In the short term, we’re all working for the weekends; but, in the long run, we’re all working with the hopes of retiring one day. While everyone has a different dream for that scenario, there is an option that feels very appealing to a lot of us: moving to another country.
Social Security: Women Get $354 Per Month Less Than Men – Here’s Why
Related: With a Recession Looming, Make These 3 Retirement Moves To Stay On Track
Next: 3 Things You Must Do When Your Savings Reach $50,000
While GOBankingRates has outlined the 15 cheapest countries to retire to, not all of them are equal when it comes to gaining citizenship, with ease or access. So if you are looking to hang up your work gloves and retire abroad, here are five countries with easy citizenship where you can retire.
Maybe you’re into cold weather and socialized healthcare. Look no farther than Canada as your home for retirement. In 2022 alone, 273,000 U.S. citizens have migrated to Canada, as documented by the Migration Policy Institute.
In order to gain eligibility for Canadian citizenship, you must have permanent resident status and have lived in Canada for 1,095 days in the five years before the date you sign your application. Potential citizens are required to meet personal income tax filings at least three times within five years of applying.
While you are at it, brush up on all things Canadian law, institutions, history and more — because there is an entrance exam.
Take Our Poll: How Do You Think the Economy Will Perform in 2023?
Island living: What could be better? How about a short wait period to obtain citizenship in the Dominican Republic? The basic requirement for D.R. citizenship comes down to documentation of a stable, international income of at least $1,500 a month as a retiree.
If there are dependents — spouse or child under the age of 18 — there is an additional cost of $250 per dependent each month. From there, citizen applicants must be interviewed in Spanish and pass a medical exam, then establish the Dominican Republic as their permanent residence for two years.
Combine the island experience with the weather up north and you’re in luck: Ireland might just be the perfect place for you to retire.
Added bonus if you have Irish heritage, including a parent, grandparent or great-grandparent from Ireland, which makes your eligibility for citizenship that much greater.
Regardless of where you originally come from, however, the Irish Immigration Service outlines that for “people of independent means who wish to retire to Ireland, you should have an individual income of €50,000 per year. You must also have access to a lump sum of money to cover any sudden major expenses.”
For those living on a fixed income from retirement or a pension, Peru is an inexpensive option for citizenship. If you are a retiree who is making more than $1,000 per month, you qualify to gain Peruvian citizenship in approximately two years — unless you are planning to marry a Peruvian and brush up on your Spanish and the country’s history, since all applicants must take tests in both subjects.
Investopedia recommends “to go through an agent who can guide you through the process of applying for residency at a Peruvian embassy.”
Time to spend your best years with some of the best beers! Germany is known for a lot of things, but it might surprise you to learn that it had “the second-highest immigration rate in the world” after the United States in 2020, according to World Population Review.
The process to becoming a naturalized citizen is easy and refined: Pass a German citizenship test and a language exam, show you have a means of financial support and no prior criminal record. It usually takes six to eight years to gain eligibility for applicants who have lived in Germany during that time. But beware: Germany does require anyone looking to gain citizenship to renounce it elsewhere, which might be a deal breaker if you have family and friends you wish to stay connected to back home.
More From GOBankingRates