10 Best Places to Retire in 2024 (Visas, Residency, Healthcare, Taxes)

If you're looking for the

best

places

in the world to

retire

, you're probably concerned about the country's climate, cost of living, political stability, safety, community, and more. And you're probably also wondering where you can find all of these qualities in one place. In this video, I share with you the 10

best

places

to

retire

in the world and why, according to International Living's Global Retirement Index. But I'm not going to sugarcoat things. I'll tell you the pros and cons, what you need to get

residency

there, what

healthcare

is like, and whether your pensions and social security income will be taxable.

We'll save the best places for last and at the end of this video I'll tell you which countries should be on this list but aren't. In tenth place. We have Colombia nestled between the Caribbean Sea and the Pacific Ocean, a land of natural beauty with a long history of tradition and culture. What I love about Colombia, besides its natural beauty, is that there is so much diversity when it comes to choosing a place to live. Whether you want to visit Cartagena or the San Blas Islands or head to Cali or the cities of Bogotá or Medellín, you have many options and wherever you go in Colombia, you can expect a really low cost of living, between 60 and 80% less than the United States.

Colombia also has an excellent

healthcare

system, ranked 22nd in the world, and is known for having a very friendly local population that is welcoming to foreigners and retirees. However, no place is perfect and there are some safety concerns in Colombia. There can also be very heavy rain at some times of the year, and it is known for having a lot of bureaucracy, but really, what government doesn't have that? It can also be a challenge if you don't speak Spanish, you can retire in Colombia with the Colombia Retirement or M Visa, and you can qualify for this visa with three times the monthly minimum wage, so it works out to around $800 or $900. per month.

This visa is available for three years and is also renewable and its approval is fast. So those are some of the benefits of retiring in Colombia. You will need a health certificate and a clean criminal record to qualify for this visa, but the good news is that there is an exemption for foreign-source pensions, although if you do not retire there, but are a tax resident. In Colombia, you could be subject to income tax on its progressive scale from 0% to 39%. If you have ever imagined yourself living the beautiful life on the French Riviera or in the French countryside, then consider number nine on the list.

France. You know, before traveling to France, I always assumed it was very expensive, and while Paris has some of the most expensive hotels in the world, I was surprised at how reasonable the cost of living is there and how affordable the food is. , hotels, rentals and your daily expenses can be. I remember taking a road trip with my friend through the French wine region of Saint-Émilion and our Airbnb there was less than $50 a night, and I remember having a multi-course lunch at a chateau with wine included somewhere. From 12 to 20 euros per person. In general, the cost of everyday goods in France can be expected to be between 10% and 25% lower than in the United States, and rental prices can be up to 50% lower than in the United States.

When it comes to health care, residents can pay between 0 and 25% of the cost of care and, according to IL, for a retired couple, it could cost around $1,800 per year. Like Colombia, one of the main benefits of retiring in France is really the diversity of places you can choose from, from the big cities, Paris, Lyon, Toulouse to smaller towns or the beautiful French Riviera or the coast. I think France is one of those countries that is really underrated when it comes to nature because people tend to automatically think of cities, but in reality you have everything, from the mountains to the countryside to the beach.

The food in France is amazing. I don't even think it needs to be said that, but if you haven't been to a French grocery store before, it will change your life. Amazing. As an added bonus, if you live in France, you'll never run out of chocolate croissants. But seriously, it really has a very relaxed pace of life, even in the Parisian cities and suburbs and you don't listen to the stereotypes that the French are cold and unapproachable because it is an open society if you learn to talk. French and if you really intend to integrate with the local culture there, it is possible to find community.

It may take a little longer than in other disadvantaged countries. Property in France, although it can be quite affordable, can also be hard to come by and expensive, especially in the cities. If you live there all year round, depending on where you are, the winters can be long, dark and gray, and as I told you, it is almost a requirement to learn to speak French. If you want to live there and have some chance to integrate with your local community. To retire in France, you will first need a long-term visitor card, valid for up to one year.

After that, you will need to switch to a French residence permit. Foreign pensions are taxed in France, although there is a tax treaty between France and the US, so check if it is the same in your country to avoid double taxation wherever in the world you plan to live or retire. Learning the local language is essential. My life completely changed when I learned Spanish 20 years ago, but I had just returned from a trip to Brazil and was really frustrated by my inability to communicate while I was there. So, in preparation for my upcoming trip to Portugal, I've been brushing up on my Portuguese using Rosetta Stone.

