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These 3 Countries Have Amazing Incentives for Retirees Moving Abroad


You’ve saved and invested your whole adult life for this, and the time has come to quit working and start living. But where will you spend your retirement years?

If you decide the answer is abroad, you won’t be alone. Millions of Americans have done just that. Some experts estimate that as many as 12% of the nation’s 45 million or so retirees are living overseas.

There are a lot of incentives for such a move: a lower cost of living for a higher quality of life, for instance. New experiences in exotic settings. And there are any number of locales willing to up the ante to have you choose them as the golden isle for your golden years.

Here are three countries that fit that description, but keep in mind that this article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer.

Two people looking happy together on a beach.

Image source: Getty Images.

1. Portugal

Portugal is a historic trove of rich cultural offerings and natural beauty, with golden beaches and historic cities set in a mild climate that makes it feel Mediterranean despite its location on the Atlantic Ocean, surrounded by Spain. For that, and other reasons including wine production, it has earned the nickname “the California of Europe.”

Portugal also has a quality, affordable healthcare system and some of the most highly regarded financial incentives for expats. That’s under the umbrella of the country’s version of the Golden Visa Program. It grants residency to foreign investors and their families in exchange for investing in real estate, capital transfer, or job creation.

Even more: There’s a 10-year tax exemption available to those who qualify for certain kinds of income from abroad, and visa-free travel to hundreds of other countries once you establish residency.

2. Panama

This Central American nation has been a destination for expats from around the world for decades because the Panama Canal underpins the cosmopolitan feel with a Latin American flavor that characterizes its capital, Panama City. The low cost of living and high quality of life add to the allure of the natural appeal of this tropical paradise.

Adding to the appeal is the Panama Pensionado, which begins with a visa program that lays out the welcome mat for retirees who can prove they have at least $1,000 a month in Social Security or some other lifetime pension.

Then there are discounts on transportation, dental and eye exams, and utility bills and mortgages, not to mention 50% off on cultural events, hotel rooms, and even movies.

Two people watching the sun set.

Image source: Getty Images.

3. The Philippines

The Philippines offers a lot of choices, beginning with more than 7,000 islands in a sweeping archipelago with deep history and cultural heritage. The cost of living in this Southeast Asian nation is lower than in many Western countries, and Filipino hospitality just adds to the allure of its pristine beaches, coral reefs, and lush tropical landscapes.

Expats over the age of 50 can get a retirement visa that allows them to live permanently in the Philippines. And if you’re so inclined, there is a variety of income tax and capital gains tax incentives and investment incentives for expat businesses and individuals that you may qualify for.

Do your homework before you leave home

Practicality, perks, and locales that can seem like paradise help make Portugal, Panama, and the Philippines appealing options for Americans considering leaving it all behind. But do your homework.

Each of these nations has specific rules and regulations just as potential expats have their own individual expectations and resources. Work with a trusted expert to make sure yours fit with theirs before you make this life-changing move.



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