With health care prices on the rise in the U.S., a lot of people who are close to retirement are thinking about taking their retirement savings and moving overseas for their senior years. All these countries offer safety and scenery, plus they have much more financial security than you’d find in America. Multiple countries across Central and South America, Europe and Asia don’t only lower living costs and great climates but also modern amenities and advanced medical care. We’ve decided to look into which places are the best for an affordable and safe retirement abroad. With $200,000 in savings or less, you can retire peacefully in one of these countries!
Slovenia
On great retirement destination in central Europe is Slovenia. It shares Italy’s eastern border and is in the perfect location for European travel. With medieval castles and churches by mountain cliffs, you’ll find great skiing and beautiful lakes there. Not to mention the beaches of the Istrian Peninsula are just a short car ride away. Slovenia’s four-season climate is the mildest of the coastal towns by the Adriatic Sea. In Slovenia, life is affordable. A one-bedroom apartment in the capital, Ljubljana, rents for around $600 a month. Not to mention, restaurants, entertainment, and groceries are reasonably priced as well. To top it off, all residents are required to pay for compulsory state health insurance that provides access to good health care. It’s also common to add on private, local health insurance as well.
Slovenia
How to retire in Slovenia
There is no retirement visa in Slovenia for noncitizens of the European Union, so an American retiree will need to apply for a one-year temporary residence permit before leaving the U.S. You’ll also need to choose a purpose for your visa. American seniors can apply for the study purpose, such as language classes, or the purpose of becoming a self-employed worker. You’ll have to show you have an income at least equal to the ‘basic minimum income’ in Slovenia, which is less than $450 a month back in August 2018. The permit has to be renewed every year. After five years in Slovenia with this visa, you can apply for permanent residency.
How To Retire In Slovenia
Malaysia
For a great price, Malaysia offers retirees warmth and culture. The capital, Kuala Lumpur, has a low living cost as well as lots of free activities, such as strolling through the Perdana Botanical Gardens and admiring the views of the soaring Petronas Twin Towers. Temperatures range between 77 degrees Fahrenheit and a humid 95 throughout the year. Keep in mind there is a monsoon from October to March. A cheap local meal typically costs $3 in Kuala Lumpur, while a three-course meal for two costs as little as $18. The average rent for a one-bedroom apartment in the city center is less than $600 a month.
Malaysia
How to retire in Malaysia
For retirees over 50, they can apply to Malaysia’s ‘My Second Home’ (MM2H) program. It requires proof of about $86,150 in offshore liquid assets as well as a monthly income of $2,500. Once you get approved, you’ll need to open a Malaysian ‘fixed deposit’ account and hold $37,000 in it for a year. After that, the government will require you to maintain a minimum balance of $24,600 for as long as you’re there. While it’s generally safe in Malaysia, it’s still a good idea to invest in home security. Also, avoid carrying valuables in tourist areas and stay out of the eastern Sabah region. The nation has world-class healthcare and efficient private clinics at low prices. Plus, English is widely spoken in major cities.
How To Retire In Malaysia
Vietnam
With a rich culture, history, gorgeous natural landscapes, and affordable living costs, Vietnam is definitely a special retirement destination. Two people can live on around $1,500 a month in big cities, and if you go to the beach towns Nha Trang or Da Nang you can happily live on less than $1,000 a month. While Nha Trang is home to a lot of expats and Western restaurants, Da Nang is a modern city with a beach and a temperate climate. In either city, a one-bedroom apartment rents for less than $400 a month. With those prices, you’ll have plenty of money left over to explore Vietnam’s sunny coasts, Buddhist pagodas, and French colonial relics while enjoying the tasty street food and cuisine.
Vietnam
How to retire in Vietnam
If you’re not married to a citizen or have family there, you’ll have to apply for a visa to stay in Vietnam long term. There is no specialized retirement program there, instead, you can apply to a one-year multiple-entry visa which requires you to leave the country once every 90 days. While there is perfectly adequate health care in Vietnam, you might need to fly to Thailand or Singapore for serious medical situations.
How To Retire In Vietnam
Mexico
With sandy beaches and gorgeous colonial cities, Mexico’s Yucatan peninsula, which includes Cancun, is said to be one of the safest areas for international retirees. If you’re looking for small-town life rather than a big city, you could settle in Ajijic in western Mexico, which has stunning lake and mountain views as well as easy access to Guadalajara Airport. A one-bedroom apartment near Ajijic rents for under $400 a month. Not to mention, a few dollars a week will be enough to buy bags of fresh local produce and fish. Private health insurance in Mexico gets more expensive as you get older, so a lot of retirees hold on to medical coverage plans from their home countries. A specialist appointment in Mexico would cost $25 to $30, while a doctor visit outside cities costs just $10 to $15.
