Countries Where You Can Get Incentives For Retiring There

Retirement is one of the major decisions that you take in life. But is there anyone who wouldn’t like to retire abroad? Not many, perhaps. You are no longer committed to your office, and you can spend your days at any corner of the world without having to worry about anything. However, after you make up your mind that you will shift abroad, you need to decide the location.

Relocating to a new place can be challenging. You will find a lot of countries that are ready to accommodate ex-pat retirees. Some countries across Southeast Asia, Latin America, and Europe can offer incentives for retired people who have relocated there. Did you know that? If not, check them out.

Malaysia

The MM2H or Malaysia My Second Home program in this Southeast Asian country is appealing. You can enjoy all the perks of retiring abroad without taking retirement through this program. If you are 50 and above and hold an MM2H visa, you can work as a part-time employee as long as you are not becoming an obstacle in the path of a Malaysian employee. That is, a Malaysian national can’t stay unemployed because of you. So, you can choose some work accordingly.

Applicants for the MM2H visa have to be 50 years of age and above and should have liquid assets worth a minimum of $84,839. If you are retired and quite efficient in English literature, you can take up the job of a lecturer at a Malaysian university. You can also work up to 20 hours per week as an ex-pat professor.

Aside from that, they need to regularly earn $2500 as their monthly pension. After you get the approval, you need to put $36,360 of your total assets into an account in a Malaysian bank. After a year, you can take out one-third of your savings for your necessities.

Portugal

In Portugal, all you need is a Golden Visa. Portugal uses tax benefits to allure people from other countries through the Golden Visa. Any ex-pat who makes an investment of a minimum amount of $422,705 on a property in Portugal gets a 2-year residency permit in the country, not only for themselves but their families. There is also the benefit of tax exemption on foreign income, including real estate investments, dividends, and pensions for ten years.

You can renew the visa every two years if you live in Portugal for at least two weeks within this period. The D7 Passive Income Visa is also a great option for ex-pat retirees. For this visa, there are no age restrictions as such. You would have to show that your passive annual income is $9,194 or more. This is what Portugal’s current minimum wage is.

Philippines

The PRA or the Philippines Retirement Authority has different retirement options for foreign nationals. The PRA has provisions for almost everyone. For instance, it covers anyone from the armed forces to a visa for pensioners who are 35 and above and require medical assistance.

There are different requirements for each, through the SRRV or the Special Resident Retiree’s Visa. The SRRV allows you to import household items worth $7000 into the country. Aside from that, you can work, study, and even buy property in the Philippines.

You also get access to PhilHealth, the universal health care program in the country. To qualify, you need to be 50 and above. Next, you are required to earn a pension amount of $800 every month. The amount stands at $1000 for couples. Along with that, you need to deposit an amount of $10,000 in a Philippine bank account. If you don’t earn a monthly pension, you need to deposit $20,000 in a bank account in the country.

Panama

Balboa is the official currency of Panama. Its current value is equivalent to the U.S. dollar. Therefore, Americans, who are thinking of retiring in Panama, can easily decipher the costs. Some 20,000 to 30,000 Americans are currently living in the country after retirement, thanks to the Panama Pensionado Visa introduced in 1987. This visa offers a lot of discounts.

If you are 18 years and older, you can apply for a visa. However, you must have a monthly income or a proven pension of $1000. If your monthly pension is below $1000 but above $750, you will be eligible if you buy a $100,000 property. If you have a dependent, it’s $250 extra.

Greece and Nicaragua are the other two countries where retirees can benefit from the existing visa programs. Where are you heading to in 2022?