One of my top blogs was about low-tax countries for expats, whether that’s to work or retire it was a blog that looked at different countries’ tax rates, economies, and infrastructure. It still is quite a popular blog, however, I wanted to look at what expats can do specifically for retirement and what the process is for each country. I hope you enjoy it!
If it helps, I have a Thai Elite Visa at the time of writing and plan to keep it.
- Thailand: Thailand is a popular destination for expats due to its low cost of living, warm weather, and friendly culture. The country is known for its beautiful beaches, delicious food, and affordable healthcare.
- Vietnam: Vietnam is another affordable country that is becoming increasingly popular with expats. The cost of living is low, and the country offers a rich cultural experience with its delicious cuisine, stunning landscapes, and friendly people.
- Costa Rica: Costa Rica is a popular destination for retirees and expats due to its stable political climate, safety, and low cost of living. The country offers a beautiful natural environment, with lush rainforests, stunning beaches, and a diverse wildlife population.
- Portugal: Portugal is another popular destination for expats due to its low cost of living, beautiful climate, and stunning landscapes. The country is known for its rich culture, delicious food, and friendly people.
- Malaysia: Malaysia is a multicultural country with a low cost of living and a high standard of living. The country is known for its beautiful beaches, delicious food, and welcoming culture.
It’s important to note that safety can vary within each country, so it’s important to do your research and choose a safe area to live in. Additionally, the cost of living can vary depending on the city or region within each country, so it’s important to consider the specific location you’re interested in.
How can I retire in Thailand?
Retiring in Thailand can be a great option for those looking for an affordable and beautiful place to live. Here are some steps to consider when planning to retire in Thailand:
- Obtain a retirement visa: To retire in Thailand, you will need to obtain a retirement visa, also known as a Non-Immigrant O-A visa. This visa is available to individuals who are 50 years of age or older and meet certain financial requirements.
- Meet the financial requirements: To obtain a retirement visa, you will need to meet certain financial requirements, including having a minimum of 800,000 Thai baht (about $25,000 USD) in a Thai bank account or having a monthly income of at least 65,000 Thai baht (about $2,000 USD).
- Find a place to live: Once you have obtained your retirement visa, you will need to find a place to live. Many expats choose to rent apartments or homes, which can be affordable in Thailand.
- Get health insurance: It’s important to have health insurance when living in Thailand. Many retirees choose to purchase international health insurance to ensure they are covered in case of illness or injury.
- Consider joining expat communities: Thailand has a large expat community, and joining expat groups and clubs can be a great way to meet new people and make friends.
- Learn the language and culture: Learning the Thai language and culture can help you better integrate into the local community and make your retirement experience more enjoyable.
Retiring in Thailand can be a great experience, but it’s important to do your research and plan ahead to ensure a smooth transition. Consulting with a financial advisor or retirement specialist can also be helpful in planning your retirement in Thailand.
How do I get a Thai elite Visa?
The Thai Elite Visa is a long-term visa that allows foreigners to stay in Thailand for an extended period of time. Here are the steps to obtain a Thai Elite Visa:
- Choose a membership package: The Thai Elite Visa offers several membership packages that range in duration from 5 to 20 years. Each package offers different benefits, including visa extensions, airport services, and other perks.
- Submit an application: Once you have chosen a membership package, you will need to submit an application to the Thai Elite Visa program. The application can be submitted online or at one of the program’s offices.
- Provide documentation: Along with your application, you will need to provide documentation such as a passport, a recent photograph, and proof of income or assets.
- Pay the membership fee: The Thai Elite Visa program requires a one-time membership fee, which varies depending on the package you choose.
- Receive approval and visa: Once your application is approved, you will receive a visa that allows you to stay in Thailand for the duration of your membership. You will also receive the benefits that come with your chosen package, such as airport services and visa extensions.
It’s important to note that the Thai Elite Visa program is more expensive than other visa options in Thailand, but it may be a good option for those who want to stay in Thailand long-term and enjoy the perks that come with the program.
What Thai elite options are there and how much do they cost?
There are several options for the Thai Elite Visa program, each with its own benefits and costs. Here are the current options as of March 2023:
- Elite Easy Access: This is a five-year visa that costs 500,000 Thai Baht (approximately $16,000 USD). It includes a range of services, including airport services, VIP immigration, and an annual health check-up.
