The benefits of retiring to another country are many. The challenge is to make a decision about where to go. Once you begin investigating options abroad you can feel overwhelmed with choices. You need to identify your own agendas and priorities and then select the place where they would be best met. Here are eight overseas retirement haven suggestions based on the lifestyle you are looking for in retirement.
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The best place to retire on a budget: Cuenca, Ecuador.
Cuenca is perhaps the most affordable place in the world to retire comfortably. You could retire here on less than $800 per month.
The best place to live a luxury lifestyle on a budget: Paris.
Whatever your idea of the high life, you can find it in the City of Light. The best part about Paris is that some of the best it has to offer comes free.
The best place to retire at the beach: Las Tablas, Panama.
Within a 20-minute drive of the Pacific-coast town of Las Tablas, Panama, you can reach five different beaches, all beautiful and undiscovered. This is a big part of the reason why a growing numbers of U.S. and Canadian expats are settling in this part of Panama's Azuero Peninsula.
The best place to retire if you don’t want to learn a new language: Belize.
English is the official language of Belize.
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Best place to start a retirement business: Panama.
Starting a business may not jive with your idea of retirement. But a new life overseas can take many forms. For many people retirement is more about reinvention and starting over than reclining on the beach and slowing down. Plus, starting a new business is a way to launch this phase of your life when you want to rather than when your accumulated nest egg dictates.
Best place to retire for good weather: Medellin, Colombia.
Medellin is a lovely, leafy, and safe city of restaurants, museums, and parks. It’s also situated at an ideal elevation and, as a result, enjoys pleasant weather year-round.
Best place to retire if you’re looking for minimal culture shock: Ajijic, Mexico.
Ajijic is home to the biggest and most established expatriate community in the world. You could retire here comfortably without learning Spanish and you could spend most of your time, if you choose, among fellow foreign retirees. Ajijic residents enjoy the comforts and conveniences of back home while living at a reduced cost and with great weather.
Best place to minimize your retirement tax burden: Panama.
Depending on where you derive your income in retirement, you could retire with lower taxes or even tax-free in Panama. American citizens never lose their tax-filing obligation to the United States, but that does not mean you will owe taxes stateside. You will need expert tax advice to find out if relocating to Panama will reduce or eliminate the taxes you pay in retirement.
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter. Her book, How To Retire Overseas—Everything You Need To Know To Live Well Abroad For Less, was recently released by Penguin Books.