Countries offering retirement visas

[harley]

The deal breaker for me is the quarantine requirement for dogs. I've always wanted to live there, but we've always had dogs. Maybe in 14-18 years when these last 3 are gone.

 

[DangerMouse]

The Australian visa is only for 4 years, but you can reapply for a renewal. Unless your financial circumstances change substantially you would probably be assured of renewal.

However, the deal breaker for a lot of foreigners, might be the locations you would have to live in. NSW and ACT are out which means no Sydney, so you would have the option of burning to a crisp in Victoria where the bushfires are currently raging or you could live in Queensland where half the state is under water. Not sure many foreigners could handle the isolation of NT/Tas/WA and SA is probably too boring.

Quarantine is very strict in Oz because we are an island.

 

[Gpond]

The Australian visa is only for 4 years, but you can reapply for a renewal. Unless your financial circumstances change substantially you would probably be assured of renewal.

However, the deal breaker for a lot of foreigners, might be the locations you would have to live in. NSW and ACT are out which means no Sydney, so you would have the option of burning to a crisp in Victoria where the bushfires are currently raging or you could live in Queensland where half the state is under water. Not sure many foreigners could handle the isolation of NT/Tas/WA and SA is probably too boring.

Quarantine is very strict in Oz because we are an island.

A really nice place to live would be Bateman's Bay. In 4 years Australia could go back to the points system. ACT is very nice however it is extremely pricey (the rents are the highest in the nation) because that is where a lot of the tech jobs, beltway bandits (defense contractors), the politicos and embassy employees live. As an expat (even with the visa) you need to put 30-50% down to get a mortgage after you apply for a waiver that takes 30 days (which means you have to hope the person selling the house will wait for you to get your waiver).

 

[tuixiu]

I don't get why a country would be touchier with retirement visas because of competition for jobs in rough global economy. I would assume the visa class doesn't allow you to work at all, just spend money consuming products and services.

 

[DangerMouse]

Well actually the Australian visa does allow you and your spouse to work up to 20 hours per week at the max.

Not sure that I agree with the Bateman's Bay comment. What is there to do there? I would think that one could easily die of boredom if they stayed there too long. A few years ago we drove from Nowra down past Merimbula, and whilst we found some nice towns I didn't see too much to do in any of these places. I am surprised that the rents in the ACT are the highest in Australia, as I thought Darwin would be a lot higher. However I guess for both locations it would depend on what suburbs you are talking about.

 

[Free To Canoe]

The Australian visa is only for 4 years, but you can reapply for a renewal. Unless your financial circumstances change substantially you would probably be assured of renewal.

However, the deal breaker for a lot of foreigners, might be the locations you would have to live in. NSW and ACT are out which means no Sydney, so you would have the option of burning to a crisp in Victoria where the bushfires are currently raging or you could live in Queensland where half the state is under water. Not sure many foreigners could handle the isolation of NT/Tas/WA and SA is probably too boring.

Quarantine is very strict in Oz because we are an island.

Thanks for the link.
Queensland is very beautiful. I love it. However, I was there in the dry season.
Have to make a couple more visits before deciding to live there.
Maybe do a circumnavigation of the continent.
Do you know anyone who has travelled the perimeter of Australia?

Free

 

[Gpond]

Well actually the Australian visa does allow you and your spouse to work up to 20 hours per week at the max.

Not sure that I agree with the Bateman's Bay comment. What is there to do there? I would think that one could easily die of boredom if they stayed there too long. A few years ago we drove from Nowra down past Merimbula, and whilst we found some nice towns I didn't see too much to do in any of these places. I am surprised that the rents in the ACT are the highest in Australia, as I thought Darwin would be a lot higher. However I guess for both locations it would depend on what suburbs you are talking about.

