Which retirement visas accept annuity income (and which want a pension)
Written by Hans Goldstein, licensed insurance agent · CA 4273294Short answer: in 2026 a few retiree visas name annuities outright: Belize’s QRP application asks for a pension or annuity of $2,000 a month, Spain’s Los Angeles consulate lists a “life annuity, not capitalizable”, France lists annuities and pensions, South Africa’s Immigration Act names an irrevocable lifetime annuity, and Panama’s decree covers private pensions administered by a foreign insurer. Costa Rica, Ecuador and Colombia want a pension certified as lifetime, which a life-only annuity can document. Others (Mexico, Thailand, Mauritius, Greece) also accept savings, so an annuity is a convenience there, not a requirement.
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.
When my parents started planning their move to Norway, the first surprise was that the rules cared about a monthly number, not about how much they had saved. Most retirement visas work the same way. The second surprise was how much the wording matters: “pension”, “lifetime pension”, “passive income” and “sufficient means” are four different tests, and a purchased annuity fits each one differently. This page sorts the countries I cover by how they treat annuity income, using only what each country guide on this site has verified.
Four kinds of rules
- Annuity named: the official text or consulate list mentions annuities, or private pensions from an insurer. The cleanest fit.
- Lifetime pension required: the rule asks for a pension paid for life, certified by the payer. A life-only annuity can meet it if the insurer’s letter says “for the lifetime of the annuitant”. Period-certain annuities usually fail.
- Passive or regular income generally: pensions, rent, dividends or interest all count. An annuity fits the description, but the rule does not name it, so get the consulate’s view in writing.
- Savings accepted: a bank balance can replace income. Here an annuity is optional, though it makes renewals easier because the income does not run down.
Latin America and the Caribbean
| Country and route | Bar (2026, single) | How annuity income is treated | Savings instead? |
|---|---|---|---|
| Belize QRP | $2,000/mo, age 40+ | Named: the application asks for a pension or annuity | Only a deposit or investment in Belize producing $24,000 a year |
| Panama pensionado | $1,000/mo lifetime | Named: private pensions administered by a foreign insurer (DE 320 art. 201); must be lifetime | Not for pensionado; other routes exist |
| Costa Rica pensionado | $1,000/mo lifetime | Lifetime pension required; law firms report a lifetime annuity qualifies with the right letter | Not for pensionado (rentista is $2,500/mo) |
| Ecuador jubilado | $1,446/mo | Pensions from public or private institutions abroad; lawyers advise lifetime wording | No, other visa categories |
| Colombia M pensionado | 3 minimum wages (COP 5,252,715/mo) | Lifetime pension required; practitioners report an annuity with no cash-out right can qualify | No (rentista or investor visas instead) |
| Peru rentista | $1,000/mo net | Pension or permanent income from any foreign source; a life annuity fits the plain meaning, not named | Not stated |
| Nicaragua pensionado | $1,000/mo | Pensions from public or private institutions, stable and permanent; INTUR decides | Not stated |
| El Salvador pensionado | $1,226.40/mo | Pension certificate required; unclear whether a purchased annuity is pension or rentista income | Not stated |
| Dominican Republic | $1,500/mo pensioner, $2,000 rentista | Pensioner certificate is written for employer pensions; the rentista route fits an annuity | Not stated |
| Argentina | 5 minimum wages (ARS 1,956,000/mo) | Pensionado is for earned pensions; an annuity fits the rentista category | Rentista: own funds in principle |
| Uruguay | No fixed minimum | A notary certifies regular income; an annuity gives exactly that | Not the usual route |
| Mexico temporary | About $4,500 to $4,630/mo | Counts as income | Yes, and far cheaper (about $76,000 to $78,000 balance) |
| Brazil VITEM XIV | $2,000/mo plus proof of retirement | Accepted as a complement to a pension; annuity-only, ask first | Not stated |
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.
