What areas should be considered for moving after retirement? In this article, read our guide to affordable and comfortable places for pensioners to live.
According to the International Giving magazine, the top most suitable for pensioners in 2024 includes the following countries: Costa Rica, Portugal, Mexico, Panama, Ecuador.
We have considered these states in terms of the following parameters: climate, visa requirements for pensioners, prices for the purchase and rental of residential real estate, the cost of living in general, medical care, security, transport, social life. When specifying prices in our guide, we relied on an international database traveltables.com .
Costa Rica
Costa Rica is located in Central America and borders Nicaragua and Panama. More than 10% of Costa Rica’s more than 5 million residents are emigrants, and foreigners, including retirees, continue to arrive.
An illustrative fact about the country is that after the abolition of the army in 1948, the military budget was redistributed for education and health. As a result, these industries in Costa Rica are of the highest quality.
Climate
The tropical climate of Costa Rica is suitable for you if you like hot weather. If you prefer something moderate, the hills of San Jose and the Central Valley will suit you.
Visa requirements
Costa Rica offers foreign pensioners a special visa option — “Pensionado Visa” or “Rentista Visa”. The minimum pension or any other reliable source of income should be about €2,500 per month.
Buying and renting an apartment
Prices for the purchase of apartments in Costa Rica range from $1,000–$1,400 per square meter.
You can rent a one-bedroom apartment in the cities of Costa Rica in the range of $340–$500, with three bedrooms — $650–$830.
The cost of utilities is $70.
The cost of living in general
Excluding housing, the total cost of living in Costa Rica for two will be about $940.
Quality and cost of medical care
Costa Rica has two health systems — public and private. After you have obtained a residence permit under one of the typical Pensionado or Rentista programs, you pay approximately 13% to 15% of your stated monthly income to Caja Costarricense de Seguro Social (this is the national medical program).
Safety
Costa Rica is considered a safe place to live due to several factors: stable democracy, low crime rate compared to many other countries in the region, good infrastructure and high quality of life.
Transport
There is a well-developed road network in most areas of Costa Rica. A bicycle is also a popular means of transportation.
A monthly pass costs $38.89, a taxi ride (1 km) — $1.04, a liter of gasoline — $0.99.
Social life
In Costa Rica, there are various emigrant clubs that unite into interest groups: hiking, bird watching, photography, language exchange and much more. These communities provide an opportunity to meet other foreigners and take part in joint activities.
Portugal
Portugal is one of the most attractive destinations for retirees due to the low cost of living, mild climate and high—quality medicine. Let’s look at the advantages of the country in more detail.
Climate
Summers in Portugal are dry and sunny with an average temperature of about +20 °C, winters in the north are rainy and cold (from +4 °C to +10 °C), but snow usually occurs only in the mountains.
Visas
You can apply for a Portuguese “D7” visa, which is intended for pensioners and those who receive “passive income” (it must exceed the local minimum wage of €932.77).
Buying and renting an apartment
You can buy an apartment in Portugal in the range of $1400–$2300 per 1 sq.m.
You can rent a one–bedroom apartment in the cities of Portugal in the range of $414—$618, with three bedrooms – $700-$1073.
The cost of utilities is $103.89.
Top 10 cities in Portugal with the cheapest and most expensive apartments
The cost of living in general
Excluding housing, the total cost of living in Portugal for two will be approximately $931.85. In Lisbon, Porto or the Algarve, you need to count on larger expenses.
Quality and cost of medical care
Healthcare in Portugal is affordable and ranks 12th according to WHO. Portuguese residents can use both public and private service systems.
Transport
There are three international airports in the country.
Portugal’s motorway system is one of the best in Europe, it is easy to navigate, and there are enough rest stops along the way.
One of the best ways to get around in Portugal is by public transport. Bicycle rental, ferry transport and “infamous” funiculars or elevators (these are cable cars that move vertically along steep slopes) are also at your service.
A monthly pass costs $42.65, a taxi ride (1 km) — $4.08, a liter of gasoline — $1.71.