Lots of great sports fishing and golfing. I have lots of friends there so I am kind of biased. All ways had a great time there. The best seafood I have had in Oz was from there. It is 3 hours from Sydney and about 90 minutes from ACT. The location allows you to lay on the beach one day and go skiing the next in the Snowy Mountains. Also the center of ACT the druggies have overrun. I guess they migrated from Kings Cross. Kings Cross use to be awesome until they made the street performers stop. Darwin is to humid. The taxi cabs have the seats covered with plastic for a reason - just a cab ride in the afternoon you are drenched with sweat. ACT home building has not kept up with the population growth because the government has not be realizing new land for building because it is losing its "bush capital" feel. Since buildings can not be over 4 stories - things are getting very tight. The new houses the yards are so tiny. The houses are inches from each other. It is very sad to me.

Another note: I got a call out of the blue today and was offered a 2 year job in Saudi Arabia. I got nothing going and the salary/perks are good so I will be leaving the middle of next month. I have not even packed for my Reno vacation that starts tomorrow.

Don't know if I will be able to connect to here while I am there but I will be going on business trips to UAE, India, Bahrain, Greece and Oman. So if anyone is interested in those areas let me know. I will inquire when I am in country if they have a retirement visa program through the expats.

I guess effective March 16th, I am an Ex ERer.

 

[DangerMouse]

GPond, good luck in Saudi. Given the economy it makes sense to take the $s when they are on offer.

My in-laws live in ACT, in one of the inner suburbs where it is still bigger blocks and leafy streets. The new suburbs in the ACT are appalling, nothing more than tract housing built on top of each other. Agree with your comments on the druggies in ACT, it always feels a bit dicey strolling thru Garema Place these days where they seem to accumulate. So if anyone would be thinking of ACT I would say inner norther is the only place to live.

Darwin, I quite like the place. I have 2 siblings living there, however have to agree with you on the humidity during the wet season. However if you are retired the worst 3 months are probably the time to get out of town and go somewhere milder. The NT offers something that the rest of Australia doesn't, it is a lot more relaxed and unpretentious, though there is an element of danger. The winters are absolutely beautiful in Darwin, shorts and tshirt weather, perfect temperatures.

For us, we will likely retire to Queensland. Reasons are southern parts of Oz have no water and will eventually run out. Water restrictions have been in place for years and 3 minute showers are not my style. Qld has a lot more daylight hours and rainfall. It also offers a slower pace of life. In Queensland you have the rainforest, beautiful beaches and some of the best diving and fishing. You can also buy land that is bigger than the size of a postage stamp and it is possible to have enough water to have gardens.

 

[harley]

I guess effective March 16th, I am an Ex ERer

Hey, good luck. IMO FI is more important than ER. Especially if the w*rk takes you to interesting places and experiences. There are other Middle Easterners on the forum, so hopefully you'll still be able to check in.

 

[barker]

...but I kind of worry about our kids schooling (boys 9 and 11) for that year. There is a private school there that our friends kids go to, so that may be an option but it is 6k per year per kid so it is a bit expensive sounding to me. Both are doing really well at their schools in Texas, and I worry about jerking them out. But their spanish would really improve!

We've home schooled both our children through high school, and they've both excelled in colleges with 4.0 gpa's. So taking a year with your kids in a foreign country should be easy and a great educational opportunity for both of them. You can supplement the natural learning they'll get with some "book learning", but I wouldn't worry about it too much. All you really have to do is keep up their math skills, the rest comes naturally. It would be an experience of a life time for them to live in a foreign country, and think of the educational value of it.

 

[billman]

Another note: I got a call out of the blue today and was offered a 2 year job in Saudi Arabia. I got nothing going and the salary/perks are good so I will be leaving the middle of next month. I have not even packed for my Reno vacation that starts tomorrow.

Don't know if I will be able to connect to here while I am there but I will be going on business trips to UAE, India, Bahrain, Greece and Oman. So if anyone is interested in those areas let me know. I will inquire when I am in country if they have a retirement visa program through the expats.

