One-third of Americans would like to move out of the United States, according to a recent poll.
This means that a staggering number of people—about 111 million—are now onboard with an idea that was considered unusual, even contrarian, just a few years ago.
For any among the 111 million who are serious about moving overseas, there are a few practical but essential steps that must be taken to make the idea a reality.
For most, gaining residency in another country is one of those essential steps.
Residency is your legal ability to reside in a country long-term.It differentiates you from a tourist, who is usually limited to a one- or three-month visit at a time. Residency can allow you to stay in a country for one to five years at a time.
Residency can also bring other benefits, such as access to subsidized or free health care and education, the ability to vote in local elections, and more.
Residency can be issued as a temporary or permanent permit, and it is usually renewable so long as you continue to meet the requirements.
Most countries offer a variety of resident visa options, including work, student, family reunification, ancestry, investor, digital nomad, “independent means,” and other kinds of visas. There are also humanitarian residency options.
Not every country offers these options, however, and those that do sometimes stipulate prohibitively expensive income or investment thresholds to qualify. New Zealand’s Active Investor Plus Visa, for example, requires an NZD $15 million (about $9.1 million) investment in an approved category, which puts it out of reach for most people.
That said, there are a handful of countries around the world that roll out the welcome mat for prospective expats, setting low financial thresholds to qualify for residency, and in some cases, even offering perks and benefits to incentivize applicants.
Here’s a list of countries where the average American can reasonably qualify for residency through an independent means or investor visa, plus a non-exhaustive overview of the requirements. Note that application fees will also apply for each type of visa listed.
Easy Overseas Residency: Panama
Panama offers a variety of resident visa options, but the one that’s easiest to qualify for is the Pensionado Visa.
This is a type of independent means visa. The primary qualification is proving that you receive enough monthly income to support yourself. For the Pensionado Visa, you must receive at least $1,000 per month from a government program or private corporation.
Other requirements are that you’re at least 18 years old and apply in Panama with a Panamanian attorney. You also need to supply a health certificate issued by a Panamanian doctor and a certificate of good conduct issued by the authorities in your last country of residence, among other requirements.
The Pensionado Visa grants indefinite residency in Panama, and you only need to visit the country once every two years to maintain this status. So, after five years, you can apply for Panamanian citizenship if you wish (although Panamanian nationality law requires an oath of renunciation of former citizenships).
Establishing residency to live in Panama comes with benefits, such as access to a low-tax environment. Panama does not tax individuals on income earned abroad. It also provides benefits (discounts on utility bills, airline tickets, medical expenses, and more) to Pensionado Visa holders of any age as well as legal residents above the retirement ages Panama sets for men and women.
Portugal
Portugal is a standout in Western Europe for setting one of the lowest qualifying amounts for a resident visa. The amount quoted is equivalent to Portugal’s minimum monthly wage—760 euros (about $820).
However, approval of residency applications is at the discretion of the immigration authority, and for successful applications, it’s recommended that you show a higher monthly income amount. My attorney in Portugal recommends that applicants be able to prove that they receive a monthly income of at least 1,200 euros (about $1,300).
The income should be passive, coming from sources such as pensions, financial investments, real estate, and so on. You’ll also need proof of accommodation in Portugal and proof of health insurance with coverage of at least 30,000 euros (about $32,460), applicable across the EU and valid for one year.
The D7 is a temporary resident permit that is valid for two years and renewable so long as you continue to meet the requirements. To maintain your Portuguese residency, you must stay in Portugal for at least 16 months during your first 24 months of residency.
After five years of temporary residency, you can apply for permanent residency or citizenship. This makes Portugal one of the quickest, easiest, and most affordable paths to an EU passport.
The Philippines
The Philippines offers the Special Resident Retiree’s Visa (SRRV), a type of independent means visa.
To qualify for the “SRRV Classic” subset of this visa, you must be at least 50 years old. You must also make a bank deposit that you will use towards the purchase of a condominium or long-term lease of a house and lot. And, if you don’t have a pension, the deposit must be at least $20,000. If you do have a pension, the deposit must be at least $10,000, plus you must show proof of income of at least $800 per month.
On top of these requirements, you must provide a medical certificate from a facility or physician in the Philippines. You must also provide a criminal background check from your country of origin or residence.
The SRRV is a renewable temporary resident visa that gives you the right to live in the Philippines indefinitely.
Sincerely,
Kathleen Peddicord
Founding Publisher, Live And Invest Overseas