Safety
Portugal is one of the safest countries in the world, ranking 6th in the Global Peace Index. Therefore, you will not have to worry about crime.
Social life
There are more than 500,000 foreigners from all over the world living in the country, so it will not be difficult to fit into the local community. It is especially easy to make acquaintances in such popular expat locations as Porto, the Silver Coast, Lisbon and the Algarve.
Mexico
Mexico is considered one of the best places to retire for several reasons: rich culture, the hospitality of the locals, and at the same time all the amenities and opportunities for a luxurious life are available at fairly low prices. After all, thanks to the relatively low cost of living, you will be able to afford much more expensive pleasures and entertainment here.
Climate
Mexico has a diverse climate: from tropical in the south to desert and temperate in the central and northern regions. However, the country mostly enjoys warm and sunny weather throughout the year.
Visa requirements
First, you can get a temporary resident visa and live in this status in Mexico for up to three years (renewing the document annually). Applicants for temporary residence must show a statement of income, which should be between $3,300 and $4,600 for the last six months. Another option is to have between $54,000 and $74,000 in your account over the past year.
When these 4 years have passed, you can either re-apply for a temporary resident visa, or convert it into a permanent residence visa. A permanent visa is available for people who can demonstrate a minimum income or pension of about $5,500–$7,500 per month for six months or an average bank balance of about $215,000–$293,000 over the past year. The validity period of a permanent visa is no longer limited.
Buying and renting an apartment
The cost of a “square” in Mexico is $590–$825.
You can rent a one–bedroom apartment in the cities of Mexico in the range of $165—$265, with three bedrooms – $340-$505.
The cost of utilities is $35.
The cost of living in general
Excluding housing, the total cost of living in Mexico for two will be approximately $562.04.
By the way, residents aged 60 and older can use the local INAPAM program, which provides discounts on transportation, medical expenses, utilities, taxes and more.
Quality and cost of medical care
In addition to IMSS health insurance, which costs between $300 and $800 dollars per year depending on your age, legal residents can apply for INSABI, a free government health insurance plan, or buy private insurance.
Safety
In Mexico, you need to be on your guard, as the country is one of the most dangerous in the world. The most dangerous states are Tabasco, Veracruz, Guerrero, Oaxaca and Chiapas.
Merida is considered the safest city in Mexico, which, along with accessibility, makes it a popular destination, including for pensioners.
Transport
In Mexico, colorful buses known as “camions” are a popular means of transportation. An alternative is the Mexican metro system in Mexico City.
A monthly pass costs $15, a taxi ride (1 km) — $1.51, a liter of gasoline — $0.82.
Social life
Wherever you live in Mexico, you are likely to find an expat community, so there will be plenty of opportunities to meet and socialize. In addition, free concerts, street theaters and other social events are organized in most cities and towns.
Panama hat
Panama attracts retirees and remote workers with its relaxed lifestyle in a tropical climate. Beaches, jungles and major cities are all at your service.
Climate
Panama is one of the sunniest places on the planet. The average daytime temperature is about 30 °C, and about 10 degrees cooler when there is no sun in the sky. The most popular town among expats is Boquete. Spring weather is in this picturesque place all year round.
Visa requirements
If you receive a pension of at least €1,000 per month, you can easily move to Panama on a Pensionado visa. This can be a pension from the state, a private company, a trust or a foundation. If you do not have a pension, but you plan to buy a house here, you can apply for a Friendly Nations visa — the cost of the facility should start from $200,000.
Buying and renting an apartment
For one square meter in Panama, they ask for about $ 1400–$2200.
You can rent a one–bedroom apartment in the cities of Panama in the range of $520—$800, with three bedrooms – $980-$1600.
The cost of utilities is $70.
The cost of living in general
Excluding housing, the total cost of living in Panama for two will be approximately $920.
Quality and cost of medical care
As a foreign pensioner, you are eligible to participate in Caja de Seguro Social (CSS), Panama’s public health system. To qualify, you will need to meet certain requirements, such as applying for a Pensionado visa and receiving a pension of at least $1,000 per month. CSS provides medical services with discounts: they amount, for example, to 15% on hospital bills and 20% on medical consultations.
