Retirement offers people a great opportunity to take on new challenges and embrace a different lifestyle. For many Americans, this means venturing beyond national borders to discover the perfect place to spend their golden years. We take a look at 10 of the countries Americans are retiring to in order to live their best life:
Costa Rica
Costa Rica has become a favorite retirement destination for many Americans due to its low cost of living and its natural beauty. The generous tax incentives make it a stress-free place for retirees seeking financial security on a low budget. It offers exemptions on property taxes and foreign pensions, which is not something everyone can enjoy in the U.S. Costa Rica consistently ranks as one of the best places in the world to retire, not least because of its low food and healthcare costs.
Ecuador
Ecuador has a significantly lower cost of living compared to much of the United States, which is great for retirees on a fixed budget. From housing to food and transportation, retirees can enjoy a comfortable lifestyle on a much smaller budget. Compared to other retirement havens, Ecuador has a lower minimum income threshold, approximately around $400 per month, to qualify for residency through its retirement visa program. With breathtaking landscapes and a low cost of living, Ecuador is an attractive proposition for retirees in many ways.
Colombia
Rich culture, beautiful scenery and tax breaks on imports, property, and foreign pensions means Colombia is fast becoming a popular retirement destination. While details can change, there’s currently an exemption on the first $10,000 of your pension income from Colombian income tax. Once a no-go area due to its infamous drug trade, Colombia has turned things around and is now one of the hottest destinations around the world.
Mexico
The proximity to the U.S.delicious cuisine and a relaxed lifestyle, along with a warm climate and a variety of activities make Mexico a favorite destination for people to retire to. As Mexico does not tax Social Security income fromU.S. or Canadian citizens, it allows people to keep more of their retirement income, an attractive proposition. Playa del Carmen is a popular resort town that’s a popular retirement destination due to its beautiful beaches. If you’re looking for a relaxed lifestyle and plenty of opportunities for swimming, snorkeling, and diving plus great weather, Mexico is the place to live your best life.
Dominican Republic
The Dominican Republic is emerging as a tax haven for retirees seeking a sunny escape with financial benefits. Its stunning beaches, friendly atmosphere, and tax exemptions make it a haven for retirees. To qualify for the tax exemptions, retirees will need to meet a minimum monthly income threshold, which is currently $1,000 USD.
Nicaragua
Budget-minded retirees can enjoy a low cost of living, cultural richness and great tax breaks on property and foreign pensions in Nicaragua. Nicaragua only taxes income generated within the country so is a great destination for those planning to fully retire and enjoy the local delights of the country.
Spain
For those looking to make the bold move to Europe, Spain offers retirees significantly lower tax rates on their pensions than many other European countries. In addition to low taxes on pensions, Spain enjoys a vibrant culture, a warm climate, and an abundance of historical landmarks to explore. From the sandy beaches of the Costa del Sol to the rolling hills of Andalusia and the majestic peaks of the Pyrenees mountains, there’s always something to keep retirees busy. Compared to many parts of the United States, Spain offers a more affordable cost of living, with housing, groceries, and transportation significantly cheaper, allowing retirees on a fixed income to live comfortably.
Portugal
Another popular European retirement is Portugal, which has great incentives for retirees from around the world. Through Portugal’s N.H.R. program, retirees can enjoy a 10-year tax exemption on most foreign income. Add a pleasant climate and affordable living to the mix, and Portugal is a compelling option for Americans. While Portugal is a long way from home, the stunning coastlines and charming villages are hard to resist, and there are many retirement communities that welcome newcomers openly. The country is particularly appealing to those who love sailing, golfing and beach life so fans of the great outdoors will love it hear.
Thailand
Thailand has long been a popular destination for retirees seeking a blend of affordability, cultural richness and attractive tax benefits. The main relief comes from a Non-Habitual Residency Program offering tax exemptions on most foreign income, including pensions, for up to 10 years. One of the most popular places for retirees to settle in Thailand is Chiang Mai. This town in northern Thailand is known for its temples, markets and laid-back atmosphere as well a good year-round weather.
Philippines
The Philippines has a Special Resident Retiree’s Visa which grants residency to retirees who meet specific income requirements, currently around $1,050 USD monthly pension. Additionally, income from investments and other sources might be taxed lower than regular income tax brackets. This leaves retirees to enjoy the stunning beaches, exciting cuisines, and endless cultural hotspots the Philippines is lucky to have.
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Alanna Rosen is an experienced content writer that focuses on many finance and educational content. Her articles are regularly published on Web3Tribe and syndicated on large publications.