Six countries where South Africans can retire without buying property

Six notable countries offer ‘retirement visas’, which allow South Africans to reside in the country as long as they have an annuity income sufficient to live on.

Residence- and citizenship-by-investment (RBI and CBI) programs have become popular with South Africans who don’t have ancestral ties to other countries but want residency or citizenship in other countries, which includes visa-free travel to desirable destinations such as countries within the European Union (EU).

However, these “golden visa” programs are often too expensive for most South Africans, often requiring millions, if not hundreds of millions of rand in investments.

More affordable options, like “retirement visas,” are becoming very popular.

These visas are aimed at people with a monthly pension or annuity and don’t require buying property, unlike RBI and CBI schemes.

This type of offering is particularly popular among South Africans, even among our High-Net-Worth-Individuals (HNWI).

According to experts, Many South Africans are seeking retirement abroad for various reasons. Key factors include economic instability and safety and political concerns, as many retirees seek countries with more stable governance and lower crime rates.

Additionally, many also value better healthcare systems and improved quality of life abroad.

HNWI are leaving South Africa primarily due to concerns over safety and the government’s approach to wealth redistribution, including policies on taxation and land expropriation.

Economic uncertainty, load-shedding (persistent power outages), and declining infrastructure are additional factors pushing HNWIs to seek better opportunities abroad.

Many also relocate for improved lifestyle factors, such as access to superior education and more favourable business environments, such as Mauritius.

Several countries will offer retirement visas in 2024 to individuals with a certified monthly pension or annuity income, allowing them to live in the country without purchasing property.

Some of these are listed below, as outlined by ​Henley & Partners.

Portugal

Offers the D7 Visa for retirees with passive income or pensions. The visa requires proof of sufficient income but does not mandate a property purchase​.

Applicants must demonstrate a stable passive income, such as from pensions, rental income, investments, or remote work.

The minimum required income is the Portuguese minimum wage (€760 per month or R15,200), but it’s advisable to have more to cover dependents and other expenses.

Mauritius

Mauritius offers a 10-year occupation or residence permit to ‘retired non-citizens’ over the age of 50 who are able to open a Mauritian bank account and make an initial deposit of $1,500 (R23,618), followed by $1,500 a month or $18,000 (R283,358) a year for the duration of the permit.

Evidence of these deposits has to be presented to the authorities every year.

Panama

The Pensionado Visa requires applicants to demonstrate a lifetime pension of at least $1,000 (R18,000) per month from a government or private institution.

If you wish to bring dependents, an additional $250 (R4,500) per dependent must be shown as income.

Costa Rica

Costa Rica shares the Pensionado Visa and, therefore, requires applicants to demonstrate a lifetime pension of at least $1,000 (R18,000) per month from a government or private institution.

If you wish to bring dependents, an additional $250 (R4,500) per dependent must be shown as income.

Thailand

The Non-Immigrant O-A Long Stay Visa is designed for retirees over 50. You must show a Thai bank account balance of at least 800,000 THB (around R417,300) held for at least two months prior to applying.

Alternatively, you can demonstrate a monthly income or pension of at least 65,000 THB (R34,000).

A combination of both savings and income can be used to meet this requirement.

Spain

The non-lucrative Visa is a popular option for non-EU citizens who wish to live in Spain without engaging in professional or commercial activities.

The minimum required amount is €28,800 (R576,300) per year for the primary applicant, with an additional €7,200 (R144,000) per dependent.

This is based on the Spanish IPREM (Public Indicator of Income), and the funds must be proven through bank statements or investments.

Read: South Africans are flocking to this tiny island for retirement