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Dominic Volek, CA(SA), FIMC, is Group Head of Private Clients and a Member of the Executive Committee at Henley & Partners.
For many years, migrating ‘snowbirds’ — individuals from the USA and Canada who relocate south to warmer states each winter — have represented a distinctly North American lifestyle trend. But today, the phenomenon is expanding and evolving. A global affluent cohort of early retirees, financially independent professionals, and passive-income earners are embracing a new form of strategic mobility: constructing sovereign portfolios of residences and lifestyle bases across multiple jurisdictions, enabling them to move between homes and stay as long as they like according to the seasons and their unique requirements.
The demand for location optionality is not driven by a desire for sunshine alone. It also reflects changes such as rising living costs in traditional warm-weather enclaves such as Arizona and Florida, the increasing range and accessibility of residence and citizenship programs, and a growing appetite for long-term security, diversification, and enhanced lifestyle choice.
Across the USA and Canada, many retirees are re-evaluating their circumstances. Living costs in domestic retirement hubs have escalated, particularly housing, insurance, and healthcare. By contrast, destinations such as Costa Rica, Greece, Italy, Panama, and Portugal offer a compelling combination of affordability, safety, and lifestyle quality. Daily expenses in these countries can be 30%–60% lower than in the USA, significantly increasing the purchasing power and quality of life for fixed-income households and early retirees alike.
Real estate is another driver. Whereas Florida’s property market has matured — with rising prices, compressed cap rates, and soaring insurance premiums — markets in southern Europe and Central America continue to offer attractive yields and long-term appreciation potential. Snowbirds can secure ocean-view apartments or countryside villas at a fraction of US coastal prices, potentially unlocking rental yields of 4%–7% in strong tourism corridors such as the Algarve, Crete, or Panama City.
A defining advantage of these destinations is that they offer formal residence programs, enabling long-term security, flexible presence, and in some cases, a pathway to citizenship.
Each of these Snowbird-friendly jurisdictions presents a distinct value proposition, but among the benefits of becoming a resident or citizen of the European Union is access to emergency healthcare. Furthermore, private healthcare costs are considerably lower in Europe, providing optionality.
Greece’s Golden Visa Program offers accessible specialized real estate-linked residence options from EUR 250,000, with the added benefit of Schengen mobility and a straightforward route to permanent residence in a country that offers a high quality of life. There is no requirement to reside in Greece and owners may sub-let their investment properties. The residence permit has an unlimited expiry date, and there is eligibility to apply for citizenship after seven years of legal residence. Greece also offers a 7% flat tax on foreign income for qualifying foreign retirees for 15 years, enabling individuals to enjoy their pensions and savings in a more affordable environment.
Italy’s Residence by Investment Program is particularly appealing for ultra-high-net-worth individuals through its flat-tax regime on foreign income, which is EUR 200,000 at the time of writing, but Italy aims to increase this by 50% to EUR 300,000. There are two paths available, and the minimum investment ranges from EUR 250,000 to EUR 2 million. There is no permanent stay required, and among the many perks are residence rights in a country with a rich culture, access to excellent medical care and education facilities, and visa-free access to the Schengen Area.
The Portugal Golden Residence Permit Program requires a minimum contribution of EUR 250,000, and offers visa-free access to Europe’s Schengen Area in addition to a temperate climate, an established expat community, and excellent private healthcare facilities. Portugal does also have double taxation treaties with the USA and Canada, which means prospective relocators won’t be taxed on the same income twice.
Panama’s Residence by Investment Program has three options, including the Friendly Nations Visa for citizens of one of Panama’s ‘friendly nations’, with the USA, Canada, UK, Australia, and most of Europe among them. With a minimum investment of USD 100,000 for the Forestry Investor option or USD 300,000 invested in real estate, this provides a low-cost entry to residence in cosmopolitan, safe, and dynamic Panama, which is renowned for being one of the best places to retire to, as well as the benefits of a territorial tax system.
The Costa Rica Residence by Investment Program allows foreign nationals to acquire residence rights by selecting from three options, including one of three categories, one of which is for retirees, whereby applicants must receive a minimum, monthly, lifetime pension of USD 1,000 provided by a government or a private entity. Costa Rica offers good private medical facilities, and access to the public system can be obtained simply by becoming a resident.
