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TEMPO.CO, Jakarta - The appeal of retiring abroad has increasingly influenced scores of people. It’s not uncommon to browse through top retirement destinations prematurely, to organize a better plan.
The idea of building a life abroad might seem daunting, but it’s not entirely elusive. Some countries with retirement visas present the keys to a pleasant golden years journey for future retirees seeking a home where welfare and peace of mind are entwined.
This article provides the latest information about everything prospect retirees need to know before flying to their desirable restful havens, from retirement visa requirements and its procedure to several countries offering specific policies as drawn from US News and Investopedia.
What is a Retirement Visa?
A retirement visa is a residency permit designed for retirees to enter and spend their golden years in a foreign country.
Retirement visas come with different names and benefits in multiple countries. But many programs generally have similar requirements of minimum age threshold and pension income.
In many countries, retirees must ensure to deposit funds in a local bank or secure qualifying health insurance to call their dream destination home.
Just like any other visa process, obtaining a retirement visa can be done after submitting application forms along with additional requirements including valid passports, proof of income, medical reports, and other supporting documents.
Countries with Retirement Visa
Many regions worldwide are currently offering retirement programs for foreigners, each with unique opportunities to earn a relaxed lifestyle. Some countries with retirement visa such as Panama, Belize, and Colombia stand out, with other notable nations as follow:
1. Belize
Belize has long become one of the best countries to retire according to experts for its welcoming English-speaking community and other remarkable features. Its retirement visa called The Qualified Retirement Program has helped many individuals to weave their dream golden years journey seamlessly.
Eligible users of the retiree-program include those of age 40 or older with annual income of at least US$24,000. To earn the residency permit, applicants must deposit the same amount of the required annual income in a Belize bank account. After passing the security check, foreigners must stay in the country for 30 consecutive days per year.
However, this retirement visa doesn’t guarantee a permanent residency in the hosting country, and retirees must renew their QRP ID card annually.
2. Panama
Panama beckons retirees to spend rewarding days surrounded by pristine beaches, warm community, and affordable cost of living. Many expats have been seeking shields under the guideline of its retirement visa titled Pensionado visa offering a ton of benefits including a tax exemption on importing household goods and discounted vouchers at multiple restaurants.
In most cases, Panama has a fairly laid-back residency policy tailored for retirees. Administered requirements include a minimum age of 18 years old, a monthly income of at least US$1,0000, a police record check authorized by the FBI and a health certificate granted by a Panamanian doctor.
While future retirees must hire a local lawyer to assist the application, this type of visa grants an indefinite residency permit.
3. Malta
Malta is a brilliant island nation boasting conveniences for foreigners willing to relocate to the Mediterranean country. Its retirement visa is especially popular among the English-speaking community due to the wide adoption of the language in Malta.
Malta Retirement Programme requires individuals to have a certain amount of pension that makes up 75% of taxable income received in Malta, own an eligible property in Malta or exceeding an annual rent rate of at least US$9,603, and purchase a health insurance plan qualified throughout the European Union.
4. Costa Rica
Retiring in Costa Rica comes with endless opportunities to marvel at charming allures of natural abounds including mountainous land mass and verdant rainforests. If you are dreaming of creating memories within this atmosphere, the country’s pensionado residence visa is able to provide retirees a desirable pathway.
The coastline life is attainable through an application, with requirements ranging from proof of a monthly income of US$1,000 to a clean criminal record. This visa will then be valid for two years and eligible for a renewal.
5. Colombia
It’s easy to include Colombia in your retirement plan for the country’s expats-friendly policies. Those retirees having a three times Colombia’s minimum monthly wage for their monthly income must attend a criminal background check as the main requirements.
It’s also essential to provide medical certificates and proof of health coverage within the host country. This specific retirement visa is eligible for up to three years, with an available resident visa option after five years of residency.
6. Ecuador
The seascapes of Ecuador ensure foreigners have good times with its diverse beach activities that come at a reasonable price. Having the US dollar as a currency also makes the country drawing even more Americans.
For retirees planning a life in Ecuador, a jubilado visa that is valid for two years can be of help. Applicants only have to meet certain requirements including a monthly income of three unified basic salaries or about US$1,380, a clean criminal record, and health insurance.
7. Indonesia
Indonesia is one of the favorable countries with a retirement visa, thanks to its natural beauty that continues to attract foreigners. Those retirees of age 60 or more and have financial income of US$36,000 annually are eligible to become a part of the program. Other requirements also include foreigners’ commitment to hire a local as a domestic helper with a minimum wage of US$322 per month and a rental agreement for at least a year.
8. Thailand
To close the list of countries with a retirement visa, Thailand presents the conveniences of applying for an indefinite renewable residence permit. To access the country’s low cost of living, retirees must be 50 years old, own accommodation in Thailand, hold US$23,883 as a security deposit or have a monthly income of at least US$1,940.
Additionally, applicants are only considered if they purchase a local health insurance of US$100,000 and provide a police clearance and medical certificate.
Currently, there is an array of countries with retirement visas, each offering its own unique benefits and requirements. However, it’s essential to carefully research and understand the specific visa requirements and residency conditions of your chosen country before making the leap.
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