This article takes a look at the 15 easiest countries to get citizenship as an American. If you wish to skip our detailed analysis on lthe global retirement landscape and economic prosperity of host countries, you may go to 5 Easiest Countries to Get Citizenship as an American.
The Global Retirement Landscape
Recent years have witnessed the retirement landscape shift rather drastically in the United States. The third quarter of 2020 saw an approximate 28.6 million baby boomers retiring, and the number continues to grow. Unfortunately, escalating inflation, substantial depreciation in 401(k) accounts amounting to over one-third of their value, and the financial support extended to grown children, has left potential retirees with little to support themselves in their retirement years. While there are a lot of places to live on social security only, the social security fund itself is at risk of depletion by 2033, leaving retirees with little in choice.
Consequently, many Americans have decided to move abroad in search of greener pastures, driven by factors such as economic considerations, healthcare costs, and lifestyle preferences. The statistics are striking. In 2022, the number of Americans receiving social security abroad was 443,546. The figure is slightly over double the amount of 219,504 retired workers receiving Social Security benefits abroad back in 1999. This trend of relocation during the retirement phase is proving that retirees are now basing their retirement decisions on economic security and an improved quality of life, something they cannot find at a lower price in their home country.
Economic Prosperity of Host Countries
Some of the most popular overseas retirement destinations for Americans include Panama, Portugal, Greece, Philippines, and Mexico, amongst others. Some characteristics that these countries share are that they are some of the easiest countries to retire to, generally offer a lower cost of living than many Western countries, and have access to well-established healthcare systems. However, one factor that leads to all these advantages is economic prosperity. The success of the host countries that often retirees end up choosing, is largely responsible on the success of the companies that thrive within their respective markets.
For instance, the Mexican domestic stock market has been performing well. Mexican equities, as measured by the MSCI Mexico index are up a whopping 27% YTD, and Brazil isn’t far behind (up 25%). Mexico, in particular, has seen that the most of its market has benefitted from, after the consumer staples sector, is the materials sector stocks year-to-date. Some of the public companies within these sectors contributing to Mexico’s economy include Walmart Inc. (NYSE:WMT) Mexico; Fomento Económico Mexicano, S.A.B. de C.V. (FEMSAUBD.MX), a beverage and retail company; and Grupo Bimbo, S.A.B. de C.V. (BIMBOA.MX), a multinational food company.
Companies such as Grupo Bimbo, amongst others, have been helping the Mexican government tame inflation in the country through initiatives such as signing on the government anti-inflation plan, creating job opportunities, investing in infrastructure, and overall uplifting the economy as a whole. Yet other companies such as América Móvil, a telecommunications corporation in Mexico, has been helping invest in the telecommunications infrastructure in the country, and foster innovation in Mexico’s technology sector.
Mexico is also reaping the benefits of a restructuring in global supply chains. This is because more and more American businesses are moving out of China and into Mexico in a bid to strengthen North American economies, lower transportation costs, and minimize supply chain fragilities. These nearshoring efforts have been contributing to the country’s export boom, with foreign direct investment rising by 48% to $18.6 billion in Q1 2023.
According to Bloomberg, the influx of FDI is coming in from companies such as Ternium S.A. (NYSE:TX). The report states that Ternium S.A. (NYSE:TX) plans on investing $2.2 billion in the construction of its new steel slab mill at the company’s industrial complex in Mexico. Simultaneously, a new highway is going to be constructed in the country that plans on linking Ternium S.A. (NYSE:TX) with the main roadways of the region.
The reshoring of manufacturing away from China has also been benefiting countries such as Vietnam, boasting an excellent economic outlook because of the same. Trade between the US and Vietnam has been growing by 25% a year for the past two decades, and the US considers the country a key partner in building resilient supply chains.
Owing to the economic prosperity that many of these countries and their thriving markets have to offer, prospective retirees are reconsidering their options of staying in the US or leaving for good. Lower costs of living, improved access to healthcare, and a better standard of living will inevitably drive more and more retirees to these countries in the future.
