The 7 Easiest Countries To Get Residency Overseas

Intro

Hi, I’m Kat Kalashian for Live and Invest Overseas, and in this article we’ll discuss the easiest countries for Americans to get residency.

According to a recent poll, one-third of Americans would like to move out of the United States right now, which is a staggering number of people. This means 111 million people are now considering this go-overseas idea that was considered unusual, even a little crazy, just a few years ago.

For any among the 111 million who are serious about moving overseas, there are a few steps that you’ll need to take before you can make that idea a reality.

For most, gaining residency in another country is one of these essential steps.

What Is Residency?

So first, what is residency? Residency is your legal ability to reside in a country long-term. It means that you’re not in the country as a tourist, who is usually limited to one- or three-month visas at a time.

Residency can allow you to stay in a country for one to five years at a time, usually. It also has other benefits, like access to subsidized or even free health care, education, the ability to vote sometimes, 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.

So, how can you gain residency in another country? Most countries offer a variety of resident visa options, including work, student, family reunification, ancestry, investor, digital nomad, independent means (what we often refer to as self-sufficiency visas), and many other kinds, including humanitarian residency options.

But for people going overseas for lifestyle, as opposed to working or going to school, the best options are usually independent means (or self-sufficiency visas, as we often call them) or investor resident visas.

Not every country offers these, and those that do sometimes make them prohibitive, incredibly expensive, or just impossible to qualify for as an average person.

For example, New Zealand’s Active Investor Plus Visa requires NZD $15 million to be invested in an approved category, which is about US$9.1 million. That obviously puts it out of reach for most people.

But there are a handful of countries around the world that really roll out the welcome mat for foreigners, with low financial thresholds and, in some cases, even perks and incentives for applicants.

Here’s a list of countries where the average American can reasonably qualify for residency through an independent means or investor visa, plus an overview of the requirements, which is not exhaustive. You should definitely speak with a lawyer before doing anything further.

Keep in mind that application fees, government fees, and lawyer fees are going to add to the baseline cost of your visa.

Panama

Panama offers a variety of resident visa options. But the one that’s easiest to qualify for is the Pensionado Visa, which in English means the retiree visa.

It’s a type of independent means visa, which basically means all you need to do is prove that you can support yourself financially.

You need to prove at least $1,000 per month from a government program or private corporation. You also must be 18 years old and apply in the country with a Panamanian lawyer. This is non-negotiable. Usually it’s an option whether you use an attorney or not, but in Panama that’s not the case. You must go through an attorney.

The fact that you only need to be 18 years old means that you don’t actually need to be retired. If you do have any kind of regular pension income to prove, you can qualify.

If you’d like to bring a spouse or children with you, it would only be another $250 per person.

You’ll also need to supply a health certificate, which must be issued by a Panamanian doctor, and get a background check proving you’re not a criminal from your current home country.

Among the other requirements are standard documents like birth and marriage certificates. You’re going to be asked for those pretty much everywhere you go.

The Pensionado Visa grants indefinite residency in Panama, and you only need to visit the country once every two years to maintain this status.

After five years, you can apply for Panamanian citizenship if you wish. But keep in mind you’ll need to renounce any other citizenship if you want to become Panamanian, so it’s probably not an appealing option for most people.

Panama does not tax individuals on income earned abroad, which makes it what many call a tax haven or a very attractive tax jurisdiction.

The Pensionado Visa also provides benefits like discounts on utility bills, airline tickets, medical expenses, and many other things to Pensionado Visa holders of any age.

Colombia

Number two on our list is Colombia, which offers a wide selection of visas. But like Panama, its independent means visa is likely the easiest for most people to qualify for.

There are a few different subsets of this type of visa for different kinds of applicants.

The Pensionado Visa is aimed at retirees and requires applicants to show a monthly income of at least three times the Colombian minimum monthly wage, which this year is about US$960, from a formal pension scheme.

You’ll also need to have health coverage in Colombia and provide a criminal background check, as well as a medical certificate.

