Retire abroad: retirement visa income requirements by country, and how to meet them on a fixed income
Written by Hans Goldstein, licensed insurance agent · CA 4273294Short answer: if you are 62 and want to retire abroad, most retirement visas test monthly income, not net worth. In 2026 Spain’s non-lucrative visa asks €2,400 a month for a single person and €3,000 for a couple, Italy’s elective residence visa more than €31,000 a year per applicant, and Panama $1,000 a month ($1,250 for a couple). A life-only single premium immediate annuity (SPIA) bought while you still live in the US turns savings into lifetime income these tests accept: at 62 it paid about $603 a month per $100,000 for a man and $582 for a woman (September 9, 2026 survey average), so each $1,000 of monthly shortfall costs roughly $166,000 to $172,000. In Norway, a US-issued annuity also sits outside the wealth tax, which makes it the best option there.
Free guide: Moving abroad on a fixed income
Income rules and taxes by country: Norway, Switzerland, Sweden, Italy, Spain, Malta and more, plus how a lifetime annuity fits.
Who this guide is for
This guide is for Americans who have done well, have real savings, and still can’t get a residence permit because the paperwork asks for income. It happens more than people expect. A retired couple with a paid-off house and a large brokerage account can fail an income test that a schoolteacher with a pension passes easily.
I’m Hans Goldstein, a licensed insurance agent in California. My mom is Norwegian, my dad is American, and they’re planning the move from the US to Norway. I learned these rules the hard way, alongside them, and I’m writing this to help others in the same boat as my parents.
The problem: savings are not income
Immigration offices want proof that you can support yourself every year you live there, not just the first one. So many of them only count money that keeps arriving: wages, pensions, Social Security, and annuity payments.
- Norway: UDI lists “other permanent pensions or periodical benefits (insurance payments or similar)” as income and says “own funds (money in an account)” do not count.
- Italy: elective residence consulates want stable passive income and generally do not accept savings balances.
- Spain: the non-lucrative visa lists being the “beneficiary of a life annuity, not capitalizable” as qualifying income.
Interest, dividends and a big account balance often fall into a gray zone or are excluded outright. A deferred annuity that is still growing (such as a MYGA) is also savings in these systems, not income. It only becomes income once it pays out.
The fix: a life-only SPIA bought while you are still a US resident
A SPIA is simple: you pay an insurance company a single premium and it pays you a fixed amount every month for the rest of your life. It has no account value to cash out, which is exactly why it reads as income to an immigration officer and not as savings.
What it does for a move abroad:
- Creates qualifying income from scratch. If your Social Security or pension falls short of the bar, a SPIA sized to the gap closes it.
- Matches the wording. “Lifetime”, “permanent”, “periodical”, “not capitalizable”: a life-only SPIA fits these words.
- Keeps working at renewal. Many permits are renewed every one or two years. Savings shrink as you spend them; a lifetime check doesn’t.
- Is tax-friendly in the US. If you buy it with after-tax money, part of every payment is a non-taxable return of your premium. See the exclusion ratio for Americans abroad.
Buy it while you still have a US address. US insurers generally issue contracts only to residents of states where they and the agent are licensed. Once you live abroad, that door usually closes.
In the same boat? Let’s run your numbers
See roughly what a lifetime annuity would cost to close your income gap, then get my personal read by email. I can help while you still live in the US.
Estimates use the September 9, 2026 ImmediateAnnuities.com payout survey (life only) and a 15% cushion. Illustrative, not a quote.
Income requirements by country (high bar first)
These are the destinations where the income bar is high or a wealth tax applies, so getting the income piece right matters most. USD figures use NOK 9.6494 per dollar (Norges Bank, October 2, 2026) and $1.17 per euro (a planning rate; the ECB reference rate was $1.1225 on 2 October 2026, so these dollar figures include about 4% of headroom).
