Brazil is known for its beautiful weather, beaches, and rainforests. So it's no wonder why so many expats are flocking to this country to retire. It provides the perfect backdrop to a relaxed and amazing lifestyle with a relatively low cost of living.
But you can't just pick up from your home country and fly over to Brazil to retire. Here are the steps you need to take to make it happen.
Retirement visa
The easiest way to retire in Brazil is to apply for a retirement visa. The requirements are that you're over the age of 60 and that you have a pension of at least $2,000 a month.
To apply for a retirement visa, visit your local Brazilian consulate at least one to two months before you plan on moving to Brazil. You'll need to bring several documents:
- passport
- Notarized copy of your passport
- Notarized copy of your birth certificate
- Passport photo
- Non-criminal record issued by the FBI (no older than 90 days)
Once you've received your visa, it's good for nine years. You'll have to open a Brazilian bank account and deposit at least $2,000 a month into this account. The good news is, it's very easy to renew, provided that you've consistently deposited the required amount every month.
Benefits of a Brazilian Retirement Visa
Obviously, the biggest benefit of a Brazilian retirement visa is that you can legally spend your later years in the country as a resident. However, the visa comes with some other benefits.
As a legal resident, you'll have free healthcare. And while you're technically retired, you have the legal right to work if you wish. In addition, you'll get to use the public transport system for free.
Taxes
No matter the age, all Brazilian residents must pay taxes. In addition, Brazil taxes all global income with a cap of 27.5%. Depending on your country of origin, you may or may not be double taxed. Those from countries with a double-taxation treaty will only need to pay taxes in Brazil.
Sales taxes on items are capped at 17%.
Healthcare
Brazil has free public healthcare for all its residents. With that said, you'll want to take out a private insurance policy. While the universal healthcare system is free to use, it's often overwhelmed and the quality of service is subpar. Taking out a private policy can give you peace of mind, as you'll get excellent care promptly whenever you need it.
What's great is that Brazil's private healthcare facilities are much cheaper than those in other Western countries like the US. And in São Paulo, you'll find the best doctors and hospitals. For this reason, it can be a good idea to choose this city to live in, especially if you have existing health issues that need constant treatment.
Cost of living
As we've mentioned above, the cost of living in Brazil is pretty low, especially when compared to countries like the US. Rent prices are up to 80% lower, and consumer prices are around 50% lower. This means that you can stretch your pension dollars much further in Brazil than in the US.
Where to live
If you want to be around other people of your age, then choose Rio de Janeiro as your new home. Many retirees flock to this city, and rent is quite affordable.
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