Moving abroad is an attractive option for various reasons, whether it be for work, education, or the love of travel. However, envisioning spending your retirement years in a country of your choice can be even more enticing. Some countries offer retirement visas tailored to provide a new way of life without requiring significant investments or work commitments. While these visas vary in their terms and conditions, they generally offer retirees unique benefits and privileges.
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For instance, Belize offers the Qualified Retirement Program (QRP) that provides a retirement visa linked to immigration status. Colombia grants a migrant visa for pensioners with a constant monthly income. Ecuador allows temporary residence visas for retirees, while Fiji offers resident permits based on assured income. Indonesia has a visa for elderly and retired individuals, and Italy offers an Elective Residence Visa for those with existing assets. Malaysia has the Malaysia My Second Home (MM2H) Programme with renewable five-year visas. Malta's Retirement Programme caters to those with stable pension income, and New Zealand has a Temporary Residence Retirement Visa for those 66 years or older.
Portugal has the D7 visa for passive income or retirement purposes, while Spain offers a non-working residence visa. Thailand introduced the Long Term Residence (LTR) visa for wealthy pensioners. The Philippines has the Special Resident Retiree's Visa (SRRV) with various categories. For the UAE, there's the Golden Visa program for retired individuals or the option of a residence visa for retirees without investment.
Each country has its eligibility criteria, benefits, and restrictions, allowing retirees to choose the best fit for their golden years.
Indonesia:
Indonesia offers a retirement visa specifically for elderly and retired individuals, known as the Retirement Stay Permit (KITAS Lansia).
What it offers:
- One-year stay: The initial KITAS Lansia is issued for one year and can be extended up to five times consecutively, each extension providing an additional one-year stay.
- No work allowed: Holders of the KITAS Lansia are not permitted to work in Indonesia during their stay.
Eligibility:
- Age requirement: Applicants must be 55 years or above to be eligible for the KITAS Lansia.
- Financial requirements: Applicants need to provide proof of a guarantee letter from a tourism board as a guarantor and demonstrate a minimum bank balance or regular pension income (around $1,500 or more) for the last six months.
Malaysia:
Malaysia offers the Malaysia My Second Home (MM2H) Programme, which is a popular retirement visa option for foreigners. The program is open to individuals from all countries and divided into age-based categories: those aged 25 to 49 years and those aged 50 years and above.
What it offers:
- Renewable five-year visas: Successful applicants receive a multiple-entry social visit visa, allowing them to stay in Malaysia for up to 10 years.
- Ability to work: Unlike many other retirement visas, MM2H participants have the option to work part-time in Malaysia without needing to obtain a separate work permit.
- Tax incentives: MM2H participants can enjoy tax incentives on their foreign-sourced income remitted to Malaysia.
Eligibility:
- Financial requirements: Applicants aged 50 and above need to prove a minimum offshore income of RM10,000 per month, while those below 50 need to demonstrate a higher offshore income.
- Fixed Deposit: Successful applicants aged 50 and above must place a fixed deposit of RM150,000 in a Malaysian bank, while those below 50 need to deposit RM300,000.
- Medical Insurance: Participants need to have valid medical insurance coverage while staying in Malaysia.
The Philippines:
The Philippines offers the Special Resident Retiree's Visa (SRRV), catering to different categories of retirees, each with specific benefits.
What it offers:
- Indefinite stay: SRRV holders can stay in the Philippines indefinitely with multiple entries.
- Tax and customs exemptions: Retirees enjoy tax and customs duty exemptions for the importation of household goods and personal belongings.
- Study permit: SRRV holders can pursue their studies in the Philippines.
Eligibility:
- Age requirement: Applicants must be at least 35 years old to be eligible for the SRRV.
- Financial requirements: The deposit amount varies depending on the SRRV category chosen, ranging from $10,000 to $50,000. There are also options to show a monthly pension ranging from $800 to $2,000.
Thailand:
Thailand introduced the Long Term Residence (LTR) visa, which is open to wealthy pensioners aged 50 years and over.
What it offers:
- 10-year visa: The LTR visa is valid for ten years with multiple-entry access, and it can be renewed after each ten-year period.
- Tax exemption: LTR visa holders are exempt from paying taxes on their overseas income.
- Work permit: Unlike some other retirement visas, the LTR visa also comes with the privilege of obtaining a work permit.
Eligibility:
Age and financial requirement: Applicants must be at least 50 years old and demonstrate a minimum personal annual income of at least $80,000 generated through passive means, such as pension income.
It's essential to note that retirement visa requirements and conditions can change over time, so it's advisable to consult official government sources or seek assistance from reputable agencies when considering applying for any retirement visa
