For any number of reasons, many people consider retiring in another country. A foreign country may offer a lower cost of living, which can be important to seniors with limited retirement savings (see Retirement Funds Too Little? Retire Abroad). Some countries may have especially appealing climates. Or, people may simply have fallen in love with a country they once visited and vowed to themselves they would one day retire there.
For a person planning to settle down permanently in a foreign country, it is usually desirable to obtain citizenship in that country since it simplifies things such as opening bank accounts and owning property. Some may choose to go for dual citizenship, obtaining a second passport, while others may prefer to dump their U.S. citizenship altogether and simply become citizens of their new home country.
Some countries allow dual citizenship and some do not. It is no secret that more and more wealthy Americans, feeling their fortunes threatened by oppressive U.S. taxation, have chosen to renounce their U.S. citizenship in favor of becoming citizens of nations such as Singapore or Chile. Why People Renounce Their U.S. Citizenship explains more.
There are a number of factors to consider in regard to obtaining new citizenship and a second passport. Among these considerations are how readily your new passport allows visa-free travel, tax and other potential obligations of citizens in your new home country, and financial freedom in regard to opening bank accounts or establishing businesses.
And then, of course, there's the issue of whether your desired location is welcoming to expats who wish to become citizens. Not all countries are. If you have not yet settled on an expat retirement destination, you may wish to consider one of the following five countries where it is relatively easy to obtain citizenship.
1. Dominican Republic
The Dominican Republic offers one of the least expensive and troublesome avenues for retirees to obtain citizenship in a reasonably short period of time. The basic requirement is that the retiree must be able to document a stable retirement income of at least $1,500 a month from a source outside the Dominican Republic. Nonretirees have to show minimum monthly income of $2,000 a month.
Provided this basic requirement is met, an individual can apply directly for permanent residency. After holding the permanent residency for two years, the individual can then apply for citizenship. The whole process takes about three years and, in 2015, cost approximately $6,000 for residency and citizenship application fees. Making a $200,000 investment can cut the time down to two years, but the investment must be maintained; it cannot be withdrawn until citizenship is granted.
The citizenship process also requires an interview conducted in Spanish (questions and answers can be reviewed in advance) and a medical exam. Dual citizenship is permitted in the Dominican Republic.
Read more: 5 Countries Where It's Easy to Gain Citizenship to Retire | Investopedia http://www.investopedia.com/articles/personal-finance/030216/5-countries-where-its-easy-gain-citizenship-retire.asp#ixzz4PtVCiAci
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