If you’re considering spending your golden years abroad, you need information. Perhaps you’ve always wanted to live in a certain place, but doing so in your working years wasn’t feasible. Now that you’re retired, it’s not that hard to do that. However, you still need to do some research to make sure that living in another country won’t drain all your retirement savings.
Nowadays, it’s become a common trend for Americans to retire in another country. Many retirees are drawn to the vibrant cultures and warm climates other countries have to offer. After all, who wouldn’t want to spend their retirement years chilling on lovely beaches and sampling unique foods?
Yet, that’s where you should do some research, as not every foreign country is equally suited to hosting retirees. There are lots of factors to consider when choosing a place where you want to spend your retirement. To help you narrow down your options, we’ve decided to compile a list of some of the best countries to retire to.
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1. Costa Rica
Costa Rica tops most lists of the best places to retire, and this should come as no surprise. Spend your vacation here, and you’ll easily get convinced of what Costa Rica has to offer. In fact, even a brief taste of its sun-soaked climate will leave many retirees wishing for more. The affordable living costs, easygoing lifestyle, and friendly locals don’t hurt, either.
What’s also great about Costa Rica is that its healthcare system is widely regarded as the best in Latin America. As a retiree, this may be a factor worth considering. Because wildlife refuges and national parks make up almost a quarter of the country’s landmass, Costa Rica is particularly suited to those who enjoy spending time in nature.
2. Panama
Costa Rica’s next-door neighbor, Panama, is another popular choice for retirees moving abroad. One reason for that would be the lush mountain vistas and tropical weather, which create the perfect spot to enjoy your golden years. In addition, Panama’s low cost of living may help you stretch your retirement income quite a bit further compared with other states.
This tropical country also provides one of the most comprehensive retiree programs in the world. It’s called the Pensionado Visa and is meant to offer retired expats financial support. Those who qualify for this visa are eligible for a wide variety of benefits while living in Panama.
Some of them include significant exemptions and reductions for things like utility bills, public transportation, airline tickets, doctor’s bills, loans, personal home mortgages, dental exams, eye exams, hospital services (if no insurance applies), medications, import taxes, and hotel stays.
In order to qualify for this special program, a retiree must receive income from Social Security or have a pension fund or other source of income above a certain threshold.
3. Portugal
If you’re thinking about spending your retirement years in Europe, then Portugal is the best option for you. Not only is this temperate Iberian country a beautiful place to live, but it’s also known for the safety its residents enjoy. According to the 2022 Global Peace Index, Portugal ranks as the sixth-most peaceful country worldwide. Not bad at all.
Portugal is a remarkably affordable option because it has one of the lowest costs of living on the continent. This includes lower-than-average prices for lodging, food, and other day-to-day expenses. If you’re looking for more reasons to retire here, there it is: residents enjoy a truly comprehensive healthcare system.
If you’re interested in spending your golden years here, Portugal’s D7 Visa and Golden Visa programs are both excellent for getting long-term residency.
4. Ecuador
Ecuador has become a genuine paradise for the thousands of American expats who call it home. Lying along the equator, this lovely, magical country features diverse landscapes, including the world’s highest active volcano and 1,200 miles of breathtaking coastline. Add in the Galápagos Islands, and it makes sense why Ecuador is considered one of the best countries for retirees.
There are a couple of ways to become a resident in Ecuador, but the most common is Ecuador’s Retirement Visa program, designed especially for retirees. Regardless of which route you go down, if you’re 65 or older, you’ll get plenty of benefits as an Ecuadorian resident, including major discounts on entertainment and transportation options.
5. Greece
The Mediterranean nation of Greece is packed with culture, history, and, obviously, sunshine. Whether you prefer the hum of urban life or the peace of the country, Greece has you covered, providing both bustling cities like Thessaloniki and Athens and charming stretches of countryside.
No matter what part of Greece you like the most, the cost of living here is quite low, which is great because you’ll be able to get the most out of your retirement income. While Greece tends to be more expensive than Portugal, it’s still a more affordable option than much of Europe.
The easiest way to move to Greece is via the Golden Visa program. You’re required to invest at least 250,000 euros in Greek property, which is much less than what you’re required to spend if you choose to move to another European country through the same program.
Greece is also planning to come up with a special program to attract foreign retirees by providing them with a flat tax rate of 7% for 10 years. What’s interesting about this program is that it wouldn’t require applicants to invest in Greek property, though they may still need to rent or purchase a home in Greece.
6. Malta
Malta is a small island nation floating in the middle of the Mediterranean Sea, about 80 kilometers south of Sicily. As an island, Malta boasts mesmerizing coastlines and delicious seafood-based cuisine. The best part about this small country is that most of its population can speak English, so you won’t have to worry about learning a new language.
Most retirees choose the Golden Visa when moving to Malta, and it’s no wonder why: it’s among the cheapest options of any European country. It’s even lower than Greece’s threshold. As an expat, you’ll be required to invest 30,000 euros to obtain a visa. Yet, Malta has quite affordable living costs, which will help you maximize your remaining finances.
If you’ve always wanted to live in an island paradise, Malta is waiting for you!
7. The Philippines
The Philippines is an archipelago consisting of 7,000 tropical islands, and it seems to be quite a popular choice for US expats. According to the latest data, the Philippines has a population of more than 200,000 Americans.
So why should a retiree spend their golden years on these islands? Similar to other places on this list, the main reasons tend to be the reasonable living costs and warm weather. Just to give you some examples, the rent prices in the Philippines are about 78% lower than in the US. When it comes to grocery prices, they are 47% lower than in the US.
The country has a Special Resident Retiree’s Visa that comes with lots of perks for expats hoping to retire abroad. This visa qualifies you to get an exemption from import taxes, customs duties, travel taxes, and pensions and annuities.
8. Belize
Like other Central American entries on this list, Belize boasts benefits such as striking scenery, lots of sun, and endless beaches. What’s even better is that this country’s Qualified Retired Persons program is one of the best retirement programs in the world.
Under this special system, retirees get a full exemption from taxes on any type of income from outside Belize, whether earned or passive. The program also offers duty exemptions on certain things, including personal vehicles.
When it comes to having an idea of the overall costs of living here as a retiree, financial experts estimate around $1,700 per month.
9. Nicaragua
Nicaragua is a small country located in Central America, having coasts on both the Caribbean and Pacific Oceans. But Nicaragua has quite an array of landscapes, so you won’t see just beaches but also mountainous regions and lakes.
Similar to Belize, Nicaragua provides several tax benefits for retirees thinking of moving abroad. In fact, the country boasts both a high quality of life and a low cost of living. According to financial experts, rent is about 83% less here than in the US.
In order to acquire a visa, you must receive a permanent income of at least $600 per month.
You may also want to read These 5 Types Of Retirement Income Are NOT Taxable.
