More and more American pensioners are looking abroad for one «quiet port» for their retirement, with countries offering a lower cost of living and a safe living placed high on the lists of their preferences.
According to the last official count made in late 2024, at least 712,000 Americans received social security benefits abroad. This figure translates to an increase of 20% over a period of 13 years, as Forbes reports.
Many are now considering moving out of the US, with Greece being included in the attractive destinations for American pensioners.
Forbes' list includes 24 countries, which do not follow Trump's anti-immigration policy, but see American pensioners as economical «advantage», provided that they have several assets or income from retirement.
Greece: The Mediterranean Diamond
With the triptych «culture, sun, sea» Greece offers American pensioners an environment culturally rich, while the cost of living for most places outside Athens can be much lower than the average cost of living in the US.
Although health care is considered to be good and affordable, Forbes puts in «must» private health insurance.
Afterwards, the proportion of serious crimes may be low, but the country essentially «He's suffering.» from climate change, since the risk of natural disasters is considered to be high.
As regards taxation, a treaty with the US prevents double taxation and under certain circumstances there is a preferential tax rate for foreign pensioners.
The beginning can be done with the renewable independent person visa (Financially Independent Person – FIP), which requires the display of a minimum annual liability income for a pair of $60 million.
Greece also has a two-year digital nomad visa for workers, which can be counted to the five years required to obtain a permanent residence right.
The popular destinations include Athens, Corfu, Kalamata and Thessaloniki.
Retired persons: New destinations on the horizon
With the cost of living being at least 50% lower than the US average, Mauritius first enters the Forbes list, as healthcare is considered reliable and affordable.
The island government encourages Americans to make renewable retirement leave, which initially applies for 10 years and requires a couple of annual income of just $18 million.
In the Forbes list, Vietnam also appears for the first time: with the cost of living reaching just a quarter of the US and the absence of income taxation from abroad, the country is particularly attractive to pensioners.
The «Except» include the absence of an official visa for retirement, the average public health system and the long distance from the US.
Low cost of living
Malaysia attracts American pensioners to the warm climate of Southeast Asia due to the low cost of living, amounting to about half of that of the US, its and exotic mix of cultures. Government attracts American pensioners with program «My Second House in Malaysia».
This is a multi-level menu - silver, gold and platinum - that includes long visas and varies by region, while unusually based on assets and home purchase rather than income.
Colombia also offers very low living costs, while affordable healthcare is better and cheaper than the US offers. Although there is no tax treaty against double taxation, the US foreign tax credit provides considerable relief.
Life is quite cheap in Montenegro too, since compared to the US the cost of living is half that of the US. Although there is no contract with the US to avoid double taxation, foreign tax credit offers relief and Montenegro's income tax rate can only reach 15%.
For permanent residence an application for a renewable one-year temporary residence permit is required, which requires proof of pension income exceeding around 19 mm. dollars a year.
Source: OT
