10 Countries Where Americans Can Retire Abroad
Whether it’s the appeal of universal healthcare, affordable living, or overall quality of life, there are many arguments for searching out countries with retirement visas and retiring abroad. These days, it’s easier than ever to stay connected with family and friends over long distances, one of the many reasons today's retirees are making travel a priority in their lives.
For Americans looking to relocate abroad in their golden years, we have good news for you: a handful of incredible destinations offer incentives specifically for expat retirees. Countries like Costa Rica and the Philippines grant special visas to foreign retirees and pensioners, while other places offer financial perks such as tax cuts and discount programs to expats regardless of their age. There are even rural towns in countries like Switzerland and Italy attracting new residents with cash payouts and one euro homes—all things that can make those retirement savings go a long way.
The below 10 countries with retirement visas, across Europe, Southeast Asia, and Latin America, offer some of the best incentives for expat retirees. If you're interested in pursuing a second passport, check out our guide on the easiest countries to get citizenship—and if you're not yet able to retire but can work remote, here are all the countries with digital nomad visas and how to apply.
This article has been updated with new information since its original publish date.
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Thailand
Anyone 50 years of age or older can apply for one of Thailand’s two non-immigrant visas, which are intended for expat retirees. This Southeast Asian country has a ton to offer its residents, including warm temperatures, white sand beaches, thriving cities, and a superb healthcare system. Add to this a relatively low cost of living (expect to spend around $2,000 a month to live comfortably) and a strong expat community, and it’s no wonder that Thailand makes our list.
Successful applicants of the country’s Non-Immigrant “O-A” visa can stay in the country for up to one year—with another year-long extension—while the Non-Immigrant “O-X” visa is good for five years, with a possible five-year extension, resulting in a 10-year maximum. What’s especially enticing about the “O-X" visa is that any person in possession of one is free to leave and re-enter Thailand whenever they like. On the other hand, “O-A” visa holders have to apply for a multiple re-entry permit before departing the country, and then put in for a visa extension afterwards.
Requirements: To apply for the Non-Immigrant “O-A” visa, you need to have a minimum of THB 800,000 Baht ($23,296) in a bank account within the country at least two months in advance, or show a monthly income of 65,000 Baht (approximately $2,000). The Non-Immigrant “O-X” visa requires no less than 3 million Baht in a local bank account, or at least 1.8 million Baht ($52,432) in the bank and an annual income of 1.2 million Baht ($34,955). With both visas, working is prohibited, and the visa holder must have health insurance that covers Covid-19. Both “O-X” and “O-A” visa holders are also required to report to Immigration every 90 days.
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Malta
As a five-island archipelago situated between Italy and Libya, Malta offers expat retirees a blend of North African, European, and Middle Eastern influences in the middle of the Mediterranean Sea. It’s also considerably affordable—the average cost of living is about 20% lower than in the US—and offers easy access to both the European and African continents. Then there’s the weather: Malta typically has more than 300 sunny days per year. Any EU, non EU, European Economic Area (EEA), or Swiss national can apply for Maltese permanent residence through the country’s Malta Retirement Program (MRP), under the conditions that you have a retirement income that makes up 75% of your chargeable income, and either own or lease property on Malta. A large number of expats settle in St. Paul’s Bay, a relatively quiet seaside place in the country’s Northern Region.
Requirements: Applicants must be 55 years of age or older, and have proof of private health insurance that’s good throughout the EU. For those renting property in Malta, the annual lease fee must be at least $12,883. If purchasing property, it has to be worth a minimum of $375,758. In both cases, there are areas of the archipelago—such as Gozo—where the minimum requirement is even lower. Along with these costs, applicants are required to make a non-refundable government contribution ($62,268 for renters and $30,060 for property buyers), as well as to donate approximately $2,147 to a local NGO or organization approved by the Residency Malta Agency. Any foreign income remitted in Malta is taxed at a reduced rate of 15%, and subject to a minimum tax liability of $8,052.
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Portugal
Portugal is known for its Golden Visa, which uses tax perks to attract foreign nationals. Recently, the Portuguese government has tightened rules regarding the visa scheme, due to a magnifying housing crisis. Rather than investing in real estate, expats who transfer approximately $537,115 into one or more qualifying funds—including Pela Terra, a farmland fund that focuses on regenerative agriculture projects within Portugal, and Sharing Education, which supports the country’s international school system—or pour $268,577 towards supporting the arts or preserving national heritage, can qualify for the visa. You must then maintain that investment for five years (at which time you can apply for citizenship) in order to keep your Golden Visa status.
Another great option for both retirees and semi-retirees is Portugal’s D7 Passive Income Visa. This popular residency program includes the option to become a non-habitual resident (and reap the aforementioned tax benefit), as well as the ability to work—whether as a digital nomad or as an employee at a Portuguese-run business. It even allows access to the country’s extensive healthcare system. The visa is valid for two years, and then can be renewed for three more. Five years in, you can apply for permanent citizenship.