Gaining Citizenship as an American
While the above methods are definitely helpful for potential retirees to boost their retirement savings, many baby boomers have now entered their retirement phase without significant savings on hand. Many of them are solely reliant on social security, which is why they have been exploring our lists on the best places to retire on social security, both within and outside the US.
Those who are exploring options outside of the US usually go for countries with an affordable cost of living. They also want to know whether these countries have easy residency and citizenship policies. For instance, Turkey, Vanuatu and Dominica, among others, are some of the many countries offering citizenship to Americans.
The process takes 2-8 months’ time to process and offer citizenship by investment. However, this way of obtaining citizenship isn’t the most feasible for retirees, considering they are already short on savings. For this reason, we have crafted a list of the easiest countries to get citizenship without investment that Americans can use to retire elsewhere.
Regardless of which country you end up choosing to retire, the bottom line is that it should help you, as a retiree, live a comfortable life without having to break the bank. Our list will help explore such options, while making sure that gaining residency in these countries are easy as compared to other nations in the world.
Copyright: halfpoint / 123RF Stock Photo
Methodology
In order to come up with our list of easiest countries to get citizenship as an American, we have made use of our lists from Easiest Countries to Immigrate To From US, Easiest Countries to Get Citizenship Without Investment, and Easiest Countries to Retire To. These lists have conducted extensive research on the countries that have the easiest citizenship policies, the minimal income requirements for living, as well as the ease of gaining residency without investment.
We also used additional sources such as Investopedia, Global Citizenship Solutions, and others that have highlighted countries with the easiest citizenship policies for Americans looking to retire in other countries. Next, we selected those countries having retirement visas from our list. Potential retirees can choose to relocate to these places and reside legally for a required time period to acquire citizenship.
A consensus approach was used to compile our list, and each time a country was recommended by a source; we awarded it one point. Points were summed up and countries were then ranked in an ascending order from the lowest to the highest scores.
Here are the easiest countries to get citizenship as an American:
15. Colombia
Insider Monkey Score: 2
Colombia is one of the easiest countries to get citizenship as an American. Owing to its low cost of living, warm climate, and remarkable landscapes, thousands of retirees move here each year. Americans can apply for the Colombia Retirement (M) Visa to gain citizenship in the country, which will allow them to make it their home for a period of 3 years. The visa requirements are simple and straightforward. First, the individual should be retired and receiving a passive income. Second, they must be at least 65 (for a man) or 57 (for a woman). Last, they must have a monthly minimum income of $800 per month. After the M visa, applicants receive a resident R visa for five years, after which they can become citizens.
14. Argentina
Insider Monkey Score: 2
Argentina is one of the easiest South American countries to get citizenship as a US national. The Argentina Retirement (Pensionado) visa is available for Americans looking to gain easy citizenship in another country. The visa is valid for a period of one year, and can be renewed for up to three years. The minimum age for retiring to the country is 65 for men and 60 for women. Applicants are eligible for this visa if they are able to prove a monthly minimum income of $850. Applicants are eligible for citizenship after two years of continuous residency.
13. Dominican Republic
Insider Monkey Score: 3
Americans can gain citizenship in Dominican Republic through its pensionado or retirement visa. It is one of the cheapest countries to retire to. With the average social security check equating to around $1,701, Americans will easily be able to cover their living costs in the country that are around $1,200 for a single expat retiree.
For retiring to the country, one must have residence. By providing necessary documentation and proof of retirement benefits of no less than $1,500 a month, retirees can begin the visa process in their home country. Next, they need to come to the country and upgrade the visa to temporary residence. This visa is to be renewed annually. After four years, it becomes permanent.
12. Paraguay
Insider Monkey Score: 3
Another one of the easiest countries to get citizenship as an American is Paraguay. Applicants who have a monthly retirement income of at least $1,022 are eligible to retire to the country, regardless of their age. This residency will also serve as a pathway for permanent residency. Finally, the applicant will become eligible for citizenship at the end of a 3-year residency period.
