Retirement is something we all think about – albeit - at different stages of our lives. While a select few may start to think about retirement objectives from an early stage of their career, most others only give it serious thought in their 50s and 60s. Regardless of when we start to think about retirement, there are some common themes that run through our heads when we do - such as financial planning, quality of healthcare and life in general, proximity/accessibility to family and safety and security.
As more and more people around the world enjoy a greater level of disposable income and become globally mobile, retirement aspirations and options have seen a gradual shift. It’s no longer just about finding a good care home, close to your family, that meets your healthcare requirements; it’s more about really thriving in this last frontier of your life. Ticking off bucket list goals and going after the things that you perhaps never had time for, as a full-time careerist/raising a family.
Moving to a new country to begin your retired life, is an idea that has seen some noticeable traction in recent years.
BENEFITS OF RETIRING TO ANOTHER COUNTRY
While the idea of relocating to a new country in your retirement years may be a bold one, it’s one that has some strong merits. It allows you the rare chance to start life afresh in a country of your choice, whereby you can decide the things that matter to you most, and accordingly choose a destination. If your savings are limited, there are some destinations that offer a much lower cost of living without necessarily compromising on your quality of life.
There are some great citizenship and residency by investment programmes that are easy to pursue and offer you a fantastic lifestyle at varied price points to suit difference budgets.
In addition to benefitting from a relaxed lifestyle and a stimulating and secure environment, you also have the advantage of holding dual citizenship (should your native country permit) and all the rights and perks that come with that.
TOP COUNTRIES YOU SHOULD CONSIDER FOR RETIREMENT
If you are considering taking the plunge and moving countries as a part of your retirement plans, do be sure to weigh up all the different options on the market carefully. Each programme offers its own unique benefits and it’s important to try to understand which one would be best suited to you and your needs. But what all of these citizenship and residency by investment programmes offer you, is the chance to live life to the fullest in your retirement years.
Here are some popular options you can consider for retirement:
A. Dominican Republic: As a retiree, you can easily get your citizenship in a short time in the Dominican Republic. You will be required to present proof of stable income of a minimum of $1,500 a month and an additional $250 a month for each dependent (a child less than 18 years and spouse). However, the source of income should be outside the Dominican Republican. Based on proof of income documents, applying for permanent residency is simple. After two years of permanent residency, you can apply to become a citizen. Given these timeframes, it is reasonable to expect your citizenship within a period of three years.
B. Peru: Peru allows for permanent residency provided you can prove a stable income of $1000 a month. For citizenship, you would be required to sit a language and history test in Spanish, unless you marry a Peruvian! At any rate, if you fulfill all the basic requirements, you can expect to have a Peruvian citizenship in two years.
C. Ireland: You need to live in Ireland for a cumulative period of four years (which can be spread over eight years) followed by one continuous year of residency, before you can qualify to become a naturalized citizen of Ireland. If you can prove some Irish heritage or another close connection with the country, then the government may even waive off some of the residency requirements.
D. Singapore: Singapore also offers an easy route to becoming a citizen. You only need to open a business as a retiree to become a citizen. Check the financial requirement because starting a business can be expensive. However, Singapore does not support dual citizenship.
