Photo Credit: Alistair Berg
If You Retire In These Countries, You'll Get Extra Perks As A Foreigner
Traveling abroad after retirement can seem like a daunting task, especially considering the high-cost of traveling internationally. But if you retire in these countries, there are some perks.
Of course, the amount of money you’ll need to retire in these countries in dependent on where you decide to settle. You can see our full breakdown here.
Either way, if you end up in one of these places, it could mean a little extra savings on monthly bills and other expenses. So, as you plan for retirement, here are a few countries that should be on your list for consideration.
The Panama Retirement Visa is a great tool for incoming retirees because it has helped over 20,000 retired Americans who have already made the country their new homes.
The visa, alone, unlocks so many exclusive discounts and offers for living costs in Panama such as utility bills, airline tickets, loans, dental and eye exams. Most of these discounts start at 10% and grow, according to the embassy of Panama’s website.
The Southeast Asian country of Malaysia is another great country to retire in when considering the low-costs of living and their rotation of monetary assets.
The Malaysia My Second Home program is being updated currently, but since its inception in 2002 it has allowed American retirees to work part-time and even take advantage of the country not placing inheritance tax on their local properties. The program allows retired visitors to visit the country multiple times within 10 years, and there are no taxes placed on the American dollars you bring into the country.
The requirements for this pass are: you must be an American at least 50 years old to be eligible for the program, with specific income and bank savings.
Greece has become notably famous for its white and sleek architecture that is so unique to the country as its ancient Greek structures and statues.
The country’s investment expectations start just shy over $300,000 and these American dollars would be used to invest in the country’s real estate. If you meet Greece’s financial requirements, a retiree will be granted a 5-year residency and can re-invest in property to apply for citizenship after 7 years of property investments.
This is all a part of Greece’s Golden Visa program that was started in 2013. Taxes on income are not placed on residents who live outside of Greece unless their income is grown within the country. This is a great way for retirees to build international real estate because the program doesn’t require retirees to live in the country, but they surely can do so.
The oldest country in Europe, Portugal is a popular destination for future retirees. Portugal has a Golden Visa program that incentivizes foreign families to reside in the country by investing over $422,000 in local property.
This investment costs will raise in 2022 and the program gives oncoming travelers a 2-year residency for them and their family, which is a very valuable perk. This is great for immediate families who may have some working members, that way their foreign income isn’t taxed.
Portugal’s D7 Passive Income Visa program offers similar benefits, but it actually allows retirees to work in the country if they wanted to continue to do so and can take full advantage of the country’s healthcare system. The visa can be renewed for an additional three years and at the five-year mark, retirees can apply for citizenship.
Similar to the previously mentioned countries, there is no income tax on foreign financials. Although this is a superb perk, Nicaragua also allows retirees to import up to $20,000 worth of home goods and a vehicle for transportation at no-costs.
Nicaragua’s Pensionado Residency Program allows retirees to set up a bank account and a phone plan. One of the best offerings is that Nicaragua allows individuals to retire at 45 years old, and you can purchase a low-cost of construction materials to build your own home without imposed taxes.
The Philippines offers various attractive programs for retirees. Each one depends on status, from being a retired military participant to needing medical assistance.
The Special Resident Retiree’s Visa highlights benefits for all demographics. These programs are for individuals who are 50 years old and older, but the best part is that you can bring up to $7,000 worth of furniture. Even if you want to go back to work or study school in the Philippines, the country allows retirees to do all of this while being able to buy their own property at a low-cost price and have healthcare. This being one of the lowest investment requirements at having $10,000 in a local Philippines bank account with a pension, or $20,000 without.