We have all dreamed of moving abroad to enjoy early retirement. But how easy is it to move to the other side of the world and a new country and survive without all the trappings of your everyday life? Where are the best places to retire overseas?
Retirement experts “International Living” advise on everything to make life post-retirement easy. Their Yearly Global Retirement Index lists the top places to retire around the world, considering cost of living, available healthcare, good food and importantly great weather. Here are 11 of the best countries to move to for early retirement.
1. Panama
Why: One of the world’s safest, most reasonably priced, and most friendly countries, Panama tops the Annual Global Retirement Index this year for the 11th time. They say Panama is tough to beat when it comes to countries to move to. Its medical care is amazing, internet access is great, and the currency is the U.S. dollar. Lots of US residents settle here for early retirement due to Panama’s easy access to the States.
The country has recovered from Covid exceptionally well, embracing new tourists, new residents, and new investment. For foreigners who choose to retire early here you do not need to pay income tax on funds earned outside Panama. There are numerous easy options for getting a visa or residency. Property taxes are also low.
Where: Panama City is Central America’s most contemporary neighbourhood, but that’s not all the country has to offer. You’ll find cool mountain towns like Cerro Azul, Sorá and El Valle a one-to-two-hour drive from the city. While the gorgeous Caribbean beaches of Portobelo are around two hours away by car. An hour’s drive from Panama City, is small mountain town of Boquete is home to the Barú Volcano National Park. And Coronado it is a thriving beach town with a flourishing expat community.
The cost: More retirees from the U.S. and Canada are discovering Panama as one of the best places to retire due to cost of living. Overseas pensioners with legal residence get 15% off hospital bills, 20% off prescription medication, 15% off dental and eye exams and 20% off medical consultations. On top of that, Panama’s famous Pensionado program makes it easy for you to become a legal resident if you have a social security or corporate pension of at least $1,000 a month.
2. Costa Rica
Why: Second on the 2022 list of top countries to retire abroad is Costa Rica, where the national motto is ‘Pura Vida’, or ‘pure life’. Thousands of expats looking for initial retirement have been enticed here by the country’s tropical climate, low cost of living, welcoming locals, reasonable medical care, excellent property, and its sheer natural beauty.
Costa Rica is a safe and secure country to consider if you want to retire early. It’s incredibly progressive, diverse and is hospitable to all – same sex marriage is legal, and women’s rights are mandated. It’s post-Covid law appeals to retirees which includes benefits like a lower threshold for investors. The ability to import two cars and a shipping container of home goods tax-free.
Where: There is something for everyone in Costa Rica. The Nicoya Peninsula in Guanacaste has a high population of centenarians (100+ year-olds) thanks to its nutritious diets, natural water, sunshine, energetic lifestyles, and welcoming communities. Other popular areas include the capital of San Jose, the milder Central Valley, and the Caribbean coastline.
3. Portugal
Why: With its old-world charisma, stretches of golden sandy beaches, rolling green hills, some of the best healthcare in the world and low cost of living. Portugal is on the list of the best places to retire overseas. English is taught in schools here for the young, so many locals speak English, which makes moving here simpler.
Where: Caldas da Rainha is a mid-sized city with paved streets and a good size expatriate community. Located around an hour away from the capital of Lisbon. This is a great option If you’re looking the settle somewhere a bit more rural, lf you’re looking for city life, Lisbon or Porto could be for you.
The cost: A couple looking for early retirement can live comfortably in Portugal on $2,500 per month. If you want to live in Lisbon, Porto, Cascais or the Algarve, you should increase that to $3,000 or more.
4. Colombia
Why: Number five on the list of countries to move to if you want to retire as soon as possible is Colombia. With its low cost of living, superb healthcare and a climate to suit every taste. Colombia is more established than other countries in Latin America which makes it a worthwhile option to include on your list of potential retirement spots. It’s also the second most biodiverse country in the world, which adds to its demand.
Where: Majority of the expatriates looking for early retirement head for Medellín, thanks to its spring-all-year-round climate. Its mountain areas, Bucaramanga, Pereira and the Coffee Triangle, have a more moderate climate and no humidity. Bogota is a cooler choice, while if you’re looking for hot heat head towards Cartagena, Barranquilla or Santa Marta.
