couple can live quite comfortably for under 1,800 US dollars without sacrificing any modern conveniences. Foreign nationals who want to make the Philippines their second home can easily obtain a retirement visa through the Special Resident Retiree's Visa program. This program allows participants to avail a two-year renewable residency if they showcase a pension of around 1,800 dollars or deposit 20,000 to 30,000 US dollars in one of its local banks. Under this program, retirees also benefit from an income tax exemption over pensions and annuities.
6. The Dominican Republic
Retiring in the Dominican Republic is an attractive option for many people due to the numerous advantages on offer for foreign nationals. These advantages range from the possibility of living tax-free to enjoying a relaxing life at low costs and an excellent climate, among others. Besides, its visa option is the best and the cheapest out of all the Caribbean island nations. Named the pensionado visa, it is a type of residence permit issued to a pensioner or retired foreigner who wants to enter the Dominican Republic to reside in the country. Its conditions are straightforward: applicants must receive a minimum monthly pension or income of 1,700 US dollars from an official agency or private company of foreign origin. On top of this, retirees who hold permanent residency through this program for around two years are eligible for naturalization, provided that income requirements are still met.
5. Chile
When most people think about retiring in South America, safety and a high-quality lifestyle are the first things of consideration, and Chile offers all of them. Its topography is also quite varied, as it stretches from the middle of South America's west coast straight down to the southern tip of the continent, boasting Mediterranean-like weather in the nation's north to stunning mountains and numerous vineyards in the south. Its cost of living is about 40% lower than in North America and Western Europe, so if your dream is to retire in a Spanish-speaking country with low living expenses, diverse terrain, and a better safety index, Chile might be your best bet. Furthermore, one doesn't need to be retired to avail of the 'Jubilado' visa. All that's required is proof of frequent income of around 1,200 dollars to support yourself during your stay in Chile, such as pension, Social Security, rent from real estate, annuities, or others. This visa is valid for one year, after which applicants can avail of its five-year residency, which eventually leads to citizenship.
4. Panama
This small country has risen in popularity among retirees for many different reasons, including its inexpensive cost of living, tax benefits, and its great healthcare system. Moreover, obtaining a permanent residence permit in Panama is very simple, and one can easily be granted immigration status as soon as the application is made. All it takes is being able to prove that you have a pension or retirement payment granted for life, no matter your age, for a minimum amount of 1,000 US dollars/per month. If the application is going to be presented by a couple, an additional amount of 3,000 dollars/per month is required. Plus, dependents such as under 18-year-old children and under 25-year-old students, if studying, can be included as well for an additional 2,500 dollars/per month.
3. Colombia
Located on the continent's northwest coast, Colombia offers beaches, rainforests, mountains, and a variety of cities. It's increasingly become a hotspot for digital nomads, and many visitors have discovered its attractions suitable for retirement. Its healthcare system features modern public and private hospitals with high-quality, affordable care. The public health plan is available to its citizens and all residency holders, including retirees and expats. It also hands out the Rentista visa, which is most commonly used by retirees. To obtain this visa, applicants must prove a minimum monthly income of at 3X the minimum salary in Colombia, which equates to 800 dollars. This income can come from pensions, Social Security, or savings.
2. Argentina
Despite the sudden surge of inflation and the current economic crisis, retiring in Argentina can still turn out to be beneficial for those earning in U.S. dollars or other stable currencies. Additionally, the country provides special tax benefits and incentives to those retirees who bring U.S. dollars from their native countries. Apart from the economic prospects, Argentina offers retirees a diverse and vibrant landscape, from regions enriched with culture to a wide variety of small quaint towns and larger, more lively cities like Buenos Aires. For individuals planning to move to Argentina after retirement, there's a pensionado visa option specifically for pensioners. Applicants will need to prove their retirement status and will need to show three receipts of a pension, such as Social Security benefits. It's also necessary to have a monthly income above a certain threshold; this threshold was around 1,500 US dollars but has now been reduced to around 800 dollars/per month.
1. Cambodia
A Southeast Asian country known for its stunning landscapes, vast temples, and the charming capital city of Phnom Penh, Cambodia offers the cheapest and most easily approved retirement visa as of 2024. Termed the Cambodia retirement ER visa, it is issued to retirees who are above 50 years of age and grants holder residency for one year. There's no specific income requirement for this program, but for certain nations, one has to show proof of having a pension or income of around 500 US dollars to support themselves during their stay in the country. This program is issued for a period of 12 months and grants residency in the territory of Cambodia for the same period. However, one can also apply to extend it for another year with multiple entries after it expires.
In conclusion
Retiring abroad offers an exciting new chapter in life, with opportunities to immerse oneself in diverse cultures, enjoy favorable climates, and experience a quality of life that might be unattainable in one's home country. From the sun-kissed beaches of Costa Rica to the historic charm of Greece, and the vibrant city life of Argentina to the serene landscapes of Cambodia, each country presents its unique allure for retirees. It's not just about finding a place with a lower cost of living; it's about discovering a destination that resonates with your lifestyle, aspirations, and dreams for your golden years. Remember, the key to a successful retirement abroad lies in thorough research, especially regarding visa policies and living conditions. So, take the plunge, explore your options, and you might just find your perfect retirement haven in one of these 15 amazing countries. Happy retiring!