5 countries with easy citizenship for retirement

Many countries have schemes on offer for individuals seeking to retire in their country. For instance, they may offer tax free pension, exemption on import tax of vehicles, discounts and more.

To gain citizenship in another country, an individual has to be desirable to that country in order to be granted access to live there, as well as having suitable funds, accommodation, etc.

Of course, it is not impossible. Although, it is advisable that an individual starts the citizenship process ahead of their planned retirement.

If someone has dual citizenship, either through descent, marriage or through an established indefinite leave to remain, then that individual is within their right to retire in either country and maintain their dual citizenship.

Many countries will require a minimum annual retirement fund. It is vital to check your chosen countries financial requirements before applying for citizenship or visas.

Before relocating anywhere, be sure to have a valid passport and prepare all documents you will need for your move in line with your countries immigration rules. Look into healthcare and insurance ahead of time.

Personal or workplace pensions can be paid to you wherever you live.

If you live abroad but are classed as a UK resident for tax purposes, you may have to pay UK tax on your pension.

The amount you pay depends on your income. If you’re not a UK resident, you don’t usually pay UK tax on your pension. But you might have to pay tax in the country you live in.

There’s a time limit to how long you can stay in an overseas country before you lose your pension. Generally, if your overseas holiday is less than 6 weeks, your pension rates remain unchanged.

However, if you prolong to more than six weeks, meaning that you’re away for almost two months, the government will reduce your Pension Supplement to the basic rate and your Energy Supplement will stop.

You may be subject to double taxation, meaning if you are a dual citizen you will be taxed twice for each country you are a resident in.

It may be worth renouncing one citizenship if you plan to retire in another country. For instance, South African individuals will need to apply to maintain their South African citizenship anyway.

If, for example, you hold South African citizenship but plan to retire in Portugal, you will automatically lose your South African citizenship unless you apply to maintain it.

You are allowed to have dual citizenship or more. The 2006 South African Nationality Act stipulates that any South African citizen over the age of 18 who wish to hold dual citizenship must first apply to retain their South African nationality.

Applicants would be required to be granted permission by the South African High Commission to become a dual citizen in the UK prior to applying for UK citizenship or a UK passport as stated by the South African Citizenship Act.

If you don’t obtain this prior permission, you will automatically lose your South African nationality on the voluntary acquisition of foreign citizenship.

If you do lose your South African citizenship this way it is possible to have it re-instated but this is a complex process.

Arguably the most popular method of obtaining citizenship among immigrants and expats.

While this method of obtaining citizenship will not disqualify anyone based upon their marital status, ancestry, or country of birth, it does require a significant time investment.

Naturalized citizenship is typically made available once a person has lived and been gainfully employed in a country for a certain period of time (typically 5-30 years).

Once that threshold is reached, candidates must usually demonstrate their devotion to their new country via some combination of language and/or history aptitude tests, interviews, and naturalization fees.

Panama

Panama is a popular retirement destination amongst expats who seek a unique place of residence.

Applicants will need to go through an immigration attorney in Panama. For retiree residence status, you must show that you have an income or pension of at least $1,000 (R16764.06) per month and $250 (R4191.02) for each dependent.

This includes things like the exemption on import tax of new vehicles every 2 years, and other discounts such as on medical bills, airline flights, loans, mortgages, utility bills, and even at dining establishments.

The Golden Visa scheme allows individual investors to attain citizenship with a straightforward process.

Malaysia

Malaysia offers plenty of opportunities for an interesting retirement location. Its low cost of living is also a key reason why Asia is attracting an expanding expatriated population.

The programme ‘Malay My Second Home’ (MM2 H) draws people into its retirement visa programs. To qualify, a person needs to be at least 50 years old and have a $199,000 (R3336047.94) liquid asset.

The deposit of $34,893 (R584948.35) in the Malaysian bank is then accompanied by an additional income statement that is based on the monthly income of $2300 (R38557.34).

If a foreigner has spent money on a home or car, the amount deposited is tax-free.

Dominican Republic

In the Dominican Republic retired persons have the ability to get citizenship within an acceptable amount of time.

A basic condition of retirement is that the retiree document a steady retirement income of up to $1,000 (R16764.06) per year from a source outside the Dominican Republic plus $300 (R5029.22) per dependent.

Nonretired persons have to report an annual minimum income of $2,000 (R33528.12) plus interest.

An individual may submit their application directly to a permanent residence as long as they meet all of these conditions.

After having a residence for at least 2 years a person is entitled to citizenship. This takes around 3 years.

Portugal

Portugal offers you an attractive option for a comfortable retirement at the most affordable rates. Porto offers a very good equilibrium between the quality and the cost.

