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.