Want to retire abroad? These 13 affordable countries have the lowest income requirements for a retirement visa

Some older adults move abroad for the sheer adventure. Others want to distance themselves from polarizing politics. Most are looking for a higher quality of life than their finances will allow if they remain in the United States.

That is exactly the reason we moved to Cuenca, Ecuador, almost 15 years ago. The Great Recession of 2008 left us unemployed with dwindling savings. With our remaining assets, we took a leap of faith that has ended up exceeding all expectations. We enjoy an upscale lifestyle, travel and add to our savings on our Social Security income. 

There are so many factors to consider when choosing a new location in another country: The climate. Distance from family and friends. Culture and language. Healthcare. Safety. The presence of an established expat community.

If, like us, a lower cost of living tops your list, you have two points to consider: 1) finding desirable countries that fit your budget, and 2) determining if your retirement income is sufficient to qualify for residency.

It might seem logical that inexpensive countries would have corresponding low income requirements, but that is not always the case. A good example of this type of inconsistency is Mexico. 

America’s southern neighbor offers a fabulous standard of living at bargain prices, but recent skyrocketing income requirements for residency ($4,200 per month in 2025 for temporary residency, and over $7,000 for permanent status) have put Mexico out of reach for many prospective retirees who might desire to live there.

Nevertheless, as you pore over the many online “best places to retire” lists, you will find Mexico showing up time after time. You will also find countries like Sweden or Australia that don’t even issue retirement visas. Because of such misinformation, we recommend using these lists with caution as a starting point for your own research.

The average monthly Social Security retirement check in 2025 is $1,976. Assuming cost of living is an important consideration for you in deciding where to relocate, we’ve compiled a list of countries that are both inexpensive and have provable income requirements at or below this amount. 

If both you and a partner collect benefits, you may well find yourselves in a financial position that affords a retirement lifestyle abroad similar to ours.

Here’s a brief description of what makes each country desirable, along with monthly figures (as of 2025) for the amount of income you must be able to demonstrate, and a comfortable budget.

Countries requiring provable income of $1,000 a month or less

Cambodia

Jaw-dropping scenery, magnificent ancient temples and friendly locals are some of the reasons this country is a growing expat destination. Obtaining a resident visa here is so easy that proof of income is not even required.

Income: No specific requirement. 

Budget: $1,200 to $1,500.

Chile

A strong economy, stable government, modern infrastructure and high standard of living await expats in this long, narrow South American country. Its 2,700 miles (twice the length of California) encompasses large expanses of desert, sparkling lakes and the otherworldly landscapes of Patagonia.

Income: No specific requirement, but be able to prove at least the country’s minimum income of $550.

Budget: $1,500 (20% more in Santiago).

Bulgaria

This eastern European country is a hidden gem for budget-seeking expats. Bordered by Romania, Greece and Turkey, it is a cultural melting pot with stunning landscapes ranging from a Black Sea coastline to the Balkan mountains. English proficiency is rapidly improving, especially in major cities.

Income: Type D Visa. Equivalent of minimum wage, $500. 

Budget: $1,500 to $1,800.

Philippines

Due to a longstanding U.S. military presence, English is the official language in this welcoming country that features some of the most beautiful scenery in the world. More than 200,000 expats live there, so cultural adjustments are minimal.

Income: Special Resident’s Retirement Visa (SRRV), $800 income + $10,000 deposited in a local bank.

Budget: $1,500. 

Portugal

Although real-estate prices have been increasing in recent years, Portugal has the lowest cost of living in Western Europe. Expats love the ideal weather, excellent healthcare, widely-spoken English and the ease of exploring the rest of the continent.

Income: Passive Income Visa (D7). Equivalent of minimum wage, $920.

Budget: $1,500 to $1,800 (more in Lisbon and Porto).

Colombia

Rejoice, expat caffeine lovers — Colombia grows some of the world’s best coffee. This lushly landscaped South American country, the second-most biodiverse on the planet, boasts a modern healthcare system with a global ranking of No. 22 by the World Health Organization.

Income: M-11 Visa. Three times the minimum wage, $969.

Budget: $1,500.

Costa Rica

The “pura vida” lifestyle of Costa Rica has been attracting expats for decades, so assimilation here is a breeze. Ranked as Central America’s safest country in the 2024 Global Peace Index, this tropical paradise also has first-rate healthcare. 

Income: $1,000.

Budget: $1,600 to $2,000.

Panama

While not the cheapest expat destination on the list, Panama expats benefit from modern infrastructure and a high standard of living. The country’s Pensionado program is the world’s most attractive for local and expat retirees, offering up to 50% discounts on everything from meals to travel to entertainment. 

Income: $1,000.

Budget: $2,000 to $2,500.

Peru

Beyond Machu Picchu, a bucket-list destination for many travelers, Peru’s land mass (twice the size of Texas) encompasses majestic valleys, secluded beaches and a treasure trove of Inca heritage. The country’s cuisine is world-renowned, with a restaurant in Lima receiving “best in the world” accolades in 2023. 

Income: $1,000.

Budget: $1,800 (more in Lima).

Countries requiring provable income of $1,001 to $2,000 a month

Argentina

Beef lovers and Malbec drinkers will live their best life in this geographically diverse country. From the spectacular Iguazu Falls in the north to the massive glaciers of southern Patagonia, Argentina has nature’s finest on display. The captivating European influences of Buenos Aires make it the top expat haven.

Income: Five times the minimum wage, $1,350.

Budget: $1,300 to $1,500 (more in Buenos Aires).

Ecuador

With 1,200 miles of Pacific coastline, towering Andes mountains, teeming Amazon jungle and the famous Galapagos Islands, Ecuador packs a biodiversity wallop into its small size. Our hometown of Cuenca in the southern highlands is a UNESCO World Heritage site with a fascinating blend of well-preserved colonial architecture and an abundance of modern amenities.

Income: Three times the minimum wage, $1,380. 

Budget: $1,800 to $2,000.

France

What’s not to love about France? The culture, wine and food are all top shelf. You may be surprised to discover that except for Paris, the country is amazingly affordable for retirees. Healthcare is the best in Europe. While many locals speak at least some English, learning the basics of French will make life there much smoother.

Income: Long Stay Visitor Visa (VLS-TS), $1,450. 

Budget: $2,000 to $2,500.

Thailand

Known as the “Land of Smiles,” Thailand has been a popular expat destination for years. In addition to the warm weather, gorgeous beaches and rich history, the country has exceptional healthcare and outstanding cuisine. English is widely spoken mainly in cities and tourist areas.

Income: O-A Long Stay Visa, $1,900.

Budget: $1,000 to $1,600.

How to become a legal resident in another country

There’s a lot of chatter in the news about immigration these days. Most countries allow you to stay a maximum of 90 days with a stamp in your passport. After that, you must apply for a residency visa to legally remain.

We strongly advise that this is not a DIY project. Visas themselves are relatively inexpensive, and the fees that immigration attorneys charge to steer you through the process are a pittance compared to the bureaucratic black hole you may be sucked into by trying to go it alone.

The great news is you can find one from the comfort of home: Simply Google “immigration attorney in [country of your choice].” Contact more than one to determine who you feel most comfortable with and to compare rates.

Another option is to join Facebook groups in that country and ask local expats for recommendations. You’ll probably find yourself making new friends before you even arrive for your scouting trip.

Edd and Cynthia Staton are experts on expat life in retirement. They have appeared on network television and are regularly featured in the media. They have written three books about their adventures and created a program to educate others on retiring abroad.