The closest and most convenient countries for retirement for U.S. citizens are in Central America and the Caribbean. Five of these Central American countries; Belize, Costa Rica, Honduras, Nicaragua, & Panama receive the most attention as attractive retirement destinations. Being aware of their minimum requirements for retiring can aid you in determining the feasibility of each as a personal retirement destination.

I am purposefully omitting information on the other two Central American countries; El Salvador and Guatemala, as they do not for various reasons presently rank very high on any list of recommended retirement destinations.

The retiree visa generally applies to any person who has retired from his usual occupation and is receiving pension benefits as a result. This may include social security benefits and/or company retirement benefits. The income must be permanent and consistent.

In Belize the applicant becomes a Qualified Retired Person (QRP) upon approval. In The other countries, the Spanish term “pensionado” (retiree) visa is generally used and the retiree becomes a pensionista. The minimum requirements for receiving a retiree visa in each of these countries have a lot of overlap but all of them require certain basic documents. The official language of Belize is English. Spanish is spoken in the other four countries.

Each country has more requirements than we will discuss here, but these basic requirements will permit you to see if you meet the minimum requirements. If you don’t meet the minimum requirements the additional requirements are irrelevant.

Common documents required by all these countries include:

1. A birth certificate
2. Marriage Certificate (If applying as a couple)
3. Police Records or Police Report
4. Health Certificate and/or Medical Exam)
5. Photocopies of Applicant’s Passport
6. Passport Style Photos (Number varies by country)
7. Proof of Income – Certified Statement from Source of Income

Some specific requirements by country include the following:

Belize: Minimum age of 45 and retiree can be from anywhere in the world. A minimum pension or annuity of $2,000 per month generated outside of Belize is required.

Costa Rica: As of March 1, 2010, the minimum monthly income for pensionado visas increased from $600 per month to $1000 per month. Continued receipt of this income must be documented each year. Once approved, resident agrees to live in Costa Rica for at least 121 days (4 months) per year. The days do not have to be consecutive.

Honduras: Applicant must prove a pension of at least $600 per month and the pensioner has to live in Honduras for four months of the year to retain the classification.

Nicaragua: The minimum age to apply is 45 years of age. Applicants must prove an income of $600 per month if on a pension or $750 a month if income is from a private source. This income needs to be permanent and provable for five years, the length of the right to residency under this visa. There are exemptions on the legal age if retired for medical reasons or if the private income is easily proven.

Panama: The minimum pension (government or private) required is $1000 per month for a single person, or $1250 for a married couple. Each additional dependent requires another $250 per month. Annual documentation of continued income required. Once approved a pensionado visa holder is allowed to stay in Panama 365 days a year. The only minimum stay requirement is that you visit Panama at least once every 2 years. It is considered a type of permanent resident visa and carries with it many legally defined financial benefits.

The basic information given here should provide enough details to let you know if you could possibly qualify for retiree status in one of these Central American countries. Further details are easily obtained once you have narrowed your choices of prospective retirement destinations. Be aware that today’s requirements may change and you should always check for the latest requirements.