Mexico
How to retire in Mexico
In order to retire in Mexico, one option is to apply for a temporary resident visa at a Mexican consulate in the U.S. This particular visa grants a one-year residency and can be renewed for another three years. From January 2019, retirees are looking to apply for this visa have to show a savings balance of $27,000 or proof of income from a foreign pension or investments of $1,620 a month over six months. Another way to retire in Mexico is by applying for permanent residency immediately. You’ll be required to show you have a monthly income of $2,700 or savings of around $108,000 over the previous 12 months. Married couples should also add another $540 to the monthly income requirements for both visa types.
How To Retire In Mexico
Indonesia
Indonesia is comprised of 17,000 islands that are covered in lively cities, beautiful temples and palaces, tropical jungles, and bohemian beaches. You can relax in the sun or go to the safari and discover the country’s amazing array of wildlife. All this at extremely low prices. A one-bedroom apartment typically rents for less than $400 in the capital, Jakarta, or for around $250 in Bali. A larger furnished apartment on the beach can cost three times that amount. Despite the fact that locals typically speak only Indonesian, a lot of businesses and doctors speak English as well. The best hospitals are in Jakarta, and foreigners have to pay for services themselves. A general consultation would cost you around $40, and inpatient care could cost $220 or more daily. For these reasons, private health insurance is recommended.
Indonesia
Retiring in Indonesia
In order to retire in Indonesia, you need to apply through a local agency appointed by the Directorate General of Immigration. The agency will act as your sponsor and process your temporary retirement visa, or ITAS. The visa is available to applicants who are 55 and older and can show proof of pension income of $18,000 a year or $1,500 a month. You also will need to carry health insurance that has coverage in Indonesia and sign a lease agreement for one year. One final requirement is to hire local domestic help which costs about $2.50 an hour. A retirement visa can be renewed annually for up to five years. After that, you can apply for permanent residency.
Retiring In Indonesia
Peru
While it was once the heart of the Inca Empire, today Peru is known for its beautiful section of Amazon rainforest, its majestic mountains, tropical jungles, and rich culinary tradition. Its cities, including Lima and Cusco, and long and rich histories. Thanks to the low cost of living there and the friendly people, Peru is a very hospitable option for international retirees. In popular destinations like Arequipa and Cusco, a one-bedroom apartment would rent for less than $350 a month, and a nice three-course meal for two costs between $10-12. Peruvian public health care is affordable, but expats tend to have their own health insurance and use private clinics. The main health concern for newcomers is altitude sickness in Peru’s high elevations.
Peru
How to retire in Peru
As it turns out, Peru has an accessible retirement visa which is called the rentista visa. It gives holders permanent resident status. With this visa, you won’t need to renew your residency permit or pay income tax of any kind. In order to qualify, you’ll need to show that you have a permanent monthly income of $1,000 for one person, plus $500 per dependent. To maintain the visa, you need to spend a minimum of six months of the year in Peru.
How To Retire In Peru
Malta
The Mediterranean islands of Malta have year-round sunshine along with a unique mix of prehistoric and colonial history and architecture. English is the second official language after Maltese, making for an easy transition for North American retirees. On Gozo island, a central one-bedroom apartment rents for less than $500 a month on average. To top it off, Malta offers excellent health care for a fraction of the cost in the U.S. In order to access the system, you’ll need private health insurance coverage. This can cost less than $115 a month for those without chronic health conditions.
Malta
How to retire in Malta
Malta has a renewable one-year visa for retirees and self-employed seniors. Americans and Canadians can visit Malta for 90 days. One there, they can apply to extend their stay for another three months. After that, they can apply for a permanent resident visa. You’ll need to show you have at least 23,500 euros – over $26,500 – in the bank. That or 28,500 euros – more than $32,000 – if you’re married. You’ll also be required to demonstrate proof of health insurance, a mortgage or rental contract, and a clear criminal record. Lastly, you’ll need to file a Maltese tax return and follow the minimum tax requirements.