Requirements: There are no age restrictions for the D7 visa, though you must demonstrate an annual passive income of at least $10,568 (plus $5,284 per adult, and $3,170 per dependent), which is equal to the country’s current minimum wage, to apply. To qualify for the Golden Visa, you can’t have paid taxes in Portugal over any of the last five years.
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Spain
With its excellent infrastructure—including an array of public transit that includes trains, buses, trams, and light rail—and diverse landscapes ranging from the mountainous Iberian Peninsula in the northwest to the black- and white-sand beaches of the Canary Islands off the coast of Africa, Spain is a country that’s becoming increasingly attractive to foreign retirees. Its Golden Visa is a residency-by-investment program. Basically, non-EU citizens are granted a one-year stay based on a significant investment to the country. This might be purchasing property worth approximately $536,797 or more, or investing over $1 million in Spanish companies.
However, expat retirees with a more limited networth can opt for Spain’s Non-Lucrative Visa. In order to apply, an individual must have sufficient financial means (e.g. through a pension or rental property) to live within the country without having to work. In 2024, applicants must prove a minimum monthly income of approximately $2,576, or 400% of Spain’s Multiplier for the Public Income Index (IPREM)—a system that’s used as a reference point for determining the country’s required monthly living wage. Each beneficiary, whether it be a spouse or child, is required to match those funds by 100%.
Requirements: You only have to be 18 years of age or older to apply for one of Spain’s two retiree visas. In both cases, the purchase of a private healthcare policy is also necessary. After five years of living in Spain, Non-Lucrative visa holders can apply for citizenship. When it comes to the Golden Visa, the number of years is 10. However, once becoming a permanent resident, both types of visa holders will have complete access to Spain’s highly touted public healthcare system.
For those hoping to benefit from the country’s non-contributory retirement pension, you must be 66 or older and have lived in Spain for at least 10 of the last 16 years. (Use this as an extra incentive to relocate there sooner rather than later).
Tax incentives for US expat retirees include the IRS’s Foreign Tax Credit (FTC), which provides dollar-for-dollar credits on any paid income tax in Spain. Not only does this greatly reduce any US tax liability, it often wipes it out completely. There’s also the Foreign Housing Exclusion (FHE), which allows American expats to write off an array of qualifying housing expenses abroad, including rent and utilities, so that it’s no longer taxable.
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Greece
If you have money to invest, Greece may be the retirement spot for you. Since 2013, this European country has offered its Greece Golden Visa, granting five-year permanent residency to anyone investing approximately $268,851 or more in certain types of real estate, such as commercial properties converted to residential use. However, due to the golden visa's high demand among foreign retirees, the country recently raised its minimum investment amount for more general real estate. In prime locations (considered "Tier 1") such as Athens, Santorini, and Mykonos, it's a minimum of $855,427. In most other regions of Greece (considered "Tier 2"), golden visa applicants must invest $427,713 or more.
After five years you can then renew your residency (as long as you’re still invested in local property), and you can apply for citizenship after seven. To make things more enticing, Greece’s Ministry of Finance proposed a 7% flat tax in 2020 for any foreign nationals willing to transfer their tax residence (meaning the place where you’re legally required to pay taxes) here. This means that any pensions, rental income, and other transferable investments will stay at a 7% tax rate for up to 15 years. With tax brackets in the US typically ranging from 10 to 37%, it’s a steal.
Requirements: There's no requirement to invest in local real estate to take advantage of the tax rate, nor are you expected to permanently reside in Greece. Still, the overall goal is to bring in foreign dollars, so government officials hope you’ll spend accordingly. Anyone interested in utilizing Greece’s flat tax can take advantage, no matter their age. To qualify for a tax transfer, however, you can’t have paid taxes in Greece over any of the last five years. Also, the country or nation where you’re transferring your tax residence from must already have a tax agreement with Greece; the US income tax treaty with Greece qualifies, and means you won't be paying income taxes twice.
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Colombia
Cost of living is key for American retirees in Colombia, where you can live comfortably for approximately $2,000 a month. The city of Medellín, in particular, is especially popular with foreign nationals, due to such factors as year-round warm weather, excellent public transit, and an internationally recognized healthcare system.In 2022, Colombia updated its TP—7 pensionado visa, in place since 2017, with a new M-11 pensionado visa. According to new rules, the visa is now valid for up to three years and requires the purchase of private medical insurance (private Columbian plans start at about $50 per month) for the duration of your visa. Then, after five years of living within the country, visa holders can apply for permanent residency.