I really like how it uses the combination of images with audio and reading, so whether you are a visual or auditory learner or learn by doing, you are covered here. We did it. I really like that you can make a lot of progress in just 10 minutes a day and you can track your progress in the app. You can start learning a language with Rosetta Stone at any age, and if you click the link below this video you can get 50% off a lifetime subscription to all languages, so you can learn as many however you want or can return. to those who want to learn better.

Or if you need a refresher on them, use the link below to get 50% off. Lifetime access right now and thanks to Rosetta Stone for collaborating on this video. From sandy beaches to modern cities, Malaysia has it all, and with the Malaysia my second home visa, you can stay in Malaysia for five to 15 years with the option of obtaining a residence permit. Malaysia is often thought to be second only to living in Singapore, but for a much lower cost. Malaysia is an advanced country with a modern developed economy and a stable currency, especially compared to other countries in the region.

It also has more affordable real estate than neighboring countries like Thailand. It's very safe, has great food, especially good street food, and expats love it so much that it was voted the 4th best country in the world for expats in 2023, and is also ranked 20th on the global peace index. Healthcare is also very high quality and very affordable. You can expect to pay about $50 for a doctor's appointment there and between three and $7,000 for a knee replacement, for example, in the reduced size, although it has a warm climate, it can also be very hot and humid and can have some problems With the poor air quality and the Malaysia, my second home program, investing in real estate is required.

It is also not known for being the most open and progressive country when it comes to equality and, although the cost of living in Malaysia is low, you can buy lunch for only a few dollars. There are high

taxes

on alcohol, so your happy hour may cost you a little more. The retirement visa you'll want to consider is Malaysia, my second home program. This was developed by the Malaysian government in an attempt to attract foreigners to live and retire there, and was quite successful. They have just renewed it for

2024

and created three different categories, silver, gold and platinum.

And depending on the category you apply for, that determines how many years of

residency

you can get there. So, it's between five and 15 years, but with the platinum level, you can actually get permanent residency, and this is something that was very difficult to get before. There are some advantages that come with this visa. You can buy a house, you can import or buy a car, and you can also apply for a domestic help there. If the idea of ​​living a Mediterranean lifestyle surrounded by sunshine, blue seas and ancient history appeals to you, look no further than Greece.

From the bustling streets of Athens to the quiet shores of the Greek islands, Greece has become popular with digital nomads, retirees and foreign investors, not least for its golden visa program; It is also the cheapest country in Western Europe. I have always been fascinated by Greece, probably because of its ancient history, incredible climate and delicious food, fresh produce, fruits, nuts and cheeses. It is truly the home of the Mediterranean diet. One of the highlights of my travel life was definitely visiting Olympia, the site of the original Olympic Games, and being able to walk the field where ancient athletes played.

I also picked olives from olive trees and sailed around the Greek islands. It's just an amazing place and friendly people, nice culture and affordable lifestyle, and it's also a great hub if you want to explore the rest of Europe and the world. You can get really cheap flights from Athens, for example, round-trip to Rome for just $63, but you also have direct flights to the Middle East, Africa, Asia and beyond. Of course, there are some disadvantages, the first and most important being the language barrier. If you don't speak Greek, there are also some economic challenges in the country, some political instability and also the infrastructure can be inconsistent, including healthcare.

Greece does not have the best healthcare system in the world. It's not the worst either. It ranks 41st, but you could get inconsistent access to care depending on whether you live in a very remote area or on a remote island, you may need to travel to a place with more modern facilities. There may also be some minor crimes in certain areas. It took me a bit to get used to cities like Athens. There is some graffiti and petty theft, so there are some things to watch out for, but nothing much different than what happens in any country.

To retire in Greece, you really have two main options for your residence permit. You can opt for the Greek residence permit, which requires 2,000 euros of monthly income, or you can opt for the Greek Golden Visa, where you can invest in real estate between 250 and 500,000 euros. The golden visa option is good if you think you are going to travel because there is no minimum stay requirement and that gives you permission to live in Greece for up to five years. Now, technically it is a path to permanent residence and citizenship, although Greece has one of the lowest naturalization rates, around one or 2%, so it is not the best country if you want to get another passport.

