9 Countries to Retire on a Small Pension, Social Security, or With Very Little Money

if you want to retire in another country you're going to be limited to countries that actually have retirement pension programs for you to move in let's go through them now some places have really large financial requirements they're going to be looking for a pension program that's paying you thirty thousand dollars a year or more but in this video we're going to be looking at countries that require a much smaller pension mexico is going to be the country we talk about first because it's so close to home but in this list it's also the most expensive place to have to get a pension program so yes you're going to find a really friendly culture you're going to find lots of english speakers you're going to find that it's really easy to buy property down in mexico as well now if you want to retire down here one of the first ways you can do it is by getting the temporary resident visa now this is a visa that you start in your home country and then you pick it up when you're down here in mexico actually it can be renewed for up to four years and it gets renewed every single year some of the benefits of this program including the possibility to continue to earn income from outside of mexico you can get your driver's license you can buy a vehicle and get mexican plates on it you can even get on the mexican public health insurance and after those four years of renewing your temporary residency you'll then be eligible for permanent residency now to get into this program you have to apply at a consulate in the united states or wherever you're from and currently right now the minimum monthly requirement for the money that you're getting is about sixteen hundred thirty four dollars per month and that's using the consulate in detroit because i'm from michigan a lot of the consulates will vary in their financial requirements but they're all roughly about sixteen hundred some have more some have less another country to retire in on a small pension would be costa rica now this is one of the most eco-friendly countries in the world according to the tico times in 2020 99.78 of the energy came from clean sources and that makes them having six consecutive years of generating more than 98 of their electricity from renewable sources it's got a lot of really nice beaches both on the pacific and the caribbean side there's some beautiful national parks out there they have volcanoes that you can check out that have hot springs around them and it's a bit more expensive to live in this country but totally worth it if you're looking for that pura vida lifestyle now to retire here in costa rica you're going to have to join the pensionado program and that is another form of temporary residency down here and it's going to allow you a few things you can own a company outside of costa rica and still continue to collect your dividends while you are on your retirement here they won't tax you on any income from outside of the country which is nice and this temporary program can also be converted to permanent residency after three years and as a permanent residence here in costa rica you can enjoy all the rights of a citizen except for the right to vote so the retirement program in costa rica only asks for a thousand dollars a month which is much less than what they're asking for in mexico and speaking of retirement why not help that like button retire it's been working so hard to turn from white to blue give it a little poke and help this video spread to more people i appreciate that the third country you can retire in on a small pension is just south of costa rica and that is panama panama used to have a really easy to get friendly nations visa which basically just let you put five thousand dollars into a bank account and then you could have residency there now that program has moved on to be a three hundred thousand dollar investment so let's look at the small pension program they have instead so retiring on panama's pension program will let you stay in a place either like panama city which obviously gives you the city vibes you could stay in boquete for a little bit more peace and quiet you could look at a place like bocas del toro which is close to costa rica it's a relaxed beach town it's got lots of small islands nearby for excursions and things like that but if you're going to get on the pension program here you're going to have tax exemptions for imported goods so you can bring all your stuff from home right down with you and you're going to get a lot of discounts on things as well so you'll get discounts on your utilities that you pay when you use transportation or doctors or get any kinds of professional services or even loans and also using this pension program you're gonna get fifty percent off at places like movie theaters and sporting clubs and cultural events so there's a lot of good reasons to use this program and again just like costa rica it only requires a thousand dollars a month in retirement let's head further south and look at the fourth country on this list that's going to be ecuador now if you have the money up front you could just take a 40 000 investment option and either put it in property or to a ecuador cd that will pay you about 8.5 percent over the next two years and either option will let you get residency right away but assuming you don't have that forty thousand dollars cash to put down on something like that there's still another retirement visa that you can use that's even cheaper than any of the previous options it's going to be a temporary residency permit that can also be converted into permanent residency and while you're on this retirement visa you can still freelance or be self-employed in ecuador that won't be a problem you can also open