I guess effective March 16th, I am an Ex ERer.

Welcome to the game known as MEA. You will love Oman.

 

[NW-Bound]

How about Malta, anyone?

They speak English. It used to belong to the Brits and only gained independence in 1964, and is now a member of the EU. I happened to read about their welcoming retirees, and so did spend some time to check it out. The financial requirements are reasonable. The Maltese are nice friendly people, and they have a very low crime rate. It appears quite a few Britons retire there. The cost of living appears to be not too bad, compared to mainland Europe.

The drawback is being on such a small island may give one a bad case of island fever. I entertained the idea of using it as a home base for a year or two to explore other places in the Mediterranean. It turned out that, with Malta being such a small nation, there are few direct flights to/from it. An trip from Malta to Sicily means several hours in Rome waiting for a connection. Boats are faster?

Having two houses and family roots in my home state, I have found it difficult to move to the Puget Sound, leave alone going to a new country. Thought I would bring it up for people to research it as a pipe dream, if nothing else.

It is definitely a place for me to visit, but I am still working on combining it with some other places in one itinerary (Sicily, Sardinia, or Corsica?)

Retire in Malta | Malta-Tax | Malta Retirement Schemes - Residence Scheme residency malta resident retirement residency malta permanent retire

 

[legacypac]

Deal breaker (from the link):

What does this visa let me do?

live in Australia for four (4) years

From the the next page:
"The Investor retirement visa is a temporary visa that allows you to stay in Australia for four years. There is an option to apply for further Investor retirement visas which will allow you to stay for a further four years, however you will need to meet the requirements to be granted a subsequent visa. As long as you continue to satisfy the visa requirements you can keep applying for subsequent Investor Retirement visas."

But really, how is Austrilia going to be a better place to live then North America? I'm sure it is a nice place, but it would not really be cheaper. Compare to Malaysia where everything looks like its on a 2/3 to 3/4 off sale to me.

 

[Saver]

Thank-you to those who have added to this thread. I have been looking into the possibility of obtaining retirement visas for Hong Kong and China. I know that Hong Kong is a part of China, but Hong Kong is largely self-governing and has separate legal and political systems. Thus far, research has not turned up much at all for China, but I did find out something interesting about HK. It seems that you may be able to buy your way in, although it requires one to invest about $840K at recent exchange rates into permissible HK assets (real estate or financial assets). This system apparently allows one to be employed or to start a business in HK without a visa requirement, and I’m guessing that it would also allow one to retire there. After seven years of continuous ordinary residence one can apply for the right of abode in HK. No word yet on whether the investment requirement remains in place once one is granted this right. Does anyone have any information on whether or not the reality is any different than what I’ve been reading about HK? Also, does anyone have information about retirement visas in China?

Thank-you, Saver

 

[atlas888]

Saver
Hong Kong is a very expensive city to live in. I have a friend who was sent by his company to work in the Hong Kong Office. His small flat there cost US $5 to 6000 a month in rent. His company pays for it, but even those multinational corporations are finding the cost prohibitive and increasingly they are just hiring local workers. Energy (gasoline and electricity) and water bills are also very high. I am not sure it is a good choice for retirement living.

 

[billman]

Hong Kong is an awesome place. Trying to get there someday myself. While it's expensive, the scheme in also expensive:

The Government of the Hong Kong Special Administrative Region - Immigration Department

There seems to be a couple of schemes where you don't need so much money up front. Check the website and see what you can come up with.

Billman

 

[Saver]

Thank-you for the replies. I realize that HK is expensive. I'm still in the thinking/planning stages right now.

I have been to that website before Billman. I read through it again and I don't see how one can avoid investing all of the required money up front. Could you please help me out on this one?

In the statistics segment I was surprised to see how many people had their applications denied. The requirements seem pretty straight forward.

