More than 463,000 retired American workers now collect their Social Security checks outside the US. That figure comes from the Social Security Administration, and it has grown every year since 2018.
If you are thinking about retiring abroad, you are in good company. And you probably have the same questions as everyone else. Where can I live well on a budget? Where will I get good healthcare? How do I stay legally, for the long term?
A Golden Visa can answer that last question. You make a qualifying investment, and you get the right to live in another country. Some programs even give you permanent residency from day one.
What Our Retirement Exodus Research Shows
We studied the trend of “Americans retiring overseas” in depth at Get Golden Visa. Our report, The Great American Retirement Exodus 2025–2026, combines Social Security data, our own inquiry trends, expert interviews, and real client stories. Here is what we found.
- Retirees lead the move. 62% of Americans living abroad today are retirees or close to retirement. Each year, Americans receive more than $7.5 billion in Social Security payments overseas.
- More people plan to go. 35% of future retirees plan to retire abroad. 26% of current retirees are already considering it. In the 1970s, only 4% of retirees had such plans.
- Healthcare worries drive decisions. Only 44% of Americans rate their healthcare system as good or excellent. Medicare’s hospital trust fund could run out by 2033. On the other hand, in Portugal alone, private health insurance costs about 20% of what you would pay in the US.
- Savings fall short. Retirees say they need $1.28 million to retire comfortably. Yet 48% expect to retire with less than $500,000. And 81% worry their money will not last.
- Taxes are no longer the main reason. 68% of the Americans we surveyed named quality of life, healthcare, and political stability as their top reasons to look abroad.
Our research sums it up simply: for today’s retirees, a second residency is “insurance, not luxury.”
Below, you will find the best Golden Visa countries for retirees. We compare them on what matters most to you at this stage: healthcare, cost of living, pension taxes, how long you must stay, and long-term security.
Best Golden Visa Countries for Retirees at a Glance
Country
Minimum Investment
Residency Type
Stay Requirement
Best For
Portugal
€500,000 (investment fund)
Renewable residence permit
7 days a year on average
A long-term path to EU citizenship
Greece
€250,000 (selected real estate)
Renewable 5-year permit
None
Flexible, property-based residency
Panama
$300,000 (new real estate)
Permanent residency
One visit every 2 years
Proximity to the US and retiree discounts
Malta
€375,000 property purchase or €14,000 annual rent
Permanent residency
None
English-speaking EU retirement
Cyprus
€300,000 (new real estate)
Permanent residency
One visit every 2 years
Mediterranean retirement with pension income
1. Portugal: The Best Golden Visa for Retirees Seeking EU Citizenship
A couple in their early 60s sold their $1.2 million home in Orange County, California. They bought a $400,000 villa in the Algarve. Their property tax fell from about $12,000 a year to under $1,200. Their private health insurance now costs around $2,000 a year.
Stories like this explain why the Portugal Golden Visa stays at the top of many retirees’ lists.
Why Retirees Choose Portugal
You will not be the only American there. In 2023, 10,723 Social Security beneficiaries received their payments in Portugal.
Portugal also checks many boxes on a retiree’s list:
- As a resident, you can access the national health service.
- Private health insurance costs a fraction of US prices.
- You can receive Social Security straight into a Portuguese bank account.
- The US-Portugal tax treaty helps you avoid paying tax twice.
Nancy, a 65-year-old retired lawyer from Washington, chose Portugal through the Golden Visa fund route. However, she has not moved there yet. She is keeping her options open in case she needs to.
Investment Options
Portugal no longer accepts real estate for its Golden Visa. You can choose from these routes instead:
- €500,000 in a qualifying investment fund
- €500,000 in research and development
- €250,000 in national heritage or the arts, or €200,000 in low-density areas
You only need to spend 7 days a year in Portugal, on average. After 10 years, you can apply for Portuguese citizenship. This timeline comes from Organic Law No. 1/2026, in force since May 19, 2026. The clock starts on the day you receive your residence permit.
Prefer to Move Full-Time? Consider the D7 Retirement Visa
Do you plan to live in Portugal most of the year? Then the Portugal D7 Visa may suit you better.
To qualify, you must demonstrate sufficient financial resources, such as a pension. You do not need to invest. You just need to meet the income requirement, which is the Portuguese minimum wage (€920 in 2026). In return, you must spend more time in the country to keep your temporary residence permit.
2. Greece: The Most Flexible Golden Visa for Retirees
What if you could secure a home in Europe without leaving your life in the US? That is exactly what the Greece Golden Visa offers. There is no minimum stay. You can keep your permit active even if you spend most of the year at home.
Why Retirees Choose Greece
Greece already attracts more American retirees than Portugal or Spain. In 2023, 13,251 Social Security beneficiaries received their payments there.
The appeal is easy to see. You get a Mediterranean lifestyle, lower living costs than most of Western Europe, and free travel across the Schengen Area.
Greece also fits the hybrid approach many Golden Visa investors take. They buy property now and keep their US home. If things change, they can move quickly.
Investment Options
- €800,000 in high-demand areas, such as Attica, Thessaloniki, Mykonos, and Santorini
- €400,000 in other regions, for a single property of at least 120 m²
- €250,000 to convert a commercial building into a home, or to restore a listed building
Prefer Not to Buy Property? Consider the FIP Visa
You can also live in Greece on your pension alone. The Financially Independent Person (FIP) Visa requires stable passive income of at least €3,500 a month. You do not have to invest in a property, etc. Once granted, it will be valid for 3 years. However, you must live in Greece for at least 183 days per year to keep your residency status.
3. Panama: The Best Option for Retirees Who Want to Stay Close to the US
Three hours. That is all it takes to fly from Miami to Panama City. Add the US dollar as the local currency, and you can see why so many Americans feel at home here.
