Some people envision retiring on a sunny beach with cocktails, while others prefer to remain active and explore the great outdoors. No matter how you imagine your retirement, the cost of living is an essential factor to consider. Our guide to the 10 cheapest places to retire in the world covers everything from the cost of living to food and entertainment.
Uruguay
Latin America’s warm climate, biodiverse rain forests, and rich culture make it a popular retirement place. Uruguay is a trendy Latin American retirement destination with regular flights to and from the United States. Despite Uruguay being one of the smaller countries in Latin America, it has much to offer those seeking a comfortable climate.
There is a wide variety of excellent street food, including Italian and Mediterranean dishes, ethnic food, and coffee shops. The average living costs are between $2500-3500 for a comfortable lifestyle. You must invest around $1500 of your retirement funds for citizenship.
Spain
Consider settling in Spain if you want to retire abroad and improve your Spanish skills. British ex-pats love Spain’s year-round sunshine, Mediterranean Sea breeze, delicious seafood, and the full range of amenities.
Get ready for hot weather, endless bars, beachfront cafes, and freshly caught seafood from the Costa del Sol. Although the cost of living in Milan and Barcelona is higher, their excellent food and rich history make them worth considering.
Life in one of Spain’s many coastal towns is surprisingly cheap, and their affordable healthcare and efficient public transportation mean you can save additional monthly.
Portugal – 10 Of The Cheapest Places To Retire In The World
Portugal is sixth on the Global Peace Index. A refreshing environment for your golden years can be found here with its sandy beaches. Retiring in Portugal requires proof of health insurance when applying for residency. Many major U.S. health insurance companies cover Portugal. So you may have an easier transition.
Ex-pats have also recently benefitted from the country’s tax code. You’re exempt from income tax if you qualify for Non-Habitual Residence (NHR) status. Even if made money outside Portugal, this covers investments and pensions.
Malaysia
Malaysia is another country on our list, making an effort to be more ex-pat friendly. Known for its beaches and jungles, the country is an ultimate getaway for nature lovers. The Malaysia My Second Home (MM2H) program offers visas for up to 10 years.
Malaysia has many urban destinations to enjoy well into one’s golden years. George Town is one of the top cities to retire to. Malaysia’s low cost may particularly appeal to Americans living in metropolitan cities.
On average, one-bedroom apartments in George Town cost $278 in urban areas and $174 in suburban areas, according to Numbeo. Malaysians call English their “unofficial first language.” It is 18th on the Global Peace Index.
Costa Rica
Costa Rica is the perfect tropical paradise for retirees who don’t want to pay exorbitant prices. Numbeo says San Jose rents are an average of $610 per month. Local restaurants offer meals for as low as $7. Outdoor lovers won’t be bored here. They can enjoy fishing, jungle hikes, horseback riding, surfing, and more. Latin America’s healthcare system is rated excellent by International Living. Retirement in Costa Rica can be accomplished by applying for a Pensionado visa, but you need a $2500 monthly income.
Panama – 10 Of The Cheapest Places To Retire In The World
Panama has no foreign income taxes, making it one of the best places to retire. Social security and retirement pensions are tax-free. International Living’s Global Retirement Index ranked Panama first in “Best Places to Retire in 2022.”
Panama allows permanent residency and retirement without a visa. Foreign retirees must prove that they have at least $1000 monthly income (including Social Security) and an ability to support themselves. Living costs are 25% lower than in the US.
Health care is good, but property prices can be high. You can live a basic life at $500/month, and a standard lifestyle costs about $2000/month. Spanish is the official language, but ex-pats speak English.
Peru
Latin American countries tend to have lower living costs regardless of location. Peru has vibrant cities, mountainous regions, and quiet farming towns. The typical monthly rent in Miraflores, an upscale district in Lima, is $740.
Moreover, you can enjoy world-renowned cuisines made with fresh ingredients. A Rentista Visa requires at least $1,000 in retirement savings. You cannot work and must remain in the country for at least six months each year. A permanent visa is available after seven years.
The Global Peace Scale still rates Peru as a “high” peace country, despite Peru’s drop of 15 spots in the past year.
Czechia (The Czech Republic)
The Czech Republic offers a nice balance of affordability and safety. It ranks number 8 on the Global Peace Index. According to Expat Focus, real estate costs here are significantly lower than in much of Western Europe. However, if you’re a history buff, you have plenty to enjoy when you’re not home.
The Prague Castle dates back to the Middle Ages. It is considered the world’s castle capital. Twenty monuments in the country are UNESCO world heritage sites. After 90 days, you’ll need a visa. To apply, you’d need proof of health insurance.
Slovenia – 10 Of The Cheapest Places To Retire In The World
Slovenia is a good choice for those who can’t afford French or Swiss prices but want to retire to the Alps. Triglav National Park offers hikers several peaks as a break. Ljubljana was rated among the world’s top 10 retirement cities by International Living. According to Live and Invest Overseas, a couple can comfortably rent an apartment in Ljubljana for about $720 a month.
Austria
Although Austria is a bit more expensive than the rest of our list, it ranks among the top 10 most livable countries. The Economist Intelligence Unit said Vienna is the world’s most livable city. This city alone has seemingly endless museums, fine arts, and world-renowned architecture. According to Numbeo, Vienna apartments cost about $960 a month. After six months, you’d need a residence permit. You need proof of income to get one.