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Retiring in El Salvador In 2023 – Cost of…

Retiring in El Salvador – The Pros, Cons, and What They Don’t Tell You

If you have already read any of my other articles about retirement abroad, you can jump straight to the first subtitle (The Pros of Retiring in El Salvador). If not, keep reading from the beginning to get some context.

Ps: Check also our Youtube Channel.

My company helps expats. Many of these people know what they want and just need help. What about retiring in X? What’s your opinion? they ask me.

Often I don’t know what to say. I tell my team to research the destination and write a detailed report so I can give our customers the information they need.

Not surprisingly, most of the destinations are warm places with idyllic beaches.

After a few years of doing this, we researched and wrote about multiple Caribbean Islands and Central American countries.

Below is the resumed version of some reports we did, available for free for you:

Puerto Rico: The main reason to retire in Puerto Rico might be a word with only 3 letters.

Republica Dominicana: The Fascination of Retirees and Digital Nomads With This Caribbean Destination

Nicaragua: How a Central-American Country Safer Than Delaware Became Popular Among Pensioners

Jamaica: The Insane Economics Behind the Idea of Retirement in Jamaica

Panamá: The Not-So-Secret Oasis for Foreign Pensioners: A Low Tax Gem in Central America

But today we will write about a quite… polemic country.

A place that until years ago was among the most dangerous countries on the planet and had serious issues with gang violence, but in a matter of years, improved to the point to be among the safest in Central America.

You guessed it: We are talking about retiring in El Salvador.

Illustration for article about retirement in El Salvador, with the map and flag and the cartoon of a local

For many Americans (and also a considerable amount of Europeans), retirement in El Salvador as an expatriate offers a delightful escape to the heart of Central America. Nestled between Guatemala and Honduras, this vibrant country is often overlooked by retirees who flock to its neighboring Costa Rica.

Let’s talk about the pros and cons El Salvador offers.

Recommended book: Moving Out, Working Abroad, and Keeping Your Sanity

The Pros of Retiring in El Salvador – 5 Reasons Why You Should Move To El Salvador

The Cost of Living: A Good Reason for Living in El Salvador

El Salvador boasts a relatively low cost of living compared to many other countries, allowing retirees to stretch their savings further. For instance, cities like Santa Ana (and other places that we mention at the end of this article) offer affordable housing options, such as condominiums or apartments, at reasonable prices.

This affordability extends to everyday expenses, including groceries, dining out, transportation, and entertainment, making it easier to maintain a comfortable lifestyle without straining finances.

Safety. Living in El Salvador now is safe (when compared to other Latin American countries)

While this may sound odd when we consider the nation’s history (a civil war ended not long ago) and the very violent past, it’s worth noting that El Salvador has made significant strides in terms of security in recent years.

The murder rate in El Salvador dropped by more than 80% in a matter of years, and currently, it is safer than most countries in Latin America.

Countering El Salvador's Democratic Backsliding — Source: Americas Quarterly

The government has implemented various measures to improve public safety, including increased police presence and heavy repression against organized crime. Cities like Santa Tecla have witnessed notable improvements in safety, with efforts focused on reducing crime rates and enhancing security measures.

Friendly People

One of the notable aspects of retiring in El Salvador is the warm and welcoming nature of its people. Salvadorans are known for their hospitality, friendliness, and a strong sense of community.

As an expatriate retiree, you can expect to be embraced by the local population, making it easier to establish connections and build meaningful relationships. It is not difficult to start conversations with neighbors, participate in community events, or join social clubs.

Affordable Private Healthcare

For Americans, one of the best aspects of retiring in El Salvador is the availability of quality healthcare services at affordable rates. While public healthcare in the country may face certain challenges, private hospitals and healthcare institutions offer reliable options.

For example, the Hospital de Diagnóstico in San Salvador is a renowned private hospital with state-of-the-art facilities and a range of specialized departments. Retirees can receive comprehensive medical care, including consultations, diagnostic tests, surgeries, and specialist treatments, at a fraction of the cost compared to health care in other countries.

Pleasant Climate and Natural Beauty

El Salvador enjoys a pleasant climate throughout the year, with warm temperatures and cooling sea breezes. This climate, coupled with its stunning natural beauty, makes it an attractive destination for retirees seeking a peaceful and picturesque environment.

For instance, beach towns like La Libertad offer retirees the opportunity to live near the coast, enjoy beautiful sunsets and embrace a relaxed beach lifestyle.

Cons – What are the most challenging aspects of retiring in El Salvador?

The Tropical Climate (If you are not used to it)

The climate of El Salvador, characterized by high humidity and a significant rainy season, can be a downside for individuals not accustomed to such conditions.

The combination of heat and humidity may take time to adjust to, particularly for retirees coming from drier or cooler climates. Cities like Santa Ana experience higher levels of humidity and rainfall throughout the year.

Infrastructure and Public Services

While El Salvador has made progress in improving its infrastructure, certain areas, particularly in rural or less developed regions, may still face limitations.

For example, cities like Ahuachapán may have inconsistent access to utilities like water, electricity, or internet services. Additionally, the the public health care system and transportation system may not be as efficient or extensive as in some other countries.

Language Barrier (But Seriously, Spanish is Not That Difficult to Learn)

Spanish is the official language of El Salvador, and while many locals can communicate in basic English, language barriers may still exist, especially in more remote areas. Retirees who do not speak Spanish may encounter difficulties in day-to-day interactions, such as communicating with service providers, healthcare professionals, or government officials.

In cities like San Salvador, English-speaking communities may be easily found, but overall, language proficiency in Spanish can greatly enhance the retirement experience and facilitate integration into the local community.

Panormic image of San Salvador, one of the best cities to retire in El Salvador.

Cost of Living in El Salvador vs Valência (Spain) and Tampa (the USA)

Time to compare how much it will cost to retire in El Salvador. I won’t compare San Salvador’s cost of living to that of New York or London because almost everywhere else in the world is less expensive than those two cities.

Let’s compare the cost of living in San Salvador with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

Each price is taken from either Numbeo or Expatistan, two websites that collect prices and other living costs and expenses from tens of thousands of visitors and contributors. Be aware that smaller cities tend to be much more affordable than San Salvador, which is probably one of the most expensive places in El Salvador.

PS: If you’re longing for a sunnier European country, consider checking this list of the best places for retirement in Spain.

Values in USD	San Salvador	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	9	12	21
Domestic Beer (0.5-liter draught) in a Supermarket	1.44	2.9	1.57
Eggs (regular) (12)	2.51	1.98	3.29
Chicken Fillets (1kg)	5.45	7.5	11.24
Gasoline (1 liter)	1.17	1.56	0.95
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	68.36	128.6	182.51
Internet (60 Mbps or More)	45.33	31.88	63.85
Cinema, International Release, 1 Seat	5	7	14
Short visit to private doctor (15 minutes)	34	73	98
Standard men’s haircut in an expat area of the city	10	20	23
Rent of an apartment (1 bedroom)	591	921	2,035.75
Price per Square Meter to Buy an Apartment	1,230.00	2,999.91	4,635.63

Cost of different items in San Salvador, Valencia (Spain), and Tampa (Florida, the USA).

Best Places to Retire in El Salvador

San Salvador

El Salvador’s capital city, San Salvador, holds its own charm and allure. With its warm tropical climate, friendly locals, and an abundance of natural beauty, it has become a popular destination for those seeking a relaxed lifestyle during their golden years.

What is it like to retire in San Salvador?

San Salvador offers retirees an urban lifestyle with a bustling city atmosphere. There is an international airport and easy connectivity to other parts of America or even to Europe. Another positive point of the city is the availability of high-quality healthcare facilities.

However, San Salvador is also known for its heavy traffic congestion, crowded streets, and noise pollution, which can be overwhelming for some retirees seeking a more peaceful retirement.

Santa Tecla

Located in the central region of the country, Santa Tecla offers a blend of modern amenities, a vibrant cultural scene, and a relatively low cost of living. This city is known for its safety, well-maintained infrastructure, and proximity to the capital city, San Salvador.

Retirees can enjoy a comfortable lifestyle with access to shopping malls, restaurants, and healthcare facilities. The city’s pleasant climate, combined with its beautiful parks and gardens, makes it an ideal place for outdoor activities and relaxation.

The cost of living in Santa Tecla is relatively affordable, allowing retirees to stretch their budgets while enjoying a high quality of life.

Suchitoto

Nestled in the northern part of El Salvador, Suchitoto is a charming colonial town known for its cobblestone streets, colorful houses, and preserved architecture. Retirees seeking a tranquil and picturesque environment will find Suchitoto to be an ideal choice.

The town overlooks Lake Suchitlán, offering breathtaking views and opportunities for boating and fishing. Suchitoto’s lower cost of living compared to larger cities makes it an attractive option for retirees seeking an affordable and peaceful retirement.

La Libertad

Situated on the Pacific coast of El Salvador, La Libertad is a popular seaside destination known for its beautiful beaches and relaxed coastal lifestyle. The town offers a range of amenities, including beachfront restaurants, cafes, and markets. It is also a hub for water activities such as surfing, fishing, and sailing.

La Libertad’s proximity to the country’s capital city and other coastal towns ensures easy access to additional services and amenities. While the cost of living in La Libertad may be slightly higher due to its touristic nature, it also varies depending on the proximity to the beach.

Image of beach in the coast of El Salvador

Conclusion: What do I need to know before retiring in San Salvador?

El Salvador, despite its troubled past, has transformed itself into a peaceful and welcoming nation.

Once plagued by gang violence and known as one of the most dangerous countries in the world, it has made remarkable progress in recent years. The civil war that ravaged the country for over a decade ended in 1992, paving the way for stability and growth.

Today, retirees can bask in the tranquility of its picturesque beaches, explore lush national parks such as La Libertad and El Sunzal, and immerse themselves in the rich history of a country that boasts colonial times and a vibrant cultural heritage.

With a low cost of living (check the numbers in the previous paragraphs of this article), El Salvador offers the opportunity for retiring abroad and live a comfortable life while enjoying the country’s natural wonders and great customs.

Recommended book: Budget Travelers, Digital Nomads & Expats: The Ultimate Guide: 50 Tips, Tricks, Hacks, and Ways to Free Stuff & Cheaper Flights

Here Are Some Other Great Places You Can Retire On A Budget

If you enjoyed this article about retiring in El Salvador, here are a few other reading suggestions for you:

Subscribe (for free) to receive my articles directly in your inbox and receive a special gift. If you enjoy this article, please consider becoming a Medium member by using this link and have access to premium, unbiased content from authors not tied to big media.

Levi Borba is the founder of The Expatriate Consultancy, creator of the channel The Expat, and best-selling author. Some of the links in this article may be affiliate links, meaning that the author will have a commission for any transactions.

Living Costs

Retiring in Panama: Pros and Cons in 2023

Everything About Retiring in Panama: A Low Tax Gem in Central America

If you have already read any of my other articles about retirement abroad, you can jump straight to the first subtitle (The Pros and Cons of Living and Retiring in Panama). If not, keep reading from the beginning to get some context.

My company helps expats. Many of these people know what they want and just need help. What about retiring in X? What’s your opinion? they ask me.

Often I don’t know what to say. I tell my team to research the destination and write a detailed report so I can give our customers the information they need.

Not surprisingly, most of the destinations are warm places with idyllic beaches.

After a few years doing this, we researched and wrote about multiple Caribbean Islands and Central American countries.

Below is the resumed version of some reports we did, available for free for you:

Republica Dominicana: The Fascination of Retirees and Digital Nomads With This Caribbean Destination

Puerto Rico: The main reason to retire in Puerto Rico might be a word with only 3 letters.

Nicaragua: How a Central-American Country Safer Than Delaware Became Popular Among Pensioners

Jamaica: The Insane Economics Behind the Idea of Retirement in Jamaica

This time, however, we will write about a quite distinct place.

A place with a cosmopolitan allure, where gleaming skyscrapers dot the skyline and a thriving economy pulses with innovation. That melds harmoniously with colonial influences, creating a vibrant mosaic found nowhere else in Central America.

Let’s talk about the idea of retiring in Panama.

The Pros and Cons of Living and Retiring in Panama

Pros of Living or Retiring in Panama

Low cost of living

More about this in the comparison we made at the end of this article.

Panama offers expatriates a low cost of living. This is partly due to home affordability. Expats can usually find cheaper housing possibilities than in Western countries, whether renting or buying.

Aside from housing, daily expenses such as groceries, transportation, and healthcare are reasonably priced in Panama. Grocery stores offer a mix of local and imported products, catering to different preferences. Since it is a tropical country with a large coast, you can expect items like fruits or seafood to have attractive prices.

Private healthcare is also much cheaper than in most developed countries (more about it in a few paragraphs).

The weather is great year-round

Panama has a consistently pleasant* year-round climate, with warm temperatures and a “holiday” atmosphere.

The tropical location provides ample opportunities for outdoor activities and a relaxed lifestyle, making it an enticing destination for anyone seeking enjoyable weather during most of the year.

If you want to escape the hot weather and the need for air conditioning, you can always make a trip to the mountainous region of the country, where it is possible to find a mild climate of eternal spring.

*Except if you are those that hate humidity. More about it in a few paragraphs.

People are friendly and have a relaxed Pace of Living

Panamanians are generally friendly and welcoming to foreigners. At first glance, this may not look that important, but in the long term, it makes a lot of difference.

Visiting Panama for the first time? If you speak Spanish, notice how Panamanians greet you. Whether it’s a simple “Hola” (hello) or “Buenos días” (good morning), locals are often quick to acknowledge and welcome foreigners with a smile.
Need directions? Ask someone, and you’ll likely encounter friendly locals willing to lend a hand. Panamanians are often happy to provide directions, suggest popular attractions, or recommend the best places to eat, making you feel at ease and welcome.
Trying to engage in a conversation? Locals are generally sociable and enjoy engaging in conversations with people from different places. Often they will be curious about your background, where you’re from, and your experiences. This genuine interest fosters a sense of friendliness and openness towards foreigners (and also helps to learn Spanish).

Good and inexpensive Private healthcare (when compared to the US)

For you to understand how much cheaper some medical costs in the private healthcare system of Panama are when compared to the US, here are some examples:

Medical Consultation: The same routine doctor’s visit in Panama City will cost between $40 to $80, while in Los Angeles it will be between $130 to $350.
Dental Cleaning: In Panama City, a dental cleaning may cost around $40 to $100, whereas in Los Angeles, it can range from $100 to $200.
MRI Scan: An MRI scan in Panama City can cost around $400 to $800, whereas in Los Angeles, the price can range from $800 to $3,500.
Appendectomy: The cost of an appendectomy (surgical removal of the appendix) in Panama City can be approximately $3,000 to $6,000, while in Los Angeles, the price may range from $15,000 to $35,000.

Since there is a solid infrastructure in terms of private hospitals and clinics (and often doctors speak English), private insurance is also cheaper than in the US.

Public transportation is efficient and inexpensive (especially by Latin American standards)

Public transportation options, including buses and taxis, are available at affordable rates, facilitating convenient travel within and between cities.

The Panama Metro system is a modern and reliable mode of transportation, offering air-conditioned trains and bilingual signage, meanwhile, the extensive metro bus system provides a wide network of buses with comfortable features and dedicated lanes, improving travel times.

There is an integrated fare system, the “Tarjeta Metro Bus“, which allows passengers to use a single card for both metro and bus services, making transfers seamless.

Safety (It may be a pro or a con, depending on where you are comparing it to)

Since Panama relies heavily on the tourism industry, the country ensured that the levels of violence stay under control and crime rates are relatively low, especially when compared to nearby nations like Guatemala, Colombia, or Venezuela.

Panama’s homicide rate is only 9.6 per 100,000 residents, one of the lowest in the entire Latin American sub-continent. To put it into perspective, the average homicide rate for Latin America is 22.4 per 100,000 people.

Political and economic stability

For the last few decades, Panama had good governance, with peaceful transfers of power. The country has a strong commitment to ensuring political stability and the rule of law.

They also have experienced robust economic growth over the past decade. The country’s strategic location, the Panama Canal, and its status as a global logistics hub have contributed to its economic success, attracting foreign direct investment and fostering business development.

Another factor is the dollarized economy. Panama adopted the U.S. dollar as one of its 2 official currencies (the other is the Panamanian Balboa) in 1904, providing a stable monetary system. Dollarization eliminates currency exchange rate fluctuations and provides confidence for investors and businesses operating in Panama.

It is also very beneficial for foreign retirees since they don’t lose in exchange rates.

AIRLINE Connectivity to the WORLD

The ample offer of flights from Panama to the US and the rest of the world via Copa Airlines and other companies is a significant advantage for foreign pensioners residing in Panama.

