A number of countries around the world offer retirement visas: an opportunity for foreigners to come to a country legally to live out their golden years, spend their retirement money, and enjoy their life of leisure abroad. However, even though more and more countries have added a retirement visa option in recent years, the United States does not have a “Silver Card” for seniors that want to spend their senior years living the American Dream.
The advantages of creating a retirement visa in the United States
Many people, including real estate agents and lawmakers, believe that a silver card would be a great addition to the American visa program – both for our country and for seniors from other countries. Those who could prove that they have a pension to live from and other simple qualifications could move to retirement communities in Florida, California, and other regions – while the United States economy could benefit from seniors who spend money and buy property but don’t need U.S. jobs.
Especially with a weak job market and a weak housing market, a retirement visa would help the struggling real estate market without adding citizens who need full-time employment.
Will the United States ever get a silver card for retirees?
Although many hope for a revival of a retirement visa proposal each time a new administration enters office, seeing a silver card or retirement visa any time soon isn’t likely. As Republicans and Democrats argue over how to get more skilled worker immigrants into the country – workers who are vital to our economy and our development – the attention is draw away from those foreigners who want to retire here quietly. The only hope is that lawmakers realize that well-off retirees from other countries could also help boost our economy and help our recovery.
Alternatives to a U.S. retirement visa
The absence of an official retirement visa doesn’t stop wealthy foreigners from finding a way to spend their best years on American soil. Many are turning to the EB-5 investment visa as a way to gain permanent residency and secure a green card, all while investing part of their retirement money in a project in the United States.
If you would like to explore the idea of retiring in the United States through the EB-5 investment visa, we invite you to schedule a meeting with an attorney at our San Francisco immigration law firm. Call us today to get started.