Retirement is an exciting phase of life but requires careful planning, particularly when choosing where to spend your golden years. Many retirees seek to maximize their savings and embrace new experiences by moving abroad.
Each year, Live and Invest Overseas compiles a list of the best global retirement destinations, assessing 15 factors such as cost of living, taxes, crime, weather, and recreation. According to founder and CEO Kathleen Peddicord, the organization benefits from insights provided by its expat members, ensuring a well-rounded perspective on potential relocation spots.
Here are their top recommendations for 2024:
10. Santa Marta, Colombia – Salguero Beach, Santa Marta
Description: Often called “the best Caribbean seaside city you’ve never heard of,” Santa Marta is Colombia’s oldest city. Nestled between the Caribbean Sea and the Sierra Nevada mountains, it offers a low cost of living, with an average monthly expense of $673 compared to $2,434 in the U.S. The city is known for its fresh seafood, outdoor activities, and annual festivals.
9. Phuket, Thailand – Han Kata Beach, Phuket
Description: Phuket, Thailand’s largest island, is famous for its beautiful beaches and affordable living. The tropical climate varies year-round between the mid-70s and mid-80s, though it experiences a rainy season from June to October. Despite being one of Thailand’s pricier cities, the average monthly cost of living is around $889, significantly lower than in the U.S.
8. Cayo, Belize – Macal River, Cayo District
Description: Known for its rivers and rainforests, Cayo in Belize offers an escape with ample tax incentives. English is widely spoken, and the Qualified Retired Program (QRP) offers tax exemptions and minimal residency requirements. The region is rich in greenery and historical sites, making it an attractive choice for retirees.
7. Kotor Bay, Montenegro – Bay of Kotor, Perast
Description: Offering “low-cost Mediterranean living in Europe’s secret Riviera,” Kotor Bay features diverse housing options and stunning surroundings. Although the cost of living is about $1,373 per month, it remains more affordable than many places in the U.S. The area is famous for Kotor Old Town, a UNESCO World Heritage site.
6. Gascony, France – Auch, Gascony
Description: Gascony is characterized by its quaint, pastoral lifestyle. The region’s residents are known for their friendliness, especially compared to their Parisian counterparts. While it’s a rural area, it’s close to Marciac, renowned for its annual jazz festival, attracting big names like Johnny Depp and Norah Jones.
5. Chitré, Panama – Cathedral of Azuero, Chitré
Description: Known for its health care, infrastructure, and shopping, Chitré is a safe, small town in Panama’s interior. Panama’s retirement visa offers numerous benefits, including tax exemptions and discounts at various establishments. The cost of living is about $1,005 per month, making it an affordable option.
4. Crete, Greece – Heraklion, Crete
Description: Crete, the largest Greek island, is rich in history with sites like the Palace of Knossos. It offers a relaxed, slow-paced lifestyle with fresh local produce and seafood. The average monthly cost of living is $1,016, providing an attractive combination of affordability and a healthy lifestyle.
3. Mazatlán, Mexico – Mazatlán, Mexico
Description: Mazatlán combines beautiful coastal living with Spanish-Colonial charm. The area has a significant expat population and various retirement communities. The cost of living is approximately $1,224 per month, offering amenities like pools, fitness centres, and social events.
2. Braga, Portugal – Braga, Portugal
Description: Braga, Portugal’s oldest city, is noted for its Roman-influenced architecture and culture. It offers a mild climate, reliable transportation, and an array of cultural attractions. The average monthly cost of living is $1,126, making it a culturally rich yet affordable destination.
1. Valencia, Spain – Valencia, Spain
Description: Valencia, a vibrant city on Spain’s Mediterranean coast, boasts a small-town feel with numerous bars, restaurants, and cultural venues. With a lively nightlife and a cost of living at $1,382 per month, it’s a top choice for retirees seeking a dynamic yet affordable environment.
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