Retirees who have relocated to Panama often have strong ties and close relationships with family and friends back home. The availability of frequent flights allows them to maintain these connections by easily traveling to visit their loved ones or having them visit Panama.

Direct flights eliminate the need for layovers and transfers, making the journey more efficient and comfortable. This is particularly advantageous for older individuals who may prefer to minimize travel fatigue and enjoy a more direct and streamlined travel experience.

Cons of Retiring or Living in Panama

Leaving family and friends behind

Family and friends often provide emotional support and a sense of belonging. Moving to a new country means being physically separated from loved ones, which can lead to feelings of loneliness or homesickness, especially during important life events or celebrations.

Leaving your established social network can be challenging. Building new friendships and connections takes time and effort, and it may take a while to develop a support system in a new country. This can result in a sense of isolation initially until new relationships are formed.

During the rainy season, comes high humidity!

For some, the climate may be too hot and humid, especially in the lower areas (the mountainous region of Panama has a much milder climate) and during the rainy season.

High humidity levels can make the climate feel hot and sticky, potentially leading to discomfort and difficulty in adapting. Constant perspiration and a damp environment is something that bothers some people.

Also, the tropical climate of Panama creates favorable conditions for insects, including mosquitoes and other pests.

The traffic can be congested

Dealing with congested traffic on a daily basis can be stressful, especially for retirees who may prefer a more relaxed and leisurely lifestyle.

Sitting in long queues, maneuvering through heavy traffic, and dealing with aggressive drivers is not what most of us dream of when we think about retirement destinations.

Some of the most congested areas in Panama City include:

Via España: This major road running through the heart of Panama City often experiences heavy traffic congestion, especially during peak commuting hours.
Avenida Balboa: This scenic coastal avenue can become heavily congested, particularly during rush hours and on weekends when residents and tourists frequent the area.
Corredor Sur: This toll road connecting Panama City to the Tocumen International Airport and other areas experiences congestion during peak travel times, especially at the entrance and exit ramps.

Panama Has Its Share of Bureaucratic Problems

Navigating bureaucratic processes may be more challenging for retirees who are not fluent in Spanish, as many official documents and interactions are conducted in the local official language. Language barriers can lead to difficulties in understanding requirements, completing forms, and effectively communicating with government officials.

Additionally, bureaucratic systems in Panama City may suffer from inconsistencies in enforcement, leading to unpredictable outcomes or varying interpretations of regulations.

Speaking Spanish will certainly help you to understand utility bills, or deal with procedures in government offices. It also has many benefits, like removing the language barrier to meet most expats that come from other countries in South America.

Panama City, the largest city in Panama.

Cost of Living in Panama City vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost to retire in Panama. I will not compare the living costs of Panama City with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in Panama City with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors. Be aware that Panama City is likely one of the most expensive places in Panama, and smaller cities or rural areas tend to be much cheaper.

Values in USD	Panama City	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	10	12	21
Domestic Beer (0.5-liter draught) in a Supermarket	1.3	2.9	1.57
Eggs (regular) (12)	2.2	1.98	3.29
Chicken Fillets (1kg)	7.13	7.5	11.24
Gasoline (1 liter)	1.1	1.56	0.95
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	107.66	128.6	182.51
Internet (60 Mbps or More)	50.66	31.88	63.85
Cinema, International Release, 1 Seat	6	7	14
Short visit to private doctor (15 minutes)	53	73	98
Standard men’s haircut in an expat area of the city	18	20	23
Rent of an apartment (1 bedroom)	906	921	2,035.75
Price per Square Meter to Buy an Apartment	2,441.67	2,999.91	4,635.63

Cost of different items in Panama City, Valencia (Spain), and Tampa (Florida, the USA).

A Special Visa & Panama’s Efforts to Become a Retirement Haven

As you can imagine, People on retirement benefits in Panama. Pensioners bring money from abroad and spend it in the local economy, generating more revenue for local businesses.

The Panama Residency Visa Programs (Friendly Nations, Retirement and Investment Based)

Panama is one of the best well-connected countries in entire Latin America.

With Costa Rica (see more about it above), Panama is one of the most attractive countries with retirement visas in Latin America.

Like a few other countries in the region, they also have a visa scheme that facilitates the way to obtain residency status as long as you receive monthly income from overseas.

Minimum Income Required: US$1000 of average monthly income or a deposit of $170,000 for a five-year fixed term in a local bank account.

Final thoughts on retiring in Panama and living in Panama City

If you are looking for a retirement destination that offers a tropical climate, low living costs when compared to the US or Western Europe, beautiful beaches, and a laid-back lifestyle, Panama may be a good choice.

A small but dynamic country located in Central America. Panama offers all the benefits of a warm-weather retirement haven, with the added bonus of political and economic stability, a reliable and relatively inexpensive healthcare system, and modern infrastructure.

A significant advantage of retiring in Panama is the political and economic stability. Unlike many other Latin American countries, Panama has enjoyed years of economic growth and political peace. This political stability has attracted many expats looking for a safe and reliable retirement destination.

In terms of healthcare, Panama’s private facilities are generally of high quality, and doctors often speak good English. Anyone planning on retiring in Panama may also purchase private health insurance at a much lower cost than in the US.

Lastly, Panama offers retirees a favorable tax climate. Things like tax exemptions on pension income from abroad make it an attractive tool to stretch retirement dollars further.

What More You Should Know About Retirement in Panama

1. What makes retirement in Panama an attractive option for expats?

Retire in Panama has become an attractive option for many expats and retirees from around the world. The country’s affordable cost of living, beautiful beaches, and fantastic golf courses are just a few of the reasons why individuals looking to retire are considering Panama as their retirement destination.

Additionally, Panama’s strategic location in Central America and the ease of obtaining a retiree residence visa through the Panama Pensionado Program make this country stand out as one of the best places to retire.

2. How does the cost of living in Panama compare to other retirement destinations?

In the previous paragraphs of this article we made a very interesting price comparison between Panama and other hot retirement destinations. Check above.

The cost of living in Panama can be significantly lower than in many popular retirement destinations, including the United States and Europe. Many expats find that they can maintain a comfortable standard of living in Panama for less than what they would spend in their home countries.

While the costs in Panama City may be higher than other parts of Panama, it’s still possible to live comfortably on a modest budget.

3. What are some of the most popular places for expats to retire in Panama?

Besides the places mentioned above in this article (check in the previous paragraphs), some other popular places to retire in Panama include Panama City, Boquete, El Valle, and beachfront communities along the coast.

Panama City is the bustling capital and offers a mix of modern amenities, a thriving expat community, and a rich cultural scene. Boquete, a charming mountain town, is known for its perfect climate and beautiful garden-scapes. El Valle offers a tranquil setting in a picturesque valley, while beachfront communities provide idyllic spots for those looking to live in Panama near the ocean.

If you enjoyed this article about retiring in Panama, here are a few other reading suggestions for you:

Subscribe (for free) to receive my articles directly in your inbox and receive a special gift. If you enjoy this article, please consider becoming a Medium member by using this link and have access to premium, unbiased content from authors not tied to big media.

Levi Borba is the founder of The Expatriate Consultancy, creator of the channel The Expat, and best-selling author. Some of the links in this article may be affiliate links, meaning that the author will have a commission for any transactions.

Living Costs

To Retire in Puerto Rico Might Be the Best…

The main reason to retire in Puerto Rico might be a word with only 3 letters

If you have already read any of my other articles about retirement abroad, you can jump straight to the first subtitle (Retire in Puerto Rico: Sunny Beaches with Low Taxes Just Next Door). If not, keep reading from the beginning to get some context.

My company helps expats. Many of these people know what they want and just need help. What about retiring in X? What’s your opinion? they ask me.

Often I don’t know what to say. I tell my team to research the destination and write a detailed report so I can give our customers the information they need.

Not surprisingly, most of the destinations are warm places with idyllic beaches.

After a few years doing this, we researched and wrote about multiple Caribbean Islands and Central American countries.

Below is the resumed version of some reports we did, available for free for you:

Republica Dominicana: The Fascination of Retirees and Digital Nomads With This Caribbean Destination

Nicaragua: How a Central-American Country Safer Than Delaware Became Popular Among Pensioners

Jamaica: The Insane Economics Behind the Idea of Retirement in Jamaica

Panama: Retirement in a Low Tax Gem in Central America

El Salvador: Once The Most Violent Country in the World, Now a Retirement Goal

But recently, we had questions about a certain Caribbean island that is not really a country but still receives plenty of attention from Americans looking to retire abroad.

The reasons for so many people consider this island for retirement became clear to us after our research: it is indeed a good place if you want to make the most for your money while living close to the US.

Retire in Puerto Rico: Sunny Beaches with Low Taxes Just Next Door

During our research, we realized that it would be a bit tricky to write about Puerto Rico given the status of the Island as a US territory.

It is not an independent country, but it is also not a US state. When we tried to get the number of how many Americans live on the Island, we quickly realized that, officially, this question was very stupid: every Puerto Rican is also an American since 1941.

US citizens don’t need a visa or residency permit to live in Puerto Rico.

So technically, if you are a US citizen and have a Puerto Rico retirement plan, you would not be even moving abroad…

Technically, because in practice things are a bit different, and we hope this article will help you to take a decision.

If not, at the end of the article there are free-to-access versions of our other reports. It will be useful if you are a resident of the US, Canada, or Europe and is planning to retire somewhere else.

Illustration for an article about retire in Puerto Rico

Pros of Retiring in Puerto Rico

Possible Tax Savings

This is the first item because this is what made us research and write about Puerto Rico.

Why not Panama, or Costa Rica? What’s so special about this Caribbean island?

Here is why: there’s one key reason that sets Puerto Rico apart from the rest: the island tax system.

Yes, you heard me right — taxes.

Puerto Rico has some of the most generous tax incentives in the entire world for retirees. We’re talking about a 0% tax rate on certain types of income, such as capital gains and dividend income.

That’s right, zero. Can you believe it?

What are the Tax Benefits of Retiring in Puerto Rico?

Zero US federal income tax: A US person who is a resident of Puerto Rico may be eligible for a full exemption from US federal income tax on all income earned in Puerto Rico. This is because Puerto Rico is treated as a foreign country for US federal income tax purposes.
For example: if you receive home or rental property income from an apartment you own in Boston, you may not need to pay taxes for this income to the Puerto Rican government.
Low-income tax rate: Puerto Rico has its own income tax system, which is generally lower than US federal income tax rates. For example, Puerto Rico’s maximum income tax rate is currently 33%, compared to the top US federal income tax rate of 37%.
Tax incentives for businesses: Puerto Rico offers tax incentives for businesses that establish operations on the island, which can potentially create job opportunities for retirees and their families.
No estate or gift taxes: Puerto Rico does not have an estate or gift taxes, which can be beneficial for retirees who want to pass down wealth to their heirs.
Tax-free investment income: Certain types of investment income, such as capital gains and dividend income, may be exempt from Puerto Rico income tax.
Low property tax rates: Property taxes in Puerto Rico are generally lower than in many US states, which can help retirees save money on their housing costs.

Important to remember, however, that these tax benefits have eligibility requirements and restrictions, so retirees should consult a tax professional to determine their tax situation.

Low Cost to Rent or Buy Real Estate

According to data from Realtor.com, the median home value in Puerto Rico as of May 2023 is $351 per square foot. This is significantly lower than the median home value in many US cities. For example:

In San Francisco, the median home value as of May 2023 is $998 per square foot.
In the Brooklyn (New York City), the median home value as of May 2023 is $748 per square foot.
In Los Angeles, the median home value as of May 2023 is $678 per square foot.

Additionally, Puerto Rico has a variety of affordable housing options, including apartments, condos, and single-family homes in regions with solid infrastructure. For example, a search on Zillow for a one-bedroom apartment for rent in San Juan (the capital city) yields many options for less than $2,000 per month.

One reason for the lower housing costs and monthly rent in Puerto Rico is the island’s population decline.

20 years ago, the island had almost 4 million inhabitants, but in 2021 this number was less than 3.3 million. Many residents have left Puerto Rico in recent years, which has contributed to a surplus of available housing.

Population decline of Puerto Rico. Sources include: Google, World Bank, United States Census Bureau

Beautiful Beaches, Energetic Lifestyle, and Warm People

Another clear pro on most plans to retire in Puerto Rico.

The island boasts some of the most stunning beaches in the Caribbean, with opportunities for swimming, snorkeling, and other water activities year-round thanks to the tropical climate. In addition, Puerto Rico has a vibrant and energetic culture that nurtures socialization.

Beyond the physical beauty and cultural vibrancy, Puerto Rico is known for its warm and friendly hospitality. The people are family-oriented, and retirees can expect to be treated with respect and kindness by their neighbors and fellow residents.

This strong sense of community makes Puerto Rico a place where retirees can feel welcome and at home.

Easy Access by Air or Sea

Puerto Rico is easily accessible by air and sea transport, with numerous daily flights and frequent cruise ship arrivals, meaning that Americans planning to retire to Puerto Rico would only be a short flight from the mainland.

The Luis Muñoz Marín International Airport in San Juan is the main airport on the island and is served by a variety of domestic and international airlines, including Delta, American Airlines, JetBlue, United, and Southwest.

Some of the busiest routes to Puerto Rico from the US include:

New York City (JFK, EWR)
Miami (MIA)
Fort Lauderdale (FLL)
Orlando (MCO)
Atlanta (ATL)

In terms of airfare prices, the cheapest way to travel from the US to Puerto Rico is often by booking a flight well in advance and flying during the low season, which is typically from May to October (excluding school holidays).

During this time, round-trip airfare from the mainland US to San Juan can range from around $200 to $400, depending on the airline and time of booking.

The Cons and Negative Sides of the Idea to Retire in Puerto Rico

Poor Public Transportation

Puerto Rico’s public transportation system is unreliable and expensive, making it difficult for residents to access employment and other essential services. The most popular form of transportation, the bus system run by the Metropolitan Bus Authority, is outdated and plagued with breakdowns and unreliable schedules.

The system’s challenges include overcrowding, long wait times, and limited routes in rural areas. While improvements are underway, such as investments in new buses and infrastructure, much work remains to ensure safe, reliable, and affordable transportation options.

Bad Roads

The roads in Puerto Rico are also known to have significant issues.

One major issue is the prevalence of potholes, which can be a significant hazard for drivers. Potholes can damage vehicles and cause accidents and are especially prevalent on older roads that have not been resurfaced in many years.

Eventual natural disasters (Puerto Rico is a major area prone to tropical storms) like Hurricane Maria also contributed to the poor shape of some roads.

One of the worst highways in Puerto Rico is Route 2, which runs between San Juan and Ponce. It has been criticized for its poor condition, with significant potholes and uneven surfaces that can make driving treacherous. Route 3, which runs between San Juan and Fajardo, is also known to have significant issues.

High Cost of Electricity and Goods

Puerto Rico’s high cost of electricity and goods can be attributed to several factors, including the island’s reliance on imported fossil fuels for energy generation, an inefficient and outdated electricity infrastructure, and unique trade policies due to the island’s territorial status.

In addition to the factors mentioned earlier, the fact that Puerto Rico is an island also contributes to the high cost of goods.

The cost of transportation, including shipping and handling, is higher for goods imported to the island than for goods transported within the continental United States. These added transportation costs are passed on to consumers, making goods more expensive overall.

Relative Lack of English Speakers

English is one of the official languages in Puerto Rico, but only around 20% of the population speaks the language fluently. This can make communication challenging for visitors who don’t speak Spanish, especially outside of tourist areas and major cities.

However, many businesses and services in Puerto Rico cater to English-speaking visitors, and locals are generally helpful in navigating the island until any new resident learns the widely spoken Spanish language.

Violent Crime Rates

Puerto Rico has a high violent crime rate, with high rates of homicides and robberies. Crime rates vary across the island and newcomers need to research the crime rates of the specific areas they are considering living in and to take appropriate precautions.

This is one of the reasons that the number of gated communities increased in the country.

The areas we recommended at the end of this article in general have a lower crime rate than the rest of the country.

Cost of Retiring in Puerto Rico

Housing in Puerto Rico

The price of housing varies drastically across the island.

Some of the most expensive parts of Puerto Rico include Condado, Old San Juan, Dorado, Isla Verde, and Guaynabo (soon we will give you some numbers and prices in these cities).

These areas are popular among tourists and locals alike and offer a high standard of living and convenient access to amenities such as shopping, dining, and entertainment.

One reason why these areas are so expensive is their prime location. Many of these neighborhoods are situated along the coast or offer easy access to beaches, which drives up property values. Additionally, these areas tend to be more developed than other parts of the island, with modern infrastructure and a high concentration of luxury homes and condominiums.

