9 Places Where You Can Retire and Live Like a King
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Retiring to Boca Raton might might appeal to some aging Baby Boomers, but what about those planning to retire early – due to sound investments, for instance – or, those who are looking for a little post-career adventure? Whatever your age, retirement should be an opportunity to do all the things that you always wanted to do, but were too busy to try. Perhaps you’ll pursue a neglected hobby or even launch another business but this time from a more exotic locale. From changes in scenery to endless recreation, business tax breaks to huge exchange rate benefits, a number of international locations are well-worth consideration as retirement destinations. For those not yet looking to retire, they make good vacation getaways as well:
Cuenca, Ecuador
Named the best place in the world to retire by International Living, Cuenca, Ecuador has it all for the modern retiree. For starters, the cost of living is quite low. MSN Money offers a useful chart that sketches out an average monthly living expense of $1,415.00. This figure includes rent on a luxury, two-bedroom apartment, maid service, food, auto maintenance and fuel, clothing, entertainment and health care for two. The aesthetics of Cuenca include Renaissance style architecture, terracotta roof tiles, and cathedral-like archways everywhere you look. With its high elevation, (about 8,000 feet) Cuenca retirees rave about its near perfect 60 degree year round temperature, according to EcuadorExplorer.com. The scenery consists of lush greens, luminous flowers and babbling rivers. Cuenca embodies countryside living at its best. Residents even even enjoy half-priced airfare.
Coronado, Panama
Panama offers a quaint retirement haven for your golden years. Most Panama retirees choose the town of Coronado for its gorgeous climate, peaceful neighborhoods and elder-friendly culture. What Coronado lacks in urbanization it makes up for in small-town clubs and organizations such as mahjong clubs, karaoke bars, art classes, yoga classes, golf tournaments and country clubs, miles of pristine beach, and more. The cost of living is very low according to MSN Money, which describes Panama as a paradise for retirees due to affordable real estate. For example, the average cost of a house in a quiet neighborhood is around $185,000, while consultation with English-speaking doctors is priced at around $35.00. MSN also notes that “…residents pay no taxes on foreign-earned income.” With the retiree population on the rise, demand for entertainment, services and restaurants here is at an all-time high. This means anyone with dreams of opening their own business will find opportunity in Panama.
San José, Costa Rica
RetireInCostaRica.net ranks Costa Rica as one of the top five emerging real estate markets in the world, meaning that housing can be had at a big discount, and the government offers substantial tax breaks to all new home owners. And the place to be, is San José. Costa Rica utilizes a rare type of retirement structure that does not tax retirement income. As mentioned earlier, many retirees choose to go into business for themselves; if this sounds like you, Costa Rica makes an ideal spot to set up shop due to its famous “Free Zones.” Free Zone is quite literally a zoned area in Costa Rica that allows certain kinds of businesses (especially import/export focused companies) to operate with 100% tax exemption, according to WestNet. Aside from the financial benefits, Costa Rica offers a sunny, tropical climate with gorgeous scenery. In addition, quality of life is superb, and many people can afford to live on $1,500 a month (excluding rent payments).
Koh Samui, Thailand
(Chi King)
Looking to retire like a king and live lavishly on your average means? Look no further than Koh Samui, a wonderful island in Southwest Thailand. Here, the exchange rate allows anyone with a decent retirement fund to enjoy high-class luxuries. One Thai Baht is equal to roughly three cents USD, according to BKKPages. Rental properties in Thailand can readily be found for between 3,000 to 10,000 Baht per month, which equals about $90.00 to $300.00 USD. Temperatures generally range from around 80-90 degrees in the winter and from 90-100 during the summer months. Thailand is home to beaches with crystal water, which in Koh Samui, would likely be within walking distance of your property. Golf is also big in Thailand, and numerous rolling courses complete with palm tree decor can be found in the countryside.
Vienna, Austria
(VRoig)
Vienna, Austria, home to 1.7 million, is ideal for those who enjoy the changing of the seasons and looks forward to snow-covered winter months. Known ’round the world for its winter charm, Austria is a popular place to retire, attracting those who wish to get out of the urbanized west and live amongst pristine wilderness. Residents enjoy walking the endless trails of Alps, fishing the countless lakes and river, and skiing the various mountainsides. Most retirees fall in love with the slower and more traditional Austrian culture. Hardly anyone is in much of a hurry to get rich or climb any corporate ladders. Instead, they spend their enjoying the pleasures of nature, raising animals and relaxing with friends among the scenery. Austria remains the cheapest European country to live in according to Best Places to Retire, making it an obvious choice for many retirees looking to get the most bang for their buck. The country also remains a tax haven, as the Austria Times noted in March of 2009 that the EU’s demands to stop offering secret accounts to foreigners fell flat on the nation’s finance ministry.