The cost: Your money can go a long way in Colombia. Solos can live happily here for $1,030 a month, while a couple can live for less than $2,000 per month. Those who have already moved here to retire early say their living expenses are 60% less in Colombia than they were in the United States.
INTERESTED IN TRAVEL? Contact GrownUps Holidays on 0800 842 685 or email grownups@ttc.com.
5. Ecuador
Why: If you are looking to retire early and looking for the best places to retire abroad? You could do worse than put Ecuador on your list. At number 6 on the Annual Global Retirement Index, Ecuador is a largely unexplored country that still offers contemporary living including fiber-optic internet, great weather, great transportation and reasonable healthcare and housing. It also has near-faultless weather all over the country.
Where: If you’re fantasising of living by the coast, head to the beaches of Puerto Lopez where you can see whales and eat the most devine ceviche. Further north, sleepy towns like Montañita attract a lot of expats looking for a quiet reprieve, while livelier spots like Quito and Cuenca offer a city lifestyle. In the beach town of Salinasa you’ll find more expat communities, the quiet village of Cotacachi and the café society village of Vilcabamba.
The cost: Ecuador has a very inexpensive lifestyle. Here you can easily live off $1,500-$1,825 a month. There are few great countries to move to that are as cheap to live as Ecuador. A Pacific Coast beach home with great views will set you back about $150,000 here, while a two-bedroom, two-bathroom condo in downtown Cuenca is about $500 a month.
6. France
Why: France has long been one of the best countries for retirement in the world. France features at number 7 on this list, it continues to grow in reputation thanks to its diverse culture, beautiful landscape, spectacular cuisine, and last but not least, good cost of living.
Where: You should avoid larger cities like Paris unless you want to spend a fortune every month. One city you should keep on your list, however, is the fastest-growing urban area in France, Montpellier. One of France’s most significant university towns, Montpellier is a diverse city with a big focus on the arts and decadent living. Other popular expat destinations include the bright region of the Dordogne and the medieval town of Sarlat-la-Caneda.
The Cost: In France, monthly living costs sit at around $2,083 to $2,483 per month for a couple renting an apartment for two people. A standard doctor’s visit costs $29, and a visit to a specialist is $58, that’s if you don’t sign up for French healthcare. After you’ve lived in France for three months, 70% of that cost is refunded to you—meaning you’ll pay approximately $9 for a standard doctor’s visit.
INTERESTED IN TRAVEL? Contact GrownUps Holidays on 0800 842 685 or email grownups@ttc.com.
7. Spain
Why: At number 9 on the list of the best places to retire, Spain has around 300 days a year of sunshine and 3,000 miles of coastline… do we need to go on? On top of its weather and its splendour, Spain also has a low cost of living, superb healthcare and very safe streets.
Where to Live: The Costa del Sol and the Costa Blanca have long been topping the lists of the best places to retire list for expats from the UK in search of early retirement, mostly because they promise 300 to 320 sunny days a year. If it is the city life you are after, Madrid and Barcelona have museums, operas and theatres aplenty. Valencia is medieval and post-modern at the same time, while the northern coast is greener and richer.
The cost: The good life in Spain is comparatively affordable. The lovely warm climate means food is reasonably priced, and the healthy Mediterranean diet also means people here live great healthy lives. The cost of eating in restaurants is cheap with a three-course meal including wine or beer costing just $12-$16.
8. Uruguay
Why: Uruguay is one of the tiniest countries to appear on the list of the best countries for retirement. Its appeal for those wanting to retire early lies in its good cost of living and that, as locals put it, it’s a place “where things work”. Its public amenity companies are among the best in Latin America for both quality and reach.
Where: Once they’ve decided that Uruguay is for them, most expats reside in Montevideo, a capital city with tree-lined streets, large parks, and a coastal promenade. If it’s a smaller beach town you’re after, the pretty Atlántida or Piriápolis are still close enough to the city to enjoy its comforts.
The cost: In Montevideo’s chic Cordón neighbourhood, you can rent a two-bedroom apartment for $700 per month. Most expat couples in Uruguay can live well on a budget starting at $2,500 a month, including rent.
Article courtesy of Trafalgar. For more information on Trafalgar or to order yourself a FREE brochure contact GrownUps Holidays on 0800 842 685 or email grownups@ttc.com.