11. Costa Rica
Insider Monkey Score: 3
Costa Rica is another country with relaxed citizenship requirements for US citizens. The country is also one of the most popular retirement destinations in the world, owing to its picturesque beaches, fantastic weather, and desirable year-round weather. In order to gain citizenship through its Pensionado visa, applicants must provide a proof of income of at least $1,000. There is no minimum age requirement for retiring to the country, and applicants can retire anytime.
The Costa Rica Pensionado Visa is valid for two years; after which it can be renewed. To renew the visa, it must be proven that income has been received in the country and that the applicant has lived in Cosa Rica for at least 4 months each year (either continuous or discontinuous). Applicants can gain citizenship after living legally in the country for 7 years.
10. Spain
Insider Monkey Score: 4
Low cost of living, excellent climate, and affordable healthcare are only some of the reasons Americans are considering retiring to Spain. Apart from this, the country also grants easy residency to Americans. The Non-Lucrative residence Visa (NLV), also called the retirement visa, can help non EU-citizen applicants live in the country without working. The visa requires applicants to have a proof of monthly funds equating to €2,259 or $2,411, as well as a private health insurance to cover the duration of stay. Living in Spain for ten years with legal residency can make applicants eligible for citizenship.
9. Nicaragua
Insider Monkey Score: 4
The retirement program for Nicaragua is simple and straightforward, and Americans can easily gain citizenship through it. Enjoying a coastal climate, low taxes, and affordable living, the country is increasingly becoming a hot retirement destination. The Pensionado and the Rentista are two different ways of gaining residency to the country. Both are essentially the same, except that Pensionado has a minimum age requirement of 45 years. Pensionado visa applicants also have a minimum monthly income requirement of $600, while Rentista applicants require a $750 monthly income. These independent means visas give applicants a three-year path to permanent residency and a four-year path to citizenship.
8. Philippines
Insider Monkey Score: 4
Philippines is one of the easiest Asian countries to get citizenship as an American. It makes it to our list owing to their Special Residence Retirees’ Visa (SSRV) program. Applicants aged 50 years and above can apply for the visa, provided they make a $10,000 deposit and have a monthly minimum income of $800 for a single applicant. Applicants aged 35 or older can also apply for the visa, provided that they make a deposit of at least $50,000. There are many benefits that can be availed through the retirement visa, such as indefinite stay with multiple-entry and exit, discount privileges from PRA accredited Merchant Partners, and entitlement to PHILHEALTH benefits & privileges, to name a few. To be eligible for citizenship, applicants must have resided in the country for at least 10 years, along with a few other requirements.
7. Mexico
Insider Monkey Score: 5
Home to more than a million expats from around the world, Mexico is another easy country to gain citizenship as an American. To retire in Mexico and be eligible for the Mexican Permanent Resident Card, the applicant must be retired in their home country, have enough financial resources to live comfortably, and also plan to live permanently there. A minimum monthly income starting at $2,700 and up to $3,500 over the past 6 months with bank statements as evidence, are required as proof of income. American nationals may acquire citizenship after two years of legal residency in the country.
6. Mauritius
Insider Monkey Score: 6
Foreign expats such as Americans can come live in Mauritius through its 50+ Retirement Visa offering residence permit as a retired non-citizen. Potential retirees will love to live here in the country due to its beaches, landscapes, and plentiful recreational activities. Applicants who are 50 years of age, having a passive monthly income of at least $1,500 can obtain a 10-year residence permit in the country. After having lived in the country for 10 years, applicants are eligible to apply for a 20-year permit. Anyone who has legally lived in the country for a certain period can apply to become a Mauritian citizen by naturalization.
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Disclosure: none. 15 Easiest Countries to Get Citizenship as an American is originally published on Insider Monkey.