Capetown, South Africa
Over the past decade, South Africa has grown in popularity as an exotic place to retire. Specifically, the historic city of Cape Town has received a five star rating on eOpinions.com. More than most countries in the area, the climate in South Africa is varied. In the summer months, temperatures can reach 90 to 100 degrees during the day, and can fall close to freezing by night. South Africa is another place where the exchange rate allows those with average savings to live large. One South African Rand (ZAD) is worth about $0.13 USD according to Exchange-Rates.org. Real estate is entirely open to foreign buyers, and the market is currently expanding at blistering rates, opening up opportunities and discounts for most buyers. Generally speaking, rent in South Africa should ran between $300 – $700 USD, allowing for a very low cost of living. If you have more than a few thousand a month to spare, this country is a viable option.
Merida, Mexico
(Gerriet)
Merida, Mexico offers some of the best of what International Living calls, the 4 C’s: comfort, convenience, cost and culture. Though the summers may get hot, almost all residential areas are within walking or very brief driving distance of sun soaked beaches. During the rest of the year, the climate is said to be “paradise.” Concerning convenience, Merida is almost entirely flat. This lay of the land makes long walks or bike rides very enjoyable, allowing you to stay in-shape all throughout retirement. In addition, flying to and from Merida to the US is quite reasonable, and a number of direct flights are available via major cities. Nicely accommodated apartments can be had for around $500.00 USD per month. Health care is also very inexpensive thanks to generous government subsidies. As far as culture goes, Merida is a hot bed of activity, and much of it is free of cost. Free dances, free concerts, free plays and stage shows, for example. And, for the explorer, some breath-taking Mayan ruins lie only 90 minutes outside of the city.
Montevideo, Uruguay
Billed by EscapeArtist as having, “…one of the lowest costs of living in the world”, Uruguay has something to accommodate any retiree. Many are taken by the friendly locals and the seductive scenery. Uruguay is one of the few countries where you can have your quiet retirement retreat without giving up the conveniences of the modern world. Look no further than Montevideo, said to be an, “…old-world European style city with fine restaurants, colorful markets, sycamore-lined streets and a cultural scene second to none.” Communication services are excellent and shopping centers are plentiful. In addition, the highways are fresh and safe, so if you must travel far you can do so with ease. Uruguay is less urbanized than much of the western world and features some of the best natural beauty your eyes can take in. Prospective entrepreneurs will be pleased to know that Uruguay offers some of the, “…highest rental returns in Latin America.”
Calitri, Italy
For many, Calitri is the place to retire. Calitri is unspoiled Italy at its finest – overflowing with classic building designs, fine wines and delicious food. The cost of living in Calitri is amazingly affordable. For only $15,000 USD, you can purchase a small, unrestored apartment complete with kitchen and bathroom accommodations according to International Living. Unrestored, classic homes in Calitri can be purchased for as little as $42,000 USD. Those looking to live modern in classic Italy can opt for the restored “luxury” models for around $64,000. The town of Calitri is surrounded by lush green fields and forests along rolling hillsides, offering great opportunities to wander off and take in the untouched scenery. What’s more, you can also receive free health care if you become a European citizen as part of your move to Calitri – although this may take some strategic marrying.
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39 Comments so far
leave a commentWhat are the taxes in those areas? That would be a major consideration in where to retire!
I don’t know about the other places, but i lived in Thailand for 4-5 years. There are no taxes to speak of unless you are working legally (i.e., with a non-imigrant B visa) and even then they are minimal (around 7% unless you are highly compensated). However, they have stopped playing around when it comes to visas.
Gone are the days when you can just hop across a border every 30 days, or the more risky practice of letting your passport take the trip while you kick back at the beach near the apartment. You will definitely want to persue a non-imigrant O “retirement” visa. For that you’ll need to prove that you have sufficient funds to sustain yourself every year and pony up for visa renewals (usually under $100).
Pleased to see two Central American countries in your list: Costa Rica and Panama. We look at the property markets in Central America and although sales volumes are down there is one bright spot in the market. People with shrunken nest eggs looking for cheap places to retire abroad. Places where they can live a Rolls Royce lifestyle on a Skoda budget.
I smell bull with the San José, Costa Rica listing. Unless it’s just a benefit for foreign retirees, there is absolutely no “government tax incentive” for new home owners. I bought my house 2 years ago here and I got squat from the government, other than a property tax bill 3 months later. Also, home prices are outrageously high. Average price of a home in Weston, Forida is about $400k. A comparable home in a somewhat comparable neighborhood in Costa Rica can run you up to $600k-$1M…
Costa Rica is surprisingly expensive for what it is… especially compared to other countries in the region. A moderate supermarket bill for a family of four runs an average of $1,050 per month.
Also, it rains 9 months out of the year here, so it’s not as sunny as it states, even though it is quite mild.
