Retiring abroad: retirement visas for Americans

A US passport gets you in the door of most countries as a visitor, not as a resident. To retire abroad you need a residence visa, and almost all of them check the same three things: your income, your health insurance and your record.

The short version

Retiree visas are about passive income. Social Security, pensions, IRA withdrawals, dividends and rent usually count. A job in the new country usually doesn't, and many of these visas ban local work.
Income tests are set in local terms and change often. Spain ties its test to the IPREM index and Portugal to the minimum wage, and Mexican consulates publish their own figures each year, so the dollar amount moves [1][2][3].
Health insurance is usually required, and your Medicare card won't satisfy it because Medicare doesn't pay abroad.
You'll need an FBI background check for most visas, often with an apostille [1].
Apply at the consulate that covers your US home address. Requirements differ between consulates of the same country.

How retirement visas work

The playbook is pretty similar from Mexico City to Manila:

Apply for a visa at a consulate in the US. You show income or savings, insurance, a police record and a medical certificate.
Enter the country within the visa's validity window.
Register locally for a residence card within a set time. In Spain, you apply for the TIE card within one month of arrival [1].
Renew after one or two years, showing the same income again.
Move to permanent residence after several years, and sometimes citizenship later. Our guide to dual citizenship and US law explains what a second passport means for you as an American.

The countries compared

The figures below come from official consulate and immigration pages for 2025–2026. Treat them as a ballpark, not gospel, and check the exact page of the consulate that serves your state before you apply.

Country	Main retiree route	Income or savings test (2026)	Health insurance
Mexico	Temporary resident (economic solvency)	San Diego consulate: about $4,510 a month in income for six months, or about $75,950 average balance over 12 months [2]	Not part of the consular test; buy local or international coverage
Spain	Non-lucrative residence visa	400% of IPREM: €28,800 a year (about USD 32,000) for the applicant, plus €7,200 per family member [1]	Required: Spain-authorized insurer, no deductibles or copays [1]
Portugal	D7 residence visa (retirees and passive income)	At least the minimum wage, €920 a month in 2026 (about USD 1,050), plus 50% for a second adult and 30% per child [3]	Required for the visa
Italy	Elective residence visa	Consulates look for stable passive income; New York cites around €31,000 a year per person for families [4]	Required
Thailand	Non-immigrant O-A (long stay), age 50+	800,000 baht in a bank, or 65,000 baht a month in income [5]	Required: at least 400,000 baht inpatient and 40,000 baht outpatient coverage a year [6]
Philippines	Special Resident Retiree's Visa (SRRV) Classic	Age 50+ with a pension: $15,000 deposit and a lifetime pension of $800 a month ($1,000 with dependents) [7]	Medical certificate required
Panama	Pensionado (Permiso para Jubilado Pensionado)	Lifetime pension of at least B/.1,000 (USD 1,000) a month, or B/.750 if you own Panama property worth over B/.100,000 [8]	Health certificate required

Country notes

Mexico

Mexico's temporary resident visa is the usual first step for US retirees, and it's the classic route for snowbirds who decide to stay south of the border full time. You apply at a Mexican consulate in the US, have an interview, and then exchange the visa for a residence card at Mexico's immigration institute (INM) after you arrive, within the deadline the visa gives you. The income and savings figures are set in Mexican pesos and published by each consulate, so they vary between consulates and from year to year. The San Diego consulate's 2026 sheet lists about $4,510 a month or about $75,950 in savings, with a $56 processing fee [2]. Other consulates publish their own figures, so check the one that serves your state.

Spain

The non-lucrative visa (visado de residencia no lucrativa) is for people who live on their own means and don't work in Spain. The Washington consulate wants 400% of the IPREM index, which is €28,800 a year in 2026, plus €7,200 for each family member [1]. You need bank statements, private health insurance from a Spain-authorized insurer with no copays or deductibles, an FBI check with an apostille and Spanish translation, and a medical certificate [1]. Heads-up: spending more than 183 days a year in Spain usually makes you a Spanish tax resident, taxed on worldwide income. That's on top of what you already owe the IRS.

Portugal

Portugal's D7 visa is for retirees and people with passive income. The means test is pegged to the national minimum wage: €920 a month in 2026 for the first adult, 50% more for a second adult and 30% for each child [3]. Consulates also look at whether the income is regular and will keep coming, so a steady Social Security check helps. After arrival, you complete residence with the immigration agency AIMA.

Italy

The elective residence visa (residenza elettiva) is famously picky about where your money comes from. The New York consulate says funds must come from pensions, annuities, property or stable investments, can't come from any form of work, and the visa doesn't allow work in Italy [4]. You also need a registered lease or deed for a home in Italy before you apply [4].

Thailand

Thailand's retirement routes start at age 50. The O-A long-stay visa, applied for at a Thai embassy or consulate, requires health insurance and proof of funds [6]. The Thai foreign ministry's guidance on retirement visas sets the money test at 800,000 baht (roughly USD 24,000–25,000, depending on the exchange rate) in a bank, or a monthly income of 65,000 baht [5]. The same guidance describes a non-immigrant O route: a 90-day visa that is then extended in Thailand to a one-year stay [5].

The Philippines

The Philippine Retirement Authority runs the SRRV. Applicants 50 and older with a pension deposit $15,000 and show a lifetime pension of at least $800 a month, or $1,000 with dependents. Without a pension, the deposit is $30,000. There's a $1,500 processing fee and a $360 annual fee for the principal and two dependents [7].

Panama

Panama's pensionado permit wants proof of a lifetime pension of at least B/.1,000 a month. The balboa trades at par with the US dollar. Couples can combine pensions, and each dependent adds B/.250 a month [8]. Social Security counts as a government pension. The permit is indefinite and doesn't need renewal [8], which is about as low-maintenance as these things get.

What this means for your US side

A retirement visa abroad doesn't get you off Uncle Sam's list. Your US obligations stay the same:

You still file a US tax return on worldwide income, with the automatic extension to June 15 for people living abroad [9].
Foreign bank accounts trigger FBAR filing once the total tops $10,000 at any point in the year.
Social Security can usually be paid to you abroad, but check the country first.
Medicare doesn't pay overseas, so the health insurance a visa demands is a real cost, not a formality.
Register with STEP so the US embassy can reach you in an emergency.

Step by step: preparing a retirement visa application

Pick two or three countries and read the visa page of the consulate that covers your state.
Gather income proof: SSA benefit letter, pension statements, 1099-Rs, bank and brokerage statements for 6–12 months.
Order an FBI Identity History Summary early, then the apostille from the US Department of State if the country requires one.
Get a medical certificate in the format the consulate asks for.
Buy health insurance that meets the exact test, with no copays for Spain [1], minimum inpatient and outpatient coverage for Thailand [6].
Arrange housing, since Italy and some other countries want a registered lease first [4].
Book the consulate appointment and bring originals plus copies, with certified translations.
Put the post-arrival deadlines on your calendar for your residence card.

A US expat tax preparer can check how a move affects your tax position, and a local immigration lawyer can confirm the latest figures. You can also ask people who've done it in our community groups for Americans abroad.

Retiring abroad: how the main retirement visas work for Americans