Tag Archive for: Retirement

10 Retirement Visas with Low Income Requirements

Have you ever dreamed of retiring in an exotic location where the cost of living is so low you could enjoy a lavish lifestyle for a fraction of what you’d spend back home?

In a previous article, we explored 10 countries where you could live on less than $1,000/month. However, some of you commented that these countries often have retirement visa income requirements that are higher than $1,000.

So, in this article, you’re going to read about 10 countries with affordable retirement visas, having income requirements of $1350 or less per month, and several are under $1000/month! Plus, none require a hefty deposit into a local bank.

Keep in mind that these visa requirements often fluctuate. They may have changed already! The income requirements also vary based on currency exchange rates, which fluctuate quite a bit.

We highly recommend working with an immigration attorney who’s up-to-date with all the latest laws and can assist you in navigating the process.

Watch Our Video About 10 Cheap Retirement Visas

Common Visa Requirements

Before we delve into the details of the 10 countries, there are seven common requirements for most of these visas.

You’re going to need:

  1. A valid birth certificate
  2. A passport valid for at least six months beyond your intended stay
  3. Federal criminal background checks, state police reports, and possibly background checks in your new home country
  4. Proof of funds, typically in the form of bank statements or income statements
  5. Potential proof of health insurance that’s valid in the new country
  6. Potential taxation on your global income, including social security (consult with a qualified tax professional before committing to any country)
  7. Translation of your documents into the local language plus an apostille or legal certification

Each country has slightly different requirements so do your research and check with a local visa agent for the specifics.

10 Countries With Cheap Retirement Visas

Now, let’s explore the ten countries offering affordable retirement visas, starting with the highest income requirement and moving to the lowest.

#10 Ecuador

Parque Calderon in Cuenca EcuadorThe Ecuadorian Pensioner Visa requires a monthly income of at least three times the monthly minimum wage, which currently stands at $450. So, you’d need a monthly income of at least $1350.

The visa is fairly easy to acquire and valid for two years. Plus, Ecuador doesn’t tax social security income, unlike some other countries.

If you have a university degree, you might qualify for the Professional Visa, which doesn’t have any income requirement.

See Also: Ecuador Temporary Resident Visas

Why Ecuador?

Ecuador is a paradise for retirees, thanks to its stable weather, low cost of living, and excellent healthcare system.

The country’s economy operates on the U.S. dollar, which eliminates currency conversion hassles and offers more stability. There’s no hyperinflation like some of the other countries on this list.

Ecuador’s varied landscape, ranging from the Amazon rainforest to Andean highlands and the wildlife-rich Galápagos Islands, is simply captivating.

See Also:

#9 Paraguay

Aerial view of a church in Villarrica Paraguay.Paraguay offers a Pension-Based Temporary Residency Visa. You’ll need to demonstrate that you receive at least 100 times the current minimum wage or about $1300/month.

The visa is valid for two years, and there’s no physical presence requirement. However, you’ll need to go to Paraguay to get the visa and to renew or convert it to permanent before the 2-year expiration so you’ll need to plan a couple of trips.

Why Paraguay?

Known for its safety, Paraguay is one of Latin America’s more secure countries.

Its capital, Asunción, is a colonial city with a European vibe. The country boasts a myriad of natural attractions, including lakes, forests, waterfalls, and wetlands.

Plus, Paraguay isn’t overrun with tourists, offering a peaceful lifestyle amidst nature. It’s about the geographical size of Germany but with about 10% of the population.

#8 Guatemala

Colorful street view of Antigua City Guatemala with a volcano in the background.The Guatemalan Pensionado visa requires you to be retired in your home country and you must be able to prove a monthly income of at least $1250.

This visa is valid for five years, during which you can be out of the country for up to one consecutive year.

Why Guatemala?

Guatemala is the “land of many trees,” with over a third of the country covered by forests. Its biodiversity, jungles, lakes, black sand beaches, and incredible scenery offer retirees a tranquil life close to nature.

The country’s rich Mayan culture and affordable cost of living add to its appeal.