You can also choose private or international health insurance. Private health insurance premiums can start from $50 to $100 per month for basic coverage, and the average cost range for international insurance in Panama is from $2,800 to $5,700 per year.
Safety
Panama is generally considered a safe country for residents and tourists. It has a relatively low crime rate compared to many other countries in the region. However, as in any other place, it is always important to be careful.
Transport
Panama’s main international airport makes it easy to get to cities in the USA, Canada and Europe.
In Panama itself, such means of transportation as water taxis, as well as the Panama Canal Railway, are popular.
A monthly pass costs $30.73, a taxi ride (1 km) — $1.52, a liter of gasoline — $0.73.
Social life
People from all over the world live in Panama — from the USA, Venezuela, France, Korea, Jamaica, Canada, etc. Therefore, people communicate and interact comfortably here, enjoying freedom and security.
Ecuador
Ecuador, which is located between Colombia and Peru, is consistently among the top ten places for retirees in the world. The country is especially popular among North Americans and Europeans.
Climate
The weather in Ecuador is almost perfect wherever you live: you can sit on the beach and enjoy the cool sea breeze with a temperature of 21 °C, or settle in the Andes, where temperatures will prevail in the range of 15-20 °C.
Visa requirements
Foreign pensioners interested in moving to Ecuador can apply for a special “Pensioner Visa”. The minimum monthly pension should be at least $820.
Buying and renting an apartment
Intending to buy an apartment in Ecuador, you need to count on the cost of a “square” in the range of $ 1100–$ 1300.
You can rent a one–bedroom apartment in the cities of Ecuador in the range of $260—$325, with three bedrooms – $470-$560.
The cost of utilities is $38.
The cost of living in general
Excluding housing, the total cost of living in Ecuador for two will be about $820.
Quality and cost of medical care
The cost of public health insurance IESS in Ecuador for foreign retirees is usually calculated as a percentage of your monthly pension. This percentage can range from 17% to 21%. For example, if your pension is $1,000, the monthly cost of IESS health insurance will be approximately $170 to $210.
The cost of private health insurance for foreign retirees in Ecuador can range from about $100 to $500 per month or more.
International health insurance premiums can range from $200 to $1,000 per month or more, depending on the level of coverage and personal circumstances.
Safety
Ecuador has a relatively low crime rate. By following the usual precautions, you can live safely in this South American country.
Transport
Ecuador has excellent domestic flights for long-distance travel. The bus system and the railway network are also well developed.
A monthly pass costs $12.12, a taxi ride (1 km) — $1.26, a liter of gasoline — $0.44.
Social life
Emigrants are scattered all over Ecuador depending on their lifestyle. Larger emigrant communities are located in Salinas, while a slightly smaller community is located in the village of Cotacachi and the modern resort town of Cuenca.
It is worth noting that Ecuador provides many opportunities for outdoor activities such as hiking, surfing and bird watching.
Frequently Asked Questions
Which countries are among the top best places for pensioners to live?
The top most suitable countries for pensioners include: Costa Rica, Portugal, Mexico, Panama, Ecuador.
In which countries is it easiest to apply for a residence permit for pensioners?
Simpler visa programs for pensioners are available in Costa Rica (Pensionado/Rentista visa), Panama (Pensionado visa) and Ecuador (pensioner visa).
Which countries have the lowest level of living expenses?
Excluding housing, the lowest living expenses for two are indicated for Mexico ($562) and Ecuador ($820).
Where is the most affordable medical care?
Detailed information about the cost of medical services in different countries is provided in the article. All the listed countries have accessible government systems.
Which countries are the safest for pensioners?
Portugal, Costa Rica and Panama are marked as the safest of the countries considered. In Mexico, however, caution should be exercised due to the high crime rate.
Author
Yulia Yanukovych Editor-in-Chief
I am responsible for the work of the editorial office. I write expert interviews and guides.
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