#Retire #Country #Heres #Retirement #Visas
If you are considering retiring outside of the United States, you will need a retirement visa. This special type of visa is issued by some countries to people who have sufficient financial resources and the desire to live in a foreign country for a long period of time.
Retirement visas typically have income, health and age requirements that vary depending on the issuing country. Before you can realize your dream of retiring abroad, you will need to familiarize yourself with the visa requirements in your chosen destination.
Key takeaways
- Retirement visas are a type of visa that allows individuals to retire in a foreign country.
- Requirements for a retirement visa may include age restrictions and financial criteria.
- The application process for a retirement visa usually includes submitting an application form and supporting documents.
- Different countries offer retirement visa programs with different requirements and benefits.
- Retirement visas provide benefits such as access to health care, tax advantages, and the opportunity to live in a foreign country.
How do retirement visas work?
A visa is a government permit that allows foreigners to enter a specific country and stay there for a specified period of time. A retirement visa is a type of visa that allows people to enter a country and spend their retirement years there if they wish.
Countries that offer retirement visas in one form or another include Costa Rica, Ecuador, Indonesia, Ireland, Mexico, Nicaragua, Panama, Portugal, Spain and Thailand.
Retirement visas are generally valid for at least 12 months, after which they can be renewed if the person is still eligible. In some countries, foreign retirees can also apply for permanent residency and obtain citizenship after having lived there for a certain number of years.
Retirement visa requirements
Retirement visas go by different names in different countries, each with its own rules. In some countries, an individual must be over a certain age to qualify for a retirement visa. Others may not have a specific age requirement, but require that the person be retired and have a retirement or retirement income.
All set minimum income requirements, and some require that applicants deposit money in a local bank. In many cases, retirement visa holders are not allowed to work in the host country unless they can obtain a separate work permit. The visa holder may also be required to purchase health insurance valid in that country. (Medicare does not pay for health care outside the United States except in rare cases.)
warning
Deciding to retire in a foreign country is not something to be taken lightly. Consider every angle, including your health and finances, before taking the next steps.
How to obtain a retirement visa
The process of obtaining a retirement visa varies by country. In most cases, application forms can be found on government websites, along with instructions on how to apply, including where to apply in person.
Depending on the country, you may be able to apply either within the United States or at the immigration office in the host country. If you are applying within the United States, this will usually require you to come, with the necessary documents, to either the country’s embassy in Washington, D.C., or one of its consulates in a major city.
Every country requires at least a few documents. In almost every case, applicants are expected to provide the following:
- A valid passport or other travel document
- Proof of income and/or assets
In some countries, you may be asked to provide additional documents, such as:
- Birth certificate
- Marriage certificate (if available)
- Medical report
- Proof of vaccinations
- Proof of medical insurance
- Proof of place of residence
- A police certificate proving the absence of a criminal record
- Bank statements reflecting deposits in local accounts
It may take several days to several months (or even years) to obtain a retirement visa.
Retirement visa options in different countries
Here are some overviews of retirement visas available in countries American retirees may consider: Australia, Indonesia, Ireland, and Thailand.
Australia
Australia has some of the strictest immigration laws in the world and no longer offers retirement visas.
In 2018, the government created the “retirement visa route,” which can lead to permanent residency for a small number of eligible people. There are several ways to put yourself on this path, although it may take many years.
If you already held an Australian Superannuation Visa (subclass 410) or Retirement Investment Visa (subclass 405) on 8 May 2018, you may be eligible to apply for permanent residence. (Both visas have been suspended.)
If you do not meet this requirement, you can apply for a Parent Visa (subclass 103) or the more expensive Contributing Parent Visa (subclass 143), which may qualify you for permanent residence after a certain period. In either case, you must be the parent of an Australian citizen or permanent resident, or an eligible New Zealand citizen, as well as meet financial and other requirements.
The government warns that processing times for parent visas (subclass 103) are much longer than those for contributing parent visas (subclass 143), which also receive priority. The government recently estimated wait times at 15 years for contributory parent visas, and 40 years for regular parent visas.
Indonesia
The Republic of Indonesia offers a visa for retired or elderly citizens that is valid for one year and can be extended for up to five additional years. It does not specify an age requirement, but requires proof of sufficient financial resources in the form of a statement from a bank or pension fund. In addition, applicants must provide proof that they have health, life, and liability insurance.
After living in Indonesia for five consecutive years, visa holders can apply for permanent residency.
Ireland
To retire in Ireland, US citizens must apply for and obtain what is known as a Stamp 0. To be eligible, you must be financially independent, have a verifiable income of €50,000 per year, and have the means to purchase a home in Ireland.