#7 Nicaragua

Yellow and white colonial style building in Granada Nicaragua.In Nicaragua, the Pensionado visa requires proof of $1250/month income.

The minimum age to apply is just 45 years old, and the visa is valid for one year, renewable for an additional two.

Why Nicaragua?

Nicaragua is a nature lover’s paradise with 78 reserves, parks, and wildlife sanctuaries. The country is known for its stunning rivers, lakes, and colonial cities.

Add to this mix the world-class surfing opportunities and affordability, and you have a compelling retirement destination.

#6 Panama

Aerial skyline view of modern buildings in Panama City Panama.The Pensionado Visa in Panama requires proof of a monthly income of at least $1,000.

This visa is permanent, so you never need to reapply once you’ve got it.

Why Panama?

Panama offers direct flights to the U.S., making it a convenient location for retirees with family back home.

Known for bird-watching, Panama has lush forests that invite you to reconnect with nature.

With beautiful beaches and the use of the U.S. dollar as its currency, Panama presents a hassle-free and serene retirement.

#5 Costa Rica

Picturesque waterfall in La Fortuna Costa Rica.Costa Rica’s Pensionado Visa mandates a letter from your bank stating you have a monthly pension or retirement income of at least $1,000.

The visa is valid for two years, and you must be present in Costa Rica for at least one day per year.

Why Costa Rica?

Costa Rica’s laid-back lifestyle, famously called “pura vida,” is perfect for a relaxed retirement.

The country is a nature lover’s paradise with stunning beaches and rich jungles.

Plus, direct flights to the U.S. make travel back and forth easy and convenient.

#4 Peru

Llama photobombing a picture of Machu Picchu Peru.Peru offers the Rentista visa for retirees, where you need to prove a minimum monthly income of $1000. It must be from a pension or social security; rental income, interest, dividends, etc. do not qualify.

The visa is indefinite, but you have to spend at least six months each year in Peru.

Why Peru?

Peru offers retirees a glimpse into rich history and culture, with attractions like Machu Picchu.

With 28 individual climates, there’s a spot for every retiree, whether you prefer mountains or beaches.

Peru’s world-renowned cuisine and low cost of living make it an ideal retirement haven.

#3 Colombia

Skyline view of modern buildings surrounded by trees in Medellin Colombia.Colombia’s Retirement M Visa requires 3x the monthly minimum salary, which currently equals around $900/month.

The visa is valid for three years, and you can be absent for up to six months.

Why Colombia?

Colombia is a warm and friendly country known for its festive culture and mouth-watering cuisine.

With a wealth of biodiversity, the country has attractions ranging from mountain ranges to the Caribbean and Pacific coasts, along with dense jungles. If you’re a birdwatcher, this is the place to be!

See Also:

#2 Cambodia

Angkor Wat Cambodia with a perfect reflection in the nearby lake.Cambodia’s new retirement visa, the ER visa, requires a monthly pension or retirement income but they aren’t specific about the amount. You’ll need to prove you have sufficient monthly income to support y0urself.

The visa is valid for one year and can be renewed, but you can only be out of the country for a total of 90 days per year.

Why Cambodia?

Cambodia, known as the “Kingdom of Wonder,” boasts incredible history, culture, and natural beauty.

The country is home to wonderful markets, delicious food, and friendly people.

From the mystic ruins of Angkor Wat to the bustling city life of Phnom Penh, Cambodia has something for every retiree.

#1 Bulgaria

Colorful aerial view of a resort on the Black Sea in Arkutino Bulgaria.Bulgaria’s Pensioner D visa requires a monthly pension or retirement income of at least 700 Bulgarian Lev (around $400 at the current exchange rate).

The visa is valid for one year and is renewable, and you can be away for up to six months each year.

Why Bulgaria?

Bulgaria is affordable and safe, ranking 30th on the Global Peace Index.

The country’s rich history, diverse culture, and great location in Southeastern Europe make it an attractive retirement destination.

