8 countries where South Africans can retire without buying property

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

Many South Africans explore retiring abroad, drawn by the promise of a more stable economy, better healthcare, and an improved quality of life. 

This trend is especially noticeable among High-Net-Worth Individuals (HNWIs), who are increasingly concerned about life in South Africa.

These concerns include safety, economic instability, and government policies on wealth redistribution, taxation, and land expropriation. 

Ongoing issues like load-shedding and deteriorating infrastructure are pushing retirees to seek better living conditions elsewhere.

While residence and citizenship-by-investment (RBI and CBI) programs offer pathways to live abroad, these “golden visa” options are often prohibitively expensive and require millions of rand in investments. 

In contrast, more affordable “retirement visas” have gained popularity. These visas cater to individuals with a steady pension or annuity income.

This allows them to reside abroad without the need to buy property, making them particularly appealing to South Africans, including HNWIs. It also makes them a more accessible option than the RBI and CBI schemes.

Despite the drain of these wealthy individuals, many more from other countries look to South Africa as their prime retirement destination.

Data from Home Affairs in 2024 revealed approximately 3,645 retirement visa applications were submitted by foreigners from 112 countries.

The top applicants for retirement visas come from the UK, China, Germany, the USA, and Bangladesh, but there is also notable interest from European nations like Switzerland, the Netherlands, and Sweden.

South Africa’s Retirement Visa is very attractive, especially for individuals who earn or have accumulated their wealth in stronger currencies.

The country’s Retirement Visa currently requires a monthly income of at least R37,000 to be eligible.

The income may originate from a pension, retirement account, irrevocable annuity, or assets providing the required monthly income. The South African Retirement Visa has no age restrictions.

Economist Dawie Roodt has emphasised the economic benefits of this trend, describing foreign retirees as “long-term tourists” who bring significant capital into the country.

This inflow not only supports local property markets but also contributes positively to the rand’s exchange rate.

For those wanting to leave South Africa, several countries will offer retirement visas in 2025, which include Cyprus, Colombia, Portugal, Mauritius, Panama, Costa Rica, Thailand, and Spain.

Like South Africa, all these countries require individuals to have a certified monthly pension or annuity income, allowing them to live in the country without purchasing property.

These countries are listed below, as outlined by ​Henley & Partners. Please note that currency conversions are accurate as of 26 February 2025.

Cyprus

Offers a golden visa for retirees with passive income or pensions. The visa requires proof of a secured annual income of at least EUR 50,000 (R970,000) or R80,800 per month.

An additional EUR 15,000 (R290,000) is required for each dependent spouse and EUR 10,000 (R193,400) for each minor child.

Applicants must also submit clear criminal record certificates from their country of origin and country of residence every three years (this requirement also applies to all adult dependents).

They must also provide an official statement confirming non-employment (this requirement does not apply to applicants who are directors of a company they have invested in).

Colombia

Individuals who obtain income from abroad through pensions, interest, dividends, or rental income can obtain renewable temporary residency (M visa) with a 3-year validity.

The applicant is eligible for permanent residency after five consecutive years of residency (subject to minimum stay requirements).

The applicant must demonstrate a monthly income of 3 times the Colombian minimum wage (USD 700 or R13,000) from a formal pension scheme (public or private) recognised by Colombia.

Portugal

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

Applicants must show consistent passive income, such as from pensions, rental income, investments, or remote work.

The minimum required income is the Portuguese minimum wage ( EUR 760 per month or R14,700), 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 50. To qualify, applicants must open a Mauritian bank account and make an initial deposit of USD 1,500 (R27,600).

Following this, they are required to deposit USD 1,500 each month or USD 18,000 (R331,500) annually 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 USD 1,000 (R18,400) per month from a government or private institution.

If you wish to bring dependents, an additional USD 250 (R4,600) per dependent must be shown as income.

Costa Rica

Costa Rica shares the Pensionado Visa, and therefore, applicants must receive a monthly lifetime pension of at least USD 1,000 (R18,400). The pension may be provided by a government or private entity.

If you wish to bring dependents, an additional USD 250 (R4,600) per dependent must be shown as income.

Thailand

The Non-Immigrant O-A Long Stay Visa is intended for retirees aged 50 and over. Applicants must have an annual pension or a stable passive income of at least USD 80,000 (R1.47 million) or R122,000 a month.

Only passive income will be taken into account.

If the applicant’s personal income is below USD 80,000 but no less than USD 40,000 (R736,500) per year, they must invest at least USD 250,000 (R4.6 million) in direct investment or Thai government bonds.

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 EUR 28,800 (R557,000) per year for the primary applicant, with an additional EUR 7,200 (R139,200) per dependent.

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