- Elite Family Excursion: This is a five-year visa that costs 800,000 Thai Baht (approximately $25,000 USD) for two applicants. It includes similar benefits as the Elite Easy Access, as well as a complimentary limousine transfer to and from the airport.
- Elite Privilege Access: This is a ten-year visa that costs 1,000,000 Thai Baht (approximately $31,000 USD). It includes a range of services, such as airport services, VIP immigration, an annual health check-up, and a complimentary annual golfing session.
- Elite Superiority Extension: This is a 20-year visa that costs 2,000,000 Thai Baht (approximately $62,000 USD). It includes similar benefits as the Elite Privilege Access, as well as a complimentary annual spa treatment and round-trip airport transfer.
- Elite Ultimate Privilege: This is a 20-year visa that costs 2,500,000 Thai Baht (approximately $78,000 USD). It includes a range of services, such as airport services, VIP immigration, an annual health check-up, a complimentary annual golfing session, a complimentary annual spa treatment, and a round-trip airport transfer.
It’s important to note that the costs and benefits of each option may change over time, so it’s recommended to check the official Thai Elite Visa program website for the most up-to-date information.
How Do I retire in Cosa Rica?
Retiring in Costa Rica can be a great option for those seeking a warm and tropical climate, natural beauty, and a lower cost of living. Here are some steps to consider when planning to retire in Costa Rica:
- Obtain a pensionado visa: The first step in retiring in Costa Rica is to obtain a pensionado visa. This visa is available to individuals who are at least 55 years old and can show a guaranteed monthly income of at least $1,000 USD per month.
- Find a place to live: Once you have obtained your pensionado visa, you will need to find a place to live. Many retirees choose to rent apartments or homes, which can be affordable in Costa Rica.
- Learn the language and culture: Learning the Spanish language and culture can help you better integrate into the local community and make your retirement experience more enjoyable.
- Consider healthcare: Costa Rica has a good healthcare system, but it’s important to ensure that you have health insurance when living in Costa Rica. Many retirees choose to purchase international health insurance to ensure they are covered in case of illness or injury.
- Join expat communities: Costa Rica has a large expat community, and joining expat groups and clubs can be a great way to meet new people and make friends.
- Understand the cost of living: While the cost of living in Costa Rica is generally lower than in the United States or Canada, it’s important to understand the local costs of living and budget accordingly.
Retiring in Costa Rica can be a great experience, but it’s important to do your research and plan ahead to ensure a smooth transition. Consulting with a financial advisor or retirement specialist can also be helpful in planning your retirement in Costa Rica.
How do I get a pensionado visa in Costa Rica?
To obtain a Pensionado visa in Costa Rica, you will need to meet certain requirements and follow a specific application process. Here are the general steps:
- Meet the eligibility requirements: To qualify for a Pensionado visa in Costa Rica, you must be at least 55 years old and have a guaranteed lifetime income of at least $1,000 USD per month. This income can come from a pension, social security, or other sources.
- Gather the required documentation: You will need to gather several documents to apply for a Pensionado visa, including your passport, birth certificate, marriage certificate (if applicable), police clearance certificate, and proof of income. You may also need to provide additional documentation, such as medical records or a rental agreement.
- Apply for the visa: You can apply for a Pensionado visa at the Costa Rican embassy or consulate in your home country or in Costa Rica. You will need to submit your documentation and pay the visa fee, which varies depending on your country of origin.
- Attend an interview: You may be required to attend an interview with a Costa Rican immigration official to discuss your application and provide additional information.
- Wait for approval: After you have submitted your application and attended any required interviews, you will need to wait for your visa to be approved. This process can take several weeks or months.
- Enter Costa Rica: Once your Pensionado visa is approved, you can enter Costa Rica and begin enjoying your retirement.
It’s important to note that the requirements and process for obtaining a Pensionado visa in Costa Rica may change over time, so it’s recommended to consult with a Costa Rican embassy or immigration lawyer for the most up-to-date information.
What programs can I live in Costa Rica as a nomad?
Costa Rica offers several programs for digital nomads and remote workers who wish to live and work in the country for an extended period of time. Here are some options:
- Rentista program: The Rentista program is designed for individuals who have a steady income from outside of Costa Rica and wish to live in the country for an extended period of time. To qualify, you must show proof of income of at least $2,500 USD per month and make a deposit of $60,000 USD into a Costa Rican bank account.