Overall, while these areas may be more expensive than other parts of the island, they offer a high quality of life and a desirable location, making them a popular choice for those seeking a luxury lifestyle in Puerto Rico.

Healthcare in Puerto Rico

Healthcare in Puerto Rico is generally considered to be of a high standard, with both public and private options available. The island is home to some world-class hospitals and clinics, many of which specialize in areas such as cancer treatment, heart disease, and neurology.

One example is the Centro Cardiovascular de Puerto Rico y el Caribe, located in San Juan, which is a leading center for the diagnosis and treatment of heart disease — it is the only place in the Caribbean that performs heart transplants.

Another is the Hospital Auxilio Mutuo, which is known for its cancer treatment facilities and advanced technology.

The average prices for different procedures are way cheaper than in major cities of the United States, and for this reason, private insurance also has lower costs.

Cost of Living in San Juan (Puerto Rico) vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost to retire in Puerto Rico. I will not compare the living costs for Puerto Ricans with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in San Juan (Puerto Rico) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors. Be aware that San Juan is likely one of the most expensive places in Peru, and smaller cities tend to be even cheaper.

Values in USD	San Juan	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	16	12	21
Domestic Beer (0.5-liter draught) in a Supermarket	3	2.9	1.57
Eggs (regular) (12)	4.98	1.98	3.29
Chicken Fillets (1kg)	10.3	7.5	11.24
Gasoline (1 liter)	1.02	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	198.29	128.6	182.51
Internet (60 Mbps or More)	58.12	31.88	63.85
Cinema, International Release, 1 Seat	9	7	14
Short visit to private doctor (15 minutes)	51	73	98
Standard men’s haircut in an expat area of the city	21	20	23
Rent of an apartment (1 bedroom)	2053.12	720.77	2,035.75
Price per Square Meter to Buy an Apartment	3,417.54	2,999.91	4,635.63

Cost of different items in San Juan (Puerto Rico), Valencia (Spain), and Tampa (Florida, the USA).

What are the best places to retire in Puerto Rico?

San Juan

San Juan, the capital and largest city of Puerto Rico, is a popular destination for expatriates and pensioners due to its vibrant culture, the scenic historical town full of Spanish colonial architecture in old San Juan, top-notch dining and entertainment options, modern amenities, and close distance to things like airports or top-notch hospitals.

Additionally, San Juan’s prime location on the northern coast of Puerto Rico offers easy access to the island’s natural attractions and pristine beaches.

Living Cost in San Juan

For more information about the living costs in San Juan, check the comparison we made a few paragraphs above between the Puerto Rican capital vs Tampa and Valencia.

Dorado

Dorado, a town located on the northern coast of Puerto Rico, is an attractive retirement destination for US citizens seeking a quieter and more relaxed lifestyle than that of San Juan.

It has a small-town charm and a more laid-back atmosphere, magnificent beaches, lush greenery, and tranquil residential neighborhoods, making it an ideal place for retirees who want to escape the crowds and noise of the city.

Additionally, Dorado offers a range of high-quality amenities and services, including several top-rated golf courses, luxury resorts, and fine dining options. The town also has several modern conveniences, such as shopping centers and medical facilities, which make it a comfortable and convenient place to live.

The town is also just a short drive away from San Juan, making it easy to enjoy the city center’s culture and entertainment options without having to deal with the noise and congestion of urban living.

Living Cost in Dorado

Some average prices you will find in Dorado are:

A 3-course meal for 2 people in a mid-range restaurant: $70.00 (if we talk about an inexpensive restaurant, the price is half of that).
Fitness club monthly pass for 1 adult: $52.50
Median listing home price per square foot: $481 (it is a bit more expensive than San Juan since it is a more upscale city)

If you enjoyed this article about how to retire in Puerto Rico, here are a few other reading suggestions for you:

Best Countries Ranking

The Best Places to Retire in Spain

Discover The Best Places to Retire in Spain (and Why Madrid is Not in The Top 10)

If you have already read any of my other articles about retirement abroad, you can jump straight to the first subtitle (Why are we writing about retiring in Spain?). If not, keep reading from the beginning to get some context about the best places to retire in Spain.

My company helps expats. Many of these people know what they want and just need help. What about retiring in X? What’s your opinion? they ask me.

Often I don’t know what to say. I tell my team to research the destination and write a detailed report so I can give our customers the information they need.

Not surprisingly, most of the destinations are warm places with idyllic beaches. Below is the resumed version of some reports we did, available for free for you:

Ps: Check also our Youtube Channel.

Why are we writing about retiring in Spain?

As we said, our team wrote about a myriad of countries that are among the favorite places for pensioners, remote workers, and digital nomads.

There is a certain country that we wrote a few times about on our website: Spain.

It figured in multiple articles and ranks we made (more about these ranks below) because the demand for people interested in moving to Spain is massive.

But we never wrote about where to live in Spain, especially if you are a pensioner.

Until now…

Before jumping on the best places to retire in Spain, let’s understand the criteria used.

The Criteria to Define the 10 Best Places to Retire in Spain

While some aspects of the decision to move somewhere are indeed subjective, we specified a set of objective indicators and data to select the best places to retire in Spain.

Some other aspects, like the bureaucracy of moving to some places, we decided to leave out. The reason is that they would differ drastically from reader to reader. For example, if you are an American, moving to Valencia demands a few more bureaucratic steps (but it is still doable) than if you are German.

Hospital beds per 1000 inhabitants.

This may not be that important if you are part of the FIRE movement, but if we are talking about the traditional idea of retirement (when we are already at a certain age), good healthcare is necessary because people get sicker as they get older.

While this is not always the case, a city with few hospital beds per 1000 people may have an overburdened healthcare system. This can delay medical procedures and make specialized care harder to get. However, a city with many hospital beds per 1000 people often will have a decent healthcare system.

The source for this data is the Ministerio de Sanidad(Health Ministry of Spain).

The income per capita.

A higher income per capita means that the city or region has a higher average income, which typically leads to a higher standard of living, better infrastructure, and access to quality healthcare facilities (since these areas attract better doctors, clinics, and other infrastructure investments).

The data used is from the INE (Instituto Nacional de Estadística).

The Human Development Index (HDI)

The “human development index” (HDI) is a composite indicator that goes from 0 to 1. It takes into account factors such as life expectancy, education, and income to provide an overall measure of human development in a certain place.

The HDI is an important indicator when deciding a place for retirement because it provides insight into the overall quality of life in the area.

To put it into perspective, Norway has an HDI of 0.861, while Pakistan has an HDI of 0.544.

The Regional HDI of Spain is calculated by the Instituto Nacional de Estadística or compiled by the GlobalDataLab.

Cost of living per couple and to rent/purchase an apartment in the city center.

This is self-explanatory. If someone is retiring abroad, he/she wants to make the best of her buck.

When we are living on a stable pension from abroad, we look for a place where we can have a good quality of life for the lowest prices.

For these indicators, we used data from Numbeo and Expatistan.

Disclaimer: This indicator uses 2021 data. Since 2022 and 2023 had high inflation, values may be higher now, but the difference between cities (what matters for a comparison) remains.

The average temperature in January

January is the coldest month of the year in the northern hemisphere, and this is also valid for Spain.

Older people are especially affected by cold, so living in a place where negative temperatures are rare can boost immensely their quality of life. Some of the health conditions that are triggered or worsened by colder temperatures are:

Arthritis: Cold weather can cause joint pain, stiffness, and swelling in people with arthritis. This is because cold temperatures can cause the tissues around the joints to contract, leading to increased pressure on the joints.
Influenza and other respiratory infections: Cold weather can weaken the immune system, making older adults more susceptible to respiratory infections like the flu, pneumonia, and bronchitis.
Heart attacks and strokes: Cold temperatures can cause blood vessels to constrict, leading to an increased risk of heart attacks and strokes in older adults.
Seasonal affective disorder (SAD): SAD is a type of depression that occurs during the winter months, and it can affect older adults as well.

The 11 cities we selected as the best places to retire in Spain are ranked below based on their average temperatures in January, from warmest to coldest.

To put into perspective, the average temperature where I live (Poland) is 1.5 negative in January.

Tenerife – 20°C
Malaga – 14°C
Costa del Sol – 14°C
Alicante – 13°C
Valencia – 12°C
Costa de Azahar – 11°C
Mallorca – 10°C
Bilbao – 8°C
Madrid – 7°C
San Sebastian – 7°C

The average maximum temperature in July

While warm weather help with health conditions like Arthritis, excessively high temperatures can also present a risk for older people.

This is especially true when we get close to or above 40 degrees Celsius. I lived for some years in Qatar and high temperatures were one of the major risks for construction workers–mostly young and healthy. For seniors, it is even more dangerous.

That is why we filtered out any city that has an average maximum temperature in July (summer peak) above 32 degrees celsius. This resulted in the removal of cities like Seville (35.5°C of average max. temperature in July) and Córdoba, which has an incredible 36.5°C of average max. temperature in July and many days going above 40°C.

Below is the July average maximum temperature of our selected cities, from highest to lowest.

Costa del Sol – 31°C
Malaga – 30°C
Alicante – 30°C
Mallorca – 30°C
Valencia – 29°C
Costa de Azahar – 29°C
Tenerife – 28°C
Madrid – 28°C
San Sebastian – 23°C
Bilbao – 23°C

Now that all the criteria used are clear, time to go for our list.

The Best Places to Retire in Spain (and Why Madrid Has No Spot in the Top10)

Madrid: good quality of life for pensioners…. but for a high cost.

Population: 3,334,730
Hospital beds per 1000 inhabitants: 1.8 per 1,000 inhabitants
Income per capita: €34,821
HDI: 0.940 (2021)
Cost of living for a couple: €2,506.94 per month
Average maximum temperature in July: 28°C
Average temperature in January: 7°C
Cost of renting a one-bedroom apartment in the city center: €971.43 per month.

Center of Madrid, Spain. Image edited by ExpatriateConsultancy.com team using resources from Canva.

We were not supposed to put Madrid, the largest Spanish city, on this list of the best places to retire.

However, we inserted it for a few reasons.

The first of them is that there are indeed some pros to retire in the spanish capital.

Pros like the ample offer of high-quality major hospitals, entertainment and cultural options like science and art museums, an international airport that connects you to the entire world, excellent transport links by rail, and all the modern conveniences that a 3-million-people city can offer.

Madrid also has plenty of green spaces (they represent almost 16% of the city) and fresh food is available in the daily central market. In terms of violence, Madrid is a very safe city too.

The second reason we put Madrid in this ranking is that indeed a lot of people (including over 6 thousand other British citizens and expats) choose this city to live in.

But what are the cons of living in one of the largest European cities?

First and foremost, Madrid is expensive (the same is valid for another city we didn’t put in this list, Barcelona). Both the capital and surroundings are ery expensive when compared to many of the cities mentioned here.

If you are retiring abroad, you want to be cost-effective, and compared to other Spanish cities, Madrid is not. Another reason we didn’t put Madrid in the Top 10 is that it can get cold in the winter since the city is located at 657 meters of altitude. The third reason is that it is a 3-million-people metropolis, and therefore, it can get noisy, polluted, and complicated.

But, as we said, it has an excellent healthcare system and great infrastructure.

Mallorca

Population: 896,038
Hospital beds per 1,000 inhabitants: 1.9 (Balearic Islands region)
Income per capita: €24,866(Balearic Islands region)
HDI: 0.876 (Balearic Islands region)
Average cost of living for a couple: €2,238.15
Average max. temperature in July: 26°C
Average temperature in January: 10°C
Cost of renting a 1-bedroom apartment in city center: €825

Pros of retiring in Mallorca

Warm and sunny climate all year round.
The Balearic Islands have a good healthcare infrastructure, with 1.9 hospital beds per 1000 inhabitants
Many opportunities for outdoor activities and an invitation to live the beach life.
Due to the touristy nature of the place, it has good airline connectivity.

Cons of retiring in Mallorca

Nearly all the cons of Mallorca are related to the fact that it is one of the most popular tourist destinations in Spain.

High cost of living, especially in peak season.
During the summer months, the place can get really crowded.
It can be noisy close to the most touristic spots and where there is a large concentration of hotels.
Overcrowding and traffic congestion in certain areas due to tourism.

Bilbao: One of the best large cities to retire in Spain

Population: 345,141
Hospital beds per 1,000 inhabitants: 2.8 (Basque Country region)
Income per capita: €32,925 (Basque Country region)
HDI: 0.932 (Basque Country region)
Average cost of living for a couple: €2,289.22
Average max. temperature in July: 23°C
Average temperature in January: 8°C
Cost of renting a 1-bedroom apartment in city center: €750

Bilbao, in the Basque Country. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Pros of retiring in Bilbao

High HDI (Human Development Index) of 0.932, which is one of the highest in Spain
Well-developed economically, with plenty of job opportunities for those who want to work in retirement
Good public transportation system, making it easy to get around the city and beyond.

Cons of retiring in Bilbao

The language barrier, as Basque is the lingua franca in the region and many locals prefer it instead Spanish.
Relatively Cold weather, as temperatures can drop lower than in other parts of Spain, especially in the winter
High cost of living, as Bilbao is one of the most expensive cities in Spain
Air pollution can be an issue in some areas of the city
The city may feel crowded and busy, especially during peak tourist season.

If someone prefers a smaller, and fancier alternative for retirement in the Basque region, there is also a city that is worldwide famous for its high cuisine and scenic views: San Sebastián.

San Sebastián: The Fancier, Smaller Alternative in the Basque Country

San Sebastian is situated on the coast of the Golfo de Vizcaya (Bay of Biscay), making it a great location for retirees who enjoy the beach and water activities (although Spain’s north Atlantic coast is much colder than the Mediterranean side). Bilbao, on the other hand, is not directly on the coast, although it is relatively close to some beaches.

San Sebastian also enjoys a milder climate than Bilbao, with average temperatures being a bit warmer and more comfortable throughout the year.

Finally, San Sebastian is a smaller city than Bilbao, with a more laid-back pace of city life. This can be appealing to retirees who prefer a more relaxed lifestyle, away from the hustle and bustle of a larger city.

Population: 186,000
Average cost of living for a couple: €2,400-€2,700/month
Average max. temperature in July: 23°C
Average temperature in January: 7°C
Cost of renting a one-bedroom apartment in the city center: €1,000-€1,400/month

Tenerife & Canary Islands: the best place to live in Spain if you are suffering from arthritis

Population: 917,841
Number of hospital beds per 1000 inhabitants: 2 beds per 1,000 inhabitants (Canary Islands region)
The income per capita: €18,990 (Canary Islands region)
HDI: 0.902 (Canary Islands region)
Average cost of living for a couple: €1,200 – €1,800 per month
Average max. temperature in July: 28°C
Average temperature in January: 20°C
Cost of renting a one-bedroom apartment in the city center: €500 – €800 per month

Towns in the Canary Islands. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Living in Tenerife and the Canary Islands as an expatriate retiree can be a mixed experience. While the islands offer a pleasant climate, stunning landscapes, and a relaxed way of life, they also have their challenges.

Expats should be prepared for a slower pace of life, and some areas can feel quite touristy. Additionally, the islands’ remote location can make it difficult to access some goods and services, and the cost of living can be high in certain areas during the high season.

Pros of Retiring in Tenerife and the Canary Islands

Mild winter weather (one could even argue if winter exists there at all) – Tenerife has one of the warmest winters among European cities, making it the best place to retire if you suffer from arthritis.
Decent infrastructure – The islands have a modern infrastructure befitting of a place with almost 1 million residents.
Relatively affordable cost of living – Compared to the Islands in the Mediterranean, the Canary Islands (which are located in the Atlantic Ocean) offer a more affordable cost of living.

Cons of retiring in The Canary Islands

Things run slower there – The islands’ relaxed way of life can be frustrating for those used to a faster pace.
It can get touristy – Some parts of the islands can feel overrun by tourists, especially during peak season.
Limited access to goods and services – The islands’ remote location can make it difficult to access certain goods and services.
High cost of living in some areas – While the cost of living can be relatively affordable, certain areas can be quite expensive (general rule of thumb: the closer to popular beaches, the more expensive it gets).

Málaga – Low Living Costs and Good Connectivity

Population: 578,460
Hospital beds per 1000 inhabitants: 1.8 (Andalusian region)
Income per capita: €20,321
HDI: 0.860
Average cost of living for a couple: €1,800-€2,200/month
Average max. temperature in July: 28°C
Average temperature in January: 12°C
Cost of renting a one-bedroom apartment in the city center: €700-€1,100/month

Malaga, in Spain. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Málaga, located in the autonomous community of Andalusia, is home to a large and welcoming expat community. Multiple retirees from all over Europe chose to make their home in this part of Spain.