Saver

 

[coldnose]

South America appears to be somewhat forgotten on this forum, so here is some more up to date information on retirement visas offered by select South American countries. I tried to use official government websites where the information was easy to find and in English, so please consider the unofficial website info suspect until verified. As always, your own due diligence is a very, very good idea.

Argentina: Income of AR$ 2,500/month (roughly US$308)
Unofficial Website: Expat Destinations. Retirement in Argentina. : Expat Info Desk
Note: The ARS recently lost significant value vs. the US$, so I'd reverify this income requirement before making any serious plans to apply for a retirement visa in Argentina.

Ecuador: Income of US$ 800/month (Foreign Pension)
http://cancilleria.gob.ec/annuitant-visa-9-i-foreign-pension/?lang=en

Uruguay: Income of US$ 1,500/month
Information about permanent residence in Uruguay.

Peru: Income of US$ 1,000/month
Unofficial Website: Peru Guide: Retire in Peru, How to apply for a Peruvian retirement visa: To obtain a retirement visa in Peru,

Colombia: Income of COP $1,700,100 (approx. US$917)/month
Unofficial Website:Requirements Colombia Pension Visa| Colombia Retirement Visa

Chile: Income varies, but US$ 1,000/month is good rule of thumb
Unofficial Website: Chile Retirement and Income Visa

 

[kramer]

I have a retirement visa in the Philippines (known as SRRV). I am under 50. Requirements for me were:

* $20,000 in a dollar CD in a Philippines bank
* One-time: $1400 application charge
* One time: Pass simple physical
* One-time: Show home country police record within a year or so of application
* $360 per year

If you are over 50 and have a government income (I think $800/mo or more), then the CD requirement is only $10,000.

With a one month notice at any time, you can withdraw from the program and get the return of your CD monies.

You never have to visit immigration again. Everything is done through a special office called the Philippines Retirement Authority. For the once a year payment, I just pay an agent (located walking distance from my place) a $10 charge (plus the $360 fee) and he takes care of the payment, gets me the new Resident card, etc. You can pay up to 3 years in advance.

 

[kramer]

Early Retirees are shut out of many Retirement visa opportunities because they usually do not yet have a pension.

This is one reason that, even though I enjoyed living in Colombia, retirement there was not an option for me. There were workarounds but they were also difficult (spend $200,000 on a property, invest $100,000 with an immigration-approved business plan, get married to a Colombiana, pledge that you are permanently committed to a Colombiana in a non-marital relationship).

I think it is important to make this distinction among Retirement Visas.

Some visas require an income but that income can be shown to come from investments, so I would not put them into the "government pension required" category but somewhere in-between depending on the details.

And with experience I can state that: You really don't "live" in a place until you have some kind of permanent visa. Border runs and temporary visas are simply not the same thing. Even a Retirement Visa which must be renewed from scratch each year (as in Thailand) is not really all the way there, in my opinion.

 

[coldnose]

Early Retirees are shut out of many Retirement visa opportunities because they usually do not yet have a pension.

This is one reason that, even though I enjoyed living in Colombia, retirement there was not an option for me. There were workarounds but they were also difficult (spend $200,000 on a property, invest $100,000 with an immigration-approved business plan, get married to a Colombiana, pledge that you are permanently committed to a Colombiana in a non-marital relationship).

I think it is important to make this distinction among Retirement Visas.

Some visas require an income but that income can be shown to come from investments, so I would not put them into the "government pension required" category but somewhere in-between depending on the details.

And with experience I can state that: You really don't "live" in a place until you have some kind of permanent visa. Border runs and temporary visas are simply not the same thing. Even a Retirement Visa which must be renewed from scratch each year (as in Thailand) is not really all the way there, in my opinion.

I agree with this assessment. Worrying about doing a monthly visa run is not my idea of a relaxing retirement, and don't consider those as viable even when the visa is free and almost guaranteed (like Thailand).