Europe
| Country and route | Bar (2026, single) | How annuity income is treated | Savings instead? |
|---|---|---|---|
| Norway (family immigration) | NOK 436,957/yr, sponsor | “Periodical benefits (insurance payments or similar)” count; only lifelong ones | No, money in an account never counts |
| Spain non-lucrative | €2,400/mo | Named: “life annuity, not capitalizable” (Los Angeles consulate) | Yes, covering the permit period |
| Italy elective residence | More than €31,000/yr | Named by the Boston, New York, Chicago and Detroit consulates | Generally no |
| France visitor | €1,477.93/mo net | Named: annuities and pensions are on the official list | Yes |
| Malta Retirement Programme | 15% tax, minimum €7,500 | Named: rules count lifetime or temporary annuities as pension (EU, EEA or Swiss citizens) | Not applicable |
| Switzerland retiree (55+) | No fixed figure | Geneva: means count when certain until death, such as annuities | Wealth counts too |
| Portugal D7 | €920/mo | Stable and regular income; annuities not named, confirm with the consulate | Savings alone not reliable |
| Greece FIP | €3,500/mo | Periodic foreign income such as a pension; annuities not named | Yes, assessed yearly |
| Cyprus Category F | €9,568/yr | Secured income from abroad; annuities not named, confirm | Not stated |
| Ireland Stamp 0 | €50,000/yr | Pension income or readily accessible funds; an annuity is pension-type income | Not fully |
| Austria settlement | €2,616.78/mo net | Regular fixed income | Partly (Vienna divides savings by 12) |
| Sweden (via spouse) | SEK 8,116/mo after housing | Not named; even old-age pensions are not on the list | Yes, assets for two years |
| Denmark (via spouse) | No income test | Not relevant: bank guarantee instead | Not applicable |
Asia, Africa and Oceania
| Country and route | Bar (2026, single) | How annuity income is treated | Savings instead? |
|---|---|---|---|
| South Africa retired person | R37,000/mo for life | Named: an irrevocable annuity paying for life (Immigration Act s. 20) | Net worth route |
| Philippines SRRV | $800/mo pension plus deposit | Lifetime pension; PRA has not named purchased annuities, ask in writing | Yes, $30,000 deposit |
| Thailand O-A | THB 65,000/mo | Counts as income | Yes, THB 800,000 |
| Mauritius retired non-citizen | $2,000/mo | Income of any kind; annuities not named | Yes, $24,000 balance |
| Indonesia E33F | $3,000/mo | “Income or allowance”, no lifetime test | Second home visa deposit |
| Malaysia MM2H | No income test | Does not qualify you; deposit plus home | Deposit required |
| New Zealand parent retirement | NZ$60,000/yr plus investment | Pensions and investment income; annuities not named, confirm | Investment and settlement funds also required |
Where an annuity is the strongest tool
An annuity earns its place where three things line up: savings do not count, the rule wants lifetime income, and the bar is high enough that Social Security alone falls short. That is Norway, Panama, Costa Rica, Colombia, Ecuador and Italy. Spain, Belize, France and South Africa name annuities directly, so the paperwork is the most predictable. In Norway there is a second benefit: an annuity from an insurer never licensed there is outside the Norwegian wealth tax, which is why I call it the best option there. Where savings qualify cheaply, such as Mexico, Thailand and Malaysia, I tell people plainly that the visa alone is not a reason to buy one.
Getting the wording right
- Life-only or joint and survivor, no cash-out rider. The letter should say the payment continues “for the lifetime of the annuitant”. A refund feature is fine in most countries, a commutation right is not.
- Buy while you still have a US address, and start payments 3 to 12 months before you apply so statements show deposits.
- Get the consulate’s answer in writing wherever the rule says “pension” but not “annuity”.
- Size with headroom: 10% for fixed-dollar bars, 10 to 25% for euro, krone or peso bars that move.
The trade-off, once: an annuity is irreversible, pays a level amount unless you add a cost-of-living rider, and pays less per dollar at younger ages. In return it is the one kind of income these rules were written around. At 62, $1,000 a month for life cost about $166,000 of premium for a man and $172,000 for a woman at the September 9, 2026 survey averages (illustrative, not a quote).
Frequently asked questions
Related reading
- Moving abroad on a fixed income: hub
- Moving to Norway: my parents' story
- Using an annuity to meet a visa income requirement
- Costa Rica vs Panama pensionado
- Retirement visa income requirements compared
- Annuity withholding for US citizens abroad
- What income counts for UDI
Sources
- Belize Tourism Board: QRP application form (pension or annuity)
- Consulate General of Spain in Los Angeles: non-lucrative residence visa
- South Africa Immigration Act 13 of 2002, section 20
- Panama Decreto Ejecutivo 26 of 2009, amending Decreto Ejecutivo 320, art. 201
- Costa Rica Ley General de Migracion y Extranjeria No. 8764, arts. 81 and 82
- Service-Public.fr: temporary residence card visitor
- Norway: utlendingsforskriften chapter 10, section 10-8 (Lovdata)
- Canton of Geneva: permit without gainful activity, third-country nationals
- 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.