You can retire comfortably in Portugal on an average income of $1,400 (R23489.75) per month. For some people, the value of your Social Security benefit is enough to cover your costs of living.

The Portuguese tourism scene is well-known, and its popularity as a retirement destination continues to grow.

Turkey

Turkey is the ideal retirement alternative because the pension income is not taxed, but the cost is relatively low.

A property could cost up to $35,000 (R586742.10) for a two-bedroom apartment in Antalya, although a nicer apartment is about $126,000 (R2112271.56).

However, purchasing a $250,000 (R4191015.00) property will give you full Turkish citizenship, which makes it attractive to expats.

Morocco

The Moroccan country is captivating, and combines European and African culture. It is relatively affordable for pensioners, depending on what city they are living in.

Morocco offers exemption from double taxation and buying property is a straightforward process.

Germany

Germany is internationally well known for being highly effective and with a strong sense of management.

Germany offers excellent healthcare, well positioned within Europe, with great transport

If you are a legal resident in a European country (Schengen Area) obtaining citizenship or retiring in Germany will be more straightforward.

Mauritius

Mauritius, although it has no major popularity amongst people who are considering retiring from retirement, it does still have an expanding diversity of expat communities.

It may have been partly influenced by relatively cheap living conditions and by the fascinating life that the country offers.

As Mauritius is more widely recognised as a desirable relocation destination, international demand triggered the price rises in real estate.

Chile

Property prices are comparable to those in Panama, however visas a re higher.

You also avoid paying income taxes on a pension, so there’s more cash available to play in that.

Spending $670,000 (R11231920.20) or $1 million (R16764060.00) is sufficient for you from 2 bedroom houses to 5 bedroom villas with pools.

Paraguay

Paraguay draws on its income to pay back its debt. Although Turkey or Argentina have low daily costs, property in Paraguay is about six times less expensive than in the latter.

Visas are relatively low and the yearly income of $2,000 (33528.12) is supported in various ways.

Malta

Malta may be more expensive, noisy or dusty but you will be glad with its benefits, but the drawbacks do not matter at all. Malta is sunny with great historical wealth and culture laid back, safe & peaceful.

Although Turkey is the ninth-most expensive country on the planet the house price remains affordable. Premium locations with great ocean views are often a bit pricey but there are always bargains.

Argentina

Argentina is Chiles neighbouring city which is very similar to Chile on the cultural appeals of climate.

However, as the 2nd most populous country of South Africa and most populated in Spain, the area has a wider variety of life choices.

Buenos Aires is South America’s capital and has an imposing European vibe thanks to numerous foreigners. Unlike other nations, pensions are not taxed.

Costa Rica

Though it’s South American, this is notably lower in cost than many European options on this ranking.

You may be able to find a property at Jaco for an average of $88,000 (R1475237.28) or a private house for approximately $500,000 (R8382030.00).

Rent-visa incomes in Italy and Spain are much lower, and that also means no income tax.

France

French retirement destinations have a lot in common with other continents. It is very well-positioned in Europe and is therefore the best base for globe shoppers.

It is also safe and has excellent infrastructure and healthcare, and can also serve as benchmark for working-life balance.

Ireland

A person can be considered a naturalised citizen of Ireland when living there for one year.

Those wishing to prove Irish heritage can apply for citizenship by demonstrating their ancestors.

Unless there is proof of your family Irish heritage, your ancestry could qualify as ‘Irish national’.

Irish citizens have dual citizenship. Remember that gaining the right to live in the United States does not automatically eliminate your citizenship obligations in a different nation.

Spain

Spain offers citizenship to immigrants after a single year of marriage to a national. For this reason, Spain is popular destination among those seeking Spanish citizenship.

You may need more of a sizable income in Spain to be eligible for regular citizenship however, and pensioners are not subject to a special tax cut.

Property price is rising due to its desirable location, climate, and culture. A 2-bedroom apartment in Alicante is around $150,00 (R251460.90).

Greece

Its property prices are significantly less in comparison with comparable European countries.

For a minimum of $340,000 (R5699780.40) you may qualify for a residency-by-investment scheme for permanent residency.

Italy

You need to be aware of the costs of living in Italy. In addition to its high demand for visas, property price is also rising.

Singapore

Singapore has an easy way of gaining the citizenship. Any individual that established business or married a Singaporean can obtain a permanent residence.

Applicants for naturalizing citizenship must apply after two years of residence. The opening of a business, however, is expensive.

Other countries include:

• Antigua and Barbuda
• Grenada
• Poland
• Austria
• Belgium
• Israel
• Saint Kitts and Nevis
• Brazil
• Saint Lucia
• Canada
• Mexico
• United Kingdom
• Dubai