6 Affordable Countries Wealthy Kenyans Are Retiring In

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    Panama, a transcontinental country in Central America and South America
    File
  • Planning for retirement can be dreadful as highlighted by the Annual Global Retirement Index 2022 report that also shows the best places for retirement for everyone, including Kenyans.

    The report highlighted ten countries across the globe that are best for retirement, with some of them being very affordable for wealthy Kenyans.

    According to the Wealth Report published by Knight Frank in early 2022, at least 3,000 Kenyans have applied for a second passport to several countries believed to be safer than Kenya.

    The report indicated that the 3,000 are looking for a place safe for their families, a place with good health care and education systems. 

    A US Visa hanging out of a bag
    A US Passport hanging out of a bag.
    File

    Additionally, these Kenyans were also looking to permanently relocate to other areas, especially the Caribean Islands. Places with the highest investment opportunities attracted most Kenyans.

    Here is a list of some affordable places wealthy Kenyans are retiring in.

    Panama

    This was named the best country to retire in by the Annual Global Retirement Index. Some of the attractive features in the country include the low cost of living, suitable climate, and a good health care system inclusive of public and private facilities.

    If you wish to retire in Panama, you need to apply for a Pensionado visa. To qualify for this visa, you need to show a monthly income of at least Ksh120,000 from a reliable source like a pension.

    Additionally, for any other dependent, you need an extra Ksh30,000.

    Alternatively, you can show a monthly income of about Ksh90,000 and a minimum investment of Ksh11.8 million in Panamanian real estate.

    Ecuador

    Ecuador was ranked 6th by the report. According to the report, those planning to retire in Ecuador require at least Ksh217,000 a month depending on the location.

    The report went on to state that Ecuador is an undiscovered country that still offers the luxury of modern living, internet connection, good weather affordable health care, and housing.

    The country also offers a variety of beach destinations and an active volcano. To be eligible to retire in Ecuador, you need to apply for a temporary residence visa. After residing in the country for 21 months, you can apply for a permanent visa.

    Colombia

    Colombia was ranked 5th. The report stated that the country has excellent healthcare and the cost of living is low. 

    Kenyans seeking to retire here will be treated to the views of mountains, the rainforest, beaches, and exotic cities. 

    During retirement, a person’s health is taken care of through the high-quality affordable health care system that incorporates both public and private facilities.

    To retire in Colombia, you need to apply for a Colombia resident visa after temporarily living in the country for 2-3 years.

    Portugal

    Portugal emerged 4th in the Annual Global Retirement Index. The country was described as having everything for everyone. From vibrant cities to sandy beaches, and hills, and one of the best healthcare services in the world.

    Depending on where you choose to live, the cost of living will vary. Through Portugal Residence Visa, a Kenyan citizen can acquire permanent residency privileges.

    You require to invest Ksh35 million in property in Portugal or create 10 permanent jobs or a capital transfer of a minimum investment of Ksh32 million. Also for any dependent, Ksh683,000 is required.

    Costa Rica

    Costa Rica ranked second below Panama. The tropical climate, low cost of living, friendly locals, affordable health care, and beautiful scenery attract more foreigners to Costa Rica.

    It is described as a tranquil place that is mostly covered in national parks and wildlife refuges. Kenyans planning to retire in Costa Rica should know that hunting is illegal and the country has strict gun laws.

    For you to permanently live in Costa Rica, you need to first live in the country temporarily for at least three years.

    Mexico

    According to the Annual Global Retirement Index, Mexico was ranked third. Similar to the other countries, Mexico also offers affordable housing and a low cost of living.

    Kenyans who want to permanently reside in Mexico and eventually retire there need to apply in person for a Permanent Resident Visa at the Consular Office closest to their place of residence.

    A photo of a man on the beach doing yoga
    A photo of a man on the beach doing yoga
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    gun illegal