Requirements: Along with a clean bill of health and no criminal record, pensionado visa holders must earn at least three times Colombia's minimum wage (approximately $295 per month) in passive income, including investments. This equates to $885 per month, with the cost of the visa being around $325. There's no tax treaty between Colombia and the US, meaning US expats are at the risk of double taxation. However, a number of IRS tax credits, including the Foreign Tax Credit, which allows taxpayers to take any paid foreign taxes as a deduction from US taxes, can significantly assist with tax breaks.
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Nicaragua
Along with its volcanoes, freshwater lakes, and rainforests brimming with wildlife, Nicaragua lures foreign retirees with a bevy of financial incentives. These include the ability for retirees to import up to $20,000 of household goods (such as furniture, clothing, etc.) and a car up to $25,000 in value, duty-free. Another motivator: All foreign income is tax-free. The advantages of Nicaragua’s Pensionado Residency program, which is renewable after five years, don’t end there. Once you receive a residency card, which grants retiree status (it takes up to 6 months once you’ve submitted your application), you can open a local bank account, use credit to shop, and even get a local phone plan. For those looking to build a home, retirees can also purchase up to $50,000 of construction materials tax-free.
Requirements: Foreign nationals can retire in Nicaragua at the age of 45 as long as they have a permanent passive income of $600 per month (plus $150 per month for each dependent). You’re also required to spend at least 6 months (which can be non-consecutive) per year within the country to keep residency status.
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Philippines
The Philippine Retirement Authority (PRA) offers several distinct retirement options in an effort to attract foreign nationals. These range from a visa for retired armed forces officers to another for pensioners aged 35 and above who are in need of medical assistance. Each option has its own requirements, though the Special Resident Retiree’s Visa (SRRV) is the country’s overall standard. The SRRV’s many benefits include the option to import $7,000 worth of household items into the Philippines tax-free; the ability to work, study, and buy property; and access to PhilHealth, the country’s universal health care program. Discounts at PRA-accredited businesses, complimentary assistance in navigating other government agencies, and an exemption from taxes on pension and other foreign-earned annuities are also part of the draw.
Requirements: To apply for the SRRV, you must be 50 years of age or older, and have a proven pension of $800 per month (or a joint $1,000 per month for couples), along with $10,000 deposited in a Philippine bank account. If you’re 50 or older but don’t have a monthly pension, you can qualify by depositing $20,000 in a local bank account, instead.
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Panama
The official currency of Panama, the balboa, is currently equivalent in value to the US dollar, making deciphering costs easy for Americans keen on retiring here. According to an estimated count from 2020, there are also an estimated 20,000 to 30,000 American expats currently living in Panama—no surprise, since the Panama Pensionado (or Panama Retirement) visa, started in 1987, is one of the best for attracting foreign nationals. Why? It’s all about the discounts. Think of the Panama Pensionado as the ultimate coupon book. Qualifying applicants for this permanent-residency visa receive import-tax exemptions on household goods up to $10,000 and on a new car every other year, plus substantial discounts on everything from utility bills (25%) to dental exams (15%) and transportation services (up to 30%). The full discounts list, which includes savings on hotel stays, theater performances, and even airline tickets, is available here.
Requirements: Anyone 18 years of age or older can apply for the Panama Pensionado, as long as you have a proven lifetime pension or income of $1,000 per month (it’s an additional $250 per month for each dependent). If your monthly pension falls between $750 and $999 you can still qualify by purchasing local property worth at least $100,000. All applications must be submitted in Panama, and through a Panamanian lawyer.
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Costa Rica
This central American country has been popular with US retirees for decades, and for good reason: The country’s green environs, its laid-back way of living, and a high quality of life that includes a well-developed and supportive expat community are all incentives that make relocating here entirely worth your while. The relative ease of establishing residency is a bonus as well. Costa Rica’s pensionado visa grants temporary residency to approved applicants of any age who make a minimum income of $1,000 a month, either from a retirement fund or a permanent pension source. Once settled, most retiree couples can live well within the country for as little as $2,000 per month. This includes making a small monthly contribution (approximately 7 to 11% of your monthly pension) to Costa Rica’s universal healthcare system, the Caja Costarricense de Seguro Social, which guarantees services to all of the country’s residents.
Requirements: Proof of a permanent monthly income of $1,000 is really all that’s required for retirees to obtain temporary residency in Costa Rica. Any foreign national can then apply for permanent citizenship after three years, as long as they’ve stayed in the country for four months (continuous or discontinuous) per year and renewed their visa after two years. After seven years, they can even apply for citizenship by naturalization and obtain a Costa Rican passport, without having to renounce previous nationalities. As a pensionado visa holder, temporary residents can also establish a business or work independently—just not as an employee.
Another option for retirees is the two-year inversionista visa, which requires a one-time investment of $200,000 in either an active business, real estate, stocks, or securities; or an investment of $100,000 in forest plantations. As with Colombia, there is currently no US–Costa Rica tax treaty, but the IRS tax credits will typically help expats get around any extraneous dues.