And then, if you choose the residence permit option, it will be for one year and it will also be renewable. As for

taxes

, you can expect a flat tax of 7%. And in addition, Greece has international tax treaties with other countries, so it can avoid this double taxation. Located in the heart of South America, Ecuador offers retirees a diverse and enriching experience with its stunning landscapes, including the Amazon rainforest, the Andes Mountains and beautiful coastal regions. If you are looking for a country with lots of natural beauty complemented by its low cost of living, then Ecuador can be a great option to relax and enjoy a peaceful lifestyle.

Ecuador's friendly people and welcoming locals make it easy for expats to integrate into the community. Whether you live in vibrant Quito or the quiet streets of Cuenca, Ecuador is a solid choice for retirement because it has a lot of diversity and natural beauty within the country and also a much lower cost of living compared to some popular neighboring countries. like Costa. Rica or Panama. Ecuador has a really central location between North and South America. It is close to the United States. It has a dollarized economy and due to its position on the equator, there is no need to worry about hurricanes.

Property in Ecuador is also quite affordable. You can rent an apartment or house for as little as a few hundred dollars a month, or you can purchase a nice apartment or property in a place like Salinas for a hundred or $200,000. Ecuador has a fairly modern health system, although it ranks 82nd internationally, but the government IESS system there can cost you around $95 per month, although you can also pay out of pocket for medical appointments or surgeries or take out insurance. private doctor. As for the downsides, there has definitely been an increase in violence and crime in recent years, especially since the pandemic.

Many people say that the country isdestabilized at the moment, and at the time of filming this video there is an actual internal armed conflict, which does not bode well for the country's reputation, but many locals and local expats will say that this type of violence is very isolated and that it does not It affects the country as a whole. If you are looking to retire in Ecuador, check out the country's retirement or Retiree visa that you can obtain from age 65. The application costs less than $500 and you can apply from Ecuador or your home country as long as you can demonstrate a monthly income of $800, and there are some other requirements.

Fortunately, foreign pensions are not subject to tax in Ecuador, but if you are a tax resident there, you could otherwise be subject to income taxes on their progressive scale of zero to 37%. Do you see yourself enjoying a Mediterranean lifestyle, perhaps a glass of Kava or wine or sangria at lunch and a nap in the afternoon? If so, Spain welcomes you with its easy visa process as long as you can support yourself financially and not work while you are there. Spain was voted the second most affordable country in the world to live for expats, and is also the second most affordable country in Western Europe after Greece.

Spain is one of those countries that really attracts a lot of people, whether you're thinking of retiring there or not, it offers a lot, from amazing food and tapas to history and culture, but it's one of those countries that really has a lot of variation in terms of where you want to live while staying within Spain, from the beaches of the Costa del Sol to the Pyrenees, the Canary Islands and of course the larger cities like Madrid and Barcelona, ​​you can generally keep your cost of living quite low, around $2000 or $2000 euros per month, but if you live in the cities, then your cost of living will be significantly higher, especially when it comes to rent and housing because Spain is a very attractive option. .

It attracts many foreigners there. So, with a lot of expats there, you can have access to a really strong community, but if you move there, I recommend learning Spanish because that will help you adapt much better. And many people don't speak English outside of the most touristy areas. Spain is also known for being a fairly open society when it comes to equality and equal rights, and is also known for having really good public transportation. So you can travel around the country or the European continent quite easily by bus or train. Spain also has one of the best-rated healthcare systems in the world.

You can get private insurance there for less than $150 a month and with a $0 deductible. Just remember that if you are traveling to Spain with the Non-Lucrative Retirement Visa, then you will not be able to work or carry out any income-generating activity while you are there. So if you need to earn extra money, keep that in mind. Also, as I mentioned, housing can be quite expensive in urban areas, and if you are looking to invest in property, then property taxes are quite high there as well. Although Spain has a beautiful culture, there are some things that need to get used to.

First of all, restaurants don't open until nine or ten at night, so if you're looking for those early dinner specials, Spain probably isn't the place for that. Spain is also famous for having a pretty harsh bureaucratic system, and local foreigners like to hashtag it when things don't go their way. If you are looking to obtain a driver's license in Spain, that test will be in Spanish. Another reason to learn the language if you're looking to retire in Spain, first check out the Non-Profit Visa, which is valid for one year, renewable for up to five, and then you can obtain permanent residency and ultimately citizenship there. .

