The 5 best places to retire abroad, and why they’re worth it?

Many Americans are considering retiring abroad. The idea of ​​living in an exotic foreign land filled with wonderful ways to enjoy all your newfound free time is an attractive one, especially when considering that most of these places are also much cheaper. While in the United States, you might struggle to get by with the money you’ve saved for retirement, in another country, the same income would likely provide a better quality of life.

Here are the five best places to retire abroad, taking into account all of the above as well as other key factors such as healthcare and visas.

Portugal

Portugal is often one of the first names to appear in rankings of the best places for Americans to retire.

This southern European country, located next to Spain on the Atlantic Ocean, ticks many of the right boxes. The weather is great, the people are friendly, and they generally speak English. Crime is low, retirees are many, the sea is always close by, and there is plenty to do besides swim or lie on the beach.

Portugal also offers excellent healthcare, including free public service and very affordable private options, which are easily accessible. Insiders say the couple could live comfortably there on anywhere from $1,800 to $3,000 a month, depending on lifestyle and location, and get a visa with a passive income of just 870 euros ($1,006) a month.

Spain

Retirees also love Portugal’s neighbour, Spain. Both countries share many similarities, including abundant sunshine, laid-back lifestyles, low crime rates, historical landmarks, stunning natural attractions, expansive coastlines, affordable costs of living, and healthcare.

The reason Portugal comes out on top is that it’s a little cheaper, there’s less tourism, which means its coastlines are better maintained, and English-speaking foreigners find English to be more widely spoken. Visa requirements are a little more stringent in Spain. To obtain residency here, your annual income must be around $33,290.

However, Spain also excels in many areas. It’s bigger, more diverse and more developed, with more things to do overall.

Panama

If you’re looking for something closer to home, consider Panama. This country, a thin strip of land connecting Central America to South America, is a top choice by Conde Nast Traveler and International Living for many reasons.

Panama is a beautiful, affordable and welcoming country. Just a three-hour flight from Miami, it has a thriving retirement community. It also offers a retirement visa with a minimum monthly pension of $1,000, which carries deep discounts on everything from airline tickets to movie tickets and medical consultations.

Other bonuses include excellent and affordable health care, good roads, high-speed Internet, drinkable tap water, low property taxes, no hurricanes, and a cheap cost of living. Retirees say it is possible to live a comfortable lifestyle in Panama City for just $2,400 a month.

Italy

Italy is known for its stunning cities, including Rome, Venice and Florence, as well as its exceptional food and wine, art, rich history and stunning landscape that stretches along some 4,800 miles of coastline, surrounded by the Alps and marked by hills.

Although small in size, there is plenty of variety from region to region to satisfy different tastes. The cost of living in general is very reasonable, especially if you avoid Milan and Rome. According to Global Citizen Solutions, $2,500 to $3,200 per month should be enough to live on in many mid-sized cities.

Italy offers excellent healthcare at a fraction of the cost of the United States as well, and a visa to stay there can be obtained with a minimum annual income of around $37,000.

Costa Rica

Costa Rica, a popular retirement destination for Americans, is a friendly country known for its stunning beaches, lush forests, and diverse national parks. It is also inexpensive.

Conde Nast Traveler and International Living, which rank the country highly, say couples can live comfortably there for between $2,100 and $2,500, and that health care is high-quality and inexpensive, even if you go private.