Top Second Residency Options in Central and South America – With its wide landscapes, diverse cultures, and numerous opportunities, Central and South America offer some of the best options for second residencies. However, in deciding on the best place, lifestyle, investment opportunities, and immigration processes need to be considered.
A major advantage for North Americans and Westerners is Latin America’s cultural familiarity. While Spanish and Portuguese are the dominant languages, English is widely spoken and even an official language in some countries. Time zones also more or less match those in the U.S., making communication and travel that much simpler.
In terms of integration, Latin America is more expat-friendly than other regions like Southeast Asia or the Middle East. Dual citizenship is also allowed by most countries in the region, and they also grant citizenship by birth, which can be a plus for families who plan to stay for the long haul.
That being said, bureaucracy can be frustrating. While the relaxed lifestyle is appealing, it tends to carry over into governmental workings, so patience is a virtue when applying for residency.
Mexico: A Top Choice for Residency
Mexico is one of the most popular residency options due to its location, culture, and ease of immigration process. Mexico offers an excellent combination of urban and rural living, from the bustle of the streets of Mexico City to the calm of the beaches of the Yucatán Peninsula.
Obtaining Residency in Mexico
Getting a Mexican residency is relatively simple. The first step is to get a temporary residence visa, which allows for stays from 180 days to four years. This visa is granted initially for one year and can be renewed for three years, with no requirement to stay.
Residency Through Real Estate
One of the simplest paths to residency is through investing in real estate. By investing approximately US$220,000 in Mexican real estate, the applicants qualify for a temporary residence visa. This amount is based on the Mexican minimum wage and fluctuates based on economic conditions.
With this investment, buyers can acquire modern apartments in Mexico City, luxury suburban houses, or beachfront coastal houses. Once residency is granted, it can lead to permanent residency and eventually citizenship.
Residency Through Investment
A second option is a diversified investment scheme, which includes real estate, businesses, and stocks. To qualify, applicants typically need US$100,000 in real estate and another US$100,000 invested in a Mexican business and hiring at least three employees. With proper documentation, residency is easily achieved.
Peru: An Investor-Friendly Residency Option
Peru is a desirable residency choice because of its stunning scenery, low cost of living, and improving economy. Its immigration system can be tricky to navigate, though, without proper information.
Residency by Investment
Most sources say that an investment of US$30,000 in a Peruvian business is sufficient for residency. On-the-ground research confirms that the actual amount is closer to US$150,000, along with the creation of at least five jobs. An elaborate business plan detailing these jobs needs to be submitted for approval.
Other Peru Residency Possibilities
- Rentista Visa: Entails proving passive income and is therefore an excellent option for retirees.
- Retirement Visa: Designed for individuals with pension income, it provides an easy path to long-term residency.
Other Notable Residency Options in Latin America
Argentina
A big and diverse nation, Argentina has numerous lifestyle options. Buenos Aires, in particular, is favored by expats due to its European-style culture and active arts scene.
Chile
Having one of the highest standards of living in the region in Latin America, Chile is a safe bet for residency. It is also part of the U.S. Visa Waiver Program, which facilitates travel to the United States.
Ecuador
Ranked as one of the safest countries in Latin America, Ecuador is a popular destination for expatriates. Its minimal cost of living, well-developed infrastructure, and connectivity with international markets make it a viable choice.
Conclusion
Central and South America are excellent choices for a second residency. Through investment, real estate, or retirement schemes, there are numerous countries with open and lenient immigration policies. By contrasting the requirements of each nation with the lifestyle benefits, it is easy to select the perfect location for a second home.
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