55 and ready to quit the rat race
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Hi, my name is Laura and i’m looking for an inexpensive country to move to long term. I’m not retired with a guaranteed pension/social security yet but i do have savings to support myself. Can someone suggest a country that has a low cost of living, provide long term residency, does not require a huge bank deposit or investment, and does not require proof of guaranteed income?
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That's a tough one. Almost all countries require proof of guaranteed income, which in the absence of a formal pension means a bank deposit big enough to support yourself for the length of the visa. In Central America, most countries require a formal pension and only accept savings or investment income in exceptional circumstances.
The two exceptions I can think of are Uruguay and Paraguay, in southern South America. Both countries will accept residency applications as long as you have the means to support yourself, regardless of where it comes from. Of the two, Paraguay has a much lower cost of living, but the lifestyle is rustic to say the least. In both countries you should be able to initiate a residency application on a rival, and remain in the country until it's processed. As part of my global citizen service I offer personalPersonal consultations to facilitate those applications.
Ted Baumann
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Hi Laura, My name is David Hammond. I moved from the U.S. to Uruguay 19 years ago when I was 46. I had a good net worth, but did not have a regular passive income. I learned that Uruguay and many other countries in Latin America won't consider a residency applicant's net worth--only their monthly income.
However, the regular income does not need to be social security or a pension. In several countries, it can be any form of regular monthly income. What many do (and what I did) is to invest their savings so that it produces a monthly income that can be used as proof of monthly income, such as rent income, dividends, etc.
If that doesn't make sense for you, here are a couple of other strategies to move aborad:
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I've met many people who got a job teaching English in order to move abroad. It provides you with a visa to live in a country without a passive monthly income. It will enable you to earn some money and also to develop a social circle right off the bat. From what I understand, you can get a TEFL certificate at an online school in a matter of months. And in many places native English speakers are in demand.
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I've also met several expats who enjoy a roaming life abroad--without needing a foreign residency. In many countries one can stay as a tourist for 90 days. And for a small fee extend one's stay for another 90 days--for a total of 180 days. People who do this might stay in one country for 5.5 months, another for 5.5 months, and then travel for a month.
Good luck to you!
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Hi Laura, My name is David Hammond. I moved from the U.S. to Uruguay 19 years ago when I was 46. I had a good net worth, but did not have a regular passive income. I learned that Uruguay and many other countries in Latin America won't consider a residency applicant's net worth--only their monthly income.
However, the regular income does not need to be social security or a pension. In several countries, it can be any form of regular monthly income. What many do (and what I did) is to invest their savings so that it produces a monthly income that can be used as proof of monthly income, such as rent income, dividends, etc.
If that doesn't make sense for you, here are a couple of other strategies to consider:
I've met many people who got a job teaching English in order to move abroad. It provides you with a visa to live in a country without a passive monthly income. It will enable you to earn some money and also to develop a social circle right off the bat. From what I understand, you can get a TEFL certificate at an online school in a matter of months. And in many places native English speakers are in demand.
I've also met several expats who enjoy a roaming life abroad--without needing a foreign residency. In many countries one can stay as a tourist for 90 days. And for a small fee extend one's stay for another 90 days--for a total of 180 days. People who do this might stay in one country for 5.5 months, another for 5.5 months, and then travel for a month.
Good luck to you!