- Tech Costa Rica: Tech Costa Rica is a new program designed to attract tech workers and entrepreneurs to the country. It offers a 12-month visa, assistance with finding housing and office space, and networking opportunities with local tech companies.
- Remote Worker visa: The Remote Worker visa is a new program that allows digital nomads and remote workers to live and work in Costa Rica for up to one year. To qualify, you must show proof of employment with a foreign company and a minimum income of $3,000 USD per month.
- Freelancer visa: The Freelancer visa is designed for self-employed individuals, such as freelancers and entrepreneurs, who wish to work and live in Costa Rica for an extended period of time. To qualify, you must show proof of self-employment and a minimum income of $2,500 USD per month.
These programs offer a great opportunity for digital nomads and remote workers to experience the natural beauty and culture of Costa Rica while continuing to work and earn an income. It’s recommended to consult with a Costa Rican embassy or immigration lawyer for the most up-to-date information and requirements for each program.
How to Retire in Malaysia
Retiring in Malaysia can be an attractive option for many people due to its tropical climate, low cost of living, diverse culture, and welcoming people. Here are some steps you can take to retire in Malaysia:
- Check your eligibility: Malaysia offers a Malaysia My Second Home (MM2H) program that allows foreigners to retire in Malaysia for a period of 10 years. To be eligible, you must be at least 50 years old and meet the financial requirements. You can check the eligibility criteria on the MM2H website.
- Meet the financial requirements: To participate in the MM2H program, you must meet the financial requirements set by the Malaysian government. This includes showing proof of liquid assets of at least RM500,000 (approximately $120,000 USD), a monthly offshore income of at least RM10,000 (approximately $2,400 USD), or a combination of both.
- Apply for the MM2H program: Once you meet the eligibility and financial requirements, you can apply for the MM2H program. You will need to submit several documents, including your passport, medical report, police clearance certificate, and proof of financial resources. You can find the application form and checklist on the MM2H website.
- Wait for approval: The MM2H application process can take several months, so it’s important to be patient. Once your application is approved, you will be granted a long-term visa that allows you to stay in Malaysia for up to 10 years.
- Plan your retirement in Malaysia: Once you are granted the MM2H visa, you can start planning your retirement in Malaysia. You can choose to buy or rent a property, open a bank account, and access healthcare services. Malaysia offers a range of activities for retirees, including golfing, hiking, and exploring the local culture.
It’s important to note that the MM2H program requirements and process may change over time, so it’s recommended to consult with a Malaysian embassy or immigration lawyer for the most up-to-date information.
Where are the best places to live in Malaysia and how much will it cost?
Malaysia is a diverse country with many great places to live, each with its own unique character and attractions. The cost of living can vary depending on the location, with Kuala Lumpur being the most expensive city in Malaysia. Here are some of the best places to live in Malaysia and their estimated costs:
- Kuala Lumpur: As the capital city, Kuala Lumpur offers a vibrant lifestyle with modern amenities, world-class shopping, and a diverse food scene. The cost of living in Kuala Lumpur is higher than in other parts of Malaysia, with a monthly budget of around RM5,000 (approximately $1,200 USD) for a single person.
- Penang: Known for its historic Georgetown, Penang offers a mix of colonial architecture, delicious street food, and beautiful beaches. The cost of living in Penang is lower than Kuala Lumpur, with a monthly budget of around RM3,500 (approximately $850 USD) for a single person.
- Malacca: With its rich history and charming streets, Malacca is a popular destination for tourists and expats alike. The cost of living in Malacca is lower than Penang, with a monthly budget of around RM2,500 (approximately $600 USD) for a single person.
- Johor Bahru: Located near the border with Singapore, Johor Bahru offers a more affordable alternative to living in Singapore. The cost of living in Johor Bahru is lower than Kuala Lumpur, with a monthly budget of around RM3,000 (approximately $725 USD) for a single person.
- Ipoh: Known for its delicious food and beautiful caves, Ipoh is a great place to live for those who enjoy a quieter lifestyle. The cost of living in Ipoh is lower than Kuala Lumpur, with a monthly budget of around RM2,500 (approximately $600 USD) for a single person.
It’s important to note that these are just rough estimates and the cost of living can vary depending on individual preferences and lifestyles. Additionally, the cost of housing can vary greatly depending on location, size, and quality. It’s recommended to do further research and consult with a local real estate agent to get a better understanding of the cost of living in a specific area of Malaysia.