Whether it’s the golden sands of the Black Sea coast, the grandeur of the Bulgarian Revival houses, or the snow-capped peaks of the Rila Mountains, Bulgaria has a beauty that captivates.

Final Thoughts…

There are certainly more countries offering retirement visas, but these ten are among the most affordable options we’ve found, without the requirement of a large deposit into a local bank.

Do note that these requirements are subject to change, so we recommend doing your research and contacting a local immigration attorney for the most current info.

Each of these ten countries has its unique charm and appeal, offering affordable retirement options that cater to diverse preferences.

So, pick the one that resonates most with your retirement dreams, and embark on your next exciting life chapter!

See Also:

DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS, MEANING WE GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH OUR LINKS. THERE IS NO COST TO YOU AND SOMETIMES YOU'LL EVEN GET A DISCOUNT BY USING OUR LINK. PLEASE READ OUR DISCLOSURE FOR MORE INFO.

 

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Live A Good Life AND Save for Retirement

Now that we’re in our 50’s, retirement is becoming more top-of-mind every day.

Well, maybe not “retirement” in the conventional sense because we never plan to stop working completely, but being able to afford a high quality of life in our “golden years” is a priority.

However, we don’t want to sacrifice today’s happiness for a future that may never come. “Tomorrow is not guaranteed” may be a cliche, but it guides our decision-making every day.

Almost dying has a way of changing your perspective of daily life.

That’s why this article from Entrepreneur seriously angered me: “What Would You Choose as a Consumer: Living a Good Life or Saving for Retirement.”

The Societal Ponzi Scheme

We’re taught that we should sacrifice “the good life” by working hard, scraping by, and saving every last penny so we won’t be destitute in our old age.

In other words, sell our precious time for money, and then give that money to the government in the form of taxes, banks in the form of interest, and corporations in the form of overpriced products and services (e.g. health insurance and health care).

It’s a society-level Ponzi Scheme!

Look at the number of people who delayed retirement or went back to work after the 2008 financial crisis, and it’s happening again after the 2022 reboot.

So much for “the golden years!” To quote my mom, “It’s more like the rusted years!”

When the Game Is Rigged, Change the Rules

It took a near-death experience to wake us up, as it does a lot of people. The “year of hell” as we now refer to 2015, was horrible, but it was also life-changing for us in a good way.

It made us realize that we didn’t want to keep playing a rigged game. We wanted to be able to relish and embrace every single day like it was our last!

But the only way we could realize that dream was to leave the United States and move to someplace where the necessities of life, mainly housing, food, and health care, were affordable on a middle-class income. Something that can’t be said about the United States anymore, especially health care.

We chose Ecuador for a variety of reasons that we’ve discussed before, but it’s not the only place to live a high quality of life for a lower cost of living.

Taking Your Income With You

Unfortunately, there is a fundamental requirement to achieve this dream: you need to take your income with you.

If you have a pension or social security that barely covers (or doesn’t cover) your expenses in the United States, it may be more than enough to live a high quality of life elsewhere.

However, the picture is a bit different for those of us who aren’t old enough to have a pension or social security.

Countries like Ecuador that offer a low cost of living, also pay low wages to employees. If you expect to get a job abroad, the loss of income may offset the lower cost of living and put you in the same low quality of life you’re fleeing.

Thankfully, it’s never been easier to earn a middle-class income from the United States, while living in a far more affordable country where that income is actually able to fund a middle-class lifestyle.

The key is either working remotely for a company in the United States (like Amelia has been doing) or working online for yourself (like I’ve been doing) or a combination of both.

That’s why we spent half of 2022 creating our Online Income eCourse. We realized that if we wanted to help you live an Unconventional Life abroad, we also needed to help you discover the financial means to do it.

Final Thoughts…

We believe that you should NOT have to choose between living a good life OR saving for retirement. It’s a decision that either makes you miserable now (you spend all your time working and scraping by) or in the future (you have nothing saved for retirement).

Instead, you can do BOTH. You can live a good life now AND save for retirement, but you’ll need to change your mindset, and maybe learn some new skills.