The city also boasts excellent airline connectivity to other countries and parts of Europe, making it easy for retirees to travel and stay connected with loved ones. However, as with any location, there are also potential downsides to consider.

Pros of living in Málaga

Low cost of living
Good healthcare infrastructure with 1.8 hospital beds per 1000 inhabitants
Considerable expat community
Excellent airline connectivity to other European countries.

Cons of retirement in Malaga City

Andalusia is one of the least developed regions in Spain. The unemployment rate is relatively high, which creates some other problems that can affect retirees.
Hot summers can be uncomfortable for some
High levels of tourism during the summer months can make the city feel crowded
Andalusian bureaucracy can be frustrating and time-consuming

Only 81 kilometers from Málaga, in southern Spain, is a little region that is extremely attractive to pensioners that are beach lovers: Costal del Sol.

Costa del Sol: One of the best places to retire in Spain by the sea

Average cost of living for a couple: €1,700-€2,000/month
Average max temperature in July: 31°C
Average temperature in January: 14°C
Cost of renting a one-bedroom apartment in the city center: €650-€1,100/month

Living in the Costa del Sol as an expatriate pensioner can have its ups and downs. While the climate and relaxed lifestyle can be appealing, the region can also be quite crowded and expensive in certain areas.

Three of the favorite places for expatriates in the region are Marbella, Benalmadena, and Fuengirola.

Marbella is known for its upscale amenities and is a popular destination for wealthy retirees. The city offers high-end shopping, fine dining, and world-class golf courses. The cost of living can be quite high there.

Benalmadena is located between Malaga and Marbella and offers a more affordable option for expatriate pensioners, and Fuengirola is just 25 minutes from Malaga airport. The town has a long promenade, and beautiful beaches, and the cost of living in Fuengirola can be quite reasonable, making it an attractive option.

The Costa del Azahar: A Forbes-selected Spot 100km Far from Valencia

Population: 406,703
Hospital beds per 1000 inhabitants: 2.1 (Regional data)
Income per capita: €22,289 (Regional data)
Average cost of living for a couple: €1,300-€1,600/month
Average max. temperature in July: 29°C
Average temperature in January: 11°C

The region is known as Costa del Azahar is located on the eastern coast of Spain, and has a relaxed lifestyle with a warm Mediterranean climate.

While not as well-known as the Costa del Sol or the Costa Blanca, it is becoming an increasingly popular destination for retirees seeking a quieter pace of life. A few years ago, the fame of the place was boosted when the magazine Forbes mentioned it among the best places to retire.

Popular areas for expats include Peñiscola, Benicassim, and Castellón, de la Plana.

Peñiscola is a beach town known for its golden sand beaches and medieval castle, Benicassim is a popular resort town, and Castellón de la Plana is a larger city (not in the seaside, but not far either) with a historic center and wide variety of amenities.

Alicante – One of the lowest costs of living.

Due to its low cost of living and a good offer of services, Alicante is also popular among Spanish retirees.

Population: 334,329
Hospital beds per 1000 inhabitants: 2.1 per 1,000 inhabitants (regional data)
Income per capita: €22,289 (regional data)
HDI: 0.889
Cost of living for a couple: €1,791.57 per month.
Average max temperature in July: 30°C
Average temperature in January: 13°C
Cost of renting a one-bedroom apartment in the city center: €564.29 per month.

Benidorm, 45 kilometers from Alicante, the second best place to retire in Spain — Benidorm, 45 kilometers from Alicante, the second-best place to retire in Spain. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Pros of Retiring in Alicante

Low cost of living, making it an affordable option.
Mild winters, making it an ideal location for those who want to retire overseas but have a low tolerance to cold weather.
Gorgeous beaches and outdoor activities such as hiking and golfing, make it easy to enjoy an active lifestyle.

Cons of Retirement in Alicante

During the summer months sometimes temperatures go over 38°C, which can be uncomfortable for some retirees.
Alicante is near some very popular vacation spots like Benidorm. So during the summer, there is a high population density and a large number of tourists, which can lead to crowded streets and difficulty finding peaceful places to relax.
For services not related to tourism, there is limited availability of English-speaking options, which can make it challenging for retirees who do not speak Spanish (that is why you should learn Spanish if you are considering a move).
Occasional water shortages due to the region’s dry climate, which can affect the availability of water for household use.

Talking about Alicante, very close to there is one of the popular places for English-speaking expats that choose Spain to live: Costa Blanca.

Costa Blanca: One of the trendiest retirement spots in Spain

Costa Blanca, on Spain’s southeast coast, has beautiful white sandy beaches, charming coastal towns, and plenty of sunshine. Many British, German, Dutch, and Scandinavian retirees live in this part of Spain, and often locals speak English as a second language.

The cost of living in the Costa Blanca can vary depending on the specific location within the region. For example, one of the most expensive places is Benidorm, which is also very touristy. In general, the larger coastal cities and tourist areas may have a higher cost of living compared to smaller towns and inland areas.

Cons of retiring in the Costa Blanca

Two drawbacks of living in Costa Blanca are that crowded beaches and tourist spots, especially in summer, make it hard to relax, and some areas have limited public transportation, making it difficult for retirees without cars.

Valencia – Likely the Best Place to Retire not only in Spain but Entire of Europe

Population: 794,288
Number of hospital beds per 1000 inhabitants: 2.1 (Comunidad Valenciana)
Income per capita: €22,289 (Comunidad Valenciana)
HDI: 0.944 (Comunidad Valenciana)
Average cost of living for a couple: €1,500 – €2,000 per month
Average max. temperature in July: 29°C
Average temperature in January: 12°C
Cost of renting a one-bedroom apartment in the city center: €650 – €900 per month

Valencia, the Best Place to Retire in Spain — Valencia, the best place to retire in Spain. Image edited by ExpatriateConsultancy.com team using resources from Canva.

If you already saw our ranking of the best cities to retire in Europe, you know that Valencia has far more pros than cons.

Spain’s third largest city is extremely safe (it has a homicide rate of 0.6 murders per 100K residents and lower criminality than the more hyped Barcelona for example).

The living costs in the city are remarkably low when compared to other trendy places in Europe. According to Vivre Valencia, anyone can easily find a house with a swimming pool close to the coast for less than a third of the price of the French Riviera.

But the attractiveness of a city that is considered by many the ideal retirement destination also raised some issues. Expats should be prepared when trying to find a place to live since competition for housing can be intense, and in some areas, prices increased considerably.

Pros of Retirement in Valencia

Valencia is one of the most popular destinations for expatriates in Spain. Foreigners represent almost 13% of the city population, and there are many events for this public.
There is a large English speaking community in the city.
High HDI – The city has a high Human Development Index (0.944), reflecting a high quality of life.
High-quality healthcare infrastructure
Airline and rail connections to other parts of Europe.
With close to 800k residents, Valencia is neither too large nor too small for most people.

Cons of Retirement in Valencia

Competition for housing can be fierce, particularly in popular areas.
Increasingly crowded – As Valencia became more popular, the city can feel crowded, particularly during peak tourist season.

Conclusion: The Best Places to Retire in Spain

Taking into consideration factors like the Human Development Index (HDI), the number of hospital beds per 1000 inhabitants, the average cost of living for a couple, the average cost of housing, and temperatures in July and January, we ranked the best places to retire in Spain:

11 – Madrid

10 – Mallorca

8 – Bilbao and San Sebastián

7 – The Canary Islands

4 – Málaga, Costa del Sol and Costa de Azahar

2 – Alicante and Costa Blanca

1 – Valencia – The Best Place to Retire in Spain

If you enjoyed this article about the best places to retire in Spain, here are a few other reading suggestions for you:

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Living Costs

Retire in Peru – Pros, Cons, and Costs in…

Discover how the Rentista Visa is making feasible plans to retire in Peru and the downsides of this country.

If you have already read any of my other articles about retirement abroad, you can jump straight to the first subtitle (The Pros and Cons of Planning to Retire in Peru). If not, keep reading from the beginning to get some context.

My company helps expats. Many of these people know what they want and just need help. What about retiring in X? What’s your opinion? they ask me.

Often I don’t know what to say. I tell my team to research the destination and write a detailed report so I can give our customers the information they need.

Not surprisingly, most of the destinations are warm places with idyllic beaches. Below is the resumed version of some reports we did, available for free for you:

Ps: Check also our Youtube Channel.

But all these destinations didn’t raised my curiosity as one that I should be familiar with. After all, this country is very close to the place where I came from.

Still, never crossed my mind the idea that someone from the US would like to retire there (despite the fact that, according to official data, this country has almost as many US pensioners as Costa Rica).

It’s time to find out what the pros and cons of choosing to retire in Peru are.

Check also: Best Countries to Retire in High-Style (Even If You Are Not a Senior)

The Pros and Cons of Planning to Retire in Peru

Balance and Arequipa in the background to illustrate section about the Pros and Cons of retire in Peru — Arequipa in the background. Image edited by ExpatriateConsultancy.com team using resources from Canva.

For sure some of the pros of living in Peru are already known, like the delicious food, lower living costs and pleasant weather. But how low are the living costs, and how pleasant is the weather? And what are the downsides? (You can be sure that there are downsides).

So first, let’s have a deeper look at the favorable and negative points of retirement and living in Peru.

Check also: Countries Enticing Pensioners By Offering Retirement Visas

Retire in Peru: Pros

Peruvian girls dressed in traditional clothes. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Cost Of Living

Peru offers an affordable cost of living, making it an attractive destination for retirees looking to stretch their retirement savings. According to Numbeo, the cost of living in Lima, Peru’s capital city, is 54% lower than in New York City. Housing costs are particularly affordable, with a one-bedroom apartment in Lima costing around $370 per month.

Peru is one of the least expensive countries in South America, despite having a quality of life and HDI superior to places like Colombia or Brazil.

Weather

Peru’s diverse geography offers a range of climates, but much of the country enjoys warm, pleasant weather year-round. Along the coast, where many of the major cities are located, temperatures typically range between 60°F and 80°F. This makes it an ideal destination for retirees who want to avoid harsh winters or extreme heat.

Private Healthcare is Affordable

Private healthcare in Peru is generally more affordable than in the US and is available in big cities like the capital Lima, and the quality is much better than the average public hospital.

Compared to the United States, private healthcare services in Peru can be significantly cheaper. For example, the cost of a routine doctor’s visit in Lima can be as low as $30-$50, compared to an average cost of $200 in the United States. Many doctors from private hospitals are familiar with medical care for foreign nationals.

Foreigners Can Buy Property in Peru

Foreigners can buy property in Peru, and this is something that differentiates this South American country from many others. Poland, for example, does not allow non-Europeans to buy land, unless they are already in the country for a long time.

It gets even better: the Peruvian government has taken steps recently to make the process simpler for foreign buyers. Here’s a brief overview of how it works:

Get a tax identification number (RUC): Before you can buy property in Peru, you’ll need to obtain an RUC, the local tax identification number. This can be obtained from the Peruvian tax authority.
Find a property: Once you have your RUC, you can start looking for properties to buy, either using a real estate agent, searching online, or looking for properties advertised in local newspapers.
Hire a lawyer: It’s recommended to hire a lawyer to help with the buying process. Your lawyer can help you navigate the legal requirements and ensure that the transaction has no hidden traps.
Make an offer: Once you’ve found a property you’re interested in, you can make an offer to the seller. If the seller accepts your offer, you’ll need to sign a purchase agreement and put down a deposit.
Complete the transaction: The final step in the process is to complete the transaction. This will involve transferring the funds to the seller and registering the property with the local land registry office.

While the process of buying property in Peru can be relatively simple, it’s important to work with a reputable lawyer and real estate agent to ensure that everything is done correctly. Additionally, it’s important to be aware of any restrictions that may apply to certain types of property, such as beachfront property, which is subject to special regulations in Peru.

Decent airline connectivity with the USA and Europe

Peru is well-connected to the rest of the world, with major airlines such as American Airlines, Delta, and United offering regular flights to Lima and other cities. Lima’s Jorge Chávez International Airport is the main hub for international flights in Peru, with direct connections to destinations in North and South America, Europe, and Asia.

It is Relatively Easy to Obtain a PERUVIAN RENTISTA VISA

Well, let me put it this way: compared to other countries (some of them we already analyzed, check list in the beginning of this article), getting a retirement visa in Peru is like ordering a cup of coffee at Starbucks.

It’s pretty straightforward, and most people will get what they want without too much hassle if they have some expert assistance (eg: specialized lawyers).

Compare that to some other countries in South America (hi, Brazil), where getting a permanent visa can feel more like trying to solve a Rubik’s Cube blindfolded.

Retire in Peru: Cons

Peruvian canyon and thumbs down to illustrate section about the cons of retirement in Peru — Peruvian canyon. Image edited by ExpatriateConsultancy.com team using resources from Canva.

Check also: The Easiest Countries to Adopt From.

Crime

This may be a pro or a con, depending where you come from and to what are you comparing to.

Let’s take for example the homicide rate. In Peru, according to the United Nations Office on Drugs and Crime (UNODC), had a homicide rate of 6.9 per 100,000 two years ago.

Here are the homicide rates of other places in the same period:

Baltimore, USA: 50.3 per 100,000 people in 2020 (FBI’s Uniform Crime Reporting — UCR)
Rio de Janeiro (Brazil): 20.4 homicides per 100,000 residents.
New York (US): 11.4 per 100,000 people (FBI’s Uniform Crime Reporting — UCR)
São Paulo (Brazil): 7.2 homicides per 100,000 people.
Poland: 0.6 homicides per 100,000 people (Eurostat)
Italy (one of the best places in the world to retire): 0.5 homicides per 100,000 people (Italian National Institute of Statistics).

The same pattern we see for murders is also evident in robberies, burglaries and so on. So, the safety situation in Peru can be considered positive if you are coming from large US cities like New York, but negative if you compare to Europe.

You Will Need to Speak Spanish to Navigate the Immigration Bureaucracy

English is not widely spoken in Peru, and proficiency in English is relatively low compared to many other countries. According to the EF English Proficiency Index, which measures English proficiency in non-native speakers worldwide, Peru ranks 51th out of 111 countries surveyed, with a “moderate” level of English proficiency.

The same index estimates that only around 5% of the population of Peru speaks English fluently, with another 12% having a basic understanding of the language. In urban areas and among younger people, English proficiency may be slightly higher, but overall, it’s not a language that most Peruvians speak on a daily basis.

Imports Will Cost You Dearly

Peru has a relatively high cost of living, and imported goods can be particularly expensive. This can be a significant concern for retirees who rely on imported goods such as medications, certain foods, or other items that may not be readily available in Peru.

Another issue is the large chance that any item that you bring for you former home country to Peru and looks brand new to the eyes of the Peruvian revenue service may be taxed. This is a common issue in entire South America.

Insurance Becomes More Expensive and More Difficult to Obtain as You Age

Like anywhere else in the world, as you age, finding and affording adequate health insurance can become more challenging. While Peru does have a public healthcare system, many expats prefer to purchase private insurance to ensure access to high-quality care.

Altitude Sickness

Many parts of Peru, including popular retirement destinations such as Cusco and Machu Picchu, are located at high altitudes. Altitude sickness can be a real concern for some retirees, particularly those with underlying health issues. This is not valid to Lima, however, since the city is slightly above sea level.

Retire In Peru — The Benefits Of The Rentista Visa

The Rentista Visa is a type of visa available in Peru for foreign individuals who are not planning to work in the country but instead have sufficient funds to support themselves. Here are some potential benefits of the Rentista Visa in Peru:

Extended stay: The Rentista Visa allows for a stay of up to three years, which can be extended for additional three-year periods, meaning that the visa holder can stay in Peru for an extended period without having to worry about renewing their visa frequently.
Ease of application: The Rentista Visa application process is relatively straightforward and does not require the applicant to have a job offer or to engage in any business activities, making it an accessible option for retirees or individuals with independent means.
Path to citizenship: After holding a Rentista Visa for three years, the visa holder may be eligible to apply for Peruvian citizenship, which would give them full rights and benefits as a citizen of Peru.
Access to healthcare: Rentista Visa holders in Peru are eligible to enroll in the country’s public healthcare system, which provides affordable healthcare services to all residents, regardless of their citizenship or visa status.

Required documents to apply for a retirement visa include

First of all, before starting the process of applying for a residence visa, remember that you should always visit the country first on a tourist visa to see if fits your lifestyle and then decide if you choose Peru or not.

The rentista visa is a type of residence visa that is intended for people entering Peru that don’t need to perform or execute any kind of paid job (if that is the case, you would need a work visa to).

