Thinking about where to spend your retirement? There are some amazing countries out there that offer good healthcare, stunning scenery, and unique cultural experiences. However, for South Africans looking to retire abroad, the process can be complex. High property prices and stringent investment requirements, compounded by currency fluctuations against the Rand, often make these golden visa options dauntingly expensive and intricate.
Fortunately, the landscape for long-term travel, remote work, and retirement visas has evolved significantly in the wake of the pandemic. Many countries are now making efforts to attract retirees by lowering requirements and creating more accessible pathways for relocation.
When considering retirement overseas, it’s essential to evaluate several factors, including the cost of living, climate, healthcare accessibility, and overall lifestyle. Your Luxury Africa highlights some of the top countries that are ideal for South Africans seeking to retire abroad.
Cyprus
Retiring in Cyprus offers many advantages, including a mild climate, a relatively low cost of living compared to other EU countries, and excellent healthcare services. For retirees, the Category F residence permit is an appealing choice, designed for individuals with a secured annual income sourced from outside Cyprus. While there is no specific “retirement visa,” non-EU citizens can apply for residence permits through options like the Category F permit or the Golden Visa scheme, which requires an investment. The minimum annual income for the Category F permit is approximately EUR 10 000 (R200 000), with an additional EUR 5 000 required for each dependent family member.
Colombia
Colombia is an attractive destination for South African retirees due to its relatively low cost of living, allowing your savings to stretch even further. Enjoying a warm and sunny climate year-round, Colombia offers a pleasant and colourful atmosphere for those seeking a South American retirement adventure. To qualify for the Colombian retirement visa (Migrant Visa or Visa de Migrante Pensionado), applicants must prove a monthly pension income of at least three times the Colombian minimum wage, generally around USD 1 000 (R18 000). After holding an M-type visa for five years, you can apply for permanent residency, and after an additional five years, you may be eligible for Colombian citizenship. However, retirees should be prepared for the extensive paperwork, including obtaining various official documents, background checks, medical visits, and additional inquiries from the Cancillería.
Portugal
Portugal has emerged as a popular retirement destination for South Africans due to its affordable cost of living and high-quality universal healthcare. This system ensures that all residents receive necessary healthcare services, regardless of income or employment status. For retirees, Portugal offers the D7 Visa, designed for individuals with passive income or pensions. This visa requires proof of a stable income, such as from pensions, rental properties, investments, or remote work, without requiring a property purchase. The minimum monthly income requirement is set at a mere EUR 760 (approximately R15 000), allowing retirees to enjoy their savings while benefiting from Portugal’s relatively low cost of living compared to other European countries.
Mauritius
Mauritius presents an appealing and affordable retirement destination for South Africans. The country offers a renewable 10-year retirement visa, which requires a monthly income of USD 1 500 (approximately R27 500) deposited into a local bank account. While the source of this income can vary (as long as it is legal), its sustainability is essential. Fortunately, there are no obligations to invest in government schemes or purchase any property. For many, retiring on an idyllic tropical island is a dream come true – and very much possible.
Panama
Retiring in Panama presents a variety of advantages, attracting many expats. The country boasts a lower cost of living, high-quality healthcare, and tax benefits, all underpinned by a stable economy. Panama is also regarded as a safe haven for retirees, with crime rates significantly lower than in many neighbouring countries. To secure a Pensionado Visa, applicants must demonstrate a lifetime pension of at least USD 1 000 per month (R18 000) from a recognized institution. Additionally, for each dependent brought along, an extra USD 250 in income is required. Visa perks include various discounts on utilities, flights, loans, and more.
Costa Rica
Costa Rica shares the Pensionado Visa, allowing retirees to enjoy its breathtaking natural beauty, including lush rainforests, pristine beaches, and volcanic landscapes. To qualify, applicants must prove a lifetime pension of at least USD 1 000 (R18 000) per month from a government or private source. For those wishing to bring dependents, an extra USD 250 (R4 500) per dependent is required. The country’s lower cost of living, compared to many Western nations, helps retirees stretch their budgets further, making it an attractive destination for those seeking a peaceful and fulfilling retirement surrounded by nature.
Thailand
Thailand is an increasingly popular destination for retirement amongst South Africans thanks to its low cost of living. The country’s rich culture offers retirees the chance to explore ancient temples, traditional festivals, and delicious street food not simply as tourists, but as a lifestyle. More importantly, retirees can benefit from world-class healthcare facilities and qualified medical professionals, particularly in major cities like Bangkok and Phuket. To facilitate long-term stays, Thailand has implemented a specific retirement visa known as the “Non-Immigrant Visa O-A” (Long Stay). This visa is designed for individuals over 50 who wish to reside in the kingdom. To qualify, applicants must demonstrate a monthly income of THB 65 000 (R32 000) or maintain a Thai bank deposit of THB 800 000 (R434 000) for at least two months prior to applying.
Vietnam
More expat seniors are choosing Vietnam for their retirement, drawn by the country’s lower living costs compared to neighbouring Thailand. Vietnam’s allure lies in its tropical climate, stunning coastline, and delicious cuisine, known for its fresh ingredients. World-famous food aside, the country also has high healthcare standards and low crime rates and is known for the warmth of its welcoming locals. While there isn’t a specific “retirement visa,” expats can stay long-term through various visa options, including business or investor visas, or by applying for a Temporary Residence Card (TRC) upon arrival. This card allows for extended stays ranging from 2 to 5 years, costing approximately USD 155 (R2 800) per card. These factors make Vietnam an appealing choice for seniors seeking an exotic yet affordable retirement experience.
Spain
The Spanish Non-Lucrative Visa (NLV) is an appealing option for non-EU citizens seeking to live in Spain without engaging in any work or professional activities, making it perfect for retirees. To qualify, applicants must demonstrate sufficient financial resources to support themselves and their family without relying on the Spanish social welfare system. This visa is ideal for retirees with stable income or savings, and it serves as a pathway to long-term residency in Spain, potentially leading to permanent residency after five years of continuous legal residence. The minimum financial requirements include an annual income of EUR 28 800 (R571 000) for the primary applicant and an additional EUR 7 200 (R143 000) for each dependent.
