The most beautiful and budget-friendly places to retire abroad

The best places to set up home outside of the USA

You’ve worked hard all your life, saved money, and now it’s finally time to say goodbye to your colleagues and retire. Many Americans dream of moving to pastures new when it comes to retiring, craving sunnier climes, new experiences, and a healthier lifestyle.

While Florida is a popular choice, moving abroad for your retirement isn’t as tricky as you may think. Retirees can receive their Social Security benefits outside the US, and the lower cost of living in many countries gives you more bang for your buck.

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Can Americans retire overseas? 

If you’re prepared to jump through some bureaucratic hoops, retiring abroad is absolutely possible. Many countries have specific retirement visas you can obtain as long as you can prove some basic facts, such as your monthly earnings, a clean criminal record, and health insurance.

Each country has different rules, so make sure to consider a variety of options and seek advice to discover what would be best for you and your particular circumstances before booking a one-way plane ticket.

What are the benefits of retiring abroad? 

While it might seem daunting to move abroad, there are so many benefits to consider. With more free time on your hands, you can choose a place to cater to your interests and preferences, whether that’s culture and museums, activities and adventure, or warm weather and beach life. 

Life can also be much cheaper abroad, so your hard-earned money will last longer and work harder. This doesn’t just come into play for real estate or the cost of living, but also when it comes to healthcare. 

Factors to consider before relocating

With a big move, there’s lots to consider. If you have family you want to see regularly, you might prefer a destination closer to home, while if you desire a change of scenery and a new challenge, you might want to throw yourself into the unknown on the other side of the world. 

Consider practical things too: how easy a visa is to get, whether you’ll need to learn a new language, and any tax requirements. These are the top destinations to retire to and the cost of living averages (for two people without rent), according to money transfer company Wise.

Ecuador 

With affordable healthcare, walkable cities, a familiar USD currency, and opportunities to immerse yourself in nature and culture, Ecuador is growing in popularity as a retirement destination. Many retirees choose cities like Quito or Cuenca, and explore the rest of the country from their city base. 

A retirement visa is possible, but you’ll need to ensure you earn at least three times the Ecuadorian minimum wage, for example from your pension, investments, or social security. 

Ecuador: $1,000 cost of living per month 

Living in Ecuador is relatively affordable: regarding cost of living, expect to pay around $1,000 a month per couple without rent, making it one of the most affordable countries on our list. 

If you choose the historic city of Cuenca as your new home, you’ll have to pinch yourself when you see the cost of accommodation. A one-bedroom apartment in the city center of Cuenca costs an average of $372 (£278) a month, and a three-bedroom apartment costs less than double that. 

Malaysia 

Those in search of affordably luxurious living often decide to move to Malaysia. The country offers a lot for retirees: sumptuous cuisine, excellent transportation, and high-end healthcare tailored to expats. 

Malaysia's long-term visa scheme, entitled the Malaysia My Second Home (MMSH) Program, attracts high earners. You’ll need to put at least $150,000 in a Malaysian bank account, as well as owning real estate in the country. 

Malaysia: $1,000 cost of living per month

The bustling capital, Kuala Lumpur, is a popular choice for retirees, and it’s surprisingly affordable. Here, you can rent a one-bedroom apartment in the city center for around 2,333 Malaysian Ringgit ($539), while a three-bedroom apartment is around double that. 

The cost of living in Malaysia is just as wallet-friendly, costing an estimated $1,000 a month per couple without rent. 

Colombia 

Americans looking for a change of scenery will embrace the beauty, warmth, and culture of Colombia. Many retirees choose to relocate to locations such as Medellin, Cartagena, and Santa Marta for their fantastic healthcare and easy transport to and from the USA. 

Moving to Colombia as a retiree is pretty straightforward: the Pensionado Visa, which has no particular age requirement, requires you to earn at least three times the Colombian minimum wage.

Colombia: $1,100 cost of living per month 

Living in Colombia is affordable to boot: it costs an estimated $1,100 a month per couple without rent. Renting is incredibly budget-friendly too. 

For example, a one-bedroom apartment in the city centre of Medellin costs an average of 1,965,767 Colombian Pesos ($466) a month, while a three-bedroom in a similar area is around double that.

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Thailand

Anyone who’s watched the most recent season of The White Lotus will have dreamed of moving to Thailand. The country offers so much for retirees: affordable healthcare, a gorgeous climate, an abundance of culture, and an excellent standard of living at a reasonable price.

Many expats flock to popular tourist spots such as Koh Samui and Chiang Mai. Admin-wise, you’ll need to undergo a four-step process to obtain a retirement visa. Plus, you'll need 800,000 Thai Baht ($24.4k) in the bank, or a monthly income of at least 65,000 Thai Baht ($2k), or a combination with a yearly income exceeding 800,000 Thai Baht ($24.4k).

