Last Updated on March 29, 2022 by Visa Journal
How do you picture life after retirement? Do you picture yourself settling aboard? Of course, the idea of retiring to your dream place abroad with the combination of security, quality healthcare, low cost-of-living, and access to facilities for leisure is a very appealing one. For this to happen, A retirement visa is a perfect option.
Once you decide to relocate and retire abroad, you first have to decide which country to would love to go to. The most important factor to consider is finding the best countries with retirement visas. But what essentially constitutes a retirement visa?
A retirement visa is a type of visa that allows for long-term living in a nation using your passive income. Passive income is the pension money you get from your savings or the government. The income requirement shows that you can support yourself during your stay within the country.
Moving to a new country abroad is a tricky business. However, some countries are more accommodative of retirees while some give real incentives. The incentives include fixer-upper homes to attract foreign investment, visas that promise tax cuts, and steep discount programs meant to tempt retirees.
Countries with retirement visas
Some countries offer incentives for expatriate retirees, ensuring that choosing them is worth it. For example, France and Spain offer fixer-upper homes to attract retirees, while Nicaragua offers the following retirement benefits programs: no tax for foreign earnings, you can import household items worth up to $20,000 duty-free, and they give sales tax exemption on items up to $50,000.
Even more impressive, Nations like Argentina, Malaysia, Argentina, and Mexico offer modern hospital care to retirees at a fraction of the cost. Spain, Portugal, France, and Austria have extensive health care systems.
Retirement Visa for the Philippines
The Philippines is an ideal retirement destination if you are an enthusiast of retiring is an epic country in South East Asia along the epic Western Pacific Ocean. The island country is an actual archipelago having more than 7,000 islands.
If the Philippines is among your top choices, then know that the Philippine Retirement Authority gives you several distinct retirement offers to attract you. Each offer has its specific requirements, although the Special Resident Retiree’s Visa (SRRV) is the overall standard.
Benefits of retiring to the Philippines include
- Visa for retired armed force officers
- Visa for pensioners who require constant medical assistance. The Philippines offers retirees access to the country’s universal health care program, PhilHealth
- Allowance to import $7000 worth of your preferred household items without being taxed
- Option to work, buy a property and even study in the Philippines.
- Discounts at businesses accredited by PRA- Philippines Regulatory Authority
- Exemption from taxes on your pension and other annuities earned abroad
- Complimentary assistance in navigating other government agencies
Requirement for a retirement visa for Philippines
To apply for this retirement visa for the Philippines, you have to ensure that you met the following requirements;
- Be 50 years of age and older
- Prove that you have a pension of $800 per month or $1000 per month for couples seeking to retire in the Philippines
- If you are 50 years and older but do not fulfill the pension requirement, you can also still qualify by depositing $20,000 in a local Philippines account. This could be a USD 20,000 fixed deposit or USD$20,000 real estate
Retirement visa for Thailand
The Southeast Asian nation of Thailand is a dream retirement destination boasting tropical beaches resorts, ancient touristic ruins, quiet Canalside communities, and epic temples with Buddhist figures on display. It is no wonder people choose Thailand as their ideal safest and cheapest retirement option.
Requirement for a retirement visa for Thailand
Expat retirees highly favor Thailand. However, there are certain requirements that you should have. You should:
- Have an annual income of approximately USD 2,000 Or
- Have a Thailand bank deposit balance of USD 25,000?
- Be over 50 years of age
Some countries value attracting funded retirees. These countries offer an undeniable factor: they give a retirement option that has reduced expenses with better quality of life. You can use these unique offers and turn these foreign countries into your home country.
Retiring in another country abroad can be the best decision for your golden years, allowing you the chance to broaden your horizons. However, conduct due diligence and analyze the following factors
Visa residency requirements
The immigration laws vary from one nation to another. You have to check the country-specific information to find which visa you need, the passport validity, the required vaccinations, and currency restrictions.
The main issue that comes with a foreign country is the language barrier. Take time to learn the new language and the new culture. Experience it, accept it and enjoy it. There is always time to meet new people and appreciate your sunset years.
Closeness to family
Distance from close family and relatives may prove a headache in the long run. Therefore, choose a country that has infrastructure that can enable you to travel and visit loved ones easily. Living in a foreign nation does not mean that you cannot visit close family.
Tax regimes and exchange rates
Tax regimes are different and affect how you can transact in the new country. Some countries give tax cuts while others do not. Tax regimes affect how your cost of living, the ease of buying and owning property, the value of property investments, and the benefits and discounts on factors like entertainment and healthcare.
Research Security and safety
The stability of a country’s political condition affects the security of the place. Choose a country with security and no security issues and alerts. Some retirement options are hotspots for hostage situations and have high terrorist incidences. Security is a key issue.