Panama gives you two paths to permanent residency. The Panama Golden Visa is for investors. The Pensionado Visa is for retirees with a lifetime pension.
Why Retirees Choose Panama Latin America
- Low taxes on your income. Panama only taxes money you earn inside Panama. Your Social Security and other pensions stay tax-free there. However, you still need to file US taxes as a US citizen.
- Panama Golden Visa and retirement visa give direct permanent resident status.
- Good private healthcare. Panama City has modern private hospitals and clinics.
- Easy to keep your status. You only need to visit Panama once every two years.
The Panama Golden Visa
Panama updated its investor rules with Executive Decree No. 17, in force since September 16, 2026. You can now choose from:
- $300,000 in a new real estate property
- $500,000 in a resale property
- $500,000 in Panamanian listed securities
- $750,000 in a fixed-term deposit at a licensed private bank, or $500,000 at Banco Nacional de Panamá or Caja de Ahorros
You must keep your investment for at least five years. After that, you may apply for Panamanian citizenship.
The Pensionado Visa: Passive Income Visa
Panama is also among the countries with retirement visas. Known as the Pensionado Visa, to qualify, applicants need a lifetime pension of at least $1,000 a month. If you own Panamanian property worth $100,000 or more, the minimum income requirement drops to $750.
As a retiree, you also get discounts set by law. You pay 25% less at restaurants and on airline tickets. Entertainment costs half price, and most importantly, medical services come with 15-20% off.
4. Malta: Permanent Residency in an English-Speaking EU Country
Imagine retiring in Europe without learning a new language. In Malta, English is an official language. You can talk to your doctor, sign a lease or sort out paperwork in English.
The Malta Permanent Residence Programme also gives you permanent residence as soon as you are approved.
Why Retirees Choose Malta
- A warm climate. Malta enjoys mild winters and long, sunny summers.
- Quality private healthcare. The island offers a high standard of private medical care.
- Freedom to travel. As an EU and Schengen member, Malta lets you travel easily across Europe.
- Room for family. You can include your child, spouse, dependent parents, and grandparents.
Investment Requirements
- Buy a property worth at least €375,000, or rent one for at least €14,000 a year. Keep it for five years.
- Pay a €60,000 administration fee and a €37,000 government contribution.
- Donate €2,000 to a registered Maltese charity.
- Show €500,000 in capital, with at least €150,000 in financial assets.
If you rent, your total cost starts at around €169,000, before professional fees.
5. Cyprus: Permanent Residency Backed by Your Pension
Cyprus asks for €50,000 a year in income from abroad. The good news? Your pension counts toward that amount. This makes the Cyprus Golden Visa a natural fit for retirees, which requires a minimum €300,000 real estate investment.
Why Retirees Choose Cyprus
Cyprus is sunny for most of the year. Many people speak English. You will also find a large, well-established community of international retirees.
Your residency lasts for life. You only need to visit Cyprus once every two years to keep it.
Investment and Income Requirements
- Invest at least €300,000, plus VAT, in a new home. You can also invest in commercial property, a Cypriot company or a qualifying investment fund.
- Show at least €50,000 a year in secure income from abroad. Add €15,000 for your spouse and €10,000 for each dependent child.
- Hold health insurance that covers hospital and outpatient care.
Pensions, dividends, interest, and rental income from abroad all count.
Get Golden Visa: Who We Are and How We Can Help You
Get Golden Visa is a bespoke global mobility advisory firm. Since 2014, we have helped investors, retirees and families find the right residency and citizenship options around the world.
Are you planning your retirement abroad? Contact our team. We will talk through your priorities and help you explore the options that may suit you.
How to Choose the Best Golden Visa to Retire Abroad
Start with how you want to spend your retirement. Then match it to a country:
- Do you want EU citizenship one day? Choose Portugal. You only need to visit for 7 days a year.
- Do you want to keep your US home? Choose Greece. There is no minimum stay.
- Do you want to stay close to family in the US? Choose Panama. It is a short flight from Miami.
- Do you want permanent residency right away? Look at Malta, Cyprus, or Panama.
- Will you live mainly on a pension? Compare Panama’s Pensionado Visa, Portugal’s D7 Visa and Greece’s FIP Visa. They may cost you less than an investment.
Frequently Asked Questions on Golden Visa Countries for Retirees
Can I use my Social Security to qualify for a visa abroad?
You can use it for income-based retirement visas. For instance, Panama’s Pensionado Visa, Greece’s FIP, and Portugal’s D7 Visa accept Social Security as pension income. Cyprus also counts pensions toward its income requirement.
Do I have to live in the country to keep my Golden Visa?
Not always. Greece and Malta have no minimum stay. Portugal asks for 7 days a year, on average. Panama and Cyprus ask you to visit once every two years.
Will I pay tax on my US pension abroad?
It depends on the country. Panama does not tax foreign income. Portugal has a tax treaty with the US to prevent double taxation. However, you must remember that as a US citizen, you must still file US taxes wherever you live. It is always best practice to consult a tax adviser.
Is there an age limit for Golden Visa programs?
Golden Visa programs have no upper age limit. You can apply at any age.
Disclaimer: Get Golden Visa is an independent residency and citizenship advisory firm. We do not provide investment, financial, legal, or tax advice. Information in this article is for informational purposes only.
- Social Security Administration: Annual Statistical Supplement 2025, Table 5.J
- Northwestern Mutual: 2025 Planning & Progress Study
- Get Golden Visa: The Great American Retirement Exodus 2025–2026
- Get Golden Visa: Where Americans Are Retiring Abroad
- Residency Malta – Legal Notice 310 of 2024 · Residency Malta – Legal Notice 146 of 2025 · Portugal – Organic Law No. 1/2026
