Better Than a Retirement Visa?

“What’s the absolute fastest way I can get permanent residency somewhere else?”

I’ve noticed an uptick in the number of Americans using my consultancy service who ask that very question.

“Permanent residency” allows you to remain in a country indefinitely… to work… and to do everything else citizens can do except vote.

It’s a big step up from a temporary residency permit like a retirement visa or a digital nomad visa.

Today, I want to highlight opportunities for permanent residency that often slip under the radar…

Most people looking to move outside the US understandably focus on the European Union. Having a passport from an EU country is the “Holy Grail” for many people, because of the enormous benefits it brings—the right to live and work in 27 countries. But the rules for EU residency are getting tighter all the time.

What if you’re in a hurry?

Here are five alternatives that will give you permanent residency on the day you arrive…

Mexico: If you can show a monthly income of about $7,300, or savings of about $293,000, you can qualify for immediate permanent residency in Mexico. If that’s too steep, you can get temporary residency if you can show income of $4,300 a month or $73,200 in savings. You can convert to permanent residency in four years. Whichever way you go, you can become a Mexican citizen once you’ve lived in Mexico for five years and spent at least 180 days there each year.

Panama: Panama’s Rentista Retirado visa grants immediate permanent residency to anyone who can demonstrate a monthly income of $1,000 from a pension or similar guaranteed source, or $750 in monthly income plus an investment of $100,000 in Panamanian real estate. Panama doesn’t tax foreign-source income, and it only requires you to visit the country once a year to maintain your status. It’s not that easy to get citizenship, however, since you really must prove that you’ve become a de facto Panamanian when you apply.

Uruguay: Uruguay will give you permanent residency if you can confirm a minimum monthly income of $1,500. Although you won’t necessarily get the permit on day one, as soon as you confirm your intention to migrate to the country permanently, you will get permission to stay until your case is resolved, as well as a local residency card. You can apply for citizenship after five years if you’re single and three years if you’re married. Note, however, that you do need to remain in the country for a substantial portion of each year to keep your residency status.

My own home country of South Africa also offers immediate permanent residency based on income and assets. You must show a net worth of at least $650,000, but there’s no fixed monthly income requirement. Now, to be honest, the notion that you can get permanent residency on day one is a bit of a stretch here. The immigration bureaucracy is so slow that it can take years to get your permit. But after the recent national election, the department of Home Affairs has been assigned to a crackerjack minister who is already making huge strides in improving the situation. The applications backlog has been slashed by a third in less than two months!

The Dominican Republic’s Rentista visa gives you immediate “permanent” residency on a monthly income of $2,000. (The permit must be renewed periodically.) The income must be passive; employment or self-employment doesn’t cut it. The Jubilado visa is for retirees who can show a monthly pension income of at least $1,500. You can apply for citizenship after two years.

Of course, there are other countries that will let you live there quickly as well. Paraguay has a special visa that will give you renewable temporary residency status no matter your income level… But it’s not permanent the way the visas above are.

If getting out of dodge as quickly as possible is something you’re thinking about… give me a call and we’ll talk about getting you into one of these five programs.