This is a temporary visa that is valid for up to three years. But if you spend more than 180 continuous days outside of Colombia within any 365-day period, it will be revoked.

So you do have to make sure that you stay in the country and meet those physical presence requirements.

Portugal

Portugal has one of the lowest qualifying amounts in Western Europe for a resident visa.

The amount is equivalent to Portugal’s minimum monthly wage, which is €760 right now, or about US$820.

Visas are approved at the discretion of the immigration authority, which is true in every country. Our attorney in Portugal recommends that you show a higher amount, as much as you can, for a better chance of approval.

He recommends a monthly income of at least €1,200, which is about US$1,300 right now.

The income must be passive, from a pension, financial investments, real estate, or similar sources.

You’ll also need proof of accommodation in Portugal and proof of health insurance with coverage of at least €30,000, which is about US$32,500, valid for one year.

This visa, called the D7, is a temporary permit valid for two years and renewable as long as you continue to meet the requirements.

To maintain residency, you have to stay in Portugal for at least 16 months during your first 24 months of residency. If you’re planning on traveling a lot or going back home regularly, you’ll need to make sure you do that time-in-country math before making any plans.

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.

Greece

You can qualify for temporary residency in Greece by showing a guaranteed monthly income of €3,500, which is about US$3,890.

This grants you the Financially Independent Person Visa, called the FIP Visa.

The income must be stable and recurring. It can come from rental income, interest earnings from fixed deposits, pensions, dividends, and similar sources.

Other requirements include a background check, a medical certificate, and medical insurance for the duration of your stay.

The FIP is valid for two years and is renewable. You’ll also have to spend six months per year in Greece to maintain your residency status.

After five years of continuous residency, you can apply for permanent residency, which can then be converted to citizenship after seven years of continuous residency if you’re looking to obtain an EU passport through naturalization.

Montenegro

Montenegro offers unique residency options in the context of Europe. One of the most interesting is residency through property ownership.

You can qualify for temporary residency by simply purchasing a property of any value in Montenegro, which is unique because most countries set minimum investment thresholds.

For example, to qualify for Greece’s Golden Visa Program through a property purchase, you would have to spend a minimum of €250,000, or about US$270,500.

To gain temporary residency in Montenegro through a property purchase, you need to provide a criminal record from your country of citizenship and proof of medical insurance.

You cannot be absent from Montenegro for more than one month per year to maintain your residency, which is a steep physical presence requirement. So this option isn’t the easiest if you’re planning to travel frequently or return home often.

The visa is valid for one year and is renewable as long as you continue to own your property. After five years, you can apply for permanent residency.

Indonesia

Moving out of Europe and into Asia, we have Indonesia.

The KITAS Retirement Visa is available to anyone 55 years or older who wants to retire in the country. It requires a bank or pension fund statement showing at least US$1,500 per month.

You’ll also need to have accommodation locally, as well as hire an Indonesian person as a domestic helper or driver, which is a pretty unique requirement you won’t find in many other countries.

The visa is valid for one year and can be renewed for up to five years. There’s no in-country presence requirement, so once you have it, you can come and go as you please, making it a great visa if you’re looking for a home base while traveling regularly.

After five years, you can apply for a permanent stay permit called the KITAP, which is valid for five years and renewable indefinitely.

The Philippines

Finally, we have the Philippines, which offers the Special Resident Retiree’s Visa (SRRV), a type of independent means visa.

To qualify for the SRRV Classic version, you must be at least 50 years old and make a bank deposit that will be used toward the purchase of a condominium or a long-term lease of a house and lot.

If you don’t have a pension, the deposit must be at least US$20,000.

If you do have a pension, the deposit only needs to be US$10,000, plus you must show proof of income of at least US$800 per month.

As usual, you’ll also need to provide a medical certificate from a facility in the Philippines and 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.

Those are our top countries for moving overseas that make it relatively easy for Americans to obtain residency.