Thailand: $1,200 cost of living per month

Another draw of Thailand is the affordability of property prices. For example, a three-bedroom apartment in Bangkok’s city center costs around 62,310 Thai Baht ($1.8k) to rent per month, while a one-bedroom apartment costs a third of that. 

If you dream of island living, consider Phuket, where three-bedroom apartments average 63,500 Thai Baht ($1.9k). According to Wise, the cost of living per couple per month without rent is estimated at $1,200. 

Portugal 

With a thriving cultural scene, enviable weather, and an excellent healthcare system, it’s no surprise so many retirees choose Portugal. Plus, it’s more affordable than many of its European neighbors.

Visa-wise, you can opt for the Portugal Golden Visa, meaning you’ll need to invest at least €250,000 ($283k), or go for the Portugal D7 Visa, which involves jumping through a few hoops, such as attending an interview, opening a bank account in Portugal, and proving you have long-term accommodation.

Portugal: $1,500 cost of living per month

Living in Portugal costs an estimated $1,500 a month per couple without rent, and many retirees choose the capital, Lisbon, the popular coastal town of Cascais, or the sunny archipelago of Madeira. 

A one-bedroom apartment in Lisbon is €1,397 ($1.6k), while a three-bedroom is around double that price. If you fancy escaping to the island of Madeira, a one-bedroom apartment in Funchal, its capital city, comes in at around €1,200 ($1.3k) a month, while a three-bedroom rental, also in the city center, is €2,037 ($2.3k).

Panama 

Panama is a wonderful choice when it comes to a stress-free move abroad, and not just because of the country’s natural beauty: the US dollar is one of the official currencies, plus the country’s Pensionado Program is one of the world’s most sought-after retirement schemes. 

The program offers numerous incentives to retirees, such as a 20% discount on doctor’s bills, import tax exemption for household goods and cars, and a 25% discount on airline tickets and utility bills.

Panama: $1,600 cost of living per month

Dreaming of a move to sunny Panama? You’re in luck: it’s affordable to boot, with the estimated cost of living per month per couple, minus rent, coming in at $1,600. 

When you take rent into consideration, it’s still well-priced, with a one-bedroom apartment in the city center of Panama’s capital costing $1,123 a month, and a three-bedroom apartment in a similar location costing around double that. 

Greece 

Greece is a dream retiree destination thanks to its sunny climes, cultural hotspots, and tasty cuisine. Many retirees flock to the capital, Athens, or one of its sun-drenched islands such as Corfu, Rhodes, or Crete. 

To move there, you need a Financially Independent Person Visa proving you earn €3,500 ($3.9k) a month. Another option is the Greece Golden Visa, where you’ll get a five-year residence permit in exchange for a property investment of $250,000. 

Greece: $1,600 cost of living per month

The cost of living per couple per month without rent in Greece is estimated at $1,600. If you want to retire in a big city, a one-bedroom apartment in Athens’ city centre is around €569 ($632), while a three-bed is around double that.

Craving some island magic? Rent for a one-bedroom apartment in Rhodes’ city center is €500 ($558), while a three-bedroom, also in the city center, is just €850 ($948). 

Costa Rica 

Costa Rica is always a popular choice for retirees, who praise its top healthcare, natural beauty, and welcoming expat community.

Considering moving to Costa Rica? You’ll find a range of attractive visa options for retirees, such as the Pensionado, Rentista, and Invesionista Visas. The Pensionado, or pensioner, visa, for example, will allow you to make a move to Costa Rica easily as long as you prove you have a monthly income or lifetime pension of $1,000. 

Costa Rica: $2,000 cost of living per month

Costa Rica’s cost of living is slightly more expensive than other Central American countries, at an estimated $2,000 a month per couple without rent. Many expats flock to the coastal town of Tamarindo for a blissful beach life.

In Tamarindo, you can rent a one-bedroom apartment in the city center for 914,340 Costa Rican Colón ($1.8k) per month, while a one-bedroom apartment outside the city center costs less than half of that. 

France 

Consistently the most visited country in the world, it’s no surprise that many retirees choose France as the place to spend their post-working life. There are so many places to choose: Paris for the big city lights, Provence for stunning landscapes, or Nice for beachside bliss. 

There’s no specific retirement visa, meaning you’ll have to work a little harder to make a move happen: but if you can prove financial stability, you can apply for a long-stay visa. 

France: $2,000 cost of living per month 

While many retirees swear they’d never consider anywhere other than France, it’s far from the cheapest option, with the estimated cost of living coming in at $2,000 a month per couple without rent.

And rent? Suppose you’re looking to move to the Cote d’Azur and enjoy the lifestyle in the cultural capital of the south of France, Nice, for example. In that case, you’ll pay around €930 ($1k) a month for a one-bedroom apartment in the city centre, and around double that for a three-bedroom in a similar area. 

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