You can also follow the Golden Visa Route, but it will cost you at least half a million euros up to one or 2 million depending on the type of investment you are making in the country. As far as taxes are concerned, your pension abroad could be partially or completely exempt from tax there. It really depends, so be sure to consult a tax advisor, but Spain is known for its high income taxes, from 19 to 47%, which frequently top lists of retirement destinations. Panama is known for its modern infrastructure, tropical climate and the famous Panama Canal. The country offers various benefits for retirees, such as discounts on entertainment, medicine, and more.

Additionally, their Pensionado program is one of the most retiree-friendly

visas

in the world. Panama, this is one of those golden countries for retirement. It's sunny, it's hot, it's a dollarized economy. It's close to North and South America, and it's also in a good spot to be able to avoid those hurricanes and tropical storms. It's safe, it's beautiful. You have the beaches, you have the mountains of Boquete, and it is a very friendly and welcoming culture. That's why this country always ranks high as a great place to live abroad or also to retire. Now, Panama City can be expensive depending on the type of housing you have, but you can expect to be able to live on social security income in most of the country.

There aren't many downsides to living in Panama, which is probably why it ranks so high on many of these lists. However, one thing that comes to mind is the weather. So although it is a warm climate, it can also be very hot and humid, especially in Panama City. So if you want to escape the heat, be sure to head to the mountains. Also, the language barrier, the cultural adaptation, will be problems that you will face wherever you go, so it is not something very specific to Panama, but it is a very slow and relaxed pace of life, which is good for some. aspects of retirement, but it can be frustrating in other aspects with that slow government bureaucracy and also tomorrow, where tomorrow could mean anytime or it could mean never, or it could actually mean tomorrow.

In Panama, you can obtain the Pensioner Visa with a thousand dollars. in monthly income, but if you're not sure Panama is the right place for you, then it is one of the few countries that has a really generous 180-day tourist visa. So you can go and stay in the country for six months and try it first. It's a great place to go if your top priorities are tax-free living and good healthcare. Panama is known for its very modern healthcare system with many English-speaking doctors, and it does not tax foreign income or pensions. With its pleasant climate, affordability and proximity to the United States.

Mexico is one of the best options for retirees. It was also voted the number one country in the world for expats in 2023, and if you can prove your financial stability, you can easily obtain a temporary residence visa or permanent residence. One of the things I love about Mexico besides the food is its amazing diversity, but also the amount of history it has. This is not a country like many island countries where the only thing that matters is the beach. Although Mexico has 7,000 miles of coastline, it also has more UNESCO World Heritage Sites than any other country in the Americas.

So regardless of what you're looking for, you're likely to find it in Mexico. Whether you want to go surfing in Baja California, live in a cosmopolitan city, or find a cooler mountain town with a strong expat community, like a place like San Miguel de Allende. Mexico is also well located if you are coming from the US or Canada, but it is a country that embraces tourism, so it generally has good infrastructure and also many direct flights from Asia, Europe and beyond. When it comes to healthcare, Mexico is a mecca for medical tourism. People, especially from the United States and Canada, flock to receive high-quality, low-cost treatment.

It is a country where you can expect to find quite a few English-speaking doctors and it is really affordable to pay out of pocket or get private health insurance. One time when I was in Playa del Carmen, I got really sick, but I was able to go to the ER, get antibiotics, and I think the doctor's appointment and everything cost me about $30 considering the downsides. One of the things I don't like about Mexico is that you can't drink the water. No matter how many times I've been to Mexico, I somehow feel like I always get sick from the water, but luckily, that's a very easy solution.

You can get one of those refillable bottles and put it in your kitchen. But seriously, Mexico does have that narrative in the media, especially as a dangerous country. Although anecdotally, I have never felt unsafe there nor experienced any crime or met anyone who has been a victim of crime there. It can be quite isolated in certain areas of the country and even in the US State Department, which is historically very conservative when it comes to travel warnings. They only have active warnings right now in six of the 32 Mexican states. So, like anywhere you go in the world, be careful, but I wouldn't rule out Mexico just for safety reasons.