The specific requirements for a Rentista Visa in Peru may vary depending on the consulate or embassy where you apply, but generally, you will need to provide the following documents:

A valid passport: Your passport should be valid for at least six months beyond the date of your intended departure from Peru.
An original document that attests you have a stable passive income (from rental properties for example), or a private pension from abroad (your home country or another). This document must prove that you earn at least $1000 as pension money, which must be legalized by the Peruvian Consulate and certified by the Ministry of Foreign Affairs or apostilled.
Police clearance certificate: You will need to obtain a police clearance certificate from your country of origin or any country where you have lived in the past five years. This certificate should show that you have no criminal record.
Medical certificate: You will need to obtain a medical certificate from a licensed physician in your country of origin, which should indicate that you do not have any communicable diseases.
Application form (Rentista visa application form F-007): You will need to fill out an application form for the Rentista Visa, which can be obtained from the Peruvian consulate or embassy where you plan to apply.
Passport-sized photos: You will need to provide several passport-sized photos, typically 3.5cm x 4.5cm in size.
Payment of fees: You will need to pay the application fee for the Rentista Visa (paid to a peruvian bank account on the Banco de la Nación), which may vary depending on the consulate or embassy where you apply.

It’s important to note that these requirements may be subject to change, so it’s best to check with the Peruvian consulate or embassy where you plan to apply for resident visa for the most up-to-date information.

How long does it take for my visa to be approved?

The average processing time for a Rentista Visa application in Peru can vary depending on several factors, such as the consulate or embassy where you apply and the completeness of your application. In general, it can take anywhere from a few weeks to several months to obtain approval for a Rentista Visa in Peru.

To minimize the processing time, it’s recommended to submit a complete and accurate application, provide all necessary documents and information, and follow up with the consulate or embassy periodically to check on the status of your application.

How Much Money Do You Need to Retire in Peru?

Money symbol and Mancora in the background to illustrate section about the cost of living in Peru — Mancora, in Peru. Image edited by ExpatriateConsultancy.com team using resources from Canva.

It’s time for a comparison of the cost of living in Peru. I will not compare the living costs in Peru with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in Lima (Peru) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors. Be aware that Lima is likely one of the most expensive places in Peru, and smaller cities tend to be even cheaper.

Cost of Living in Lima (Peru) vs Valência (Spain) and Tampa (the USA)

Values in USD	Lima	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	8	11.59	21
Domestic Beer (0.5-liter draught) in a Supermarket	1.53	2.9	1.57
Eggs (regular) (12)	2.5	1.98	3.29
Chicken Fillets (1kg)	2.2	6.4	11.24
Gasoline (1 liter)	1.49	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	72.72	128.6	182.51
Internet (60 Mbps or More)	28.27	31.88	63.85
Cinema, International Release, 1 Seat	6.7	7	14
Short visit to private doctor (15 minutes)	25	73	104
Standard men’s haircut in an expat area of the city	10	20	25
Rent of an apartment (1 bedroom)	506.25	720.77	2,035.75
Price per Square Meter to Buy an Apartment	1,925.00	2,999.91	4,635.63

Cost of different items in Lima (Peru), Valencia (Spain), and Tampa (Florida, the USA).

Best Retirement Places in Peru

Lima

Lima is the capital of the country and a popular destination for expats looking to retire in Peru. The city offers a low cost of living (compared to the US or Europe, but it is expensive if compared to the rest of Peru), with affordable housing, food, and transportation options. Lima is also located at sea level, making it a great option for retirees who are sensitive to high altitudes.

Peruvian cuisine is world-class and Lima even has many restaurants with Michelin stars.

Additionally, Lima is home to a vibrant international community, with many expats from North America, Europe, and Asia choosing to settle in the city. Expats often prefer to live in districts like San Isidro.

Arequipa

Arequipa is a charming city located in southern Peru, known for its beautiful colonial architecture, mild climate, and proximity to the stunning Colca Canyon. The city offers a lower cost of living than Lima, with affordable housing, food options and lower basic expenses that will not stress your monthly budget.

On the downside, Arequipa is situated at an altitude of 2,335 meters above sea level, which is relatively high. This may be an issue for people with health problems.

Mancora

Mancora is a small beach town located on the northern coast of the pacific ocean in Peru, known for its beautiful beaches, warm climate, and relaxed lifestyle. Despite being considered a beach resort and holiday destination, the town offers affordable housing, food, and transportation options.

Mancora is situated at sea level, which makes it a great choice for retirees who are looking to avoid altitude sickness. The town is also popular among surfers and backpackers, which gives it a laid-back and welcoming vibe.

If you enjoyed this article about plans to retire in Peru, here are a few other reading suggestions for you:

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25 Countries That Offer Retirement Visas in 2023

From Austria to Uruguay, retirees who want to live abroad may look for countries with retirement visas

One of my colleagues, still in his early 40s, asked about my opinion on the idea of retirement abroad in some tropical English speaking countries with retirement visas (the name of the place you will discover in a few paragraphs).

Many of us work and live in countries with high costs of living, but when we retire, it is quite foolish to keep paying high bucks for an average meal at a so-so restaurant or burn through your pension with medical expenses at overpriced clinics.

Here is the thing: you don’t need to.

There are some countries that offer pensioners very user-friendly visa programs. In many of them, your retirement or rental income will pay reduced taxes. In a few of them, a retirement or golden visa program may even offer tax exemption (and I still didn’t mention other benefits like mild weather and sandy beaches).

In this list, researched by our team at The Expatriate Consultancy, we present to you more than two dozen countries that either offer retirement visa programs or some sort of passive income visas. These nations want to attract residents who will spend their out-of-country earnings in their local economies, so for this reason they are seeking expat retirees.

With no further ado, let’s start with Europe, and then go across all other continents.

Moving Out, Working Abroad and Keeping Your Sanity Cover — Recommended book: Moving Out, Working Abroad, and Keeping Your Sanity

European countries with retirement visas

Below we list the European countries with either a specific retirement visa program or an analogous program that fits pensioners (this is the case of programs for financially independent persons, for example).

While for each country we mention the minimum requirements in terms of income and age, each country may (and likely has) extra requirements, which you can check by clicking on some of the links provided.

Austria

Program: Residence permit for financially independent person

Before entering on the subject of the requirements for this program of the Austrian government aimed at retirees, pensioners, and investors, it is important to keep one thing in mind: the immigration authorities of the country allocate barely 500 quotas of this type of visa per year.

So even foreign retirees that may attend all requirements, still may not be able to obtain this visa if all the visa grants for that year are already issued.

Minimum Income Required: €2,944 per couple of disposable income (meaning the income available after rent/mortgage, medical expenses, etc).

Minimum Age Required: No age requirements.

Bulgaria

Program: Type D VISA + Residence for Pensioners

Bulgaria is one of the cheapest countries in the European Union (many consider it the cheapest one, although Romania has similar prices). Currently, it is facing one of the worst population declines in the world, so it is quite welcoming for immigrants that can bring money to their economy.

It is a country of diverse landscapes, stretching from the sandy beaches of the region around Burgas to the mountains and ski resorts around Bansko, passing through numerous wineries and ancient ruins.

It is also very well connected to the rest of Europe, making it a favorite destination of British pensioners and remote workers, who often purchase real estate in touristic hotspots.

To obtain a retirement visa in Bulgaria, first you must obtain a Type D visa.

Minimum Income Required: A monthly income at least equal to or higher than the Bulgarian Minimum Salary (780 BGN, or approximately US$435 per month).

Minimum Age Required: There is no age requirement, but you must be already retired in your home country.

Greece

Program: Residence permit for financially independent persons (FIP)

A country famous for its idyllic scenes and healthy gastronomical options, Greece has been a favorite destination for affluent Europeans looking for a place to escape the harsh winter temperatures.

But it is not exclusive to the very rich. The Greek government has relatively affordable monthly income requirements for anyone willing to retire in the country.

After 7 years of residing in Greece permanently, an individual can apply for Greek citizenship after having spent at least 183 days each year in Greece.

Minimum Income Required: €2000 for 1 person or €2400 for a couple, per month.

Minimum Age Required: 18 years old.

Italy

Program: The Elective Residence Visa in Italy

Italy has one of the best healthcare systems in the world, remarkably low crime rates, a pleasant Mediterranean climate in most of the country, a relatively easy-to-learn language, and a cost of living far lower (on average) than countries like the US or the UK.

With so many qualities, it is no surprise that almost 30 thousand Americans chose Italy as their retirement destination. It is such a popular destination that we have an entire article with the pros, cons, and best places to retire in Italy.

Minimum Income Required: €31,000 of annual income for one person or €38,000 for a couple.

Minimum Age Required: Not required.

Latvia

Latvia is a bit off the radar when we talk about retirement destinations. However, the low cost of living and the good air and land connectivity to the rest of Europe are some of the attractions of this small Baltic nation.

Like the other countries in the region, Latvia has experienced an economic boom in the last few decades and is quickly catching up to the rest of Europe in terms of development.

Minimum Income Required: Currently, it is €784 of monthly income. If you want to bring family, it is €500 extra per additional adult (e.g., spouse), as well as €150 for an additional minor. So a couple would need to attest that they have a monthly income of €1284.

Minimum Age Required: The same as the retirement age in Latvia, which is 64 years and 3 months in 2023.

Malta

The Malta’s Global Residence Program

The Maltese capital, Valletta, is considered the best place to retire in Europe as an American. This is due to the fact that a large portion of the residents speaks good English due to the tourist appeal of the place.

While the cost of living on this island is relatively high (especially in summer months when tourists fly to the island), the pleasant weather, large expatriate community, and connectivity by air to the rest of Europe make it an attractive destination. Mellieha, on the north tip of the island, is one of the best beach destinations in Europe.

Malta is also one of the best places to visit in Europe in June.

Minimum Income Required: You must rent a property with a rental cost of at least €9,600 per year.

Minimum Age Requirement: 65 years old.

Portugal

The Portuguese D7 Visa Program

Portugal’s D7 visa program is also known as the passive income visa. It is not only attractive to pensioners and retired expatriates but also to remote workers (one of the reasons that Lisbon became a hotspot for digital nomads).

Besides the good weather and laidback lifestyle, Portugal is one of the cheapest countries in Europe to fly to and from America, making it an attractive destination for US expats.

The Portuguese D7 visa is a type of temporary residence visa that can be extended for longer periods of time. You can check more about it on this page of the Portuguese government.

Minimum Income Required: Above €705 per month.

Minimum Age Required: 18 years old.

Spain

Spain Non-lucrative visa

The Spanish government has a non-lucrative visa program for those wanting to live in Spain while not performing any professional activity (you are not allowed to work with this type of visa).

Two of the best cities to retire in Europe are located in Spain, including the first (Valencia). Additionally, Madrid is one of the safest capitals in Europe.

Minimum Income Required: In 2023, the income requirement increased to €28,800 of annual income for one person and €7,200 for each dependent.

Minimum Age Required: There are no age requirements.

Take a look at our special article about the best cities for retirement in Spain.

Asian countries that offer Retirement Visa Programs

Indonesia

Program: Visa Application for Elderly or Retired Travelers

While Indonesia is a large country with around 6,000 inhabited islands and more than 270 million residents, when we talk about retiring there, we are almost always talking about Bali.

Bali is such a hot destination (in all senses) for remote workers, digital nomads, and expatriates looking for a retirement visa that we wrote an entire article about retiring in Bali. The low cost of living is by far the biggest advantage of this island, but not the only one.

Minimum Income Required: $1500 dollars per month and a rental contract or property purchase above a certain value threshold.

Minimum Age Required: 55 years.

Malaysia

Program: Malaysia My Second Home (MM2H)

Before entering into the details of the MM2H visa program from the Malay government, it is essential to remember that Malaysia is a federation, and some regions have their own immigration policies. Some of the rules of the MM2H visa program apply only to west Malaysia and Sabah regions.

One of the best benefits of retirement in Malaysia is the tax exemption on foreign income. There is also the added benefit that the residency permit through the MM2H is valid for 5 years, so you don’t need to renew it every year, as is often the case with retirement visas in other countries.

Minimum Income Required: Approximately $9285 of monthly passive income. There are also requirements for minimum assets.

Minimum Age Required: Above 35 years old.

Thailand

Program: Non-Immigrant O-A

Thailand competes with Bali in terms of being the most attractive destination in Southeast Asia for expatriates living on passive income. Like the Indonesian Island, Thailand also has a significantly lower cost of living when compared to the US or Western Europe.

But differently than Bali, which is just part of a larger country with very different rules, pretty much the entire Thailand is quite welcoming to pensioners, remote workers, and digital nomads.

Minimum Income Required: Above 65,000 THB (approximately $2000) of monthly income.

Minimum Age Requirement: 50 years old.

Book: Budget Travelers, Digital Nomads & Expats: The Ultimate Guide: 50 Tips, Tricks, Hacks, and Ways to Free Stuff & Cheaper Flights — Recommended book: Budget Travelers, Digital Nomads & Expats: The Ultimate Guide: 50 Tips, Tricks, Hacks, and Ways to Free Stuff & Cheaper Flights

The Philippines

Program: Special Resident Retiree’s Visa (SRRV)

The Philippines is a country often on the radar of American expatriates due to the large share of the population fluent in the English language.

On top of that, expatriate pensioners that retire in this country will enjoy a very low cost of living and a program (SRRV) that gives a permanent residence permit to anyone fulfilling all the requirements.

Minimum Income Required: There are many categories of SRRV. Some of them demand a monthly income of US$1500, while others have different requirements.

Minimum Age Requirement: 50 years old.

The United Arab Emirates

One of the most attractive features of the U.A.E. (as well as of a few other countries in the region) is the absence of income taxes. In fact, until 2018, there were no taxes for individuals at all in the country, until a value-added tax (VAT) of 5% was introduced. For comparison, the same tax in most European countries is above 20%.

There are other pros to living in the United Arab Emirates, like the fantastic connectivity to the whole world via airlines like Emirates and Etihad.

Some of the biggest negative points are the quite different culture when compared to western countries (although the U.A.E. is way more westernized than its neighbors Saudi Arabia and Qatar), the excruciatingly hot temperatures during summer, and the expensive real estate (especially after the influx of Russian investors looking for a safe haven for their money).

Minimum Income Required

The wealth requirements to retire in the U.A.E. are (1 AED, which is around 27 cents of the US dollar:

To purchase a property/properties for no less than AED 1 million
Have financial savings above AED 1 million or an income of at least AED 20,000 (15,000 for Dubai) per month.

Minimum Age Requirement: 55 years old.

Latin American countries with Retirement Visa Programs

Argentina

The Argentina Rentista Visa Program

Less than fifteen years ago, the Argentinian visa program for rentistas y pensionados had one of the strictest requirements in the world in terms of minimum income.

But since then, the Argentinian peso has suffered one of the most drastic devaluations in recent history, and now it requires less than 200 dollars per month. The country has its challenges but also pros, and we prepared an entire article to cover Argentina as a retirement destination.

Minimum Income Required: 30.000 Argentinian Pesos (source: Argentinian government), which means a monthly income of 164 dollars.

Minimum Age Required: There is no age requirement.

Belize

The Qualified Retirement Program (QRP)

Belize is a small country in Central America that has a very peculiar characteristic: it is the only country in the region colonized by the British and therefore the only one with English as its official language.

But the absence of language barriers is not the only advantage they offer. There is also the tremendously low cost of living when compared to the US and tax exemption (on income from overseas) for any retiree that lives in Belize more than 183 days per year are other benefits that this country offers.

The government of Belize and the Belize tourism board also created a user friendly retirement visa scheme to facilitate eligible persons willing to obtain residency. It is important to mention that citizens of certain nationalities are not eligible for this visa.

Minimum Income Required: At least 2,000 US dollars per month, or 24,000 per year (or equivalent in a foreign currency approved by the government of Belize), generated from a source outside the country.

Minimum Age Required: 45 years.

Brazil

The VITEM XIV

Brazil has a myriad of migrant visa and temporary visa (Visto Temporário) types. Authorities named each one of them VITEM (the first syllables of Visto Temporário) and the corresponding number (I, II, III, IV, etc).

The one that is useful for anyone willing to retire in Brazil is the VITEM XIV. It is the same visa used by digital nomads.

Brazil is a huge country, with safe and dangerous areas, and a complicated tax system. Temporary residents do not need to pay taxes on their income from overseas, but if they obtain a tax residency with a permanent residency, they are taxed. It is extremely recommended that you hire a local lawyer to solve all the legal intricacies if you are planning to move to Brazil.

Under the tax law of Brazil, a person is a tax resident if they meet 1 of these criteria:

1: He/she has a permanent visa or is a Brazilian citizen, or

2: He/she is in Brazil for more than 183 days in a year.

