If you seriously consider retirement in Nicaragua, you need to know what options you have for obtaining a residency permit, the allmighty "cedula" (a word you'll hear often when staying in Nicaragua, even for simple things like paying with credit card instead of cash at the supermarket).
Immigration Office in Managua
There are two standard ways to get a residency permit (equals a 5 year Nicaragua visa) - you are either retired or you have "private income."
The first option is called the "Pensionado"
program. To apply for it, you must be 45 years or
older and prove a steady monthly income of at least $600 (plus $150 for
each dependent family member).
Compared to other countries, this amount is still low (in Panama you need at least $1,000 and in Belize twice as much), but not as low as it used to be before the new residency law came into effect in 2009. Before 2009, you only needed a guaranteed income of $400 (plus $100 for each dependent).
Enlist the help of a local English speaking lawyer, who is experienced with the residency process. Nicaragua's bureaucracy is not the easiest to navigate through, especially if your Spanish knowledge is limited.
One thing to note is: once you are a Nicaraguan resident, you must get the permission of the government to leave the country. You can purchase a yearlong permission slip for $80 at the Immigration Office in Managua.What benefits do you get when you retire to Nicaragua? The main ones are:
Tip: Most documents for the application process you need to get before moving to Nicaragua, namely
All documents have to be less than 6 months old. Once you have
the documents, get them authenticated at the appropriate local
authorities in your country of origin. Then send them to the
nearest Nicaraguan consulate in your country, where they are
authenticated once again and sent back to you.
Calculate at least 4 to 6 weeks for the authentication process.
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