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Best Alternative Residency Options You Can Qualify For Today

Lief Simon’s 5-Step Freedom Plan

Kathleen Peddicord by Kathleen Peddicord
Oct 09, 2019
in How to, Offshore
0
Panama City financial district

Image Source: iStock/hanohiki

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Choices.

The whole live-and-invest-overseas thing comes down to choices.

Because taking control of your future is all about understanding your options for action.

The folks in the room with us at the W Panama Hotel for this week’s Offshore Wealth Summit aren’t waiting to pull the trigger on a Plan B. These folks are taking action now… with the help of dozens of the world’s most experienced offshore pros they are meeting at the conference this week.

The challenge can be that, once you’ve identified the going-overseas choices you’d like to pursue, following through on them isn’t as easy as making a quick phone call or filling out an online order form.

At least it’s not that straightforward if you haven’t laid the groundwork.

Diversifying your life and your money across borders requires an infrastructure. That’s the work that the bunch of us in Panama are undertaking this week… detailing plans for creating an infrastructure for what Lief calls your personal Freedom Plan.

Big picture, your choices for how to diversify and therefore protect and preserve your wealth while reinventing your life offshore fall into the following umbrella categories:

  • Residency
  • Citizenship
  • Banking
  • Asset Protection and Offshore Structures
  • Investing… for yield, growth, and legacy

With the help of the offshore professionals who made their way to Panama for this event, we are addressing both the theory behind each of these categorical imperatives… and also the practical specifics to do with where and how to implement the best associated strategies depending on personal priorities, objectives, and agendas.

Put more simply, we are helping to formulate customized Freedom Plans for everyone in the room.

As many of our offshore experts will showcase over the three days of our discussions this week, identifying a country for alternative residency is perhaps the priority starting point.

Home, as the saying goes, is the place where, when you show up, they have to take you in. In today’s world, establishing residency in another country amounts to creating a backup home for yourself… a place where you know you won’t be turned away.

Among the 200+ countries in the world, how do you choose where best to establish alternative residency?

Start with what kind of lifestyle you think you’d most enjoy.

Immigration law, tax incentives, available paths to citizenship, and potential investment return are all important secondary considerations. These opportunities, challenges, and restrictions can help you choose among a short list of places you think you might like to live, but they should not alone determine your course.

Thinking broadly, you have three options for how to establish residency in another country… by qualifying for:

  • A retiree or pensioner visa…
  • An investor visa…
  • An entrepreneur visa.

Understand, as you’re shopping options, that not all residency visa programs allow you to work (that is, a residency visa is not the same as a work permit)… and, as well, that not all residency programs lead to citizenship. If a second passport is an agenda for you and you hope to acquire it through residency, make sure the residency track you decide on obliges in this regard.

Other practical considerations when choosing among the many available residency options are taxes (will you be liable for them in the country where you’re thinking about becoming a resident?); required time in the country (Ecuador, for example, restricts the amount of time you can be outside Ecuador during your first two years of retiree residency; you can’t leave the country for more than 90 days per year); and ease of access (this is especially important if you intend to divide your time between or among more than one country).

If you’re considering making a move overseas as a retiree, here are countries offering attractive pensioner residency options right now. In each case, I indicate the current minimum monthly income requirement to qualify:

  • Belize (US$2,000)
  • Colombia (US$800 at the current exchange rate)
  • Ecuador (US$800)
  • Nicaragua (US$600)
  • Panama (US$1,000)
  • Portugal (US$1,400 at the current exchange rate)
  • Philippines (US$800)
  • Thailand (US$2,100)

If you’re shopping backup residency country options… not planning to make a move imminently but wanting an escape hatch should you decide you need one… following are your best current options. The physical presence requirement for each of these countries is nominal:

  • Colombia
  • Malta (if you qualify under the Golden Visa program)
  • Mexico
  • Panama
  • Portugal (if you qualify under the Golden Visa program)
  • Uruguay

If you’re hoping to acquire second citizenship and a second passport through residency, here are your best choices today:

  • Brazil
  • Colombia
  • Paraguay
  • Portugal
  • Uruguay

Note that, in each case, I qualified my recommendations as being the best available today.

These programs and options are not static; countries adjust immigration law all the time. This is why we strongly recommend that, when you identify a residency visa that allows you to realize your objectives, act on it sooner rather than later… immediately if possible.

Kathleen Peddicord

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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