I’m going to end this rant with a quote from Captain James Tiberius Kirk:

“When forced to choose between two equally undesirable options, the only thing to do was to change the rules.”

When the game is rigged, changing the rules is really the only option.

If you’re interested in learning how to fund a higher quality of life abroad, check out our Online Income eCourse.

You might actually be able to retire early or work online so you can live in a low-cost-of-living country and still have enough left over to save for your retirement while living a higher quality of life.

DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS, MEANING WE GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH OUR LINKS. THERE IS NO COST TO YOU AND SOMETIMES YOU'LL EVEN GET A DISCOUNT BY USING OUR LINK. PLEASE READ OUR DISCLOSURE FOR MORE INFO.

 

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Redefining Retirement: Pursue Your Passion and Live a Life with Purpose

Far too many people spend their entire lives working hard to make someone else rich, only to find that when they finally cross the finish line to retirement, they’re bored and aimless.

Sadly, this is the reality for many who retire, leading to deteriorating health, depression, and early death.

And now, according to recent studies, more baby boomers than ever are becoming homeless. It takes just one crisis, like a job loss or medical bills, to push someone nearing retirement onto the streets!

The traditional concept of retirement is outdated, but you can redefine your retirement to make it more fulfilling and purposeful while protecting yourself from the dire consequences of unexpected hardships.

The Problem with Traditional Retirement

Redefine RetirementWith traditional retirement, you spend your whole life saving as much as possible, work to a certain age, and then stop working. A lot of retirees stop doing much of anything.

If you live in the United States, the rising cost of living and healthcare may eat away at your retirement savings faster than you expected, and that could lead to financial disaster later in life.

However, according to an article from MarketWatch, the retirement mindset is changing. People are beginning to realize that saving enough money for retirement is important, but having choice, autonomy, and agency matters even more.

Redefining Retirement: Live Life on Your Terms

Retirement doesn’t have to be a death sentence. By ditching the outdated concept of traditional retirement, you can create a life that revolves around your passions and interests.

Today’s retirees are redefining what it means to retire, with many continuing to work on their own terms or pursuing delayed dreams.

Here are some suggestions for how to redefine your retirement:

  • Try something new – Explore new hobbies or interests that bring you joy and a sense of purpose.
  • Turn your passion into a business – Utilize your life experiences and interests to create a meaningful, purpose-driven venture.
  • Create passive income streams – Although passive income is not entirely passive, it can allow you to live life on your terms and prioritize what truly matters to you. Check out our Online Income eCourse for ideas and quick start checklists.

We’ve seen it ourselves – people living unconventional, freedom-based lifestyles that they thought were unattainable.

Moving abroad, for example, has provided us with the flexibility and freedom to shape our lives in ways we never thought possible.

If you’re in your 30s, 40s, or 50s and don’t have enough investments or income to retire yet, you’re not alone. Neither do we.

But it’s never too early or late to take control and redefine your retirement, which might mean retiring early (with the right plan).

Overcoming Retirement Obstacles

To break free from the constraints of traditional retirement, and possibly retire early, consider these strategies:

  • Reduce expenses – Cut back on unnecessary spending, such as retail therapy or buying things you don’t need.
  • Downsize – Consider moving to a smaller home or relocating to a more affordable area.
  • Move to a low-cost country – Many countries offer a lower cost of living, allowing your retirement savings to stretch further.
  • Pay off debt – Use the Debt Snowball Method to pay off your debts and free up more money for saving and investing.
  • Earn more money – Start a side hustle or find online income opportunities.
  • Save and invest – Look into financial strategies like the FIRE movement to boost your savings and investments.

It seems cliche to say you need to spend less and earn more, but it really is that simple.

You can reduce your expenses starting today by cutting out things you don’t need. For most people, housing and cars are the biggest expenses, but it might take longer to downsize those.

We sold our house in the suburbs of Denver and moved into a one-bedroom apartment downtown. Then we sold one of our cars. When you factor taxes, insurance and maintenance into the equation, the savings was well over $2,000 per month!

