Many people who have entered the third age want to make a radical change in their lives in order to fully enjoy the remaining years of their lives, which sometimes implies making the decision to change their place of residence to fully enjoy their retirement.
Now without obligations or worries, some retirees want to enjoy new and great experiences in some other city and even country, which brings together everything they are looking for. Just look at recent data revealed by the United States Social Security Administration, more than 700,000 Americans receive their payments abroad.
“Health care, visa requirements, local culture, taxes and living costs are all part of the decision to retire in another country. With so many considerations, it is advisable to obtain professional advice, and advisers recommend spending at least several months in a potential retirement destination before moving”, say the travel specialists of the prestigious magazine Travel + Leisure.
This same publication made a list of the best places where retirees can live to live fully, which we list below.
The 10 best places to live for retirees around the world
1) Panama
It has become one of the favorites of US retirees due to its proximity to the country and its welcoming atmosphere. In addition, the cost of living is extremely adaptable, depending on the style you want to have.
The Panamanian government also has something very striking called “pensionado visa”, a plan that requires an income of pension of at least $1,000 dollars per month and offers benefits which include discounts on a variety of services and a tax exemption on the importation of household items. With a valid passport, visitors can stay for 3 months, but for permanent residency, a local immigration attorney should handle the details.
2) Portugal
The temperate climate, the beautiful landscapes and the Welcoming citizens are some of the reasons why it has become popular with retirees. In addition, the cost of living and housing is reasonable, also depending on the city chosen; However, for example, the costs of Isboa and Porto are approximately one 50 % lower than New York.
3) Dominican Republic
In Santo Domingo, the capital, the rent is 100% lower than in Nueva York and the cost of living is 55% lower. Just two hours from Miami, its location is another plus for some retirees. It also offers a retirement or “pensionado” visa with proof of at least $1,500 in monthly income, background check and birth certificate. Retirees can enter the country on a tourist visa and then apply for a retirement visa, which takes several months.
4) Spain
Its culture and climate make it one of the most striking options for retirees, especially coastal towns. It has a good health system. There are several different types of visas available, but for retirees from countries outside the European Union, the residence visa is generally used. The first permit is for one year, with renewals for up to five years, at which time retirees can apply for a residence visa.
The cost of living varies between the main cities in Spain, and settling outside the cities is generally cheaper.
5) Costa Rica
“Pura vida” is what is lived here, with its natural landscapes and the cost of living is extremely reasonable. Some ways to become a resident include the Pensionado Program, which requires a monthly income of at least $1,000. Those funds must be transferred to a Costa Rican bank to be withdrawn for expenses. The Rentista Program, for those who do not have a monthly pension, requires a minimum of $60, 000 or monthly income of $2,500 for at least 2 years.
6) Malta
Malta’s attractions include climate, location, the beaches and the architectural beauty. English is widely spoken. To obtain permanent residence, about $60,000 in assets, proof of health insurance, and an annual tax of 15%. The Permanent Residency program requires around $600,000 in assets, financial contributions to the government and purchase of real estate.
7) Ecuador
Its low cost of living attracts retirees, especially those who enjoy adventure and appreciate nature.
8) Mexico
The low cost of living in Mexico and its Nearby location attract a large number of retirees from the United States and Canada. Becoming a resident is relatively easy, with income requirements of around $2,100 a month to temporary residence and $2,700 dollars for a permanent one.
9) Colombia
Due to its great natural diversity, it has become a favorite destination for retirees. Also, its cost of living is low compared to large US cities.
To obtain the visa, applicants must prove a minimum monthly income of at least three times the minimum wage in Colombia. Currently the minimum required is approximately $750. After five years, retirees can apply for a resident visa.
United States
Also within the country, there are favorite sites of retirees to spend their final years and Florida is the most attractive place, due to its warm climate, its coast and some tax-exempt issues.
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Its culture and climate make it one of the most striking options for retirees, especially coastal towns. It has a good health system. There are several different types of visas available, but for retirees from countries outside the European Union, the residence visa is generally used. The first permit is for one year, with renewals for up to five years, at which time retirees can apply for a residence visa.
The cost of living varies between the main cities in Spain, and settling outside the cities is generally cheaper.
5) Costa Rica
“Pura vida” is what is lived here, with its natural landscapes and the cost of living is extremely reasonable. Some ways to become a resident include the Pensionado Program, which requires a monthly income of at least $1,000. Those funds must be transferred to a Costa Rican bank to be withdrawn for expenses. The Rentista Program, for those who do not have a monthly pension, requires a minimum of $60, 000 or monthly income of $2,500 for at least 2 years.
6) Malta
Malta’s attractions include climate, location, the beaches and the architectural beauty. English is widely spoken. To obtain permanent residence, about $60,000 in assets, proof of health insurance, and an annual tax of 15%. The Permanent Residency program requires around $600,000 in assets, financial contributions to the government and purchase of real estate.
7) Ecuador
Its low cost of living attracts retirees, especially those who enjoy adventure and appreciate nature.
8) Mexico
The low cost of living in Mexico and its Nearby location attract a large number of retirees from the United States and Canada. Becoming a resident is relatively easy, with income requirements of around $2,100 a month to temporary residence and $2,700 dollars for a permanent one.
9) Colombia
Due to its great natural diversity, it has become a favorite destination for retirees. Also, its cost of living is low compared to large US cities.
To obtain the visa, applicants must prove a minimum monthly income of at least three times the minimum wage in Colombia. Currently the minimum required is approximately $750. After five years, retirees can apply for a resident visa.
United States
Also within the country, there are favorite sites of retirees to spend their final years and Florida is the most attractive place, due to its warm climate, its coast and some tax-exempt issues.
You may be interested in:
Inflation in the US: how it affects your savings
Americans need to earn $122,000 a year to feel financially stable
Why could your Social Security check be reduced despite a 5.9% COLA increase?
Due to its great natural diversity, it has become a favorite destination for retirees. Also, its cost of living is low compared to large US cities.
To obtain the visa, applicants must prove a minimum monthly income of at least three times the minimum wage in Colombia. Currently the minimum required is approximately $750. After five years, retirees can apply for a resident visa.
United States
Also within the country, there are favorite sites of retirees to spend their final years and Florida is the most attractive place, due to its warm climate, its coast and some tax-exempt issues.
You may be interested in:
Inflation in the US: how it affects your savings
Americans need to earn $122,000 a year to feel financially stable
Why could your Social Security check be reduced despite a 5.9% COLA increase?