Minimum Income Required: A monthly income of at least US$ 1,500 or bank statements showing at least US$ 18,000 available in the account. Other requirements are here.

Minimum Age Required: There are no age requirements.

Colombia

Special Temporary Pensioner’s Visa

Colombia has a very low cost of living, even when we compare it to other South American countries like Chile or Brazil.

Put this advantage together with a diverse landscape with multiple climates (from warm beaches to mild temperatures in the mountains), a decent and inexpensive private healthcare system, and good connectivity with the US and Europe via airlines like Avianca and Iberia, and you will understand why more and more people are choosing this country for retirement.

There are, however, some cons, and among them, we can mention serious safety issues.

To attract retirees looking for a foreign country to move to, the government developed a retirement program called the Special Temporary Pensioner’s Visa.

Minimum Income Required: The applicant must prove that he/she receives a pension equivalent to at least three times the minimum salary in Colombia.

Minimum Age Required: There are no age requirements.

Costa Rica

Costa Rican Temporary Residency Visas (Pensionado and Rentista)

PS: Check out also El Salvador, once a violent country that became a favorite for pensioners.

Costa Rica is often listed with Panama as an exception among the Central American countries due to their decent standards of living, good safety indicators, and infrastructure. It’s no surprise that both countries are also favorites of American retirees.

In fact, there are already large American expat populations both in Panama and Costa Rica since they are not far away and have a relatively low cost of living.

The local government, willing to lead among the favorite destinations in Latin America for pensioners, established the Pensionado Visa.

Minimum Income Required: The applicant must have a monthly income of at least US$1000.

Minimum Age Required: The are no age requirements.

The Dominican Republic

Dominican Pensionado Vis

The Dominican Republic is the relatively developed part of Hispaniola Island (the other is Haiti). It is an increasingly popular destination for foreign retirees, and the low requirements are one of the perks for anyone considering this popular Caribbean island. There are, however, considerations regarding safety in some parts. We wrote an entire article about retirement in the Dominican Republic.

Minimum Income Required: $1,500 a month from a foreign government or private pension ($1,750 for couples).

Mexico

Mexican Residency Visa Programs (Temporary Residency, and Permanent Residency Program For Retirees)

It is not only the proximity that makes Mexico a favorite destination of American retirees looking for countries with retirement visas, although this is a very important factor, since it makes it easier for retirees to travel back and forth to visit friends and family.

Other significant advantages of Mexico are the low cost of living, the good private healthcare available (at prices way lower than in the US), and one of the least complex retirement visas in Latin America.

It is true that there are many violent cities in Mexico, but choosing carefully, it is also possible to find multiple peaceful and enjoyable places.

To apply for a retirement visa in Mexico, all you need is a passport with at least 6 months of validity, gather the required personal documents, prove a certain income (more about it below), and pay the consular fees.

Minimum Income Required: US$1400 of monthly income.

Minimum Age Required: There are no age requirements.

Nicaragua

Nicaragua Pensionado Visa

While not receiving the same amount of media attention as Costa Rica and Panama, Nicaragua recently experienced a surge in the number of American retirees looking for a retirement visa.

There are some fine tax advantages, and they are really attractive if you are looking to purchase a nice property. Due to the increasing interest of our readers, we wrote an entire article with what you need to know to retire in Nicaragua.

Minimum Income Required: US$1000 per month. Other requirements you can find here.

Panama

Panama Residency Visa Programs (Friendly Nations, Retirement and Investment Based)

Together with Costa Rica (see more about it above), this is one of the most attractive countries with retirement visas in Latin America.

That explains why of our most successful articles to date is about retirement in Panama, a low-tax gem in South America.

Like a few other countries in the region, they also have a retiree specific pensionado visa, facilitating the way to obtain residency status as long as you receive monthly income from overseas.

Minimum Income Required: US$1000 per month or a deposit of $170,000 for a five-year fixed term in a local bank account.

Peru

The Rentista Visa

Peru is an attractive destination for retirement thanks to the affordable cost of living allowing people looking to stretch their retirement savings.

Peru is one of the least expensive countries in South America, despite having a quality of life and HDI superior to places like Colombia or Brazil.

According to Numbeo, the cost of living in Lima, Peru’s capital city, is 54% lower than in New York City. Housing costs are particularly affordable, with a one-bedroom apartment in Lima costing around $370 per month.

Minimum Income Required: You must prove a stable passive income (from rental properties for example), or a pension from abroad of at least US$1000 per month.

Uruguay

The Uruguayan Permanent Residency Visa Program

Montevideo may be the closest to a capital city of an European country, without the European prices. The country where this city is located is also one of the safest and most stable in all of South America.

The property market in the region is also attractive, something that Argentinians and Brazilians looking for a safer place for their investment has already realized.

There are some disadvantages, however. One is that due to its small population, there is a lack of long-haul, international flights departing from the country, so to travel back and forth to America and Europe, one must deal with higher fares and connections.

Minimum Income Required: at least US$1500 of overseas income per month or a minimum sum of US$100,000 to be deposited in the Banco de la República Oriental del Uruguay for a period of at least ten years.

Is it necessary to translate official documents when living abroad?

Living abroad will often require dealing with various bureaucratic processes. Some countries will accept English documents. However, others will need you to translate your official documents and retirement visa. So be sure to do your research ahead to know what documents you will need and if you need to translator or now.

And even if you know the language of the country where you plan to live, it is not advisable to translate your official documents because it might not be accurate, and government institutions will only accept translated documents from certified and accredited professionals.

So you might want to consider working with an ISO-certified translation company because it means that the translated documents are accepted by institutions worldwide, both public and private. Look for companies that offer a certificate of translation accuracy as it proves the translations meet international standards because sometimes government officials will ask for it.

If you enjoyed this article about countries with retirement visas, here are a few other reading suggestions for you:

Our World Guide of Best Places to Expatriate

The Best Cities for Remote Workers This Year

The Easiest Countries to Adopt From – A Guide.

The main reason to retire in Puerto Rico might be a word with only 3 letters

Levi Borba is the founder of The Expatriate Consultancy, creator of the channel The Expat, and best-selling author. Some of the links of this article may be affiliate links, meaning that the author will have a commission for any transaction.

Living Costs

Retire to Canada – Pros, Cons, and Costs in…

Retire to Canada – Here is What You Need to Know

Filled with incredible landscapes, draw-dropping views, delicious culinary delights, and some of the best outdoor adventures – Canada is a wonderful country to live in.

From the adventure-filled Rocky Mountains to the culture-stuffed cities of Quebec and Ottawa – Canada is a great choice of country for many retirees willing to spend their golden years enjoying a fantastic life.

Outdoor lovers will be overwhelmed with things to do in this vast country, including hiking, whale watching, kayaking in the lakes, exploring the national parks, skiing, and so much more.

Canada is also a nature lovers’ paradise. With so many incredible animals to spot, and adventurous things to do, you will be spoilt for choice in this fantastic country.

Our consultancy’s team wrote this article about this popular retirement destination after similar pieces about other places, such as:

Pros and Cons of Retiring in Canada

Offering a high standard of living, fantastic outdoor adventures, and delicious foods to try, there are so many reasons why you should retire to Canada.

So first, let’s have a deeper look at some of the pros of retiring in Canada:

Pros of Retiring in Canada

The Standard of Living

Canada has a high standard of living compared to many other western countries due to the strength of the Canadian economy. With a low crime rate and a healthy population, the life expectancy of the average Canadian citizen is in the early 80s.

It is also one of the safest countries in the world to live in, and Canadians are some of the wealthiest people giving them larger levels of disposable income. Pollution in Canada is also very low, with the World Health Organisation (WHO) ranking the country as having one of the world’s highest rankings for air quality.

Healthcare System

Canadian citizens and permanent residents have access to Canada’s universal health care services system which is readily available throughout the country. All forms of medical care are covered, except for prescriptions, dental, and vision health. The health care in Canada is of high quality, with great levels of care making it one of the best public healthcare systems in the world.

Although new arrivals into the country will have to wait until they are classed as permanent residents and are allowed to receive free healthcare, it will be necessary to purchase international health insurance to cover any treatment until this time.

Infrastructure

Canada has a strong infrastructure in place and is one of the most developed western countries in the world. Due to the vast scale of the country, the roads here are very well developed and are of excellent quality. There is also a great transport system in place, with an extensive bus network.

Telephone, mobile phone services, and the internet are reliable and efficient and provide almost no problems in terms of coverage and availability. Water and electricity are also readily available as you would expect.

The Lifestyle

One of the best reasons to choose Canada as the country of your choice to retire in is the type of lifestyle on offer.

The country is known for its incredible natural beauty, landscapes, and wildlife, and for outdoor lovers, this is the perfect place to spend your retirement years. The climate here leans more towards winter sports and winter recreation, so if you have spent time enjoying skiing, hiking, and cold-weather sports then this is a great place for you to retire.

Social Security Benefits

If you worked your entire life in another country and never contributed to the Canadian pension system, there is a chance that you did not contribute enough to be eligible for a Canadian Pension Plan.

But still, this doesn’t mean you will never receive any of the social security benefits that are available in the country. For a legal resident, there is the possibility of making a social security agreement with the Canadian government, and that will provide benefits to your surviving spouse and children.

A social security agreement can help you qualify for social security benefits if you lived or worked abroad and in Canada.

Cons of Retiring in Canada

Although there are plenty of reasons why you should choose Canada as the country to retire in, there are some cons that you might need to consider before you make the decision.

Here are some of the reasons why you might not want to choose Canada as the country to spend your retirement years in:

Harsh Weather Conditions

One of the biggest cons of choosing to retire in Canada is the harsh weather conditions. Although the beauty of Canada under gorgeous picture-perfect snow is something that most people would love to experience, it can be hard for some to have to deal with grueling conditions for months on end. Daily snow shoveling, dangerous roads to contend with, and the general cold can be tiresome.

The long, cold months can also be particularly troublesome if you suffer from any health conditions that are affected by colder weather. As you get older, many illnesses such as arthritis can be made worse with the cold.

Taxes

If you are from the US, be aware that all services offered by the Canadian Government (like the universal healthcare system described above) also mean a heavier tax structure. There is a tax treaty between Canada and the US (as well as with many other countries), so you may avoid double taxation. Still, to enjoy such benefits (like foreign tax credits), it is essential to fill out all the paperwork for the tax authorities on time.

Cost of Living

Although Canada has a lower cost of living than compared to the United States, overall it still has a high cost of living in comparison to many other western countries. This is partially a consequence of the country having one of the highest worldwide incomes per capita. Therefore, you will need more money to retire in Canada than in other countries.

Large cities such as Vancouver and Toronto are especially costly to live in, so it may be necessary to avoid these cities as places to set up home.

Housing costs are also particularly expensive. Cities such as Toronto and Vancouver have extremely high rental rates and property prices, this is due to the imbalance between the supply and demand of properties in the city center. Choosing to live in smaller cities or outside of the areas will make property prices far more affordable.

Canada also has high taxes in comparison to the U.S. and other western countries. If you are moving from the U.S. to Canada then do consider this when weighing up the financial cost of living in the country.

Language Barrier

If you choose to live in eastern Canada then be prepared to have to learn some French. The province of Quebec is primarily Francophone, with almost everyone speaking French, and signage also being in French.

Unless you can speak French or choose to learn, it may be extremely difficult to get by with just English or another language. This may be disconcerting to some people who want to slide easily into a new retirement life without any difficulties.

How Much Does It Cost To Retire in Canada

Retiring in Canada can be a costly experience depending on which city you choose to live. What is considered enough income to live in a smaller city in Saskatchewan would barely pay for the rent in Vancouver or Toronto.

If you are moving from the United States then you may be surprised to find that items such as food, are imported into Canada from the U.S. and they have higher taxes on them. Fuel is also more expensive in Canada than it is in the U.S., and you need to consider any changes that may need to be made to your vehicle to comply with Canadian laws if you plan on taking your car.

However, housing and healthcare, once you become a permanent citizen, are a lot more affordable than they are in the United States, especially if you choose a smaller city or the outskirts of the city to live in.

Below there we have a mid-sized city in Canada compared with two cities that are a favorite retirement destinations in the US and Europe, so you will have a good idea if you have enough money.

Cost of Living in Halifax (Canada) vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost of living in Canada. I will not compare the living costs in Canada with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in a mid-sized Canadian city (Halifax) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors. Be aware that other major cities like Toronto where average living everyday expenses may be higher than in Halifax, but also smaller cities tend to be cheaper.

Values in USD	Halifax	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	14.89	11.59	21
Domestic Beer (0.5-liter draught) in a Supermarket	2.81	2.9	1.57
Eggs (regular) (12)	3.42	1.98	3.29
Chicken Fillets (1kg)	11.24	6.4	11.24
Gasoline (1 liter)	1.41	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	141.16	128.6	182.51
Internet (60 Mbps or More)	76.17	31.88	63.85
Cinema, International Release, 1 Seat	11.17	7	14
Short visit to private doctor (15 minutes)	63.7	73	98
Standard men’s haircut in an expat area of the city	16.5	20	23
Rent of an apartment (1 bedroom)	1219.65	720.77	2,035.75
Price per Square Meter to Buy an Apartment	2,109.74	2,999.91	4,635.63

Cost of different items in Halifax (Canada), Valencia (Spain), and Tampa (Florida, the USA).

How To Retire to Canada From the USA

If you are not a Canadian citizen, obtaining a permanent resident visa to retire in Canada is quite difficult if you have no significant residential ties to the country (like family or ancestry).

There are no formal retirement visa programs available in Canada, and to immigrate as a permanent resident then you have to follow the official immigration program, which allows only certain people to obtain permanent residency status. These include those with close family members that are already Canadian residents, skilled workers, and refugees or humanitarian cases.

Another option to allow is to visit on a tourist visa. US citizens are allowed to visit for up to six months at a time, and they are also able to purchase property whilst there, meaning they can enjoy half a year in Canada and half a year back in the States, or perhaps somewhere warmer during the harsh Canadian winters.

One major factor to consider is access to Canada’s universal healthcare system. Only permanent residents are able to access free public healthcare, so international health insurance needs to be purchased if choosing to visit on a tourist visa.

Best Places To Retire in Canada

Victoria, British Columbia

Victoria has one of the mildest climates in Canada and offers a fantastic boating lifestyle due to its proximity to the Pacific Ocean. There are multiple beaches here, rugged wilderness, and plenty of chances to spot the local wildlife – it’s a fabulous place to get outdoors and into nature.

It also offers a great city lifestyle and is the most populated city on the West Coast so it is a good mix for those wanting city and nature. Housing is a little more expensive here than in other areas, but property tax is low so if you aren’t on a budget it’s a great place to buy.

The average cost of living excluding rent is around $1,274 per month.

Canmore, Alberta

If you love an active lifestyle then Canmore is the perfect place to retire to. There are plenty of activities that you can try your hand at, including hiking, skiing, cycling, bird-watching, rafting, and many more. There are over 70 kilometers of trails to explore in Canmore too, so much to keep you busy!

It also offers some wonderful places to eat, from fine dining to smaller more rustic offerings. Those with a foodie taste will delight in spending weekends and evenings trying out what’s on offer.

The average cost of living excluding rent is around $1,307 per month.

Halifax, Novia Scotia

For water and seafood lovers’, Halifax may be the perfect retirement destination. It’s an upbeat, coastal city with plenty of fresh seafood on offer and lots of water activities such as boating and fishing.

Halifax is a beautiful historic city, with mild winters and a fresh sea breeze in the summer. Spend your retirement days enjoying coastal walks, exploring the vibrant city, and tasting some delicious fresh seafood, what a wonderful way to spend your days!

The city is also a low-cost alternative to major urban centers like Toronto or Ottawa. Housing prices and property taxes are relatively affordable here, and the average cost of living excluding rent is around $1,244 per month. Bottom-line: you can have purchase more with the same income.

Kelowna, British Columbia

Kelowna is the perfect place to retire if you want to meet other retirees and become part of a big community, as over 18% of the population here are retirees.

Housing can be a little more expensive if you want to live in the heart of the city, but if money isn’t an issue then this is a great place to get a good mix of nature, city life, good wine, and a quiet lifestyle. It also has lots of dry weather too, perfect for those who can’t stand the rain.

The average cost of living excluding rent is around $1,164 per month.

If you enjoyed this article about retiring in Canada, here are a few other reading suggestions for you:

Our World Guide of Best Places to Expatriate

The Best Cities for Remote Workers This Year

The Easiest Countries to Adopt From – A Guide.

