Cheapest countries to retire
Cost of Living Index: 50.39
Global Peace Index: 4
Portugal is in the top five nations on the Global Peace Index, making it one of the world’s safest countries. Furthermore, its sandy beaches and pleasant temperature can provide a rejuvenating setting for your senior years. To retire in Portugal, you’d need to provide evidence of health insurance to the local consulate while applying for residence. However, many large health insurance firms that serve the United States also offer coverage in Portugal. As a result, your transfer can be completed quickly.
Cost of Living Index: 39.38
Global Peace Index: 35
Malaysia is another nation on our list that is making an effort to be more inviting to ex-pats. In fact, under the Malaysia My Second Home (MM2H) program, you may get a visa for up to ten years. This country is an ideal destination for nature enthusiasts with its many beaches and forests. Those who prefer to experience a city well into their senior years, on the other hand, can do so in one of Malaysia’s numerous metropolitan locations. CBS said that George Town was one of the best places to retire.
Cost of Living Index: 54.70
Global Peace Index: 30
Despite a recent decrease in the Global Peace Index owing to internal political instability, Spain remains a European nation recognized for its general cheap cost of living and peace. Spain gets mentioned frequently in lists of the most desirable places to retire. This country has enough sights to keep your mind and body active with its rich history. Art enthusiasts, in particular, can enjoy the work of Baroque painter Diego Velazquez and modernists like Picasso and Dali.
4. Costa Rica
Cost of Living Index: 50.89
Global Peace Index: 40
Costa Rica is the most beautiful place to retire if you want to live in a tropical paradise without paying the tropical paradise price. According to International Living, rents in the famous Central Valley begin at $500 per month. You can have meals at local restaurants for as little as $4.
Those who like to spend time outside will find it nearly impossible to get bored here—surfing, whitewater rafting, fishing, jungle walks, horseback riding, and other options. And don’t be concerned if you get injured. Costa Rica’s healthcare system is rated outstanding by International Living. Its ranking is among the best in Latin America. By filing for a Pensionado visa, you can retire in Costa Rica. However, you’d need at least $1,000 in monthly pension income.
Cost of Living Index: 51.45
Global Peace Index: 50
Panama ranked first on International Living’s Global Retirement Index. The nation takes many steps to recruit ex-pats, which works in your favour. For example, the government will not tax money generated outside the United States. If you keep investing in the retirement plan you established in America, it may prove helpful. The Friendly Nations Visa and the Pensionado Visa are also available. You can qualify for the latter if you have a monthly pension, annuity, or Social Security income of at least $1,000.
Cost of Living Index: 71.79
Global Peace Index: 3
While more costly than the other nations on our list, Austria is ranked among the top three most livable countries by the Global Peace Index. In fact, according to a recent Economist Intelligence Unit research, Vienna is the most livable city on the planet. This city alone has a nearly limitless number of museums, fine art galleries, and world-renowned architecture.
According to Escape Artist, you can expect to spend about $900 per month for an apartment in Austria. After six months, you’d need a residency permit to retire here. To get one, you need proof of income.