Finally, San José is congested with big traffic jams due to deficient road infrastructure and uneducated drivers.
So if anyone is planning on retiring here, get a place at the beach, not in San José, and don’t expect the paradise that everyone makes it out to be.
Or maybe it is THAT good and I’ve just been here too long and gotten too used to it.
I’ve been living in Mexico for 12 years now on about $8,000 US a year. Why do you have to have luxurious accomodations, maid service, etc.? Not everyone needs such bullshit. What’s so bad about living like a regular person instead of a rich bitch? This article caters so much to the well off it makes me want to throw up.
GFY!!!!
Pablo, about where did you move and how do you like it? I am considering “relocating” myself. : )
I agree with the places above, for which I have visited, with the great exception of Vienna, Austria. I have visited there, and know the price of western European cities, which are just expensive to live. High taxes, which equate to high goods and services. Checkout what a beer will cost you at a local pub, then compare to the town you are from. Why not choose Krakow, Budapest or Prague, much more affordable, and a better living standard for retires then Vienna.
I know what you mean. Vienna is listed as one of the wealthiest cities in the world (Vienna, Zurich, Vancouver). I’m sure it has a great quality of life but I couldn’t imagine Austria being inexpensive.
Vienna is hardly cheap, and the article refers to Vienna and Austria as if they are the same. Living in the countryside is vastly different than what one can expect in the city. I find it very hard to believe that Austria is the cheapest country in Europe to live in. This “info” listed here about Austria is highly questionable,
Question about the Calitri, Italy excerpt: It cites as costs for apartments and houses in terms of American dollars. But, are these correctly based from a conversion from Euros to Dollars? Italy has adopted the Euros, after all — which makes things a tad more expensive for us Americans in general. So I’d just like to check how accurate these dollar figures are before I get excited.
Yes is thrue I retire in calitri and I only have 538 dollar montly of the pension from USA
and there I can leave instead another city assolutly not
How about living one year in each of these countries …
And then you can later decide on one
100 degrees… sounds boiling a hot…
I always read these “best places to retire” articles, but I have never actually heard of anyone I know retiring in an exotic, foreign country. Most just want to stay near their families?
I retired in Cuenca, Ecuador and LOVE IT. I didn’t stay in the U.S. with my family. Shawn is talking to the wrong people if she knows no one who wants to retire outside the U.S.
Why is the photo used for Coronado, Panama from Panama City, Florida?
EMWTK.
Can’t wait to retire .. Thanks for this post Joshua —
Never realized Austria – and I love the idea of hiking the Alps
Great list, I might visit some of these places before packing up and moving for good!
Seasons Greetings!
Because Pablo, when one reaches retirement age the reality of “assisted Living” comes into play. When one suffers from painful arthritis, bone and joint pain or other lack of mobility, hiring cleaning service becomes a necessity.
One should step out of their self-centered perspective and take a look at the world from another person’s perspective.
Unless you’re within 2 generations of Italians in Italy, you’re not going to immigrate there permanently. Residency Visas are notoriously difficult to get as you have to prove you can currently afford all living expenses indeffinetely without additional/future income and I believe you have to have property there for 10 years prior. Residency visas do not allow you to work.
Marrying really is the easiest way, if you consider that easy.
With all the kidnappings in Mexico why would a “rich” American want to retire there?
I agree San Jose, Costa Rica, is probably the least appealing retirement destination in that beautiful country. I’d go coastal in Costa Rica. Koh Samui is very worthy, and is the cheapest of all listed. Thailand would be a lovely place to retire.
great post.
wonderful pictures with nice description.
i would make a visit to here.
Hahahaha… Cape Town… cheap!?!?! how old is this research!? Cape Town is one of the most expensive cities in South Africa. Yeah, the exchange rate is great, but no public transport to speak of (not anything you want to ride on, that is)
Expect your cost of living to be closer to $3,000pm. That will give you a small 2 room (not 2 bedroom) appartment in the seedier parts, and basic living.
Sorry… but the research here is dodgy at best!
I have three friends from Cape Town and they totally sing its praises. But then again they live here. Wonder why? Maybe L.A. is more attractive to them than the South African paradise?
100 degrees… sounds boiling a hot….
Like to see more from other Thailand places as Kho Samui IS EXPENSIVE !!!
Somebody must have lost-out mathematical factors in his formula
Like the country and the people, bu t like straight-up costindications, PLEASE
Stefan
What about the top ten places in the U.S. to retire? Does
Great post. More and more, people are considering retiring abroad. One more suggestion: Panama. Panama has so much to offer anyone considering retiring abroad. There’s great weather, the US dollar is the currency and it has continually experienced economic growth, even in this global downturn. And that growth promises to continue. Read more at our blog at Amble Resorts. http://islapalenque.com/blog/2009/07/businessweek-panama-is-the-new-florida/
Nice places but surprise that none of them are from the Caribbean. Well I would go for Panama being that there are vital business opportunities but this would be if I was retiring.lol Still as a lot more years before retirement. Hopefully by then a Caribbean country will make the list.