Living Costs

Retire to the Netherlands – What You Must Know…

The Pros, Cons, Costs, and Prerequisites to Retire to the Netherlands

If you like picture-perfect towns and cities filled with stunning architecture, bicycle-friendly roads, and great food, then the Netherlands may be the best place to choose as your retirement country.

It may be a small country, but the Netherlands has plenty of wonderful and unique things that make it such a fantastic place to live. From the gorgeous canals of Amsterdam to the breathtaking tulip fields filling the countryside with color, and the fantastic cafe culture of the cities – it’s a vibrant and fascinating place to live.

Explore the art and architecture that it has become known for, try out plenty of foodie delights, and cafe-hop to your heart’s content. The Netherlands is a country for dreamers, romantics, and that slow pace of life. Perfect for those lazy retirement years!

Our consultancy’s team wrote this article about this popular retirement destination after similar pieces about other places, such as:

Living in the Netherlands: Pros and Cons

Image of Netherlands for section about living in netherlands pros and cons — What are the pros and cons of living and retiring in the Netherlands?

Offering beautiful cities and towns, a high standard of living, and an abundance of culture, there are so many reasons why you should choose the Netherlands as your retirement country.

Here are some of the reasons why:

Pros of Retiring in the Netherlands

High Standard of Living

The Netherlands is consistently voted one of the best places to live in the world, and the Dutch people are some of the happiest people too. The World Happiness Report, which is released every year, looks at several factors such as levels of income, life expectancy, social support, environment, and others – and the Netherlands has been voted one of the top 5 countries for a decade.

Alongside social factors, there is also the fact that it is one of the most beautiful places in the world to live. With gorgeous towns and cities, a yearly tulip festival to enjoy, and those iconic windmills dotting the landscape, it will be a feast for the eyes every time you step outside.

Another reason that makes the Netherlands a fantastic place to retire to is the moderate climate which provides cold winters with snow, but hot summers to enjoy many outdoor pursuits and soak up the cities.

Healthcare System

The public healthcare system in the Netherlands is one of the best in the world. However, healthcare in the Netherlands is not free, and you will need to purchase private healthcare insurance to cover this. Healthcare, particularly in later life, is important when deciding where to live, and a world-renowned healthcare system is a great reason to choose the country.

Although healthcare in the Netherlands is not free, if you are retiring from the United States, you will find that basic health insurance is much more affordable than in the U.S., which is another great reason to retire here.

Culture and Lifestyle

One of the best things about the Netherlands is its fantastic, vibrant culture. With museums, art galleries, architecture, and thousands of brilliant cafes (with outdoor space) to enjoy – you definitely won’t get bored.

There are plenty of festivals throughout the year to take part in, lots of world-famous artists to learn about, and gorgeous Dutch towns to explore. As the country is so small, it’s so easy to explore the Netherlands by train or bus, or bike!

There is a huge emphasis on sustainability and a more eco-friendly way of life in the Netherlands. Cycling is a massive part of the culture here, and cities such as Amsterdam encourage people to explore on a bike or even on foot. It’s a great way to stay healthy, keep transport costs down, and enjoy the authentic Dutch style of living.

The Cons of Retiring in The Netherlands

Image of dutch city and a channel to illustrate section about the Cons To Retire And Live In The Netherlands — In the next paragraphs, some cons of living in the Netherlands (the first point is probably the most important).

There are so many reasons to choose the Netherlands as your retirement years country, but of course, there are several cons to retiring there.

Here are a few things to consider when choosing the Netherlands to retire in:

High Cost of Living and Taxes

The Netherlands is one of Europe’s most expensive places to live with a significantly high cost of living than other European countries.

Taxes in particular are notoriously high in the Netherlands, and it may be difficult to purchase a house due to high taxes, high property rates, and a lack of housing to the demand. There is currently a housing crisis happening within the country and it may take time to find the perfect property if you are considering buying.

Bureaucracy (If you are a non-EU citizen)

An element of your application to the Dutch immigration agency is to explain why you want to relocate to the Netherlands. But retirement isn’t one of the choices presented. As a result, you may want to consult with the Dutch consulate in your current country to learn the precise requirements before making the move.

You also need to present evidence to the Dutch immigration service that your income (pension, dividends from retirement savings, etc), is above the Dutch minimum wage.

If you are a citizen from any European Union country, then the bureaucracy is much smaller.

Language Barrier

Although English is widely spoken and most Dutch people can speak English, it will be essential to learn some Dutch to get by in the Netherlands fully.

Many essential tasks such as form-filling, grocery shopping, and announcements when using public transport, will be in Dutch, and it will make life far easier if you can understand, read, and speak some of the local anguage.

This may be something to consider when you are choosing the Netherlands as the country to retire in, as language learning takes time and you might not feel completely at home without understanding some of the language used.

The Climate

The Netherlands has a moderate climate with warm, enjoyable summers, and cold winters, and there can be a lot of rainfall during the winter months. This may be something to consider if you are not a huge fan of cold, and rainy days.

A lot of people who are considering retiring to a new country look for places that have consistently warm climates to fully enjoy those golden years. The Netherlands has seasonal weather that isn’t always enjoyable for some.

Snow, rain, and generally grey days are part of the package here, so do bear this in mind as the weather can have a huge impact on the mood and general well-being of a person.

Cost To Retire and Live in the Netherlands

Image of the flag of the Netherlands and a dollar sign. — What are the costs of living to retire to the Netherlands? The answer is below.

Living in the Netherlands can be a costly experience. The country has a high cost of living for certain things such as housing and taxes, however, it will all depend on where you are moving from, and the area in which you will choose to live.

There is a housing crisis currently taking place in the Netherlands, with house prices soaring and the supply of housing low. It may be expensive to purchase a property, and even renting can be difficult, especially in larger cities. The average cost of renting a property is around €1,190 a month for a one-bedroom apartment in the city centre.

Parking in the Netherlands is particularly expensive. It has one of the highest parking rates in the world with an average cost of around $15 for two hours. There is a limited supply of parking space in the towns and cities here which has bumped up the price. You may need to consider the importance of owning a vehicle here.

If you are moving from the United States then you will find that the cost of living in the Netherlands is lower than in the U.S., with average costs around 20% less compared to the United States.

Cost of Living in The Hague (Netherlands) vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost of living in the Netherlands. I will not compare the living costs with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in a mid-sized Dutch city (The Hague) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors. Be aware that other major cities like Amsterdam may be more expensive than The Hague, but also smaller cities tend to be cheaper.

Values in USD	Hague	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	13.45	11.59	21
Domestic Beer (0.5-liter draught) in a Supermarket	1.19	2.9	1.57
Eggs (regular) (12)	3.16	1.98	3.29
Chicken Fillets (1kg)	8.69	6.4	11.24
Gasoline (1 liter)	2.23	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	208.62	128.6	182.51
Internet (60 Mbps or More)	43.08	31.88	63.85
Cinema, International Release, 1 Seat	13.45	7	14
Short visit to private doctor (15 minutes)	39	73	98
Standard men’s haircut in an expat area of the city	24.9	20	23
Rent of an apartment (1 bedroom)	1141.75	720.77	2,035.75
Price per Square Meter to Buy an Apartment	3,671.83	2,999.91	4,635.63

Cost of different items in the Hague (the Netherlands), Valencia (Spain), and Tampa (Florida, the USA).

How To Move to the Netherlands From the US

Retiring in the Netherlands can be a difficult process. There is no specific retirement visa in the country.

The easiest straightforward process is to first go for a MVV (provisional residence permit). The MVV allows you to stay more than 90 days in the country, and during this period, consult with a good Dutch immigration lawyer

For American citizens, there is an opportunity to move to the Netherlands with a DAFT visa. This visa allows self employed businessmen and entrepreneurs to obtain a residence permit as long as they invest in the Dutch economy.

If you are not self employed, you need to have a job. For retirees looking to spend their golden years enjoying relaxing downtime, this might be out of the question. But for some, heading into a new career might be the answer to gaining that permanent residence, especially if you have your heart set on living in the Netherlands.

To move to the Netherlands from the US, you will need to have a valid passport, proof of health insurance, proof of sufficient pension funds or a pension income to support you whilst you live there, a residence permit application form, a clean criminal record, birth certificate, and appendix antecedents certificate.

Best Places To Retire in the Netherlands

The Hague

There is a big international community here with many english speaking expats, so you will be sure to find friends. It is also close to many beaches, so those beach lovers at heart will love living in proximity to the sea.

Three reasons why The Hague is a great place to retire:

• The big international community – you will feel at home

• Safe city to live in – low/very low crime levels across all crimes

• High standard of living – lots of outdoor space to enjoy.

Rent can be higher here than in other parts of the country though, so this may be unaffordable for those on a budget. The average cost of living in The Hague is between €845-€2967 a month.

Haarlem

A small city with a quaint, country feel, this is country living at its best. Outdoor lovers will be delighted to explore the countryside, the forest, and the water of course. Immerse yourself in authentic Dutch culture by attending the monthly fairs, and getting accustomed to the community and its members.

Three reasons why Haarlem is a great place to retire:

• Safe city to live in – low/very low levels for almost all crimes

• Small, country-feel living – high standard of living

• Plenty of renting options are available if you aren’t on a budget

Rent and house prices are significantly higher here than in other parts of the country due to the place’s popularity and charm. The average cost of living in Haarlem is between €999-€3,665 a month.

Groningen

The biggest of the northern Dutch cities, Groningen has lots on offer and is one of the cheapest places to live. The city has a big student population so things here tend to be a little more affordable.

There’s a huge calendar of festivals and events and plenty of waterside living complete with cafe-hopping and people-watching. Settle into this young and vibrant city, and spend your days visiting museums and tasting local dishes.

Three reasons why Groningen is a great place to retire:

• Affordable place to live compared to other cities in the country

• Safe city to live in – mostly low/very low levels of crime

• Vibrant, buzzing city – lots to do during retirement years

The average cost of living in Groningen is between €924-€3,271 a month.

As shown, the Netherlands is a great retirement destination. The fantastic culture, beautiful cities, and inviting people will convince you to retire here. Get on your bike and enjoy this lovely country.

If you enjoyed this article about how to retire in the Netherlands, here are a few other reading suggestions for you:

Our World Guide of Best Places to Expatriate

The Best Cities for Remote Workers This Year

The Easiest Countries to Adopt From – A Guide.

Living Costs

Retiring in Switzerland: All You Need to Know

Pros, Cons, and What Do You Need for Retiring in Switzerland

Have you ever wondered if retiring to Switzerland could be the perfect fit for you? With a sip of Swiss chocolate that could really make your day or hiking through the Alps to get your day started, this looks like a dream come true, but before you pack your bags and say goodbye to your home country, you should know a few things about retiring to Switzerland.

Our consultancy’s team wrote this article about this popular retirement destination after similar pieces about other places, such as:

Why Retiring in Switzerland

Have you ever thought in your mind, “Is Switzerland the right place to retire?”

Well, to cut a long story short, it depends on the canton.

With incredible political and financial stability, breathtaking natural beauty, a world-class healthcare system, and a strong economy, the Swiss confederation offers a high quality of life that is hard to beat. Here are some primary reasons why some retirees chose Switzerland:

Pros of Living in Switzerland

Photo of Swiss City for Paragraphs about Cons of Retirement in Switerzland — What are the pros and cons of living and retiring in Switzerland?

Healthcare

The Swiss healthcare system is marked by excellence, both in the private and public spheres. Retiring to Switzerland offers you peace of mind regarding healthcare, with top-notch facilities and access to high-quality medical services. The pricing of policies for health and accident insurance for residents is always wholly open to scrutiny. In order to keep people from spending more than 10 percent of their income on insurance, the government provides health care subsidies on a tiered basis.

Safety

Switzerland is famous for being a safe country, with low crime rates and a high standard of living. Switzerland is known for its high safety standards, making it an ideal retirement destination for those who want a stress-free and secure lifestyle. The homicide rate in Switzerland is 0.7% below the OECD average, and it consistently ranks highly in terms of personal security and overall safety.

Taxes

Switzerland has a progressive tax system, which means that Swiss taxes are based mostly on income. However, the Swiss government has tax treaties with many other countries, which can help reduce the amount of taxes you pay. The country is known for its low taxes, making it an attractive choice for retirees looking to minimize the amount they pay. Also, if you are retired and your income is less than a certain amount, you may not have to pay any income tax.

Beautiful nature and Language Variety

Switzerland has a varied climate, with four distinct seasons, and is also home to some of the most stunning and varied landscapes in the world. Switzerland is also a country with four official languages. Its cities are full of a variety of cultural attractions and activities, including museums, art galleries, theaters, and festivals. Switzerland is a great place for people who like to be outside because there are so many things to do there, like hiking, skiing, and water sports.

The special retirement residency program

For those planning on retiring in Switzerland, the government prepared a special scheme of residence permit. More details about it below.

Why NOT Retire in Switzerland

While Switzerland has a lot of attractive qualities for ex-pats looking to retire abroad, it’s only for some. Listed below are several reasons why you may wish to retire elsewhere:

Cons of Living in Switzerland

High Cost of Living: Switzerland is an expensive country to live in, and retirees often find it difficult to adjust their pension income to the high costs of groceries, transportation, rent, medical care, and other living expenses.
Bureaucracy: Switzerland is known for its bureaucracy, and navigating the country’s complex bureaucracy can be challenging for retirees. This can include getting a visa and a permit to live there, as well as doing things like opening a bank account or getting a car registered.
Lack of Healthcare Options: While Switzerland has an excellent healthcare system, it can be expensive, especially for retirees not covered by the public system. Private health can be a good option, but a private Swiss health insurance can be costly, and the coverage may not be as comprehensive as what the government offers.
Limited Social Security Benefits: Social security benefits in Switzerland are limited compared to those in other countries, and some of the Swiss retirement benefits are available to citizens or those with permanent residency.
There is no uniform legislation for many matters. Switzerland is not a country like France or Netherlands. It is a federation, and a real one (many countries, like Brazil, are technically federations, but the central government holds most legislative power). That means the Swiss Confederation is composed of smaller entities called cantons. Every canton has its own constitution, legislature, police force, and courts. So laws and the tax burden can vary drastically between each one of them. Because of this, if you are moving to Switzerland, you should look for a lawyer who is an expert in the canton where you want to live.

The Cost of Retiring in Switzerland

The cost of retiring in Switzerland is highly dependent on the individual’s lifestyle and preferences, as well as where they choose to live. In general, the cost of living in Switzerland is quite high. Without rent, the average monthly cost for a single person is about $1544.

The costs of retiring may also increase depending on the individual’s healthcare needs, and all residents of Switzerland are required to have health insurance coverage, whether through a public or private plan. All Swiss residents must have public health insurance, which is paid for by premiums paid by employees and employers. The increase can be anywhere from 3.9% to 9.5% depending on the canton.

The cost of housing in Switzerland can be high, especially in Zurich and Geneva. Renting an apartment is a popular option for ex-pats, and you can find a range of options, including furnished and unfurnished apartments and short-term and long-term rentals. If you prefer to own a home, you can find a range of properties for sale in Switzerland, including houses, apartments, and chalets. However, get ready to pay an average of $1380 per person for a 44-square-meter living area.

The average Swiss family spends approximately $430 to $700 per month on groceries, which is more than some people may be used to paying at home. However, the country is famous for its high-quality food, including cheese, chocolate, and other specialty items.

Photo of Swiss City for Paragraphs about the costs of Retirement in Switerzland — What are the costs of living or retiring in Switzerland? The answer is below.

Cost of Living in Zug (Switzerland) vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost of living in Switzerland. I will not compare the living costs of Switzerland with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in a mid-sized Swiss city (Zug) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

All prices are from Numbeo and Expatistan (in the few situations where there is no data from Zug, we used numbers from nearby Zurich), two websites that crowdsource prices and living costs from thousands of users and contributors.

Values in USD	Zug	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	32.46	11.59	21
Domestic Beer (0.5-liter draught) in a Supermarket	2.04	2.9	1.57
Eggs (regular) (12)	6.21	1.98	3.29
Chicken Fillets (1kg)	19.49	6.4	11.24
Gasoline (1 liter)	2.01	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	195.26	128.6	182.51
Internet (60 Mbps or More)	58.4	31.88	63.85
Cinema, International Release, 1 Seat	19.47	7	14
Short visit to private doctor (15 minutes)	–	73	98
A standard men’s haircut in the expat area of the city	–	20	23
Rent of an apartment (1 bedroom)	2181.71	720.77	2,035.75
Price per Square Meter to Buy an Apartment	–	2,999.91	4,635.63

Cost of different items in Zug (Switzerland), Valencia (Spain), and Tampa (Florida, the USA).

What does an American moving to Switzerland Need to Have?

