Retirement Visa – Guidelines and Requirements

Do you want to know about a retirement visa? About visa requirements? This article is right for you! We will provide you with the ultimate guide for registration, fees, and cost as well as some countries with this visa. Keep this to get more knowledge!

What is a retirement visa?

Retirement visa is a residence permit that allows individuals to spend their retirement years in a foreign country. To qualify for a visa, applicants must typically meet certain age and financial requirements to demonstrate their ability to support themselves during their stay.

Countries with retirement visa

Here are some countries that issue retirement visas:

• Dubai: To qualify for the Dubai retirement visa, you must be over 55 years old and invest in real estate, have savings of more than AED 1 million, or have an income of AED 20,000. However, you cannot apply for this visa outside the country; You must first apply for an entry visa, enter Dubai, and then apply for your visa. 
• Indonesia: The Indonesia visa is only issued to citizens of selected countries. So you first need to make sure that you are from an eligible country and then you can apply for the visa (through an approved travel agency). Please note that you cannot work with this visa.
• Italy: The retirement visa for Italy is officially known as the Elective Residence Visa. It is issued to foreigners who have sufficient resources to retire in Italy.
• Portugal: Portugal issues two different types of visas as part of its retirement program. The visa in Portugal who meet the economic requirements to live in Portugal without working. 
• Thailand: Thailand offers a one-year retirement visa and a ten-year visa. The first type of visa is available to all nationals, while for the second type, you must be from an eligible country. Please note that you cannot work under the Thai pension program.

Who can apply for a retirement visa?

To be eligible for a retirement visa, individuals must generally meet the following general requirements:

• Age requirement: Most countries require applicants to be over a certain age, usually between 45 and 60 years. The specific age limit varies from country to country.
• Health insurance: Many countries require visa applicants to have comprehensive health insurance coverage through private insurance. By enrolling in the host country’s national health insurance program.
• Clean criminal record: Applicants must have a clean criminal record and provide a police clearance certificate from their home country and any other country in which they have lived for a significant period.
• Residency requirements: Some countries may require applicants to live in the country for a certain number of days or months each year to maintain their retirement visa status.
• Investment or real estate ownership: In some cases, applicants may make a certain level of investment in the host country, such as purchasing real estate or depositing a significant amount of money into a local bank account.

Retirement visa requirements

Typical retirement visa requirements include:

• Financial stability: Applicants must demonstrate a stable source of income, such as a pension or savings, that meets the minimum financial requirements set by the host country. This can include proof of a monthly income, liquid assets, or investment income.
• Health insurance: Comprehensive health insurance coverage is often required through a private policy or the host country’s national health insurance program. Applicants may need to provide proof of enrollment or purchase a qualifying health insurance plan.
• Clean criminal record: Applicants must provide police clearance certificates from their home country. And any other countries they have resided in for an extended period, to demonstrate a clean criminal record.
• Residency requirements: Some countries may require applicants to live in the country for a certain number of days or months each year to maintain their retirement visa status. This can range from a minimum stay of a few months to living in the country for most of the year.
• Country eligibility: Certain countries may have agreements or restrictions that limit visas to nationals of specific countries. Applicants should check if their nationality is eligible for a visa to their desired destination.

Retirement visa application process

Here is the step-by-step guide for retirement visa application:

• Step#1. Locate a visa application center: Applicants must find the correct visa application center in their country, such as an embassy, consulate, or a private visa application center authorized by the embassy/consulate.
• Step#2. Gather required documents: Applicants must assemble all the necessary documents, such as a completed application form, passport, identity photos, civil documents (birth certificate, marriage certificate, etc.), proof of financial stability, and other supporting documents as per the requirements.
• Step#3. Complete the visa application form: Applicants must accurately fill out the retirement visa application form, providing all the necessary personal and financial information.
• Step#4. Attend the visa interview and submit the application: Applicants must attend a visa interview at the application center and submit their completed application form, supporting documents, and biometric data (photographs, fingerprints, etc.).
• Step#5. Pay the visa application fee: Applicants may need to pay the visa application fee at the time of submission or provide proof of payment if the fee was paid earlier.
• Step#6. Wait for the visa processing and decision: After applying, applicants must wait for the visa processing to be completed. It typically takes a few months before a decision is made on the retirement visa application.

How long does it take to get a retirement visa?

It typically takes a few months to process a retirement visa application.

• The processing time can vary depending on the destination country and the number of applications received.
• Some countries may take longer or shorter to process applications.
• It’s essential to plan for the processing time when preparing for retirement in a foreign country.
• Visa fees can go up to $2,000 along with the service and administrative costs.

How much does a retirement visa cost?

Retirement visa fees by country:

• Dubai: AED 800
• Indonesia: IDR 200,000
• Philippines: USD 1,400
• Portugal: EUR 90
• Spain: EUR 121
• Thailand: THB 2,000