Wednesday , 22 May 2024

$100,000 Is Enough for a Great Retirement In These 10 Countries

…We’ve looked at a wide range of data and found…[countries] with the most affordable food, health care, rents and more [around the world] and here…are 10 places where you could retire on less than $100,000 ranked in [alphabetical]…order.

  1. Colombia
    • A couple could retire in Medellin, the nation’s second-largest city, for just $2,000 a month.
    • Colombia’s pensionado retirement visa requires proof of monthly income of at least three times the minimum salary in Colombia, which is currently around $750 a month. A spouse can be included in your visa as a dependent.
      • You can apply for the visa online, or through a Colombian embassy or consulate in the U.S.
      • The visa will need to be renewed each year for the first five years and then you’re eligible for a resident visa, which can be renewed every five years.
  2. Costa Rica
    • A couple could retire in Puerto Viejo for only $2,025 a month. The country offers affordable health care and food, and rents can range from as little as $300 to $1,300 per month, depending on the amount of space and the location.
    • You’ll need a monthly income of at least $1,000 to qualify for Costa Rica’s pensionado program for retirees.
      • You’ll need to portion out some of your income for health care but medical costs are about a one-third to a one-fifth of what you’d pay in the U.S., depending on the treatment you require.
  3. Ecuador
    • A couple living in a three-bedroom luxury apartment in the city of Cuenco with a weekly maid and health care through Ecuador’s system could retire for $1,700 a month.
    • Expats need to obtain a temporary residency visa to be allowed to reside in the country for longer than 90 days and it is valid for up to two years.
      • After your first 21 months, you can apply for permanent residency. Permanent visas have no expiration date, but you’ll be allowed to leave the country for a total of only 180 days during your first two years of residency.
      • To qualify for the pensioner’s visa, you’ll need to provide proof of permanent income of at least $800 a month, with an additional $100 for each dependent you bring along with you.
  4. Egypt
    • A single person will spend an average of about $750 a month on monthly expenses with rent for a one-bedroom apartment in Cairo costing around $240/month.
    • A stay of a month or more requires a temporary residence visa which will allow you to reside in the country for one, three or five years.
      • You’ll enter Egypt on a tourist visa, then report to a police station to apply for your temporary residence permit.
      • To qualify, you’ll need to provide documentation such as a valid passport and proof of financial means of residency.
  5. Malaysia
    • A couple can rent a high-rise apartment with three to five bedrooms and a beautiful ocean view for around $750 to $1,000 a month in Penang, an island just off the coast.
    • Malaysia’s retirement visa offers 10-year residency to expats who are 50 or older and automatically renews after the first 10 years are up.
      • To qualify you’ll need to deposit $34,883 into a bank in Malaysia, or provide proof of a monthly income of at least $2,350 from Social Security or investments.
  6. Mexico
    • A couple could retire for as little as $2,240 a month living along the coast with towns farther from the coastline costing a couple could retire for about $1,890 a month including a maid, a car and private health insurance. You’ll have to spend up to $50/mo. for electricity and even more if you require constant air conditioning to cope with the heat.
    • A basic visa will allow you to stay 180 days in the country as a tourist.
      • To establish residency you’ll need a temporary visa permit which can allow you to live in Mexico up to four years. To qualify, you’ll need to show proof of employment or a pension (such as Social Security) providing you with at least $1,620 a month for a period of six months.
      • After the four years are up, you’ll need to apply for permanent residency. Applicants must demonstrate proof of income of $2,700 per month.
  7. Morocco
    • Rent for a one-bedroom apartment in Casablanca, the largest city in Morocco, can go for around $450 a month with housing being less expensive in less populated cities, like Rabat. A single person living in Morocco can get by on less than $1,000 a month.
    • Any foreigner residing in Morocco for longer than 30 days needs to apply for a residency card, to be renewed each year. After three years, you can apply for a residency permit that’s valid for up to 10 years.
  8. Panama
    • A couple could retire in Panama for between $1,765 to $2,890 a month. Living in Pedasi or other smaller towns would cost a single person $1,391 to $2,209 per month.
    • Panama’s pensionado program simply requires that you provide proof of a guaranteed income of at least $1,000 per month for life. A couple with a combined income of $1,000 also can qualify for this program.
      • If you don’t meet the minimum income requirement but earn at least $750 a month, you can purchase real estate in the country for at least $100,000, and still qualify for the retirement visa. It not only provides permanent residency, but it also gets expats discounts of up to 50% off a wide variety of services, including medical care, travel, entertainment and restaurant meals.
  9. Peru
    • A retiree in Arequipa, where rent for a one-bedroom apartment averages about $250 a month could get by with less than $2,000 a month although rent is more costly in the capital city of Lima.
    • To apply for a Rentista Visa you will need proof of income of at least $1,000 a month, with an additional $500 for each dependent.
      • You won’t be allowed to work in the country, or leave Peru for more than six months each year.
      • After three years you can obtain a permanent visa which lets you reside in the country indefinitely; you’ll need to renew it every five years.
  10. Portugal
    • Living in a suburban area outside Porto or Lisbon would cost around $2,200 a month but you could manage on just $1,700 a month in a smaller city.
    • You’ll need to visit a consular office in Portugal to apply for a residence permit in the country. For the first five years, you’ll be living under a temporary residence permit, but after that you can apply for a permanent one.
      • When you apply for a long-term stay visa, Portugal’s Ministry of Foreign Affairs stipulates that you must have a minimum monthly income of at least 635 euros, (about $750 as of mid-October 2020), to demonstrate that you have the means to live in the country.
Editor’s Note:  The original article by Serah Louis has been edited ([ ]) and abridged (…) above for the sake of clarity and brevity to ensure a fast and easy read.  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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