| Country / route | Income bar (2026) | About USD per month | Does annuity income count? | Wealth tax? |
|---|---|---|---|---|
| Norway, family immigration (ordinary sponsor) | NOK 436,957 a year (3.2 x G) | $3,774 | Yes: “periodical benefits (insurance payments or similar)” | Yes, 1.0% above NOK 1.9M |
| Norway, sponsor receiving old-age pension | NOK 243,759 a year (UDI written answer) | $2,105 | Yes, if lifelong | Yes |
| Switzerland, non-employed 55+ | No fixed figure; cantons set “sufficient means” | Varies | Annuity income is a natural fit | Yes, cantonal |
| Sweden, spouse sponsor | SEK 13,408 a month left after tax and rent (couple, from Oct 1, 2026) | Depends on rent | Pensions count | No |
| Italy, elective residence | About €31,000 a year per applicant | $3,023 | Yes, four US consulates (Boston, New York, Chicago, Detroit) name annuities | No (0.2% IVAFE on foreign financial assets) |
| Spain, non-lucrative visa | €2,400 a month (400% IPREM) + €600 per dependent | $2,808 | Yes: “life annuity, not capitalizable” | Yes, regional |
| Malta, Global Residence Programme (US-only citizens) | No floor; 15% tax, minimum €15,000 a year | Varies | Yes, as “stable and regular resources” | No |
| Malta, Retirement Programme (EU, EEA or Swiss passport) | No floor; 15% tax, minimum €7,500 a year | Varies | Yes: the rules name annuities as pension | No |
| Panama, Costa Rica, Belize, Mexico, Greece, Portugal | $1,000 to about $4,630 a month | See comparison | Mostly yes | No |
| Denmark, spouse reunification | No income figure; DKK 61,709 bank guarantee | n/a | Not the test | No |
Rules change, and consulates apply them differently. Confirm the current figure with the consulate or immigration office before you buy anything.
Single or married: how a spouse changes the retirement visa income requirement
Most programs set one figure for the main applicant and add an amount for a spouse. A few count each person separately. USD at $1.17 per euro (a planning rate; the ECB reference rate was $1.1225 on 2 October 2026, so these dollar figures include about 4% of headroom).
| Country / route | Single | Couple | Whose income counts |
|---|---|---|---|
| Spain, non-lucrative visa | €2,400/mo | €3,000/mo | The main applicant shows the household total; spouse applies as a family member |
| Italy, elective residence | More than €31,000/yr | About €62,000/yr | About €31,000 per person, shown by the main applicant for a dependent spouse or by each spouse in his or her own name (Boston, New York) |
| Malta, Global Residence / Retirement Programme | No floor; €15,000 / €7,500 minimum tax | No floor; €15,000 / €8,000 minimum tax | The beneficiary; spouse is a dependent |
| Norway, family immigration | One figure for the sponsor living in Norway | The sponsor (reference person), not the incoming spouse | |
| Panama, pensionado | $1,000/mo | $1,250/mo | Spouses may add both pensions together |
| Portugal D7 / Greece FIP | €920 / €3,500 a month | +50% / +20% | Confirm with the consulate |
When only one spouse has the income: make that spouse the main applicant (or, in Norway, the sponsor’s own income is what counts). If a lifetime annuity is needed, put it in the name of the spouse who must show the income, priced on that spouse’s age and sex, and buy it while you both still live in the US. Italy counts about €31,000 per person, so the earning spouse shows about €62,000, or each spouse shows his or her own. Funding a contract for the other spouse is a gift between spouses. General information, confirm with a tax adviser: gifts between two US-citizen spouses are unlimited; gifts to a spouse who is not a US citizen are excluded from taxable gifts up to $194,000 in 2026 (IRC 2523(i)), and above that you file Form 709, usually with no tax due.
What it costs to close the gap
Premium needed = monthly income you are short ÷ what $1 of premium pays per month. The table uses the September 9, 2026 ImmediateAnnuities.com survey for a 65-year-old, life-only, assuming no other income. Illustrative, not a quote.
| Target | USD per month | Man, best quote | Man, average | Woman, best quote | Woman, average |
|---|---|---|---|---|---|
| Norway, pensioner sponsor | $2,105 | $306,000 | $329,000 | $319,000 | $344,000 |
| Spain NLV, single | $2,808 | $408,000 | $439,000 | $425,000 | $459,000 |
| Italy elective residence, per applicant | $3,023 | $439,000 | $473,000 | $458,000 | $494,000 |
| Norway, ordinary sponsor | $3,774 | $548,000 | $591,000 | $572,000 | $617,000 |
Most people need far less, because Social Security and pensions count too. If you already receive $1,800 a month of Social Security, Spain’s $2,808 bar leaves a gap of $1,008, which is about $146,000 of premium at the best surveyed rate for a 65-year-old man. Then add headroom (below). Older buyers get more income per dollar: at 70 the survey shows $714 a month per $100,000 for a man (average) versus $639 at 65.
