These days, when almost nobody actually has a pension, what are the options for demonstrating continual income to get pensionado residency status? I'll use $500/mo in my calculations because that's the latest number I remember seeing. Adjust as needed for current laws.
Would it be enough to put 500*12*5= $30k in a bank and promise to withdraw $500/month? Or buy a 5-year annuity for a similar amount? I know Costa Rica was offering a deal like that a few years ago. Or does the cash flow really have to be "continual", not just for 5 years?
What about that modest IRA I have sitting out there? I don't want to start withdrawing until I'm 59.5, to avoid penalties, but would be willing to if the alternative was starving, or being kicked out of the country. Is there any formula for putting a value on self-directed retirement accounts like that? Especially for someone who is, for example, 45, and won't be drawing from that for a while. How can you convert locked-up "wealth" to "income"?
Apologies if this has been covered. I browsed and searched a bit and didn't see any relevant threads.