Another thing I've seen a lot of foreigners complain about online is the noise levels in Mexico, depending on where you live, if you're somewhere with a lot of population you know you might get held up. waking up at night to dogs barking or waking up in the morning to roosters or maybe hearing cars go by with speakers on the roof. But that is just part of the culture and is something quite common throughout Latin America. And you can also find a smaller town or rural area to live without so much noise. Infrastructure is also an advantage for Mexico.

You can also get fiber optic internet in many places, although I have noticed that it can sometimes cut out and the electricity too, although it is becoming less common in recent years, it is probably not a problem if you are retiring there. , probably more so if you're going to work remotely, but overall it gets a thumbs up from me. Now, if you want to retire in Mexico, you must obtain the Mexican Resident Card. However, you will first need to apply for the Temporary Stay Visa, which is renewable for up to four years. Now, in any case, you will have to apply for this from outside of Mexico at an embassy or consulate, and you cannot work with these

visas

and permits either, so if you want to work, you will need to obtain a separate visa. work permit.

One of the most important requirements is proof of financial solvency, and the exact figures vary depending on where you apply, but are typically around $300,000 in savings or investments and also show $7,000 of income or pensions over the last six months. Foreign pensions and social security benefits are not subject to tax in Mexico, but if you are a foreigner who moves there and becomes a tax resident, you will need to file an annual tax return and may owe taxes on your income on everything. the world. Known for its stunning coastline, ancient history and affordable lifestyle, Portugal has become a favorite for retirees in recent years.

The country's sunny beaches, historic cities and modern healthcare system often keep it among the world's best destinations for retiring and living abroad. Portugal is full of diverse places to live, from the lively capital of Lisbon to the quiet beaches of the Silver Coast or the Algarve. Portugal is also extremely safe and ranks high on the world peace index. It has good infrastructure, roads, public transport and is a nerve center close to the rest of Europe. Portugal has the 12th largest healthcare system in the world according to the World Health Organization and, as a foreign resident, you have access to both public and private healthcare.

You can also afford a private health insurance plan which should cost no more than about $150 a month, but Portugal was bumped down this list compared to last year due to its rising cost of living and also uncertainty over its tax policies. of visas and residence. . You may have remembered when Portugal discontinued the real estate option of its Golden Visa Program, which made many people unhappy, but it was probably also necessary for it to happen as it was probably responsible for much of the rise in house prices. However, in 2023, Portugal's non-habitual resident (NHR) tax benefit was suspended, giving people many tax credits and exemptions for up to 10 years on income earned abroad.

So if you already live there, you could be included in this system by the end of 2023, but if you want to retire in Portugal in

2024

and beyond, it's definitely something to consider if you're thinking about moving to Portugal. Some of the other disadvantages of living in Portugal, apart from rising housing costs, which have been largely attributed to foreign investors and tenants, are a topic for another day, is that some people mention that they don't like to see the abandoned buildings there. They don't like graffiti and Portuguese bureaucracy can be quite frustrating for them.people. But one thing to keep in mind when looking at the cons of these countries is that no matter where in the world you move to, there will be pros and cons.

There will be things you like and things you don't like, and it's very important to know that when you move to a country, that country is not going to change for you. It probably won't change while you're there. Therefore, it is important to weigh both the pros and cons, but find a balance between what makes you happy to live and what is a deal-breaker for you. One thing for me personally, although people praise the weather and climate in Portugal, is that I found that the isolation is not that great, at least in the places I have stayed.

So if it was cold outside, it felt colder inside my apartment. If it was hot outside, it felt hotter inside. So make sure you get a place that is climate controlled, if that's important to you. Or as my Portuguese friends say, if you are cold, wear more clothes. Now that the real estate category of the Portuguese Golden Visa has been discontinued, without a doubt, the most popular option to retire in Portugal is through the D-7 Visa. Now, with this program, you will need to have 760 euros of monthly income, as well as health insurance, a clean criminal record and proof of accommodation.

The good thing about this option is that you can apply for permanent residence after five years, and it is also a path to citizenship, but this is the type of permit for you if you plan to live in Portugal, because you will need to be there for about six months. per year to be able to maintain your residency status. As I mentioned, Portugal's NHR benefit was suspended in 2023, so at this time it is unclear what the income tax on your foreign pension will be in the future. Now, there was a new system called the Incentivized Tax State Program that was proposed with a flat tax rate of 20%, but the details on that are still pending.

