Are you dreaming of retiring abroad, but worried about the cost of living? Do you want to enjoy a comfortable and peaceful lifestyle without breaking the bank? If so, you might be interested in knowing the most affordable countries to retire.
There are many factors to consider when choosing a country to retire in, such as the climate, the culture, the healthcare, the safety, and the taxes. But one of the most important ones is the cost of living. After all, you want to make sure that your retirement savings can last as long as possible and cover all your expenses.
Fortunately, there are many places in the world where you can live well on a modest budget. Some of the most affordable countries to retire in are from Europe, Latin America, and Asia. They offer a high quality of life, a low cost of living, and a friendly environment for expats.
To help you find the most affordable countries to retire in, we have compiled a list of 10 options based on various sources and reports. These sources include the 2022 Global Peace Index, which ranks countries based on their level of peace and stability; the 2022 Cost of Living Index, which compares the prices of goods and services across countries; and the Annual Global Retirement Index, which evaluates countries based on their attractiveness for retirees.
Here are the 10 most affordable countries to retire in 2023:
1. Portugal
Portugal is one of the most popular destinations for retirees in Europe. It has a mild climate, a rich culture, a friendly population, and a low cost of living. A one-bedroom apartment in Lisbon costs an average of $783 per month, while a three-course meal in a mid-range restaurant costs $21. Portugal also has a high-quality healthcare system that is accessible and affordable for expats. Plus, it offers tax benefits for retirees who qualify for the Non-Habitual Residence (NHR) status, which exempts them from paying taxes on their foreign income for 10 years.
2. Malaysia
Malaysia is a diverse and vibrant country in Southeast Asia that offers a mix of modern and traditional lifestyles. It has beautiful beaches, lush jungles, cosmopolitan cities, and cultural attractions. A one-bedroom apartment in Kuala Lumpur costs an average of $433 per month, while a three-course meal in a mid-range restaurant costs $11. Malaysia also has a high-quality healthcare system that is cheap and efficient for expats. Moreover, it has a visa program called Malaysia My Second Home (MM2H) that allows foreigners to stay for up to 10 years with renewable permits.
3. Ecuador
Ecuador is a small but diverse country in South America that offers a variety of climates, landscapes, and cultures. It has stunning mountains, volcanoes, rainforests, islands, and beaches. A one-bedroom apartment in Quito costs an average of $325 per month, while a three-course meal in a mid-range restaurant costs $9. Ecuador also has a decent healthcare system that is affordable and accessible for expats. In addition, it has a friendly visa policy that allows foreigners to stay for up to 90 days without a visa and apply for permanent residency after three years.
4. Thailand
Thailand is a tropical paradise in Southeast Asia that attracts millions of tourists and expats every year. It has amazing beaches, islands, temples, markets, and nightlife. A one-bedroom apartment in Bangkok costs an average of $507 per month, while a three-course meal in a mid-range restaurant costs $15. Thailand also has an excellent healthcare system that is cheap and modern for expats. Furthermore, it has several visa options for retirees who can meet the financial requirements and show proof of health insurance.
5. Spain
Spain is one of the most beautiful and culturally rich countries in Europe. It has sunny weather, gorgeous beaches, historic cities, delicious food, and lively festivals. A one-bedroom apartment in Madrid costs an average of $876 per month, while a three-course meal in a mid-range restaurant costs $23. Spain also has an excellent healthcare system that is free or low-cost for expats who have public health insurance or private coverage. Additionally, it has a golden visa program that grants residency to foreigners who invest at least 500,000 euros in real estate.
6. Panama
Panama is a small but prosperous country in Central America that offers a lot of benefits for retirees. It has a stable economy, a favorable tax system, a convenient location, and a diverse culture. A one-bedroom apartment in Panama City costs an average of $789 per month, while a three-course meal in a mid-range restaurant costs $16. Panama also has a good healthcare system that is inexpensive and accessible for expats who have private insurance or join the public system. Moreover, it has a special visa program called the Pensionado Visa that grants permanent residency and discounts to retirees who have a minimum monthly income of $1,000.
7. Belize
Belize is a small but charming country in Central America that offers a relaxed and laid-back lifestyle for retirees. It has pristine beaches, coral reefs, jungles, wildlife, and Mayan ruins. A one-bedroom apartment in Belize City costs an average of $372 per month, while a three-course meal in a mid-range restaurant costs $20. Belize also has an adequate healthcare system that is affordable and available for expats who have private insurance or pay out of pocket. Furthermore, it has an attractive visa program called the Qualified Retired Persons (QRP) Program that grants permanent residency and tax exemptions to retirees who have a minimum monthly income of $2,000.
8. Nicaragua
Nicaragua is a hidden gem in Central America that offers a lot of value for retirees. It has stunning scenery, friendly people, rich culture, and low crime. A one-bedroom apartment in Managua costs an average of $285 per month, while a three-course meal in a mid-range restaurant costs $10. Nicaragua also has a decent healthcare system that is cheap and accessible for expats who have private insurance or pay out of pocket. Additionally, it has a generous visa program called the Retiree Residency Program that grants permanent residency and discounts to retirees who have a minimum monthly income of $600.
9. Cyprus
Cyprus is an island nation in the Mediterranean Sea that offers a warm and sunny climate, beautiful beaches, historic sites, and delicious cuisine. A one-bedroom apartment in Nicosia costs an average of $566 per month, while a three-course meal in a mid-range restaurant costs $25. Cyprus also has an excellent healthcare system that is free or low-cost for expats who have public health insurance or private coverage. Moreover, it has several visa options for retirees who can meet the financial requirements and show proof of health insurance.
10. Estonia
Estonia is a small but modern country in Northern Europe that offers a high quality of life, a vibrant culture, and a digital society. A one-bedroom apartment in Tallinn costs an average of $551 per month, while a three-course meal in a mid-range restaurant costs $22. Estonia also has an excellent healthcare system that is free or low-cost for expats who have public health insurance or private coverage. Furthermore, it has an innovative visa program called the Digital Nomad Visa that allows foreigners to work remotely and stay for up to one year.
For those seeking the perfect destination to enjoy their retirement without straining their finances, this list of the most affordable countries to retire provides a roadmap to a comfortable and fulfilling life. Whether you envision yourself in the charming streets of Portugal, the tropical paradise of Thailand, or the laid-back lifestyle of Belize, there are numerous options to consider.
These countries not only offer a lower cost of living but also provide an array of attractions and amenities, making your retirement dreams come true without breaking the bank. From scenic landscapes to rich cultures and accessible healthcare, these destinations have been carefully chosen to ensure a high quality of life for retirees.
So, if you’ve been contemplating retirement abroad, rest assured that there are plenty of affordable and attractive options awaiting you. Your golden years can truly be golden in one of these remarkable countries.