Rules that hold almost everywhere
- Only payouts count. A deferred annuity or MYGA still accumulating proves assets, not income.
- Lifetime wording matters. Norway, Spain, Panama and Costa Rica want income that lasts for life. A 5-year or 10-year payout can fail. UDI told my family in writing that time-limited annuities do not count.
- No cash-out rights. Spain says “not capitalizable.” A plain life-only SPIA fits; a contract with a commutation or liquidity rider can fail.
- Payments should already be flowing. Start payments 3 to 12 months before you apply so you have deposit statements to show. Italy’s Boston, New York, Los Angeles and Detroit consulates ask for two years of tax returns, so buy one to two years ahead there.
- Size with headroom. Spain, Portugal and Mexico index their bars, Norway’s rises each May with G, and euro or krone bars move with the exchange rate. Build in 10 to 25% extra, or consider a cost-of-living rider.
- Plan for US withholding. Since January 1, 2026 a US citizen with a foreign residence address cannot opt out of federal withholding on annuity payments, even if they go to a US bank account (IRC 3405(e)(13), Treas. Reg. 31.3405(e)-1). Withholding is a prepayment, not extra tax. A US account still makes the deposits simple; move the money abroad yourself.
The paperwork pack
- A letter on the insurer’s letterhead stating the monthly amount, that it is payable “for the lifetime of the annuitant,” and the start date.
- The contract pages showing there is no surrender or cash value.
- Bank statements showing the deposits arriving.
- An apostille (from the Secretary of State of the insurer’s home state) and a sworn translation where the country requires one.
I help clients assemble this pack from the insurer before they leave.
Where a SPIA is the best option: wealth-tax countries
In most countries a SPIA is the way to meet the income test. In a country with a wealth tax it can do more.
- Norway (clear): Skatteetaten’s own handbook (Skatte-ABC F-24-2.1) says a life annuity from an insurer that has never been licensed in Norway is not taxable wealth (skatteloven § 4-2(2)). Money in a SPIA from a US insurer leaves the 1.0% wealth tax base. The payments are taxed as income at 22%. That combination, qualifying income plus a smaller wealth tax base, is why I call it the best option for Norway.
- Switzerland (likely, confirm per canton): cantons generally value life and annuity insurance at its surrender value, and a paying SPIA has none. Since January 1, 2025 only a small yield share of a foreign life annuity is taxed as income.
- Spain (no): Spain values an annuity with no surrender right at the insurer’s mathematical reserve (Ley 19/1991 art. 17), so it stays in the wealth tax base. The income tax on it is low, though: only 24% of each payment is taxable if the annuity is set up at 60 to 65.
Other wealth tax countries in brief: France’s IFI taxes real estate only, the Netherlands taxes assumed returns in Box 3, and Colombia has a wealth tax from 72,000 UVT at 0.5 to 1.5%. Italy has no general wealth tax (a 0.2% IVAFE on foreign financial assets), and Malta, Portugal, Panama and Mexico have no net wealth tax according to PwC’s tax summaries. Full table: wealth tax countries and whether an annuity helps.
Moving before 59½
If you are in your 40s or 50s, you can still create qualifying lifetime income without the 10% early-withdrawal penalty. An immediate annuity bought with after-tax money is exempt under IRC §72(q)(2)(I), and a life annuity inside an IRA counts as substantially equal periodic payments under §72(t)(2)(A)(iv). Details: moving abroad before 59½.
Taxes: the US side and the host country
As a US citizen you keep filing US returns wherever you live. A US SPIA keeps that simple: it is a domestic contract, so it is not a PFIC and is not reported on FBAR or Form 8938. Only the local bank account you spend from is. The host country usually taxes the annuity too, and the treaty plus the foreign tax credit keep you from paying twice in most of Europe.
- Why a US SPIA is tax-favored: the exclusion ratio
- How European countries tax a US annuity
- FBAR, FATCA and double taxation
The flagship case: Norway
Norway hub: my parents’ move. My mom is Norwegian and my dad is American. Norway has no retiree visa, counts only lifelong income, never counts cash savings, and charges a wealth tax. Everything on this site started there: the UDI income requirement, the pensioner rule, the wealth tax exception for US annuities, and what we got wrong along the way.
