Yahoo Finance 5 Countries With Easy Citizenship for Retirement
In the short term, we’re all working for the weekends; but, in the long run, we’re all working with the hopes of retiring one day.
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While everyone has a different dream for that scenario, there is an option that feels very appealing to a lot of us: moving to another country.
While there are many counties with a cost-of-living lower than in the US, not all of them are equal when it comes to gaining citizenship, with ease or access. So, if you are looking to hang up your work gloves and retire abroad, here are five countries with easy citizenship where you can retire.
The Philippines
If you’re dreaming of retiring to a beautiful chain of islands and Hawaii is out of your budget, consider The Philippines. The Philippine Retirement Authority offers a number of options for ex-patriates to retire amidst the crystal clear waters and white sand beaches. Most new residents use the Special Resident Retiree’s Visa to secure their residency.
To apply for the SRRV, you must be 50 years or older and have a pension of at least $800 per month, or $1,000 for couples, plus $10,000 in cash reserves deposited into a Philippine bank, according to Conde Nast Traveler. If you don’t have a pension but can deposit $20,000 into a local bank, you may also qualify.
As an immigrant, you’ll receive access to universal healthcare, an exemption on taxes for your pension and foreign-earned annuities, and discounts at certain local businesses, which means your retirement dollars will stretch even further.
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Portugal
While most of the best places to retire are coastal countries in Central and South America, Portugal stands as a southern European oasis for retirees seeking a temperate climate and beautiful beaches along the Atlantic coast. Southern Portugal boasts a more Mediterranean climate.
Wherever you move in the country, you can expect a cost of living roughly 40% lower than the U.S. If you’ve already established a healthy nest egg for your later years, you can move to Portugal under a Golden Visa, requiring a contribution of roughly $270,000 in investment dollars to the economy. You’ll receive Non-habitual Resident (NHR) status for 10 years, where you won’t pay income tax on money earned outside the country and only 20% on money earned within the country.
For lower income Americans, Portugal remains one of the easier places to retire in Europe. You’ll need to show a passive income of roughly $900 USD per month through pensions, investments, real estate, royalties, or financial equity, according to Global Citizen Solutions.
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Costa Rica
A popular tourist destination for Americans Costa Rica is a beautiful Central American country with lush rainforests, beautiful beaches and rich local culture. If you’d like every day of your retirement to feel like a tropical vacation, immigrating to Costa Rica could be the answer.
It will take seven years and a proficiency in Spanish to become a citizen. But you and your dependents, including a spouse and children, can live in the country under a temporary residency visa called a “pensionado” as long as you have at least $1,000 USD in monthly income.
You can renew the visa after two years as long as you’ve lived in the country for at least four months per year (continuous or not) for the past two years. You must also prove that your income was received in Costa Rica. You’ll also need to show proficiency in the Spanish language.
Chile
If those college courses in Spanish paid off and you can claim proficiency in the language, Chili could be the perfect retirement destination for you – even if you retired early. The country has no minimum age requirement for retirees. You just need that you are economically self sufficient.
With a cost of living 58% lower than in the U.S., this may not be difficult. Goldenharbors.com notes that a monthly income of $1,000 to $1,500, along with an additional $600 for any dependents, should enable you to qualify.
This money can come from rental income, pensions, dividends or salaries. You can obtain permanent residency in two years, and citizenship in five years as long as you spend most of your time in the country.
This South American country is considered one of the most economically developed countries in the region and has a GDP growth of 5%, coupled with a low cost of living, moderate climate and rich culture.
Mexico
Our closest neighbor to the south, Mexico boasts white sand beaches, crystal clear waters, and easy access back to the U.S. by car to visit friends and family in Texas, California and beyond. The country requires a minimum monthly income of $1,415 for immigrants, according to InsiderMonkey.
You can move to Mexico with a Mexican Retirement Visa or a Permanent Resident Card. To apply for citizenship after five years, you’ll need to spend at least 180 days per year in the country. Retirees under 60 need to pass a test related to Mexican culture and history to become a citizen.
J. Arky contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 5 Countries With Easy Citizenship for Retirement
