Retirement (or 'pensionado') visas let you live somewhere long-term on the strength of stable passive income — a pension, annuity, rental income, or investment returns — rather than local employment. Income thresholds are often modest, commonly in the $1,000–2,500/month range, and some countries add discounts for retirees on top.
These visas vary in what they lead to: some (like Panama's or Ecuador's) grant permanent residence quickly, while others are renewable but don't build toward citizenship. Healthcare access and how pension income is taxed are the other two things that decide whether a country is genuinely retiree-friendly.
Why it matters for your move
If you're retiring abroad, the retirement-visa route — its income floor, its path to settling, and how it taxes your pension — largely determines which countries are realistically open to you.