up a business in ecuador or you could go and teach english somewhere in ecuador or you could invest in ecuador there's a lot of stuff you can still do on this retirement visa and the best part is they're only asking for 800 a month in retirement heading further south again let's look at argentina now argentina is interesting because the argentina peso has been steadily dropping basically for 20 years and it's at a current low point and holding strong there so you can go get their pension auto visa in argentina and you can even get citizenship after two years which allows you to get your passport now this one only requires a thirty thousand dollar a month in mexican pesos which right now that's averaging out to about three hundred dollars usd i have heard some reports that even though it says you only need 30 000 you might actually need a little bit more than that in truth you could you need up to about 500 in your pension program now the sixth place you could look at for a small pension program is nicaragua now this place is often overlooked and that's because some people might view it as being dangerous they get really bad press there number one and also people just don't know a lot about the country in general there's lots of places that you could live on some really nice beach locations for example they have some islands you could go diving in or you could spend you know time at las penitas in the north or san juan del sur in the south both places are really cool for a laid-back vibe and if you're living in nicaragua on this pension program you're not going to have any taxes on your out-of-country earnings thankfully you can be exempted from any kind of taxes on your imports and even if you're building a home there's some tax exemptions there as well and the best part about it is that you actually get immediate permanent residency nicaragua wants you to be in the country for as long as possible and this one is only going to cost you six hundred dollars a month in your pension program now for our seventh country to retire on a small pension we're going to have to travel across the world and look at an asian country that's the philippines now i find the philippines to just be absolutely fascinating because it's actually the fifth largest country in the world with well over seven thousand islands to choose from now that gives them the possibility to offer you a pension program to come live there with them and that's known as their special resident retiree visa so this is a non-immigrant visa to make the philippines your second home and it does also give you access to phil health which is basically their health program over there now there's a couple different ways to get the srv visa and the first way is not super inexpensive it's by putting twenty thousand dollars and maintaining it within a filipino bank account you could also buy property in some instances with that money now this is where the pension program changes based on age a little bit if you're 50 and up they're just asking for 800 a month in your pension program or a thousand dollars if you're a couple now there's another option if you are 35 years old and up and that's going to be at hundred dollars a month for your pension program but it's also part of their ailing persons program so this means if you're actually really sick and need a lot of medical care or something like that sticking around in asia we'll go to the eighth place to retire on a small pension and that is thailand one of my favorite places to live in the entire world lots of options to pick from there you could be in bangkok or chiang mai for the city life if you want city life but on the water you could look at pattaya or hua hin but one of my favorite things to do is just go live on the islands there's so many to choose from and they're not as expensive as you would think living in thailand also just gives you access to some of the best healthy food at a really low cost i mean i always find that you can get meals for one to two dollars now you could get the retirement visa while you're there and that's for people who are aged 50 and up and they have to renew this yearly now the financial requirements would be either having twenty four thousand five hundred dollars in a bank account a thai bank account that's roughly eight hundred thousand bought or having a monthly income of 65 000 baht which is around 2 000 or you could have some kind of combination of the two or maybe your monthly income isn't so high but you have more bought in a bank account or you don't have so much in your thai bank account but your monthly income on your pension program is higher but let's move on to an island in the indian ocean and that's going to be our ninth place and that is mauritius now in mauritius you can find some really cool things there's lots of waterfalls on the island itself but it's surrounded by coral reefs as well so lots of opportunity for scuba or snorkeling there's also rainforests on the island where you can find their flying fox which it actually isn't a fox it's a fruit bat it just has a vulpine face but the retirement visa is quite useful if you're aged 50 and up you can get your 10-year residence visa with a chance to extend that you can invest on this program but you can't work on it while you're there you can hold property and all they're asking for is fifteen hundred dollars a month in your pension program or depositing eighteen thousand dollars a year into your mauritius bank account now i know you're not a flying fox you can't go anywhere without a passport so check out this playlist right here to learn how you can get one

Channel: Nomad Lifestyle

Views: 309,298

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Id: AJYe3LrxLEI

Length: 10min 4sec (604 seconds)

Published: Thu Feb 10 2022