In this article, we discuss the 5 Countries with Easy Citizenship for Retirement. If you want to check out our detailed analysis, go directly to 13 Countries with Easy Citizenship for Retirement.
5. The Philippines
Minimum Monthly Income Requirement: $800
Minimum Age Requirement: 50 years
Physical Presence Requirement: None at temporary residency stage
Time to citizenship: 10 years
The Philippines’ Special Resident Retiree’s Visa is designed to allow anyone over the age of 50 to move and settle down in the country, contingent upon the requirement that they have a monthly income of $800 to support themselves. While the cost factor certainly makes it an attractive destination for retirement, the time required for citizenship is longer compared to other countries, taking about 10 years. Applicants also have to demonstrate their integration into society and mastery of the official language, one of which is English. Owning physical property is also required for citizenship.
4. Portugal
Minimum Monthly Income Requirement: More than $700
Minimum Age Requirement: 18 years
Physical Presence Requirement: 183 days per year
Time to citizenship: 5-6 years
Fantastic weather, a laid-back lifestyle, and a low cost of living have made Portugal a veritable hot-spot for expats. For retirees, the country becomes particularly alluring with the D-7 visa, where they must demonstrate sufficient recurring income or savings. However, proof of accommodation in the country and health insurance are also additional requirements. Permanent residency is granted in 5 years, after which an application for citizenship can be submitted, available only after passing a language test.
3. Columbia
Minimum Monthly Income Requirement: About $700
Minimum Age Requirement: No Age Requirement
Physical Presence Requirement: 6 months per year (183 days in the each of the 5 years for citizenship)
Time to citizenship: 10 years
For retirees, Colombia offers an attractive renewable temporary residency with a 3-year validity, known as the M-visa. Through this visa, individuals who can ensure a monthly income, be it from a pension or other means, can easily settle down in the country. The income requirement is ten times the Colombian monthly minimum wage, equivalent to about $700. Additionally, applicants must hold international health insurance.
Eligibility for permanent residency is granted after residing continuously in the country for five years, with absence limited to 180 days during this period. After 5 years of permanent residency (1 year for Latin-Americans and Caribbean citizens, and 2 years for Spaniards), citizenship can be attained, provided the individual has been in the country for at least 183 days a year. Retirees above the age of 65 would be exempt from both the language and civic exam as part of the citizenship requirements.
2. Bulgaria
Minimum Monthly Income Requirement: $500
Minimum Age Requirement: No Age Requirement but retired in own country
Physical Presence Requirement: 30 months within 5 year period
Time to citizenship: 5-6 years
Catering to more than 60,000 expats, Bulgaria is one of the countries that provides easy citizenship for retirement as well. The program requires individuals to demonstrate the ability to support themselves with a monthly income of $500. Non-EU retirees hoping to relocate to this country can apply through the Bulgarian Pensioner D visa. Permanent residency becomes available after 5 years, and individuals can also apply for citizenship thereafter.
1. Argentina
Minimum Monthly Income Requirement: $500
Minimum Age Requirement: No Age Requirement
Physical Presence Requirement: None at residency stage but 180 days for citizenship.
Time to citizenship: 2 years
Argentina’s Pensionado visa offers one of the easiest routes for retirees to gain citizenship in this country. This renewable one-year residency permit requires proof of an outside source of income amounting to five times the Argentinean minimum wage, which is about $500. Interestingly, due to separate legislation regarding permanent residency and citizenship, the latter can actually be achieved earlier than the former. After 2 years of residency, individuals can apply for citizenship, and it is advised to spend at least 180 days per year in the country to establish their integration into society.
Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 16 Most Advanced Countries in Medicine and Top 12 Retirement Savings Tips for 55-to-64-Year-Olds.