With 5+ years retired in Thailand, I can offer to answer questions about expat life here.
My email is below.
Yes, many attractions to Thailand, but, be prepared for huge culture shock.
It’s never mentioned in magazine articles about retirement overseas.
What can you do?
Two ways to prepare yourself for the culture shock:
First, read forums about expat living here — not travel forums, but expat comments.
What you’ll see there won’t be the happy talk of the magazine articles.
In fact, many expat forums in Thailand are downright rude and crude.
And that indicates a major element of culture shock which most don’t consider in advance:
There is a large number of rude and crude foreigners who dominate the expat population here.
There are a lot of them in Thailand.
You won’t find anything about that in the magazine articles.
Second, don’t make any decision about retiring to Thailand until you have made at least one trip over here just to look around and see with your own eyes.
That trip should be at least a month long in order to break out of tourist mode, and move closer to the mode of actually living here.
Here are some suggestions for ways to do that:
– Shop for groceries — try to navigate your way around a local market or grocery store where most signs and labels are in a language you can’t comprehend.
– Get a haircut — try to communicate to the lady barber what you want when neither of you understand what the other is trying to say.
– Have shoes repaired — but first try to find where is a repair shop and how to get there.
– Go to a dentist to get your teeth cleaned and checked. Not the most pleasant activity, but a necessity of life, especially as we get older. Try to understand the dentist who thinks she can speak “Ingrish”, but when she talks, the words make no sense at all to you.
Doing things like that will help you to immerse yourself in daily life here.
It is the best way to experience living in this very foreign culture, before you make any one-way decisions.
Now, there is one, very delicate topic, about retirement living in Thailand: the threat to married couples.
Any middle-age, white man arriving here is a prime target for the local women.
No joke: they just won’t stop making approaches.
If you are a married man, so much the better in their view, because you have already passed approval of another woman.
Thai woman can be very alluring, very tempting.
So, chances are high that a marriage (from back home) won’t last over here.
Maybe that will be good for the man, but it won’t be good for the wife to find herself abandoned in a strange country on the other side of the world.
Married couples: You’ve been warned.
(Of course, for single/divorced men, the situation is rather different.)
For those who enjoy city life, I’ve written about my retirement years living in Bangkok:
http://shrinkify.com/1fg1
Now I’m living in the small city of Chiangmai, in the far North.
Completely different pace of life compared to Bangkok — much less exciting — but suitable for those who enjoy a slower pace.
My email is: Peter4@allmail.NET
– Peter Forden
.
Montevideo in Uruguay, the best place to retire!
like king = high buying power = average income vs. your income out of your retierment investments.
my 2cents: take Berlin Germany into consideration, save, young, cultural active, very nice weather in summer. Tons of internationals, and when you stay in the right quarters/districts at least every second guy speaks English.
mypersonal favourite is Belarus: hot in summer, snow in winter, on the country side or close to big cities people still life very much like we did a 100 years ago, wooden houses rather by horse than by car (at least the older people). if you are into hiking, hunting, riding thid´s might be for you. $500 a month is a top salary there.
OK Belarus is more for the adventure guys
You might want to look at East Tennessee. It’s got decent weather and land and houses are cheap there not to mention there is no state income tax in Tennesssee. And oh yeah, you can drink the water and not get Montezuma’s revenge.
John, if you really believe a super market bill for a family of 4 is $1050 per month, you are are a liar and a complet fool! This is the most STUPID IDIOTIC STATEMENT I HAVE EVER READ ABOUT COSTA RICA! YOU ARE A FOOL! YOU ARE A LIA OR YOUR ARE 100% incompetent and totally senile and you belong in a Costa Rican nusing home. Please do every one a favor and crawl back into the nursing home you crawled out of! You are without a doubt a complete idiot and fool! Costa Rica has its problems but most of them seem to be as a result of senile incompetent fools like you.
Why do you have to be so nasty and rude! What’s wrong with you? Can’t you just give your opinion with the facts as you see them. I wouldn’t want to live there if there are people like you running around.
With the real estate collapse in the U.S., more boomers may opt for South Florida and other places where real estate prices are low, low, low over foreign retirement destinations. Hhhhmmmm… Panama City, Florida or Panama City, Panama?
Awesome snaps.
Why have you posted a photograph of Taormina when writing about the town of Calitri in Campania?? May I ask your affiliation to the town? Thank you
I would like your opinion on Salvador, Bahia as a place to live well into retirement. I am currently 8 years away from retirement so your advise would be greatly appreciated.