Various factors make a country suitable for people to retire. People who wish to retire to a different country need to do extensive research on the countries they find interesting. Living in a foreign country can make your life more exciting and fulfilling for less money monthly. These two things are one of the main reasons why people decide to retire abroad. There are so many amazing countries worldwide, so the question is, where to start? What factors do you need to consider? Keep reading to learn about the five best countries to retire abroad and valuable real estate market trends and tips.
International Living is considered to be a number one resource for retiring. They consider several crucial things when deciding which countries are suitable for retirees. For instance, they observe the ease of buying and owning a property, renting, healthcare and entertainment costs, visa, cost of living, healthy living, development, stability, climate and how easy it is to make friends. Based on these factors, the top 5 countries for retiring are Portugal, Costa Rica, Panama, Mexico and Colombia.
1. Portugal
Portugal is a sunny European country that offers excellent possibilities for people who wish to retire there. It is one of the top 10 countries to retire to in Europe. Retirees find it suitable, as it offers many other things besides beautiful sceneries – it provides a low cost of living. And this is usually a deciding factor for many retired people. Besides that, it also has many amenities. As English is taught in schools, many people speak it, so a language barrier isn’t too significant. There are plenty of islands to visit and many local restaurants, making it a paradise for foodies. When it comes to Portgual’s score, it has the highest scores for housing, climate, the cost of living and healthcare.
Another sunny and hot option is Australia – you can hire a buyer’s agent from Sydney to find you a suitable home in a pleasant and peaceful Aussie suburb. It is also on the list of top cities to retire to.
2. Costa Rica
Costa Rica is an ideal country to retire to if you value a healthy and active lifestyle. As far as its score is concerned, it scored high in the development, healthcare, and governance categories. Besides that, it also offers plenty of things to see and do. The cost of living in Costa Rica is quite affordable, even for those with the smallest retirement income. If you want to buy a property in Costa Rica, you can find affordable homes with cheap tax rates.
3. Panama
Luscious mountains and scenic beaches characterise Panama, and it is a perfect option for retirees who wish to enjoy their retirement. Also, the locals are warm and friendly, making it super easy to make friends. The cost of living is also lower compared to many other countries – rent, groceries, and restaurants are more affordable than elsewhere. Retirees also get several additional benefits, including discounts on air travel, entertainment, local transportation, and hotel stays. However, there is a catch. To qualify for a pensioner visa, you must have income over a certain amount. If you become a retired resident, you do get to enjoy discounts and pay 25% less in electricity bills, air travel, and restaurants, as well as 20% off medicines and even 50% off movie tickets. Sounds tempting, no?
4. Mexico
If you are a US resident and wish to retire somewhere relatively close to a warm climate, you should consider Mexico. It offers plenty of entertainment options, various amenities, and ease of becoming a resident. There are two options for retiring people: a temporary or a permanent resident visa. A temporary visa is good for up to 4 years, and you need to meet a certain minimum for income. On the other hand, if you wish to stay there permanently, you need a higher income and some assets in your name. Just be careful in choosing an area in Mexico, as not all of them are safe and recommended.
5. Colombia
And finally, Colombia. Columbia as a country offers something for everyone: there are mountains, beaches and rainforests. You can obtain a retirement visa fairly quickly, with proof of income, and you need to renew it every three years. Its healthcare system is quality and low-cost, which is an essential aspect for retirees. Health insurance policies cost up to 70% less than in the US.
These are just some of the several countries that are great for retiring. Before making up your mind, you should focus on doing thorough research and considering the critical factors.