In any case, the NHR program had to go according to Prime Minister Antonio Costa, who said that the program no longer made sense and was inflating the real estate market, which has reached unsustainable prices. I think we can all agree on that. Costa Rica was International Living's top choice as a place to retire this year, and for good reason. Located in Central America, Costa Rica offers retirees a peaceful life amidst lush tropical forests, picturesque mountains, and beautiful beaches. The country's excellent healthcare system, warm climate, reasonable cost of living, and pro-retirement policies make it a great option for retiring abroad, especially if you're looking for a peaceful, nature-focused retirement.

Costa Rica has many advantages when you are looking for a destination for your retirement, it is incredibly beautiful with beaches that look like postcards. We have the most amazing sunsets, especially on the Pacific coast, and we also have a very friendly and welcoming local population who are really embracing tourism and foreign residents from all over the world. If you're looking for year-round spring weather, consider Costa Rica's Central Valley, which has some of the best weather in the world in cities like Atenas. But, of course, there are also the beaches and coastal areas. However, one of the biggest benefits of going to Costa Rica is its proximity to the United States and Canada.

You have direct flights to many international airports and you have two international airports within the country, both San Jose and Liberia. Costa Rica also has a thriving medical tourism industry. So if you are looking for affordable, high-quality healthcare, Costa Rica is the place where you can actually get access to the public healthcare system if you get the Costa Rica Retiree or Pensioner Visa, although private insurance is also quite affordable. , and I have never paid more than $50 or $60 for a regular dental cleaning or doctor's appointment. I also paid out of pocket for hospital tests and lab tests, you name it, because it was actually easier and cheaper for me to pay for them than to even go through the process of getting that money back through my insurance.

So you have good healthcare, you have a good location and it is also an ecotourism paradise full of beautiful nature and wildlife and a relatively affordable cost of living. You may also experience less culture shock in Costa Rica. Many of my Costa Rican friends have said that they think Costa Rica has really adopted a lot of American culture and you will see a lot of American chains there. English is also widely spoken in many areas and there are many international residents. So it's a place where you can really feel at home without suffering as much culture shock compared to if you move to Paraguay, Uruguay or places where there aren't as many foreign retirees.

A disadvantage of living in Costa Rica is that it is one of the most expensive countries in Latin America. So while it's possible to keep the cost of living low, if you live like a local, your cost of living can easily go up to two, three, or $5,000 depending on where you live, whether you have a car, and a few other factors. So depending on your lifestyle, it could be quite expensive there and in some cases it could cost you the same or more than in your home country. Crime and violence are also a very important consideration there.

Now, Costa Rica is known as the Switzerland of Central America for its natural beauty, its peace. It doesn't have an army, but crime has been a problem there, and it's a big problem right now. It has been for many years, but it appears to be increasing. I recently read some articles that people are buying more security systems. People feel less safe, including local business owners who are trying to find ways to protect themselves and feel like they can't necessarily trust the police force or the government. So this is something to keep in mind. Furthermore, many of the crimes do not necessarily reach the mainstream media.

I talk about this in my video on why expats leave Costa Rica, so you definitely want to watch it before moving to Costa Rica if you haven't already. But in general Costa Rica is a beautiful place. It offers a really nice lifestyle and is an optimal place to retire, especially if you are from North America. If you are looking to retire in Costa Rica, you can check out the Pensionado, Rentista and Investista, and you can qualify for this with as little as a thousand dollars of monthly income. There is no minimum age requirement and it is valid for two years.

Plus, a path to permanent residency and citizenship. After 10 years. Now, you will have to pay monthly to the kaha or social security and healthcare system. This can represent between 13 and 15% of your income. Now, there are a few countries that were left out of the top 10 of this list, including Italy, Thailand, Malta, Uruguay and Ireland. But there are also many countries that I think should have been on this list but didn't. I'm thinking of places like Argentina where you can qualify for their Pensioner Program with as little as $800 monthly income. Or what about the Philippines, where you can live there forever?

With the SRRV Visa, there is also Indonesia, the islands of Turkey in the Caribbean and many countries in Eastern Europe. So if you want to know more about other places you can retire, check out these videos below.