Applicants with Stamp 0 must also have private medical insurance. “They cannot receive any benefits or use publicly funded services, for example, treatment in a public hospital.” In addition, they are not permitted to “work or engage in any business, trade or profession unless specified in a letter of permission from the Immigration Service.”
Residents can apply for Irish citizenship once they have lived in the country for a certain period of time, usually five years but sometimes less.
Thailand
The Kingdom of Thailand offers what is essentially a retirement visa – the non-immigrant “OA” (long stay) visa – to qualified applicants aged 50 and above who do not intend to work in the country. (Work is actually prohibited under this visa.)
While the visa is only valid for one year, visa holders can apply to extend it for additional one-year periods if they continue to meet criteria, including income and asset requirements. In addition, visa holders must report to immigration officials every 90 days.
After living in Thailand for three years, visa holders can apply for permanent resident status.
However, it should be noted that Thailand limits the number of people from any given country who qualify for residency each year – it is currently 100 people per country.
Retirement visa costs
Countries charge fees for retirement visas. This table shows some examples, as compiled by Visadb.io, a site funded by grants from a number of countries:
| nation | It costs | Good for |
| Costa Rica | $150 | 1 year |
| Mexico | $130 | life |
| Panama | $800 | life |
| Portugal | $530 | Two years |
| Thailand | $340 | 5 years |
Retirement visa benefits and restrictions
Retirement visas allow people to stay in a foreign country for a longer period than traditional tourist visas. This can be particularly useful for retirees, who may want to experience a country at different times of the year before deciding to move there permanently. A retirement visa can also be a step towards qualifying for permanent resident status.
These visas come with requirements, many of which are mentioned above. In addition, retirees may be subject to taxes and may be required to contribute to the country’s health care and retirement systems.
On the other hand, US citizens who retire in a foreign country are still required to file US tax returns if their income exceeds a certain threshold, just as if they remained in the United States. Income from both U.S. and foreign sources is taxable, although foreign income up to a certain amount may qualify for the foreign earned income exclusion.
The United States also has tax treaties with a number of countries, which prevent citizens living abroad from being taxed twice on the same income.
advice
Retirement visas differ from golden visas, which are a type of residency-by-investment program that allows people to gain residency by investing in the local economy.
Tips for a successful retirement visa application
To save time and avoid potential disappointment, anyone wishing to obtain a retirement visa should follow some basic steps:
- Read the visa requirements of the host country. They can be found online, usually on the website of the country’s embassy or immigration office.
- Make a checklist of required documents and compile them.
- If your US passport is about to expire, renew it.
- If the state requires a medical examination, arrange a visit to your doctor.
- Fill out a retirement visa application, which is usually available online.
- Make an appointment at the nearest embassy or consulate if the country requires in-person application and allows you to apply from the United States
Note that some countries do not allow applications from abroad but require you to appear in person at the immigration office in that country, usually after obtaining a tourist visa for entry. This makes it even more important to get all the necessary documents before you go.
Who can apply for a retirement visa?
Anyone who meets a particular country’s requirements can apply for a retirement visa if that country provides one. The requirements usually include a certain amount of income and assets. Some countries have specific age requirements, while others do not.
How can I apply for a retirement visa?
Most countries explain the retirement visa application on their websites, and many also submit their applications online. When you are ready to apply, you may have to do so in person.
Which countries allow retirement visas?
At least 23 countries offer retirement visas of one type or another, although they go by many different names. If you are interested in a particular country, search online using its name plus “retirement visa.” Contacting the country’s embassy is another option.
What are the easiest countries to obtain a retirement visa?
In general, Latin American countries tend to have the lowest minimum income requirements, and may also have the lowest costs of living. If your goal is to eventually become a citizen of another country, note that some are known for having relatively easy citizenship requirements for retirees.
What if I want to work in retirement, but abroad?
A Digital Nomad Visa is a document or program that gives a person the legal right to work remotely while living away from their country of permanent residence. Nearly 50 territories offer the option to work abroad, including the Bahamas, Croatia, Germany, Norway and Taiwan.
Bottom line
Many countries welcome foreign retirees, especially those who will bring reliable income and significant assets. For this reason, countries often offer visas that allow retirees to stay for a long time and perhaps for the rest of their lives.
If you’re retired — or will soon be one — start the planning process as soon as possible. Obtaining a retirement visa can be a good way to explore and experience a country long enough to know whether or not you want to settle there permanently.
#Retire #Country #Heres #Retirement #Visas
