The only thing that scares people more than the idea of retirement is the reality that they are not financially ready for it.
One way to alleviate the high cost of retiring in the United States is to retire abroad. You will have to learn a new language and adjust to a new culture.
If you make at least $2,000 a month, you could live out your entire retirement comfortably.
Here are two countries that incentivize foreigners to apply for retirement visas.
Uruguay is a small South American country bordered by Argentina to the west, Brazil to the north, and the Atlantic Ocean to the east. Currently, about 3.5 million people live in the country.
Uruguay is a steadily developing country with low, crime, low tax obligations, exotic beaches, and landscapes, reasonably affordable healthcare, and a moderate climate.
Uruguay also has one of the most affordable and quality healthcare systems in the region. Most doctors are European-trained.
The country has a national healthcare plan called “mutualista.” For less than $100 monthly, you can receive emergency room care, private doctor’s visits, and major surgery without a massive deductible, hidden fees, or lifetime cap.
You should have a monthly income of $2,000 to $3,000 to live comfortably in Uruguay. To get a retirement visa, you should generate $1,500 monthly at a minimum.
You must apply for a permanent residency application after arrival. The process can take up to 24 months to finalize.
You don’t have to pay exorbitant fees or generate investments in the country. You can import a vehicle without paying taxes. And you don’t need a permanent resident visa to start the process.
If you can prove that you intend to live full-time in Uruguay, you can apply for citizenship and get an Uruguayan passport after five years. You can still maintain your original citizenship and passport too.
Thailand is a developing country that is industrializing steadily. If your aim is to retire early, retiring here could expedite your ambitions quicker.
It’s a country of 70 million people in Southeast Asia. Myanmar borders it to the west, Laos to the northeast, Vietnam to the southeast, and Malaysia to the south.
The country is renowned for its beaches, exotic locales, nightlife, food markets, and an attractive, low cost of living.
Thailand is ranked fifth in the world when it comes to healthcare and is one of the best in the regions to get healthcare. That being said, you are better off living near a large city center if you’re worried about finding a doctor.
A Thailand retirement visa is also known as a nonimmigrant “O” visa. You must be at least 50 before you can apply for one. Additionally, you will need to pass medical and police clearance background checks.
If you are frugal and know how to keep to a budget, you could live in Thailand on as little as $1,000 a month. To maintain a Western lifestyle, however, you should have an income of $2,000 to $3,000 per month.
To qualify for a Thai “O”visa, you must have at least $22,000 in a bank account and a monthly income of $1,800. The visa is valid for only a year but can be renewed annually and indefinitely.