Top XNUMX places to retire in the world

New York is not the best state for retirement. It is traditionally included in the list of the worst and most expensive states for retirees. But over the years, the world has increased the number of places where older people can not only travel, but also move when they reach retirement age. According to Travel and Leisure, the latest data from the Social Security Administration shows that more than 700 Americans receive their payments abroad.

Health care, visa requirements, local culture, taxes, and living expenses are all part of the decision to retire in another country. It is advisable to seek professional advice, and consultants recommend spending at least a few months at a potential relocation site before making a move. The US State Department is also an excellent resource for those considering retiring abroad. Here are the top 10 places to retire in the world.

Panama

This Central American country has become a destination for retirees, in part because of its proximity to the US, its climate, and its welcoming atmosphere. The cost of living is suitable for the budget level, depending on the location and style of housing.

The government has made retirement in Panama especially attractive with the "retirement visa". This is a plan that requires a retirement income of at least $1000 per month and offers benefits including discounts on various services and exemption from taxes on home imports. With a valid passport, visitors can stay in the country for up to three months. But for obtaining a permanent residence permit, all the details must be decided by a local immigration lawyer.

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Panama has a two-tier healthcare system with public and private hospitals, clinics and doctors who require co-payments for lower cost services in the public system. Majority pensioners choose a private system that offers excellent care and facilities at reasonable prices covered by private insurance or self-payment.

Portugal

In recent years, Portugal has become one of the most popular retirement destinations for residents of various countries. The mild climate, magnificent scenery and hospitable people are just some of the reasons. Accomodation and the overall cost of living is reasonable, with variations depending on the city. The cost of living in Lisbon and Porto is about 50% lower than in New York. Living in Porto costs a little less than in Lisbon.

Legal residents can register with the National Health Service to access public hospitals and health centers, paying for services as they become available. For the rest, medical care is usually covered by private insurance. Health insurance is required as a condition for obtaining a residence permit along with a passport and proof of income. Pensioners must apply to the local consulate for a residence permit valid for five years. They will then need to apply for a permanent residence permit when it expires.

The Dominican Republic

The Dominican Republic is one of the least expensive Latin American countries for retirees. In Santo Domingo, the capital, rents are about 90% lower than New York City, and the cost of living is about 55% lower. It is located just two hours from Miami. Its location is another advantage for some retirees.

Most retirees purchase private health insurance because they are not eligible for government programs. Here, quality medical care in private hospitals is available at reasonable prices. The Dominican Republic offers a retirement or "retiree visa" with proof of at least $1500 monthly income, background checks, and a birth certificate. Retirees can enter the country on a tourist visa and then apply for a retirement visa, which takes several months.

Most expats live in the cities of Santo Domingo and Santiago, and there are also beautiful tourist towns such as Punta Cana, Puerto Plata and Boca Chica. Some areas are not considered safe, so research is recommended before moving.

Spain

Warm weather, welcoming culture and a variety of environments from coastal beach towns to sophisticated cities make Spain a desirable retirement destination. The country's highly regarded health care system includes public health care for citizens and residents who contribute to social welfare. Most expats opt for private health care covered by insurance.

Several different types of visas are available, but for pensioners from countries outside the European Union, a residence permit is usually used. The first permit is issued for one year with an extension of up to five years. After that, pensioners can apply for a residence permit.

The cost of living varies in Spain's major cities and rentals outside the cities tend to be more economical. For example, in the coastal city of Alicante, the cost of living is about 48% lower than in New York, and rent is about 80% lower than in New York. Groceries and excellent Spanish cuisine are generally available at reasonable prices.

Costa Rica

This Central American country where "pura vida" (pure life) is a greeting and a description of the culture. It stretches from the Caribbean to the Pacific, with rainforests, jungles and beaches. Costs vary as widely as the environment, but overall, the cost of living in Costa Rica is reasonable. For example, in the city of San Jose, the cost of housing is 83% lower than in New York, and the cost of living is 53% lower.

