Cheap countries to retire

A survey carried out by consultancy International Living shows that countries in Central America, for example, may have more benefits than many more developed nations. Check out this article, which are the best countries for retirees.

While this list is mostly based on International Living, there is another considering different criteria: the Best Countries to Retire in High-Style

Best countries for retirees: the top 10 of 2021

Now in its 30th edition, the study carried out by consultants International Living selects which are the best countries for retirees. The survey brings together data from 25 countries, evaluating issues such as cost of living, housing and infrastructure.

The consultant claims that the Retirement Index is the most comprehensive and in-depth survey on the subject. For over 30 years, International Living has been conducting research around the world to discover the best destination for retirees to live.

This work results in comprehensive and essential information to help you find your dream retirement abroad. See the current ranking of the top ten countries to retire.

1. Best country for retirees: Costa Rica

Located in Central America, Costa Rica took first place in the ranking published by the consultant International Living in 2021, of the best countries for retirees. The country rose one position, as it had taken 2nd place in the previous survey.

Costa Rica is next to Panama and draws attention for its low cost of living, beautiful beaches and plenty of sun. The place is considered safe and its people are very welcoming. Retirees who obtain residency pay between 7% and 11% of their declared monthly income to access the country's public medicine program.

Its capital, San José, has approximately 300,000 inhabitants and offers the tranquility of a small town, with the structure of a big city.

The country that is called “Switzerland of Central America” has already been plagued by political and civil problems. However, it abolished the army in 1948 and allocated all funds to education and health, resulting in well-educated people and medical access to legal residents.

Costs for living in Costa Rica

A couple can live comfortably in Costa Rica on approximately R$11,000 per month. This price includes renting a two-bedroom house with air conditioning, food, entertainment, transportation and health.

Foreigners living in the country usually say that Costa Ricans are very welcoming and warm. Like everyone else, the pandemic has greatly affected Costa Rica's economy. However, it remains a good option for a post-covid world, due to its natural beauty, receptive population and progressive vision.

2. Panama

Panama took second place in the ranking, dropping one position from the previous survey. The country that is famous for connecting South America with Central America, is sunny, rapidly developing and has a very hospitable people.

Its capital, Panama City, is modern and offers an excellent structure. It has almost 900,000 inhabitants and a people who are used to welcoming people, since tourism is one of the main economic sources of the city and the country.

Panama's biggest advantage is the discounts and benefits it offers. The local Pension Program is open to everyone and provides pensioners with a range of discounts that include everything from entertainment to medical expenses.

Costs for living in Panama

If you have a pension, regardless of your age, you can apply to be a resident pensioner. The main requirement is that your pension is at least $1,000 per month, or $5550.60. Once you become a retired resident, you will be entitled to all discounts offered to locals.

This guarantees very considerable savings with 25% discount on electricity bills, 50% on movie and concert tickets, 25% on plane tickets, 20% on medicines, 25% on meals in restaurants, among others.

Panama is not considered the cheapest country in the region, but it is still an accessible location. Private health prices are very reasonable, and you can find health insurance worth less than US$150 per month, or R$832.

3. Mexico

Mexico was considered the third best country for retirees, maintaining its position from the previous year. With cosmopolitan cities, idyllic beaches, infrastructure and rich culture, we can understand why it was among the best.

Mexico is the second largest and most populous country in Latin America, but it does not lose quality of life due to its long extension.

After granting residency, it is possible to enroll in a national health care plan with low amounts, having access to hospital and medical infrastructure. Seniors over 60 years old can also apply for a discount card.

Cost to live in Mexico

The cost of living in the country depends a lot on each person's lifestyle. But, in general, it is possible to live on US$2,000 a month for the couple (R$11,101.00) with all expenses included and without saving. This is possible because of the low cost of real estate.

4. Colombia

Moving up two positions in the index, Colombia was ranked fourth in the ranking of best countries for retirees. With famous and important natives, such as the singer Shakira and the writer Gabriel García Márquez, the country is home to a receptive and cheerful people. The local climate is tropical, which gives its residents a spring feeling throughout the year.

