How much money do I need to retire in Russia? Your ability to retire comfortably in Russia depends largely on where you choose to live, but as it's a expensive country to live in, having a steady monthly retirement income of over $3,000 from is best to be able to live comfortably.
If you are residing in Russia and already receiving SSA benefits payments, there will be no change in the method of distribution of those payments. If you moved permanently to Russia, you should change your address on your Social Security account.
Although anybody can retire in Russia, the country does not have an open policy for foreigners. Russia does not offer retirement visas. Obtaining a Russian residential permit can take years – even if you have a Russian spouse. As such, start planning your retirement in Russia up to a year or more in advance.
Housing costs in Russia
According to Numbeo, a one-bedroom flat in the center of Moscow costs 50,000 p. to 100,000 p. Meanwhile, outside the city center, prices are, on average, 40,000 p. For a three-bedroom apartment in Moscow city center, you can expect to pay about 145,000 or 75,000 on the outskirts.
According to the Russian Central Bank CAN $40,000 is 1,882,236 Russian rubles, which is 156,853 per month. Let's assume this is your net income (otherwise you would pay 13% tax as a resident). If you live in a regional capital city, such as Saratov (where I am from), this will make you quite a rich person.
HNWIs in Russia
Approximately 0.2 percent of Russian adults, or 311.9 thousand residents, owned over one million U.S. dollars, or were referred to as high-net-worth individuals (HNWIs). In 2021, the total wealth of the adult population in the country reached nearly 3.8 trillion U.S. dollars.
The average cost of living in Russia ($787) is 64% less expensive than in the United States ($2213). Russia ranked 110th vs 5th for the United States in the list of the most expensive countries in the world.
According to Russian law, foreigners are usually allowed to purchase or rent property in Russia, but certain exceptions apply. Also, in order to be allowed to buy a property, the foreign citizen must hold a valid Russian resident permit.
The average annual salary in Russia is 1,240,000 Rubles (RUB) or USD 14,771 (according to the exchange rate in June 2023).
You can get permanent residency in Russia after two years with a temporary residence permit. You should apply for a PRP six months before the TRP expires. There is a five-year validity period for the Russian permanent residence permit, and it can be extended unlimited times.
Moving to Russia and Understanding the Immigration Rules
Russia does not accept visas on arrival from any country. If you plan to work, you also need a work permit issued by the Federal Migration Service in Russia, and you need to follow more rules regarding settling and registering your visa once you arrive.
In order of top to bottom, the following top 10 countries to retire abroad include Portugal, Mexico, Panama, Ecuador, Costa Rica, Spain, Greece, France, Italy, and Thailand.
If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.
If you earned Social Security benefits, you can visit or live in most foreign countries and still receive payments. Look up the country on the SSA Payments Abroad Screening Tool to be sure you can receive your payments.
The share of Russians who own an apartment or a house is relatively high and amounts to about 54 percent. About 11 percent reside in a rented apartment or house. The rest live with their relatives or friends. There are several major types of apartment blocks common in Russia.
Russian property tax is paid by the owners at a maximum rate of 2% of the value of the property, depending on the value of the property as determined on 1 January: Lower than 300,000 p: 0.1%
Generally, Russia is a safe country for expats. However, both the US Department of State and the UK Foreign and Commonwealth Office advise against travel to the North Caucasus region or to the Crimea, due to ongoing political unrest in these areas.
What you can bring into Russia: Money: Any currency and travelers cheques if the total value does not exceed 10000 USD. Otherwise, you will need to declare the amount, so when you leave the country you can prove that you are not taking money out of Russia. The money on your bank card doesn't have to be declared.
Cash over $10000
You are entitled to import/export unlimited cash into Russia, but sums over $10000 should be declared at customs. This applies to all foreign currencies and to rubles, with the exact quantities varying slightly from currency to currency.