The cost of living is only one of the many aspects to consider when planning your life in a new country. Planning your move requires you to become an experienced researcher as International Living is one of the top resources. They've released their comprehensive Annual Global Retirement Index for 2022, which is compiled from hundreds of real-life experiences. This article will explore our opinion of the best countries for retirement abroad, in light of a variety of factors, such as cost of living, settling into benefits such as climate, discounts, and visas.
Best Retirement Destinations in The World
The top 5 nations with the highest average scores across all of those categories are:
1. Costa Rica
Costa Rica is an ideal option if you're looking to live an active and healthy lifestyle. It has received high marks in the development, healthcare, and governance areas. There's no shortage of things to see or do. The cost of living in Costa Rica is highly affordable, even for those with a little budget for retirement. Of the 25 countries that were surveyed in the study, Costa Rica's cost to live within Costa Rica scored 84, with housing costing just 74. If you're thinking of buying homes, you can find houses affordable with taxes that are just a fraction of the amount you'd have to pay for a home in the U.S.
2. Mexico
It is located close to the border with the south of the U.S. Mexico has long been a favorite tourist destination among North Americans looking for an affordable spot in the sunshine. Ex-pats have the option of choosing from a wide range of climates and styles of living, including busy beaches, urban life as well as remote rustic or desert getaways.
The monthly cost of approximately $2,000 can be enough to cover transport, housing, and other living expenses. However, you could make do with less or spend more if you decide to go with. Applying for visas or residency is accessible to those who satisfy the requirements, and the country has an affordable and high-quality healthcare system that draws medical tourism.
3. Portugal
If you're looking for a charming place with pristine beaches and a bustling capital city, then look at Portugal. Suppose the idea of learning another language sounds intimidating. In that case, you'll be pleased to know it is a reality that English can be taught at all levels beginning in the 6th grade, meaning that most Portuguese residents speak a little English.
The government also provides free Portuguese classes to provide incentives for new immigrants to relocate to Portugal. The cost of living in Portugal is lower than in other countries, and Portugal provides tax incentives to allow retirement to be easier for Americans.
4. Spain
A country with a rich cultural heritage filled with museums and galleries with a balanced Mediterranean cuisine that leads to a longer lifespan and a healthier lifestyle, it's no wonder Americans choose to retirement Spain. Spain is ranked in the top 10 percent of the most secure countries around the globe, and its health system is among the top in Europe.
The economic crisis that struck Spain about 10 years ago has brought the cost of real estate to a lower level, making tiny houses and apartments an attractive incentive for ex-pats who are retired. Siesta is a popular tradition throughout Spain, giving everyone a break from the afternoon heat. This allows for a more relaxed pace of life that is which is a refreshing change for Americans looking to relocate abroad to retire.
5. Colombia
Colombia is a place that has plenty to offer everyone If you like the ocean, mountains, or going into the jungle. An exciting mixture of colonial and cosmopolitan: Many nonstop flights connect Florida to an important Colombian city. Retirement visas are able to be granted by presenting evidence of retirement savings. However, they must be renewed each year for a period of three years.
The World Health Organization has ranked Colombia 22. Colombia's health system is affordable and quality. It surpasses that of the U.S. and Canada, both within the 30-year range. The health insurance costs of ex-pats in Colombia are around 70% lower than in the U.S. The cost of living was an 89-point mark, which allows you to extract more value from your retirement savings.
Conclusion
Whatever your decision to retire, do not forget to pay the U.S. taxes. The U.S. obliges all Americans to submit U.S. taxes on worldwide income, no matter where. If you file tax returns, you may be eligible to take advantage of IRS provisions to avoid double taxation. Still, you must always seek the advice of a U.S. tax professional who is an ex-pat to help you plan your tax strategy to ensure that you comply with U.S. tax filing requirements and pay the lowest tax you can afford.