How To Retire In Malta
Ecuador
North American retirees have become very fond of Ecuador thanks to its temperate climate and gorgeous landscape of sandy beaches and mountains, metropolitan cities, and the famous Galapagos Islands. The U.S. dollar is used as the official currency, and seniors 65 and older qualify for half-price public and private transportation services. Not to mention discounts on utilities, entertainment, and even flights. Ecuador also has one of the most peaceful political climates in South America. In central Quito, a one-bedroom apartment could cost about $430 a month. To top it off, Ecuador also offers high-quality private health care options.
Ecuador
How to retire in Ecuador
Seeing as visitors can only stay in the country for 90 days, it’s a good idea to apply for the country’s 9-I pensioner visa at an Ecuadorian consulate in the U.S. The visa requires proof that you’ll have a monthly pension income of $800 or more. Your social security check can qualify as proof of income. The whole process costs $500 plus $50 for an application fee. Once you get accepted, you need to sign up for public or private health insurance. Another option is to buy real estate costing $25,000 or more (plus $500 per dependent) under the 9-II visa for investors in real estate and securities.
How To Retire In Ecuador
Thailand
Everyone knows how Thailand has spectacular beaches, beautiful palaces, and even ancient ruins. The country’s capital and commercial center, Bangkok, offers all the shopping, arts, and other amenities you could possibly want. The hot season can bring 105-degree Fahrenheit heat. The best time for outdoor activities is between November and March when temperatures are around 86. You can live comfortably on $1,500-2,000 per month in coastal Phuket, where a one-bedroom apartment rents for less than $400 a month. In northern Chiang Mai, a full dinner for two people can cost less than $10. Thailand’s health care system is considered to be one of the best in the world, with prices that are significantly lower than the U.S. The best private hospitals are in Bangkok.
Thailand
How to retire in Thailand
A retirement visa to Thailand will only be given to applicants ages 50 and up with no criminal history. The government asks to see proof of about $25,700 either in a bank account or as a pension income. That, or a monthly income of about $2,100. In order to add a spouse to your application, you’ll need to provide a marriage certificate. You can apply for a one-year, multiple-entry, non-immigrant, O-A visa before leaving America and then renew it each year from within Thailand. While living there, you’ll need to report to an immigration officer or police station every 90 days with your approved documents.
How To Retire In Thailand
Chile
Chile’s four-season climate is perfect for wine production and for exploring the country’s miles of coastline and beautiful mountain in your retirement. City lovers will enjoy the diverse and modern Santiago, while those looking for more of a relaxed scene might enjoy the shores of La Serena or Valparaiso. You could retire in Chile on around $1,500 a month, which would be easy to cover if you’re getting Social Security or a pension. Chile has cheaper groceries – especially fresh produce. A nice three-course meal for two can cost around $40-45, and a one-bedroom apartment rent for around $400 outside of Santiago or under $300 in the outskirts of Valparaiso.
Chile
How to retire in Chile
If you’re interested in retiring in Chile, you need to enter the country on a regular tourist visa first, and then apply to upgrade to a retirement or income visa while you’re already there. Once you’re approved for a temporary visa, you’ll need to apply for a Rol Único Tributario (RUT) number which is similar to a Social Security number. This ID number is needed to open a bank account, sign up for phone and internet services, and more. While the government doesn’t specify an income requirement, you’ll typically need an income of at least $1,000 per person to get by in the first year or two as you settle in. To get permanent residency, you’d need to live in Chile for 180 days per year.
How To Retire In Chile
Spain
Since it has a sunny climate and the freedom of mobility within the European Union, Spain is a great retirement destination and a convenient base for travel. The cost of living varies among Spanish cities, with Barcelona, Bilbao, and Madrid being the most expensive. A more affordable location is Valencia. It has plenty of sun, culture, and ancient Roman ruins. Not to mention, it’s close to amazing historic sites in Córdoba and Granada. In Valencia, the average rent for a one-bedroom apartment is about $675. You’ll find more comparable prices in the coastal city of Málaga which is known for its beautiful beaches and Moorish history. Another option is Murcia which is located in a quiet wine region. Spain’s public health system offers high-quality health care, while affordable private care is also available.
Spain
How to retire in Spain
In order to retire in Spain, you’ll need to show proof of a minimum income if $2,500 a month, or alternatively $30,000 a year. On top of that, you’ll need to secure housing and sign up for health insurance that will also cover you in Spain. In the U.S., you need to fill out paperwork and submit it to the nearest Spanish consulate. It’s been recommended that you make multiple copies of your documentation and buy extra passport-sized pictures. Once you get to Spain, you’ll need those to get a foreign visitor number, known as the NIE. This number is the way you’ll be able to get a bank account, internet, and health care.
