“Kathleen, I am and have been interested in moving overseas. I have one large concern and that is what will happen if and when the U.S. government no longer makes payments to its retirees? My income is 100% from the U.S. government, and I worry about what will happen when it stops.
“Of course it will be much easier for me to live on my savings in a cheaper country, but my understanding is that for many countries you have to prove you have a monthly income of a certain amount. When the United States stops paying its retirees how will that impact those who have entered a country based on a retirement income and that income is no longer?
“Once I get this figured out I am interested in buying into one of the mango farms you’ve written about.
“Any advice you could give me would be appreciated.”
–Bob C., United States
Countries with pensionado programs issue the visa based on the initial application. When you make your application, you’ll have to show that you have a pension or payments (such as from Social Security) guaranteed to continue for the rest of your life. The country doesn’t expect or project that another country might not fulfill on guaranteed retirement payments… so no further follow up or proof of continuing payments is required.
Once you have your pensionado visa, you aren’t required to renew it, and it’s difficult to lose that status.
The moral of this story is: Apply for your pensionado residency overseas before the United States files for bankruptcy.
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