Whenever people would think about retirement, some would consider moving to another country in order to enjoy their golden years. Several factors needs to be taken into account when investing and moving abroad. However, a recent report lists five retirement destinations which offers an attractive residency program linked to a real estate purchase.
A report from Huffington Post listed down five retirement havens that was compiled by Kathleen Peddicord, founder of the "Live and Invest Overseas" publishing group. For 30 years, Peddicord has been researching and writing about retiring and investing overseas. And her five favorite destinations with a real estate residency program includes Colombia, Ecuador, Panama, Malaysia and Malta. Here are the reasons why these places made it to Peddicord's list:
Colombia provides the easiest process in securing a permanent residency visa. The country offers prospective real estate buyers with two options. A property purchase of more than $89,000 qualifies the buyer to a temporary residency visa that is renewable yearly. After five years, the buyer can switch to a permanent visa. However, a $165,300 real estate purchase automatically allows the buyer to gain permanent residency as a resident investor. Prospective buyers would need to ensure that the municipal value of the property is listed on the deed, based on the property threshold. The buyer also would need to secure documents to show that the same amount entered into the country.
Ecuador is also one of the world's popular retirement destinations. The South American country has the lowest property threshold wherein a minimum investment of $25,000 qualifies the buyer for an investment visa. Similar with Colombia, property documents would need to reflect the minimum investment value or more. A plus is that the country also uses U.S. dollars as its local currency. However, real estate buyers who gained permanent residency status with their $25,000 investment can only stay outside of Ecuador for not more than a total of 90 days per year. This is required during each of the first two years the buyer became a resident. Ecuador also topped International Living's list of "Best Places to Retire Abroad," reports nextavenue.org. Expats and retirees are drawn to the country because of its climate, beautiful scenery and low cost of living.
Panama's Friendly Nations Visa makes it easier for buyers to gain a permanent residency status. The visa requires the buyer to have an economic tie with the country. This can be done through a real estate purchase of $300,000, a business investment of $160,000 or an $80,000 investment in reforestation, states Live and Invest Overseas. Similar to Ecuador, Panama also uses the U.S. dollar as its currency.
Malaysia is a popular retirement destination in Asia. The country offers automatic residency for property investments of RM 1 million or more (approximately $267,000). The caveat? The prospective buyer should be over 50 years old and have RM 500,000 in local savings ($133,700). The buyer will also need to show an annual income of RM 100,000 ($26,700).
- Malta has the best real estate residency program in the Eurozone. In the Southern Maltese islands, the minimum property threshold for the residency program is around $250,000, while in the northern parts of Malta, the minimum is $312,500. Transitioning into the country would be very easy since Malta's official language is English. The country also boasts of perfect weather and has a low cost of living.
In the same Huffington report, Peddicord mentioned these countries have residency programs that makes it easy for buyers to gain permanent residence status. She added, "These five countries are not only great places to live or retire overseas, but they also make it easy for the property buyer to stay on indefinitely, while, in some cases, diversifying into some of the world's most appealing property investment markets. Colombia and Panama stand out in this regard."