These programs allow individuals not only to escape harsh winters but also to optimize global mobility and establish diversified lifestyle bases that enhance long-term resilience.
Thailand is popular as a retirement destination for longer term migration. The ‘Land of Smiles’, is one of the most sought-after destinations in Southeast Asia, offering an affordable and convenient standard of living. With a Thailand Privilege Residence, successful applicants can enjoy an idyllic way of life, while being within reach of Bangkok’s exciting cosmopolitan lifestyle. Thailand offers retirees the opportunity to gain residence in a country that is safe and secure.
The minimum application fee is THB 650,000 (approximately USD 18,000) and grants applicants the right to live in the country for up to 20 years and access privileged services and benefits, including a wide array of complimentary luxury services that facilitate seamless travel through border control, as well as the peace of mind that high-quality healthcare provides.
Canadians who want to stay in the same time zone and enjoy a summer climate during their winter are finding Uruguay Residence an attractive alternative. Uruguay is one of South America’s most developed nations, offering a high standard of living, a rich cultural heritage, a serene lifestyle, and a growing economy. Known for its political stability and advanced social policies, the country combines historical charm with modern amenities.
A minimum monthly income of USD 1,000 earned through employment or entrepreneurship, retirement or pension, or income from abroad is required to apply for legal residence, although higher amounts are needed depending on family size and specific circumstances. Purchasing real estate worth more than USD 570,000 facilitates obtaining tax residence in the country.
While snowbirds have become a cultural archetype in North America, Europe has its own version: the ‘swallows’ — affluent retirees and lifestyle-driven professionals who depart the UK, Scandinavia, Germany, and the Benelux region each winter for warmer climates.
Their seasonal migrations tend to lead them to southern Europe, the Mediterranean, or further afield to premium island and resort destinations, and many travel as far afield as Mauritius and South Africa. Increasingly, however, these individuals are turning to residence and citizenship programs as a means of securing year-round unlimited access to the climates and communities they love.
Caribbean citizenship programs — particularly in Antigua and Barbuda, Grenada, and St. Kitts and Nevis — are increasingly attractive for this demographic. With high global mobility, favorable tax regimes, and idyllic environments for holiday homes or retirement escapes, they provide a strategic complement to European residence strategies.
Beyond the Caribbean, residence programs in New Zealand and Thailand offer diverse lifestyle advantages, from pristine natural landscapes and political stability in the former to wellness-oriented living and world-class hospitality in the latter. These destinations appeal not only for their climates but also for their quality of life and long-term certainty. And now, a new entrant is emerging: the Maldives, which recently announced a pioneering residence program in partnership with Henley & Partners. For those seeking to secure a foothold in a world-renowned luxury tropical paradise destination — one long favored for extended winter stays — this initiative represents an unprecedented opportunity to formalize seasonal or semi-permanent residence in the Indian Ocean.
International retirement mobility is not merely a lifestyle decision; it is increasingly an economic one. Many of the top snowbird and swallow destinations offer tax frameworks specifically suited to retirees and passive-income earners although it must be remembered that American retirees living abroad are still subject to US tax on their worldwide income. The United States taxes its citizens based on citizenship, not residency, meaning your tax obligations generally follow you wherever you live.
For most other nationalities though, territorial tax systems in Costa Rica and Panama, and flat-tax regimes in Greece and Italy create significant efficiencies compared with remaining tax-resident in Canada, or high-tax UK and European jurisdictions.
For ultra-high-net-worth families, layering residence rights, tax options, and real estate diversification across multiple jurisdictions is now a core component of long-term wealth preservation and diversification. Sovereign portfolios — much like financial portfolios — seek balance, resilience, and choice.
Snowbirds and swallows alike are motivated increasingly by well-being, sustainability, and access to global travel networks. With Schengen access in Europe, tropical biodiversity in Central America, and the rising appeal of resort-driven economies in Asia and the Indian Ocean, retirees today are selecting jurisdictions that support healthier, more fulfilling, and more globally connected lives.
As climate patterns shift and the economics of retirement evolve, the mobility choices of affluent retirees will continue to broaden. Whether escaping winter for six months or establishing multiple long-term bases, the new generation of retirees is shaping a world in which borders are optional, lifestyle is optimized, and sovereign portfolios are the defining asset of a life well lived.
Henley & Partners assists international clients in obtaining residence and citizenship under the respective programs. Contact us to arrange an initial private consultation.