How do I retire in Portugal?
Retiring in Portugal is becoming an increasingly popular option for expats, thanks to its warm climate, beautiful coastline, and relatively low cost of living. Here are some steps you can take to retire in Portugal:
- Check your eligibility: To retire in Portugal, you will need a visa or residence permit. If you are a citizen of an EU country, you do not need a visa, but you will need to register with the local authorities. If you are a non-EU citizen, you will need to apply for a residence visa.
- Choose your location: Portugal offers a range of locations for retirees, including the cosmopolitan city of Lisbon, the beach town of Albufeira, and the historic city of Porto. Each location offers a different lifestyle and cost of living, so it’s important to research and decide on the one that suits you best.
- Meet the financial requirements: To obtain a residence visa for retirement, you will need to show proof of sufficient financial means to support yourself in Portugal. This typically means having a monthly income of around €1,000 (approximately $1,200 USD) or more. You may also be required to have health insurance.
- Apply for a residence visa: Once you meet the eligibility and financial requirements, you can apply for a residence visa. You will need to submit several documents, including your passport, proof of income, and criminal background check. You can find the application form and checklist on the Portuguese embassy website.
- Wait for approval: The visa application process can take several months, so it’s important to be patient. Once your application is approved, you will be granted a long-term visa that allows you to stay in Portugal.
- Plan your retirement in Portugal: Once you are granted a residence visa, you can start planning your retirement in Portugal. You can choose to buy or rent a property, open a bank account, and access healthcare services. Portugal offers a range of activities for retirees, including golfing, hiking, and exploring the local culture.
It’s important to note that the residence visa requirements and process may change over time, so it’s recommended to consult with a Portuguese embassy or immigration lawyer for the most up-to-date information.
How do you get residency in Portugal as a non E.U citizen?
As a non-EU citizen, you can obtain residency in Portugal through several routes. Here are some of the most common ways:
- Golden Visa: The Golden Visa program is a popular route for non-EU citizens to obtain residency in Portugal. It requires an investment in the country, such as buying property or creating jobs. The minimum investment amount is €280,000 (approximately $330,000 USD) for real estate or €350,000 (approximately $410,000 USD) for properties in urban regeneration areas. There are also other investment options, such as creating jobs or investing in a venture capital fund.
- Non-Habitual Resident (NHR) regime: The NHR regime is a tax incentive program designed to attract foreign investors and retirees to Portugal. It offers a flat income tax rate of 20% for certain types of income, including pensions, royalties, and capital gains. To qualify, you must not have been a tax resident in Portugal for the past five years, and you must reside in Portugal for more than 183 days per year.
- Study visa: If you enroll in a higher education program in Portugal, you can obtain a study visa that allows you to stay in the country for the duration of your studies. After completing your studies, you can apply for a work visa or a residency permit.
- Work visa: If you have a job offer in Portugal, your employer can sponsor your work visa application. You will need to provide proof of your qualifications and experience, and your employer will need to prove that they could not find a suitable candidate within the EU.
- Family reunification: If you have a family member who is a Portuguese citizen or resident, you may be able to obtain residency through family reunification. You will need to provide proof of your relationship, and your family member will need to provide proof of their residency or citizenship.
It’s important to note that the residency requirements and application process may change over time, so it’s recommended to consult with a Portuguese embassy or immigration lawyer for the most up-to-date information.
Conclusion
The best country to retire in must meet your criteria. You can live in a really cheap country, however, it may not have the health infrastructure you want. It’s about knowing what you value, where you can find it, and how you can retire there, whether that is through investment or being a resident for so many years.
Each country will have it’s own process and these aren’t always the fastest or slickest operations so when looking please allow yourself plenty of time.
Personally, I live in Bangkok and speak for it’s process and have helped expats gain residences elsewhere in the world mainly for the tax to be honest, however, if you are investing to save tax then it’s a different ball game than if you are going to retire in those parts and live full time as a resident.
I see a lot of people deciding to choose south America as a place to live and retire because it meets a lot of needs around cost and infrastructure but also the beauty of the area as well.
I have written a blog on low-tax countries which you can read and covers more details, all the content was correct at the time of writing.
If you have any questions, please contact me using the contact form and I can respond or arrange a time to call.
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