10 inexpensive places to retire in the world

Retiring in an exotic location and living on a vacation 24/7 is the ideal way of retiring for most people. Be it globetrotting or starting one’s own business, everyone’s idea of retirement can be different. However, owning a house next to the beach or somewhere deep in the mountains has its own comfort that one may not get to experience in city life.

Retiring abroad can be a great choice if you wish to cut completely from your busy city life. It can also offer many a chance to start afresh and make new connections, or even enjoy their own company. If you are sceptical of the decision to retire abroad because of expenses, then this article is just made for you!

There are many countries that offer an inexpensive and habitable environment for retirees to settle into. While one destination may not fulfil each person’s requirement, there are various cultures and countries to choose from. Most of these countries also offer good healthcare services and can be a good choice for older individuals.

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Here is a closer look at ten inexpensive places to retire.

1.    Malaysia

The destination is a haven for nature lovers as it offers serene landscapes from jungles to beaches. It even offers a glimpse of city life through its urban towns and regions, which can be luxurious, to say the least.

Why choose it: Be it the low cost of living or the flexible visa conditions, Malaysia is sure to garner the interest of many. Under its Malaysia My Second Home (MM2H) program, individuals can get a visa for up to 10 years.

2.    Portugal

Known as one of the safest countries in the world, the country offers a warm climate and serene beaches. It is the ideal place to retire if one’s dream is to spend their golden years peacefully.

Why choose it: Those holding the Non-Habitual Residence (NHR) are exempt from paying any income tax for the next 10 years. This also includes all earnings received on investments and pension income.

3.    Panama

The warm and tropical country is home to a large English-speaking population. There is also smooth access to high-speed internet and great cell phone coverage. The country also holds a range of communities and is culturally very diverse.

Why choose it: Panama uses the US dollar as its currency. Additionally, it offers lower taxes and easy residency to ex-pats. The country also lies outside the hurricane belt offering a favourable climate.

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4.    Spain

Spain has a rich history and offers a culturally abundant environment to soak in. The place is also ideal for art lovers, with the works of painters like Diego Velazquez available there. Even the most expensive city in the country has affordable nooks that can be explored.

Why choose it: Apart from being a culturally diverse region, Spain is also known for its peacefulness and low cost of living. Ex-pats can avail the country’s public healthcare program, provided they meet the required criteria.

5.    Czech Republic

One of the most beautiful locations in Eastern Europe, the Czech Republic is a safe as well as a cheap place to retire. Home to some of the most magnificent castles in the world, the country also holds 20 monuments listed as UNESCO cultural and world heritage sites.

Why choose it: The affordable property prices attract retirees from across the world to the Czech Republic, making it one of the most preferred locations to retire in Europe.

6.    Taiwan

An island of 23.8 million people, Taiwan offers a comfortable environment for ex-pats to retire. The affordable living standards and the option to live luxuriously both make it the perfect destination for ex-pats.

Why choose it: Many ex-pats have settled in the capital of Taipei, especially those who have been sent through multinational companies. The convenient city life is offered with a high level of safety and greater affordability.

7.    Slovenia

Surrounded by the Alps, Slovenia is an absolute marvel for mountain lovers. Additionally, those with a penchant for adventure can enjoy hiking activities in the country’s Triglav National Park.

Why choose it: The affordable rental rates and flexible business policies allow outsiders to enter the country and set up shop even after they retire. There are many golf courses in the country, close to the capital city and the country also has a wine region in the hills. Slovenia has to offer extremely low crime rates and rich European culture.

8.    Ecuador

Living in spring-like weather through most months of the year can seem like a dream. Ecuador offers just that! Ecuador has obtained the reputation of being home to a slow-paced way of living.

Why choose it: Though the healthcare system is a little rough in certain places, the country can be a good choice for those wishing to live a peaceful and inexpensive life post retirement.

9.    Croatia

Fans of the hit series “Game of Thrones” would be familiar with the many picturesque locations in Croatia. With serene views of the Adriatic Sea, Croatia also has beautiful and rich culture visible through its architecture.

Why choose it: The country offers residency to individuals who can afford just one year’s worth of rent, healthcare, and other fees.

10. Romania

Romania has a cold climate that can be discouraging for some. But the country is still home to several retirees from across Europe. The low cost of living is what attracts most people to the country.

Why choose it: Only a few non-European Union residents are given access to the country’s residency. These fortunate few get to stay in the country for around US$1,000 per month, including expenses for an apartment, food, and a leisure activity once a week.

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