If you want to spend your golden years abroad, you need a retirement visa. We did some research and here’s what we found out!
There’s nothing more delightful than living out your golden years in a country where retirement visas and living expenses don’t cut a hole in your budget. For example, several senior Americans would want to retire abroad, especially to places where their dollars are highly valued.
Retirees have several options when it comes to where they want to live. They might choose to move to a more affordable area, where $1,000 a month is just enough to live a comfortable life, or they can live on exotic islands like those in Thailand, Panama, or Belize for less than $1,800 a month.
However, the thing that can change your perception regarding the place you want to spend your golden years is the retirement visa. They’re available in many countries, but some of them have high living expenses or difficult application procedures. We took some time to discover the countries Americans would love to retire to, and then we curated a list with the cost of living for each one of them.
So, without further ado, if you want to spend the rest of your life abroad and you need a retirement visa, here’s what you should expect to pay:
6. Panama
Travelers shouldn’t miss Panama’s tropical scenery since it boasts incredible beaches and jungles, with a biodiversity that’s estimated to be three times greater than that of Europe, Canada, and the US combined. It’s stunning there; it deserves to be checked out!
If you’re a fan of tropical weather, you’ll adore this destination. They also have close cultural, political, and economic ties to the United States. The retirement visa costs around $400, and what’s great for US citizens is that you can retire in this country with only a $1,000 pension or income per month and at least $250 for every dependent if you want to obtain a pensionado visa. If you’re considering moving there, Tocument, La Chorrera, Panama City, Pacora, and Balboa are totally worth the hype.
5. Belize
Belize is one of the loveliest countries in North America and is only a two-hour flight from the southern United States. Is an English-speaking country, it has sublime fauna and flora and the Blue Hole will take your breath away.
If you enjoy swimming in crystal clear waters and have fun underwater with the coral reefs, this place is for you. It’s close to the Caribbean and American regions and is a wonderful destination for your golden years.
The average cost of living with rent in this tropical country is around $870. A retirement visa will cost $1000 (Final Program), with $150 (Application Program). You must be at least 40 years old and have an income of $2,000 or $24,000 annually to be eligible for the Qualified Retirement Program (QRP).
If you decide to give Belize a try, I recommend you book a trip before. This way you have a couple of days where you can have fun and explore the place and see whether you like it or not. Some of the best places there are San Ignacio, San Pedro Town, Caye Caulker, Belize City, and Belmopan.
4. Ecuador
When it comes to Ecuador’s economy, the United States is a big help for the country. Besides the fact that these two nations maintained positive relations for a long time, you’ll also like Ecuador’s rich cultural legacy and varied geography.
Ecuador is shining, with villages with Spanish Colonial architecture, beach cities reminiscent of Miami, and mouthwatering Ecuadorian cuisine. Divine, if you ask me.
For seniors who receive at least a $1,275 monthly retirement pension from outside the country, the Jubilado (retirement) Visa allows them to enter the nation temporarily. A retiree can apply for a permanent residence visa once the two-year period expires.
A retirement visa will cost you $50 for an application and $400 for an authorized visa. If you think about moving to Ecuador to spend the rest of your life, I recommend you check out Manta, Guayaquil, Ibarra, and Quito.
But before we begin talking about another country that’s wonderful for retirees, here’s something you should know. If you want to live on a budget, you’ll be happy to hear that the average cost of living with rent is around $815 per month.
3. Thailand
Have you ever been to Thailand? It’s a stunning country, with incredible tropical beaches, impressive cultural heritage, gorgeous royal palaces, and lots of ancient temples and ruins. Not to mention, the street food is top-notch, so no wonder why Thailand has an unmatched reputation as a tourist destination or a country where lots of entertainment shows are filmed.
If you want to get a retirement visa in tropical Thailand, all you need to qualify for their Non-Immigrant Category “O” Visa is to have an income of at least $1,800 monthly or $22,000 annually, or a combination of both. The money should be deposited into a bank account in this country. Another criterion you need to meet is being at least 50 years old.
A retirement visa will cost $140 for one year and $280 for five years. Some of the best cities for retirees are Phuket, Bangkok, Pak Kret, Chiang Mai, Rangsit, Krabi, and Nonthaburi. The average cost of living with rent is lower than in the countries we’ve previously talked about, at $803.
2. Colombia
Colombia’s easy retirement visa qualification has contributed to the country’s rising American expat community. Cali, one of Colombia’s most exciting travel destinations, is a lively city well-known for salsa dancing, lovely people, and tasty food. Its low cost of living and high standard of living make it a favorite retirement destination. Speaking of that, the average cost of living with rent here is $740.
The retirement visa application (Type M Visa) is simple for seniors regardless of their age, but as long as they have a lifetime income of $1,000, or at least three times more than the Colombian minimum monthly salary of $330 through pension, social security, or disability payment. You don’t have to wait a lot to get your visa because the application process only takes 30 days.
The cost of your retirement visa is around $230, and the best cities for a living are Cali, Cartagena, Bogota, Sincelejo, Barranquilla, and Medellin.
1. Indonesia
Many travelers have been captivated by Indonesia’s unusual culture and surreal scenery, especially retirees who appreciate the country’s low cost of living and relaxed way of life. With more than 17,000 islands spanning the Indian and Pacific oceans, it’s the world’s largest island nation. And one of the most beautiful places on Earth too. The loveliest beach, Pink Beach on Komodo Island, is a wonderful spot for seniors.
If you think about moving to Indonesia and spending your golden years there, you can qualify for a one-year temporary residency with Indonesia’s Retirement Visa. You have to be at least 55 years old and have a monthly income of $1,500 or $18,000 annually. If you taste the waters for a year and you like it, you can extend your retirement visa for five years before applying for permanent residency.
To have the best time ever, you’re required to have Indonesian health insurance, a hired Indonesian helper with a minimum monthly salary of $300, and a rental agreement of at least one year. The average cost of living with rent in this exotic country is $570, and your retirement visa will cost you $150. Some of the best places to live are Bali, Depok, Jakarta, Bogor, Surabaya, and Bekasi.
Before you go…
Would you consider spending your golden years in any of these gorgeous countries? Which one would you pick? Let us know in the comments below! If you’re ready to pack your bags and go on an adventure, here are some suitcases that will make the job easier.
If you enjoyed reading this article and you’d like to check out something else from Retired in USA, here’s a good post for you: 8 Genius Energy-Boosting Tips for Seniors Who Are Over 60
I would love to retire in Bali or Jakarta. How much is Indonesian Health Insurance?