With the state of inflation the way it is, it’s not unlikely you’ve considered doing some unconventional things with your finances—and one unconventional way you can get more bang for your buck is by retiring abroad. There are quite a few financial incentives for spending your golden years overseas: Lower costs of living and a friendly exchange rate makes your money go much further than it would in the United States. So if you don’t mind a change of scenery and a whole new weather pattern, you might consider one of these nations to be your new home for your final act.
Costa Rica
If it’s important to you that your retirement country of residence does not have a standing army, your choice is simple. Costa Rica has long been a popular retirement spot for Americans looking for a change of scenery. With a cost of living that’s 36.9% lower than the United States, it’s no wonder that 120,000 American citizens reside in this Central American country (per the U.S. State Department). Pair this with a universal healthcare system that’s offered to all permanent residents, and Costa Rica is one of the top countries for retiring U.S. citizens.
Panama
People come to Panama for the tropical weather and the gorgeous mountain views, but they stay for the financial incentives. Panama offers what they call the Pensionado visa, where they allow you to live in their country on a permanent basis, so long as you can prove you have a monthly income of at least $1,000 (below the rate of the average Social Security income). This visa offers discounts to its holders on utility bills, airline tickets, healthcare costs, and even your mortgage.
Ecuador
Much like Panama, many Americans eschew their life in their capitalism-driven home country in exchange for life on the gorgeous Central American coast. Also much like Panama, Ecuador offers a special visa to incentivize U.S. citizens to move down to this equator country. Dubbed the Ecuador Retirement Visa, it offers 50% off transportation services (including international flights), discounted healthcare, and discounted tickets to activities, such as movies and sporting events.
Belize
Located on the eastern coast of Central America, Belize has become a popular retirement spot for U.S. citizens thanks to their Qualified Retirement Program. To qualify, all you have to do is prove that you generate $24,000 annually via pension, social security, or personal savings, and they’ll grant you permanent residency. Perks of the program include a handful of significant tax exemptions (including income tax), as well as an ease of purchasing land.
Montenegro
The first European entry on the list, Montenegro has become a popular destination for expats because of its beautiful scenery. With a cost of living that’s 50.2% lower than the United States, and rents that are on average 76% lower, this is one of the few European countries where your money will go a long way. Paired with a special visa that allows foreigners to buy property, Montenegro has taken significant steps to attract American retirees to their country.
Vietnam
Rife with history, culture, scenery, and food, more and more Americans are choosing to retire in Vietnam. The cost of living is 49.2% lower than in the United States, and rents are about 75% lower (which is good, because buying land in Vietnam as a foreigner isn’t as simple as some of the other countries on this list). Vietnam also has an impressive healthcare system for a country of its scale and financial being, though expats are frequently recommended to carry international health insurance to not solely rely on public plans.