It might take a little longer to start a side hustle to earn extra income, but that’s probably easier than you think, too.

It took us almost a year to earn income from our YouTube channel, but that was due to a lack of knowledge. If we were starting over today, we would be able to earn income within the first two months because of the lessons we’ve learned.

 

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Discovering Your Ideal Retirement Destination

If the idea of redefining your retirement and moving to a new country sounds appealing, we’ve compiled a list of 5 popular countries to work online or retire early according to World Population Review (2022).

These countries offer a blend of affordability, excellent healthcare, and beautiful landscapes, making them perfect for anyone looking to embrace a new way of life.

Panama

Panama is known for its lower cost of living (compared to the US), large expat community, and excellent healthcare (#56 CEO World ranking).

Its proximity to the US and the use of the US dollar make it a popular choice for expats. Many locals speak English, although learning basic Spanish is recommended.

Panama offers a 6-month tourist visa, a 9-month digital nomad visa (with extensions available), and a pension visa with a requirement of $1k/month.

Costa Rica

Costa Rica is famous for its “Pura Vida” or “Pure Life” lifestyle, focusing on simplicity and well-being. With stunning mountains, beaches, and incredible wildlife, it’s a nature lover’s paradise.

Costa Rica ranks #50 for healthcare (CEO World) and offers digital nomad and long-term visas, including a 1-year DM visa (renewable with a requirement of $3k/month) and a pensioner visa with a $1k/month requirement.

Mexico

Mexico offers more than just beautiful beaches! You’ll also find great places to live inland like Lake Chapala, Ajijic, Guanajuato, and San Miguel de Allende, boasting pleasant weather and rich culture.

With its affordability, large expat communities, and good healthcare (#29 CEO World ranking), Mexico is a popular destination for those seeking an “America Lite” experience.

Mexico offers 2-year temporary visas that allow you to work but doesn’t have an official digital nomad visa.

Ecuador

Ecuador is a birdwatcher’s paradise with more bird species per square kilometer than any country on earth. Plus, the Galapagos Islands and the Amazon rainforest are waiting for you to explore them.

The country is known for its culture, excellent healthcare, dental tourism, and affordability, with the US dollar as its official currency.

Ecuador offers a digital nomad visa with a 2-year term that can be converted to permanent residency. To qualify, you’ll need a monthly income of $1,350 (as of April 2023). Other visa options include pension, investment, and professional visas, making Ecuador one of the easiest places to relocate.

Malaysia

Malaysia is an extremely developed country with solid infrastructure, a rich history, and high-quality healthcare (#34 CEO World ranking).

Kuala Lumpur was voted the best city for expats in 2022. With its beautiful scenery and affordable cost of living, Malaysia is an attractive destination for digital nomads and retirees alike.

The country offers a new digital nomad visa requiring $24k/year, valid for 12 months with a 12-month extension available. Additionally, Malaysia has a 10-year permanent resident visa and the MM2H visa, a 10-year retirement visa with investment and monthly income requirements.

Final Thoughts

As the concept of retirement evolves, so too should our approach to it. By redefining retirement and focusing on our passions and purpose, we can create a life that’s truly fulfilling and rewarding.

Don’t be afraid to break away from the conventional retirement mold – embrace the possibilities of a freedom lifestyle, location independence, or early retirement.

The choice is yours and there are lots of amazing countries and cities to choose from if you really decide to embrace the unconventional life and move abroad.

Watch Our Video About The NEW Retirement

Videos We Mentioned in the Video:

DISCLOSURE: THIS POST MAY CONTAIN AFFILIATE LINKS, MEANING WE GET A COMMISSION IF YOU DECIDE TO MAKE A PURCHASE THROUGH OUR LINKS. THERE IS NO COST TO YOU AND SOMETIMES YOU'LL EVEN GET A DISCOUNT BY USING OUR LINK. PLEASE READ OUR DISCLOSURE FOR MORE INFO.

 

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