How To Retire In Spain
Portugal
It turns out that Portugal is even more affordable than Spain. It has all the beaches, castles, wineries, and golf you could possibly want. Public transportation and train lines make it easy to travel between Portgual’s cities as well as inside them. Renting an apartment starts at only $375 a month in smaller cities. However, you can easily be charged $1,000 in Lisbon. Restaurants are affordable – a meal can cost less than $10 per person. Most of the doctors in the large cities speak English, and international retirees would do best with private insurance.
Portugal
How to retire in Portugal
The first thing you need to do in order to get a residence permit is visit a Portugese consolate in the U.S. with your passport, proof of income, and health insurance. Plus the results of a criminal background check. The next thing is applying for permanent residency once you arrive in Portugal. Because living costs vary so much between parts of Portugal, the income you need to live comfortably will depend on where you live. However, to retire on $200,000, you’ll probably want to rule out Lisbon.
How To Retire In Portugal
Uruguay
A politically stable haven in South America, Uruguay has modern infastructure, gorgeous mountains and beaches, revelry-filled summers as well as quiet temperate winters. A couple from the states can live comfortably on just $2,000 a month. It’s estimated that you could live on as little as $800 a month in Salto city. If you love the beach, Atlantida, Piriapolis and La Barra are all seaside towns that are affordable. In fact, in La Barra, you can buy a home starting at $50,000 or rent one for $500-700 a month. To top it off, Uruguay offers three main health care options. There are private health care companies, a public health care system, and private hospital membership plans. The latter cost about $100 a month and are popular with expats.
Uruguay
How to retire in Uruguay
To retire in Uruguay, one option is to simply apply for the rentista visa. To get one, a single applicant needs to have a monthly income of around $1,500, plus enough money to cover any dependents. Aside from this, Uruguay has a retirement visa that will allow you to import a car and house items duty-free and even apply for a Uruguyan passport. It’s best to contact a Uruguayan lawyer to help you apply since the visa has some potential restrictions.
How To Retire In Uruguay
Costa Rica
One of the most popular retirement destinations for Americans is Costa Rica. Thanks to its stunning scenery, affordable and healthy lifestyle, and welcoming people, it’s become a favorite. A couple can live well on $2,000 a month in San José and the Central Valley. There is an airport nearby, shopping, and hospitals as well. The Nicoya Peninsula offers more of a beach life on a budget, while Atenas has all the amenities you’d need in one city. In Atenas, a three-bedroom will rent for a little over $400, and a three-course dinner for two costs around $25. Not to mention, health care is also affordable in Atenas, which has a public clinic, pharmacy, and emergency room. There is also a full coverage public health insurance system known as Caja that some choose to pay $75-100 for.
Costa Rica
How to retire in Costa Rica
Retired workers who receive pensions of $1,000 a month can get a one-year residency under Costa Rica’s pensionado program. A married couple will need to get only $1,000 in pension income under either spouse’s name. After 3 years of temporary residency, you can apply for permanent residency. If you have no pension, you might qualify for the rentista program. You’ll have to prove you will get $2,500 a month of unearned income for two years so that you won’t need a job in Costa Rica. You can comply with a letter showing that you have $60,000 in the bank and intend to withdraw $2,500 a month for 24 months.
How To Retire In Costa Rica
Panama
Panama is our top choice for retirement. Why? It has it all; bustling city life, a beautiful and ecologically diverse climate, great medical care, and the incredible Panama Canal. To top it off, most people speak English as their second language after Spanish. Panama is just a short flight away from Miami, and it’s close to the Caribbean. In addition, Panama City is surprisingly affordable. To rent a one-bedroom apartment in the center of the city it’ll cost about $960 a month, while the same size apartment would for about $625 a month farther out. You can also save some money by not having a car. The city is very walkable and public transport costs a one-time fee of $2 for a rechargeable cars and then 35 cents a ride.
Panama
How to retire in Panama
As it turns out, Panama has an amazing retirement program that subsidizes medical care and expenses, property taxes, and even car taxes. Not to mention it also offers a lot of other benefits for retirees of any age. In order to gain residency, you just need proof that you’re receiving a minimum of $1,000 a month from a pension in your home country.
How To Retire In Panama