Lower-cost destinations and Denmark
Panama and Costa Rica ask for $1,000 a month of lifetime pension income, Belize $2,000, and Portugal’s D7 €920. A SPIA works there too, and it is a clean way to show lifetime income, but it is not a tax play. In Mexico the savings route is usually cheaper. Denmark has no income figure at all for spouses, so a SPIA is not the answer there. See the comparison page and the Denmark page.
The trade-offs, stated once
A life-only SPIA is irrevocable: the premium is converted to income and there is no account to draw on later. Payments are level unless you add a cost-of-living rider, and they arrive in dollars while the requirement is set in krone or euros. Payments are backed by the issuing insurer’s claims-paying ability. That is why I size it to the gap plus headroom, not to your whole net worth, and keep the rest of your money flexible.
In the same boat? Let’s run your numbers
Tell me the country, your age, the fixed income you already have and roughly what you have saved. I’ll send back the gap, the premium needed with headroom, and the paperwork the consulate will want. I work with US residents in the states where I’m licensed, and the purchase has to happen before you move.
All guides: high income bars and wealth-tax countries first
Also covered
- Retire in Mexico: temporary residency: About $4,500 to $4,630 a month of income or $76,000 to $78,000 of savings, by consulate; the savings route is usually far cheaper than buying income.
- Retirement visa income requirements compared: Panama, Costa Rica, Belize, Mexico, Greece and Portugal: the bar, whether an annuity counts, and the cost.
- Experts we point readers to: Visa lawyers, expat tax preparers and writers by country.
- Denmark: spouse reunification: No income test, a DKK 61,709 guarantee instead. An honest read: an annuity is not the answer here.
- Austria: spouse of an Austrian: EUR 2,064.12 net a month for the couple in 2026, both spouses' income counts, savings count, no quota; an annuity helps renewals more than the first file.
- Ireland: spouse of an Irish citizen: The Irish sponsor needs EUR 75,000 gross over three years; savings of either spouse can be weighed if short; Stamp 4 on approval.
- Iceland: spouse of an Icelander: ISK 415,922 a month for a married couple in 2026; either spouse can show it, and bank savings count, so an annuity is optional.
Experts we point readers to
- Expatsi (Brett Andrews): a country-by-country guide to retiring abroad
- Bright!Tax (Katelynn Minott, CPA): US expat tax filing; retire-in-Spain visas, healthcare and taxes
- Taxes for Expats: US expat tax preparers; retirement tax articles
We link to these because their guides are among the most useful we found. We receive nothing for listing them and are not affiliated. All experts by country.
Frequently asked questions
Related reading
- Norway hub: moving from the US to Norway
- UDI income requirement 2026 explained
- Italy elective residence visa income requirement
- Spain non-lucrative visa income requirement
- Switzerland: retiring with a wealth tax
- Wealth tax countries and annuities
- Moving abroad before 59 and a half
Sources
- UDI: Income requirement in family immigration cases
- Utlendingsforskriften chapter 10 (Norway income requirement rules)
- Skatteetaten Skatte-ABC F-24: livrenteforsikring and wealth tax
- Migrationsverket: maintenance requirement for reference persons
- Consulate General of Spain in Los Angeles: non-lucrative residence visa
- Consulate General of Italy in Boston: elective residence visa
- Malta S.L. 123.134: Malta Retirement Programme Rules
- Malta S.L. 123.148: Global Residence Programme Rules
- Real Decreto 1155/2024, Reglamento de extranjeria (Spain, arts. 61 to 64)
- New to Denmark: spouse or cohabiting partner
- 26 U.S.C. 3405 (withholding on pensions and annuities)
- 26 CFR 31.3405(e)-1 (withholding on payments to US citizens with a foreign address, from 2026)
- IRS: Comparison of Form 8938 and FBAR requirements
- ImmediateAnnuities.com: immediate annuity rates by age (survey of September 9, 2026)
Goldstein & Co. LLC dba Goldstein Insurance Services · Hans Goldstein, licensed insurance agent, CA lic. #4273294 · NPN 20602398 · 213-414-2808 · hans@hansgoldstein.com
Education, not tax, legal or immigration advice. Rules, thresholds and exchange rates change; confirm with the consulate or immigration authority and a local tax adviser before you act, and get answers in writing. Hans Goldstein is a licensed insurance agent (CA 4273294) and can only offer annuities to residents of states where he is licensed. Annuity payments are guaranteed by the issuing insurer’s claims-paying ability, not by any government. Payout figures are illustrations from a published survey, not quotes. Immediate annuities are generally irrevocable.