With the world constantly shrinking in size, there are now more opportunities for people from any country to find work. Today, a growing number of individuals are going overseas for both educational and professional opportunities. This requires the applicant to submit an application for a work or student visa. This visa has a time limit and will expire if it is not renewed.
It can be a major hassle to renew a visa every time you need to visit or live in a foreign nation. This is when applying for permanent residency becomes the most practical option. With permanent residence, a person can legally dwell in another nation while still maintaining citizenship in their own country. While permanent residents enjoy many of the same protections enjoyed by citizens, they are not eligible to vote or hold public office. There may be tax advantages for some people who get permanent status.
Mexico
One million plus Americans can’t all be incorrect, right? The residence visa process is the quickest and cheapest in Mexico. There are around ten times as many Mexican visas given to Americans as there are for any other nation. Mexico is one of just three nations in the world (the others being El Salvador and the Vatican) that does not have any Covid entry limitations as of the end of 2021.
Because of this, it’s a great alternative for anyone who wants to leave the United States or Canada. The reasons why people choose to settle down in Mexico are evident. It is in the same time zone as the United States, you can drive there, the cost of living is low, the quality of life is high, the food is delicious (at least in certain regions), and the locals speak English. If you are retired and applying for Mexican residence, the quickest method to do so is to prove that you have a monthly income of at least $1,550 (plus $520 for each dependant). Purchase Mexican real estate worth $210,000 or maintain a bank account balance of at least $25,000 for 8 months in place of a pension or IRA dividend.
If even that seems like too much trouble, you may stay in Mexico permanently by piling up 6-month residence visas. A new 6-month visa is issued each time you enter Mexico through an airport. The visa is the paper you sign and turns in when you get off the plane. All it takes to “renew” yourself is a day away and a return flight. To enter Mexico by car requires neither a visa nor a passport stamp. There is no need for a visa or inspection if you remain within the border towns. You and your vehicle will require travel authorization papers in order to go south.
New Zealand
On the other way from Belize is where New Zealand is headed. These countries are actively seeking to attract young people. New Zealand has a highly relaxed policy for issuing permanent resident visas to anyone between the ages of 18 and 30. Young people from Western countries can stay in New Zealand for a year on a “working holiday” visa. Your 12-month visa will expire at which point you can either seek another visa or go back home.
My own experience with this immigration process, in 2005, was among the most memorable of my life. However, I will acknowledge that the high cost of living is a major issue in New Zealand today. Real estate prices are rising rapidly across the country because the rich are buying up so much of it. Already, New Zealand is 10% more costly than the US, and I see this gap widening further.
Bali, Indonesia
Many digital nomads call Bali home because it has the most relaxed atmosphere on our list. This, together with the low cost of living, good internet, and one of the simplest visas, makes Bali a popular destination, especially among young people who are interested in technology. If you want to become a citizen of Indonesia, you’ll have to work a bit more than in Panama, but getting a “social visa” is a breeze. There is a 6-month extension available for this resident visa. Travelling to the Singaporean embassy will cost you around $100, and you’ll have a new 6-month visa in hand and be good to go in just three days.
Panama
Panama’s residency scheme used to be the simplest route to citizenship. An investment of $200,000 is required for those from the top 50 countries to qualify for residency in Panama. Buying property or making some other kind of investment can do this. Since this assumes a financed purchase, the initial investment may be far less than $200,000. You are eligible to apply for citizenship and a second passport after five years of continuous stay. One may enter 151 countries visa-free with a passport from Panama, making it very close to a Tier-A passport. A Portuguese passport is worth considering if you have between half a million and a million Euros to invest in a country.
Paraguay
Applying for permanent residency in Paraguay does not require any prior visits or stays in the country. A valid passport, lack of criminal history, excellent health, and financial stability are all that are required. It will be a few weeks before your application is reviewed. A deposit of roughly $4,500 into a central bank is required during this time. Upon gaining permanent residency, the money can be withdrawn.
Greece
If you and your family invest at least EUR 250,000 in Greek real estate, you can apply for permanent residency in the country. If the property in Greece is kept up, the residency permit can be renewed every 5 years. Once a person obtains permanent residency in Greece, they are not required to spend any time there. The person and his family can freely travel among all Schengen nations once they are considered permanent residents in Greece.