I can see how authorities could be leery of accepted investment income as opposed to an actual government or company pension that is almost guaranteed. People can cash out their investments after gaining permanent residency and if they lose the money, say in a bad business deal, they will then no longer meet the qualifications, and potentially be a burden on the state. A traditional pension is a monthly check that is fairly reliable and it can be assumed that the recipient will receive it perpetually.

Sri Lanka also offers a retirement visa, but there is a minimum age requirement of 55 years. Income requirements are US$ 1,500/month single or $2,250/month married.
(Unofficial Source): Retire to Sri Lanka - The Visa

 

[kramer]

Another thing to consider now that was not as big of a consideration before is whether the country where you become a resident taxes you on worldwide income. Before FATCA it was difficult for any country (especially those without tax treaties with the USA) to find out anything about your worldwide earnings (including your passive earnings in the USA). But with FATCA, there will be full information exchange agreements with most countries.

I can still remember looking up the rules for foreigners who are Colombia residents and realizing that after 5 years of residency one pays taxes on worldwide income. When I explained this to a couple of friends with residency there, they both laughed and said how would the Colombian government ever find out about those earnings? The answer now is FATCA, reported straight to the foreign government from Uncle Sam.

 

[Rob]

I was in Singapore for 25 years, and the last couple years even retired there. I was able to get a Permanent Residency, and of course most countries overseas do not tax US retirement pensions. To make a long story short, by some accounts Singapore is the most expensive place to live in the world, and being 67 years of age, I liked the idea of not paying US$5,500/year for health insurance. I like Medicare, and being a part of that system. I gave up my PR and returned to the States and bought a house in Washington

I also had a retirement visa in Malaysia. I gave that up, also, but quite simple if I ever wanted to get it back. The US$50,000 Malaysian bank deposit that was required to deposit was needed to buy my house. If I ever wanted to return to Malaysia, I would opt for the pension scheme rather than the bank deposit. Malaysia was wonderful, but there were aspects of living there that did not appeal to me. Glad to share what they were if you ever ask.

My goal now, since I am completely settled in my new home, is to split the time between where I am now in the States and other warmer retirement haven to escape to for 3 or 4 months. I've already been to Mexico (Lake Chapala), and want to explore Costa Rica and Panama. I might even return to Malaysia/Singapore.

Rob

 

[coldnose]

I also had a retirement visa in Malaysia. I gave that up, also, but quite simple if I ever wanted to get it back. The US$50,000 Malaysian bank deposit that was required to deposit was needed to buy my house. If I ever wanted to return to Malaysia, I would opt for the pension scheme rather than the bank deposit. Malaysia was wonderful, but there were aspects of living there that did not appeal to me. Glad to share what they were if you ever ask.

I visited Malaysia for the first time this year, spending most of my time around Georgetown. While the costs were generally low for food, I wasn't crazy about the amount of traffic. However, I could certainly get by with public transport so long as I lived fairly close to a bus stop. If I lived on Penang it would have to be away from the central area of Georgetown, maybe closer to the airport or on the other side of the island. There appear to be quite a few short and long term rentals that come furnished for an inexpensive monthly rent outside of Georgetown. I would also prefer the pension scheme, assuming that a bank deposit would be in MYR which is not the most stable currency in the world. Malaysia is a great place, although beer was expensive to purchase. I liked the live at let live attitude, and the generally friendly attitude that Malaysian Muslims seem to have towards non-Muslims. I don't know how well I'd do here full time, though. I like some cooler weather, so maybe if I found a town in Malaysia at higher elevation that got cool at night, I'd be more at home.

 

[Aus_E_Expat]

Rob - Just wondering what the issues were with Malaysia?

Indonesia offers retirement visas if over 55. The financial conditions are not too difficult to meet but there is a bit of bureaucracy involved (like everything in Indonesia).

Indonesia is lower cost than Malaysia (bit less developed, more traffic etc). In Indonesia there is no problem with operating US$ accounts etc.