Getting a retirement visa to live in Colombia is usually pretty easy. To do this, you must have at least US $750 (R$4,162.95) of Social Security income or US $2,500 (R$13,876.50) of private pension income. The visa is valid for three years and after that it can be renewed.

To access the health system it is necessary to hire a private plan, but the cost is cheaper than in most countries.

Costs for living in Colombia

In terms of cost of living, a couple can live on $2,000 (R$11,101) a month or less. Of course, this will depend on the lifestyle and city chosen. But the average will not get away from it.

Put the stereotyped view of violent, drug-ridden Colombia out of your mind. The country has already turned the page and is becoming an attractive destination for retirees who want comfort and don't want to spend too much.

5. Portugal

Portugal rose two positions in the International Living ranking and is the first European country on the list of best countries for retirees. Thinking about cost of living, it is certainly an excellent option to live after you retire.

Portugal is the second cheapest country to live in Europe and is second only to Bulgaria.

Costs for living in Portugal

If you want to live in the capital Lisbon or in tourist regions such as Algarve and Cascais, you will need about US$3,000 (R$16,651.80) per month for the couple, covering costs and having a comfortable life. If you are willing to live in smaller, lesser-known cities, the cost of living drops considerably.

The country has a good public transport service and it is possible to go to all places by train, subway and bus. Especially in bigger cities like Lisbon or Porto. The easy movement, low cost of living and hospitality of the residents are considerable reasons to live in Portugal.

The country still has an incentive law to receive retirees from all over the world who wish to live there, as long as they can prove they have sufficient income. There are even tax benefits and tax exemptions.

If you are retired and dream of living in Portugal, be sure to purchase our Ebook for retirees.

6. Ecuador

Ecuador dropped from 4th to 6th position in the ranking of best countries for retirees. The first South American country in the ranking has diversity in landscapes, climates and people and is considered excellent to live in after retirement. They even say that there is an ideal Ecuador for each type of person.

The country has a unique combination of being located on the Equator, with fresh sea breezes from the Humboldt Current, the Amazon basin and the Andes Mountains, providing a variety of climates that make it one of the best weather conditions in the world.

The cost of food in the place is very low, since there is a lot of production and a great variety. Residents can have an excellent weekly fair for less than US$15.00 (R$83.58) and public transport is also quite cheap.

It is possible to own a house on the beach on the Pacific Coast or in a condominium with a beautiful view of the Andes for less than US$150,000 (R$835,815). Rents are also affordable and you can rent a two-bedroom, two-bathroom apartment in downtown Cuenca for US$500 (R$2786.05).

A couple lives well in Ecuador with an amount between US$1,650 (R$9193.97) and US$1,825 (R$10,169.08) per month, depending on location and lifestyle. In addition to the cost of living, the hospitality of residents and climate diversity are some of the main attractions of the country.

7. Best countries for retirees: Malaysia

Malaysia took the 7th place in the best countries for retirees, falling two places from the previous year. The country is close to Indonesia and Oceania and is considered a great place to live after you retire, as it combines unspoiled nature, the modernity of its large metropolises and ancient culture.

Costs for living in Malaysia

Local law is based on the British system and road signs are in English and Malay, which makes getting around a lot easier. In the north of the country, in Penang, a couple live well on less than $2,000 (R$11,144.20) a month, including rent. Food is also low-cost and the hospital infrastructure is of a high level.

Direct flights to over 30 different countries are offered from Kuala Lumpur and Penang International Airports. This makes the country an excellent base where you can explore the historical, natural and cultural treasures of Southeast Asia.

If you are not thinking about the best countries to retire yet…

But looking for a place to start a business and begin an entrepreneurial venture, better check business-friendly countries with low taxes and little bureaucracy, or think about greenfield spots, like Paraguay. If instead, you are looking for a place to start a new life with no resources to invest in a business, there are also some places good to start a new life with no money. And, lastly, if your target is Europe, look at this guide about starting a business in Europe as a foreigner.