Several ways to become a resident include the Pensionado (for retirees) program, which requires a monthly income of at least $1000. These funds must be transferred to a Costa Rican bank for withdrawal to cover expenses. Rentista program for those who don't have monthly pension, requires a minimum of $60 or a monthly income of $000 for a minimum of two years.

Health care is available through public and private systems. For residents, the national health program is available (no copays or exclusions), as well as the option of private cash care, which can be self-insured or paid through a private insurance policy.

Malta

The population of this tiny Mediterranean country is almost 15% made up of immigrants, mainly from continental Europe, Australia and the UK. The attractions of Malta include weather, location, beaches and architectural beauty. English is widely spoken here. Malta was once part of the British Empire. The cost of living is only 4% lower than in the US, and the cost of housing is about 30% less. Prices for food and meals in restaurants are reasonable.

Private healthcare is recommended as foreigners do not have access to national health insurance. To obtain a permanent residence permit, the self-employed visa requires:

• about $60 in assets;
• confirmation of medical insurance;
• payment of an annual tax of 15%.

The permanent residence program requires about $600 in assets, financial contributions from the state budget of the country and the purchase of real estate.

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Ecuador

Ecuador, located in northwestern South America, is the gateway to the Galapagos Islands, home to an active volcano and Pacific coastline. The low cost of living attracts retirees, especially those who love adventure and appreciate nature.

In Cuenca, a popular destination for expats, the cost of living is 66% lower than in New York. Rents are approximately 88% lower than in New York. Ecuador uses the US dollar as its currency and many people in the major cities speak English.

Medical services are about 25% cheaper than in the United States, the quality is high, and care is guaranteed for all citizens and visitors. Foreign retirees can join the public system for less than $100 per month for full coverage, or they can provide proof of private health insurance. Permanent residence visas are available after living in Ecuador for at least 21 months on a temporary visa. Minimum income requirements, real estate investment or bank deposits are part of the temporary visa application.

Mexico

Mexico's low cost of living and its close proximity attract large numbers of retirees from the US and Canada. In addition, as a tourist destination, Mexico is familiar to many visitors who have vacationed there over the years. The country offers a wide variety of locations, lifestyles, climate and cost of living. Because of this, Mexico is the best place to retire for Americans who decide to leave the US.

Healthcare is available through two government programs that cover low-income residents or require a premium. Private hospitals and specialists offer low-cost, high-quality care. Many retirees simply pay cash for services or have private insurance.

Becoming a resident is relatively easy, with income requirements of around $2100 per month for temporary residence and $2700 for permanent residence. Bank account requirements are around $36 and $000 respectively. Temporary residency is up to four years, with the option to reapply after that point, and applications are processed through a Mexican consulate in the United States (or country of residence).

Colombia

This South American country is located on the northwest coast of the continent. There are beautiful beaches, rainforests, mountains and many cities. Colombia is becoming an increasingly popular tourist destination, with many visitors discovering its attractions as a retirement home.

The cost of living in Bogota is about 72% lower than in New York, and rents are 88% lower. Costs vary by city and inland locality, and there are many housing options available. Colombia's health care system is made up of modern public and private hospitals with high quality affordable services. The public health plan is available to citizens and national ID holders, including expats, with premiums paid. Private insurance is also available.

Several categories of visas include the retirement visa most commonly used by retirees. To obtain a visa, applicants must prove that the minimum monthly income is at least three times the minimum wage in Colombia. Income can come from pensions, social security, or savings. Currently, a minimum of $750 is required. After five years, pensioners can apply for a resident visa. Visa holders can also apply for a foreign identity card, which provides access to healthcare and other benefits.

U.S.

In the United States, Florida's cities are a favorite getaway for retirees due to their warm weather, endless coastline, and no state income tax. Diverse cities along the Atlantic Ocean and the Gulf offer a wide range of lifestyles and costs, making Florida accessible to most retirees. Retirees who want to relocate but stay within easy reach find Florida the best option. Throughout the United States, college campuses, ski resorts, and small towns are desirable options for retirees.