Retirement Visa Switzerland – Steps to Have a Visa to Retire in Switzerland

The people, the beaches, the sunsets, the culture, and everything else in this country make it an appealing choice for everybody. But it’s important to know that moving to Switzerland, especially for Americans, can be hard.

What Are the Requirements to Retire in Switzerland?

To enter Switzerland, one needs one of the multiple entry visas:

The 1-year Schengen multiple-entry visa is issued to applicants who have used three single-entry Schengen visas within the preceding two years.
The 3-year Schengen multiple entry visas are issued to applicants with the 1-year multiple entry visa who lawfully used it within the previous two years.
The 5-year Schengen multiple entry visa is issued to those who used a multiple entry visa with at least two years of validity in the past three years.
The Switzerland retirement visa is issued to pensioners based on certain criteria that are dependent on their nationality

Switzerland Retirement Visa

These are some of the criteria. Cantons may also impose additional requirements.

Be over the age of 55
Be financially self sufficient, meaning have the ability to show sufficient means of financial support, including to family members when needed.
Live in Switzerland for almost a year.
Have proof of a personal link to Switzerland, such as Swiss origin, spending a relatively long time in Switzerland, owning real estate, etc.

The Switzerland Retirement Visa is valid for 12 months and has to be renewed once it expires.

Best Cities to Retire in Switzerland

The best place to retire in Switzerland depends on various factors, such as lifestyle preferences, budget, and proximity to family and friends. Some of the major cities (or cantons) for retirees are below.

Geneva

Geneva has a population of about 200,000, yet its downtown is small enough to be explored on foot. It is one of Switzerland’s wealthiest urban areas and offers a wide variety of restaurants, cultural attractions, and outdoor infrastructure.

The city is easy to navigate, either on foot or by using the convenient public transportation system. Because of this, it doesn’t matter where you live in the city; you’ll have easy access to all parts of it.

Canton of Zurich

Although it has never served as the nation’s capital, this major city holds several physical records and is the largest in the country. Uetliberg, a major tourist destination in the country, can be found in this metropolis. Residents and tourists can enjoy breathtaking views of the city below from this mountain summit, which juts out to the southwest.

Prominent personalities in the modern Protestant movement can trace their roots back to Zurich. Also, Lake Zurich, on the city’s outskirts, is a beautiful spot to unwind, thanks to its picturesque location and refreshingly clear and warm waters.

Canton of Zug

The canton of Zug in Switzerland has some of the most favorable tax rates as compared to those of the other cantons in Switzerland. This is the location of the famous Aegeri Lake, which has crystal clear waters and breathtaking scenery that will brighten your day by lounging on the shore, but if you’re feeling more adventurous, you can also walk up Zugerberg Mountain along its circular hiking routes and enjoy the scenery from above.

If you enjoyed this article about how to retiring in Switzerland, here are a few other reading suggestions for you:

Our World Guide of Best Places to Expatriate

The Best Cities for Remote Workers This Year

The Easiest Countries to Adopt From – A Guide.

Levi Borba is the founder of The Expatriate Consultancy, creator of the channel The Expat, and best-selling author. Some of the links of this article may be affiliate links, meaning that the author will have a commission for any transaction.

Living Costs

Retire in Nicaragua – What You Need to Know

Pros, Cons and Costs to Retire in Nicaragua

This Central American country may be perfect if you enjoy outdoor activities and tropical scenery. So it’s no wonder thousands of Americans (specific statistics are at the end of the article) decided to retire in Nicaragua.

Nicaragua is called the “land of lakes and volcanoes,” and landscape variety and a tropical climate make this a popular tourist destination. Living in Nicaragua means embracing the outdoors. It’s a unique and interesting country with relaxing beaches, friendly locals, and levels of violence that, when compared to neighboring countries like El Salvador, Belize or Honduras, are surprisingly low.

To put it into pespective, here is a violence comparison using homicide rates:

El Salvador – 52 murders per 100,000 residents per year.
Honduras – 38.9 murders per 100,000 residents per year.
Belize – 37.8 murders per 100,000 residents per year.
Nicaragua – 7.2 murders per 100,000 residents per year.

Impressive, right? So let’s dive into the details of retirement in this central American country.

Our consultancy’s team wrote this article after similar pieces about other hot retirement destinations (including a list of the best countries to retire in the world), such as:

Our list of 24 countries with retirement visa programs is a must-read if you’re thinking about retiring abroad.

Living in Nicaragua Pros and Cons

Pros of Living in Nicaragua

Nicaragua is a great place to spend your retirement years because it has a low cost of living, a beautiful and diverse landscape to explore, a healthy lifestyle (if your income is enough to pay for it), a lively culture with friendly people, and cheap property.

Here’s a more in-depth look at the various pros of retiring and living in Nicaragua.

Cost of Living

The cost of living in Nicaragua is 48% lower than in the United States, with rental prices on average, 84% lower than in the U.S. This is especially appealing for U.S citizens looking to make their money stretch a little further, and enjoy their retirement years in a beautiful property with perhaps some jaw-dropping views.

Nicaragua is also one of the cheapest Central American countries to live in, making it a great choice for retirees looking to enjoy a great quality of life for a lot less money than in the United States, Canada, or Western Europe.

Culture and Food

Nicaragua has a colourful culture. There’s a big mix of influences, from the indigenous people (Chorotega and Nahuatl) to the Spanish and Africans. It’s a wonderful blend of traditions that makes Nicaragua a fascinating and vibrant country to visit.

The food here has a Spanish influence and contains items such as corn, beans, plantains, yucca, and peppers. It’s extremely delicious and very affordable! Common dishes to taste include Chicharrones: deep-fried salty pork skin, and Gallo Pinto: rice and beans which is often mixed with coconut milk on the country’s Caribbean coast.

Variety of Things To Do

Nicaragua has a huge range of things to do, there is something for every lifestyle.

For adventure lovers, try something unique such as volcano boarding. You can also try out surfing, diving, or kayaking. There are waterfalls to explore and hiking trails up to volcanoes to attempt.

For the not-so-adventurous, you won’t be disappointed. Wander around colonial cities such as Granada and Leon soaking up the atmosphere, enjoy some delicious Nicaraguan cuisine, or spend your days relaxing on the beach with a good book, or two.

Ocean and surfer in Nicaragua — Nicaragua has a huge range of things to do, for every age.

Property Investment

Looking to invest in some property whilst you are living the retirement life? Nicaragua might be one of the best places in Central America to do it! One of the great things about the country is that you don’t need to be a citizen to buy property, so you could get your hands on a fabulous place before you make the move over.

Property is extremely affordable in the country, and with an increase in spending on infrastructure, and growth within the tourism sector, this is likely to make investing in property a worthy business venture.

Out of country earnings are not taxed

If you live in Nicaragua and get money from outside the country (eg: your pension) and put it in your own bank account, you don’t have to pay personal income tax on it.

Yes, you read it right. According to Joel Stott-Jess, your income from abroad is tax-free if you receive the payment directly to your personal account.

Retire in Nicaragua: The Challenges

The pacific coast is close to San Juan del Sur, another city expats look for when planning to retire in Nicaragua, and an illustration of a scale. — Let’s weight the pros and cons of retiring in Nicaragua. Image: The pacific coast is close to San Juan del Sur, another city expats look for when planning to retire in Nicaragua.

There are lots of reasons to choose Nicaragua as your retirement haven, but what about the cons of living in Nicaragua? What sort of things might you need to consider when deciding to move to this Central American country?

Here are some of the main disadvantages of living in Nicaragua:

Infrastructure

Nicaragua is still a relatively undeveloped country, with a lack of infrastructure compared to what you might be used to coming from a western country such as the United States.

Although the government has invested a lot in infrastructure over the past few years, and tourism has boomed within the country, they still have a long way to go. This may be something to consider as it may be a difficult challenge for some.

Safety

As is usually the case with undeveloped countries, safety is usually a big factor. Nicaragua is a relatively safe country, but there are instances of certain crimes such as robberies, break-ins, and muggings, particularly in larger cities such as Managua where street crime is common.

Foreigners should avoid travelling alone at night time on public buses, and take care when walking around markets, and when visiting poorer areas of the country. Never hail an unauthorised taxi, and allow the restaurant or hotel to call a taxi for you, not someone that you don’t know well. Avoid carrying around large amounts of cash, or wearing expensive jewellery. Enjoy your time exploring Nicaragua but always be vigilant and aware of your surroundings.

There has been political turmoil in the country since 2018, which has caused over 200,000 Nicaraguan citizens to flee the country, many of them moving to the neighbouring country of Costa Rica. However, political disruptions have quietened down in recent years, but foreigners are advised to avoid demonstrations and gatherings.

Healthcare

Nicaragua has an universal and public healthcare system that improved recently, waiting times can be high and the system may be overloaded at times.

The private healthcare system, however, has very affordable treatments available when compared to prices in the US. There are some charges for additional services, but again this is all incredibly affordable. For this reason, expats retiring in Nicaragua may want to consider purchasing health insurance and looking at private healthcare.

Language Barrier

Almost everywhere in the country the language spoken is Spanish, and English is limited apart from on the Caribbean coast, where English is spoken alongside indigenous languages.

It will be almost necessary to learn Spanish if you plan on retiring in Nicaragua. It will make it easier for you to integrate into the local way of life, make friends with Nicaraguans, show respect, and for life to be far easier.

If you need to visit a doctor or healthcare provider, it is unlikely they will speak English so knowing some Spanish will help them provide the right care for you if you can effectively communicate your concerns or needs.

How Much Money Do I Need To Retire in Nicaragua?

Image of the Vulcan Ometepe in Nicaragua and the money symbol — In the next paragraphs, a complete analysis of the living costs to retire in Nicaragua (check also our comparative table in the end). Image: the Vulcan Ometepe.

To qualify for a retirement visa, you must receive a monthly amount of $600 in permanent income (or monthly equivalent in other currencies). This could be a pension or social security, or another source of income. With such a low requirement, it is likely the most accessible retiree program in the Americas.

The cost of living in Nicaragua is extremely low, meaning your money will go very far in this beautiful country.

Depending on the size of the apartment and the location, rent prices are between $250-$500 a month. Basic utilities, including water, electricity, heating, cooling, and rubbish, are around $63 per month.

If you are looking to buy instead of rent, good news: properties are very affordable. Prices will differ depending on where you want to live. Still, a 2-bed, 2-bath, 110-metre square, ocean-view apartment in the popular area of San Juan del Sur is available to purchase for $165,000.

A three-course meal for two people at a mid-range restaurant will cost around $29, coffee comes in at around $2, local beer is $1.30, and imported beer will cost you around $2.20.

Buying food from a supermarket or grocery store will be inexpensive. Milk is around 99 cents, a loaf of bread costs $1.35, and 12 eggs will cost $1.84. A kg of fruit or vegetables such as bananas, oranges, onions, or potatoes will cost you less than $2.00, and a mid-range bottle of wine will be less than $10 at around $9.90.

Transportation in the country is extremely low too, with a one-way local ticket costing as little as 19 cents, and a monthly local transport pass costing around $10.

A monthly fitness club fee for one adult will cost around $29, so there’s no excuse not to stay fit and healthy during your retirement years.

How Much Is a House in Nicaragua

In a medium city like León you can find a nice house with 120 square meters or more for less than US$100,000.

If you want to spend your retirement in a luxury property, you can buy a house with a large swimming pool that could easily be a filming location for a hollywood movie for US$350,000. Here we are talking about a mansion with 10 parking spaces, multiple bathrooms and the whole package, located inside a gated community.

Cost of Living in León (Nicaragua) vs Valência (Spain) and Tampa (the USA)

It’s time for a comparison of the cost of living in Nicaragua. I will not compare the living costs of this central american country with those of New York or London, because nearly anywhere in the world is cheaper than those two cities.

Let’s compare the cost of living in León (the second largest city in Nicaragua, and one of the best places to retire) with the best city for retirement in Europe (Valencia, Spain) and one of the favorite cities for pensioners in the USA (Tampa, Florida).

Remember that there are other cities in Nicaragua that are also nice places to retire, and you can check them on our list at the end of this article.

Prices are from Numbeo and Expatistan, two websites that crowdsource prices and living costs from thousands of users and contributors, and from Encuentra24.

Values in USD	León	Valencia	Tampa
Meal for 1 Person, Inexpensive Restaurant	4.79	11.59	21
Domestic Beer (0.5 liter draught) in a Supermarket	0.86	2.9	1.57
Eggs (regular) (12)	1.91	1.98	3.29
Chicken Fillets (1kg)	2.84	6.4	11.24
Gasoline (1 liter)	1.57	1.56	1.2
Utilities (Electricity, Water, Garbage, etc.) for 85m2 Apartment, monthly	45	128.6	156.61
Internet (60 Mbps or More)	37.94	31.88	63.85
Cinema, International Release, 1 Seat	3	7	14
Short visit to private doctor (15 minutes)	–	73	98
Standard men’s haircut in expat area of the city	–	20	23
Rent of an apartment (1 bedroom)	275	720.77	2,035.75
Price per Square Meter to Buy an Apartment	595.20	2,999.91	4,635.63

Cost of different items in León (Nicaragua), Valencia (Spain), and Tampa (Florida, the USA).

What Americans Living in Nicaragua Need To Know

To retire in Nicaragua is an increasingly popular choice for American citizens. According to data from the US Government, there are at least 2231 north americans living in Nicaragua as foreign retirees or pensioners. That is more than Jamaica, a quite popular destination.

With low cost of living, and the ability to purchase property in the country without first needing to be a citizen, Nicaragua became attractivve for expats.

The retirement process is pretty simple for American citizens. First, you must gain residency, and then you can get a retirement visa. To gain residency in Nicaragua you must provide several documents such as; a photocopy of your passport, two passport photos, a birth certificate or naturalisation document, you must have a clean criminal record, you need to provide a health certificate, and you must have assets equivalent to the cost of a return ticket to your home country.

Then once this has been approved you can get a retirement visa by showing you have a monthly income of $600, and you must spend 180 days per year in the country. After five years you can then qualify for citizenship.

Those who are looking to gain citizenship within Nicaragua on a shorter time scale and have the money to invest could benefit from the ‘Golden Visa Program.’ This allows those who have $30,000 which they are looking to invest in real estate, or a new local business to gain citizenship within two years. Although you must be able to read and write in Spanish and pass an integration test.

If you do plan on buying property, land, or investing money into a business then you must seek advice before you do (and maybe check our list of business-friendly countries). Hiring a reputable and knowledgeable lawyer who specialises in this area will be beneficial to ensure you are aware of any legal challenges in case anything goes wrong.

Private healthcare in Nicaragua is far more affordable than it is in the United States and may be necessary if you have a particular health concern/condition that requires access to medical procedures or medication.

Take some time to learn Spanish if you are considering retiring in Nicaragua. Having an understanding of the language and being able to communicate with local people, will make living in the country far less challenging.

Best Places to Live and Retire in Nicaragua

León

Leon (a bit over 210,000 residents) is one of the most well-known cities in Nicaragua, along with Managua and Granada. It is 90 kilometers far from the capital, Managua, and 20 kilometers from the pacific coast.

Leon, however, has far less crime than Managua (the cpital has places like the Oriental Market, a tourist trap where expats frequently “lose” their wallets and cellphones). The city is well known for its baroque and neoclassical buildings.

According to Expat Central America, In the heart of the city, a one-bedroom apartment costs about $355. For $500 per month, you can rent a fully furnished house in some upscale neighborhoods. A very decent price tag if you are thinking about retire in Nicaragua.

Matagalpa

Since Matagalta (168,549 residents) is a mountain city with a more temperate climate, similar to San Diego in California. For this reason, it is known as the “Land of the Eternal Spring.” There are 300 to 400 foreigners living in the city, mostly Americans and Canadians.

Ecotourism contributes significantly to Matagalpa’s economic growth. An average monthly cost for a couple to live there is $1,200, according to International Living. A three-bedroom, two-bathroom home with a garage and backyard is available for $300 per month.

Granada

Granada is at the side of the Lake Colcibolca, also called Lake Nicaragua, the 19th largest lake in the world. Its picturesque setting is centered by the popular yellow church in the city’s center. It has a population of just over 150,000, so it has all the services and medical care you may need.

A comfortable lifestyle in Granada costs less than $1,500 a month, according to the Escape Artist. A two-bedroom apartment can be rented for less than $600 per month, and a basic lunch in the city costs less than $5.

If you enjoyed this article about how to retire in Nicaragua, here are a few other reading suggestions for you:

Our Complete World Guide of Best Places to Expatriate

The Best Cities for Remote Workers This Year

The Easiest Countries to Adopt From – A Guide.