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Retiring Abroad

Retiring Abroad

I have clients all over the world who are always telling me to come out to visit and even retire there. OK, some of them just want to see me in the flesh rather than our Skype meetings, but to others they genuinely believe that where they are is a fantastic place to retire.

So, I’ve decided to look into it at a more serious level and below are 10 of the cheapest countries for retirement that scored well on the 2019 Global Peace Index, which ranks 163 nations—covering 99.7% of the world’s population—according to their relative peacefulness.

I’ve included the average monthly income (in USD) to give you an idea of what the cost of living is like. In case you’re wondering its $3,481 in the UK.

One point to note, as we have left the EU, I am presuming that normal third country (non-EU member) visa rules will apply. Of course, who knows what we may actually end up with after Brexit has been completed?
 

1.) Austria

  • Global Peace Index Rank: 3/163
  • Monthly income: $4,109
  • Retirement Visa: As we are leaving the EU you’ll need a residence permit if you’re staying longer than six months, plus proof of sufficient financial means.

Considered by many as the “Swiss alternative,” Austria offers all the stunning natural beauty of Switzerland at a price that’s easier on the budget. Expect an excellent infrastructure and high living standards.

2.) Australia

  • Global Peace Index: 13/163
  • Monthly income:  $4,436
  • Retirement Visa: Fast-track permanent residency programs require high net worth individuals. Otherwise, apply for a visitor visa and reapply as needed. After four years, you may qualify for a permanent residency visa.

Expats enjoy the rugged natural beauty, vibrant cosmopolitan cities, and laid-back culture.

3.) Czech Republic

  • Global Peace Index: 7/163
  • Monthly income:  $1,687
  • Retirement Visa: No retirement visa scheme, but a long-term residence permit is awarded in certain situations. You’ll need proof of health insurance regardless of trip length.

The expat community is growing although still fairly small, but they have tons of castles!

4.) Portugal

  • Global Peace Index: 4/163
  • Monthly income:   $1,833
  • Retirement Visa: Since we have left the EU you can apply for a permanent residency visa if you have proof of financial means.

The country might be a good choice if you look forward to relaxing on the beach, dining on fresh seafood and drinking wine—especially port, the country’s signature spirit.

5.) Slovenia

  • Global Peace Index: 11/163
  • Monthly income:   $1,522
  • Retirement Visa: If you stay longer than 90 days, apply for a residence permit. You’ll need proof of health insurance, sufficient income, and a permanent address.

Expect incredible scenery—mountains, lakes, and emerald-green rivers—plus plenty of medieval castles, including one on a small island in the middle of Lake Bled.

6.) Spain

  • Global Peace Index: 30/163
  • Monthly income:  $2,445
  • Retirement Visa: You can stay in Spain for up to 90 days without a visa; after that, you’ll need a residence visa from your home country’s Spanish embassy or consulate.

Spain has over 3,000 miles of sunny coastline, snow-capped mountains, mild weather, and friendly locals (a lot of whom are Brits). The Spanish cuisine is pretty easy to get accustomed to as well as enjoying the beaches and Spanish wine.

7.) Malaysia

  • Global Peace Index: 35/163
  • Monthly income:  $883
  • Retirement Visa: To live permanently in Malaysia, you can apply for the “Malaysia My Second Home” (MM2H) program, which grants visas for up to 10 years as long as you meet financial requirements.

Southeast Asia includes some of the most affordable retirement destinations in the world, but very few rank in the top 50 in terms of safety, except this one. This multicultural island nation has good housing options for retirees, excellent health care and, of course, miles of beautiful beaches.

8.) Chile

  • Global Peace Index: 28/163
  • Monthly income:  $1,223
  • Retirement Visa: You can apply for a retirement visa if you have proof that you can support yourself (e.g., Social Security, pension).

If you can stand the earthquakes then you’ll be fine, as Chile already has a large expat community firmly established. Did I mention the earth quakes?

9.) Costa Rica

  • Global Peace Index: 40/163
  • Monthly income:  $960
  • Retirement Visa: Apply for a Pensionado visa to stay long term. You’ll need at least $1,000 per month in qualified pension income.

Perks include good healthcare, rich biodiversity, a tropical climate, and a healthful diet. Adventurous retirees can enjoy the same activities that attract tourists: whitewater rafting, sea kayaking, jungle hikes, and canopy tours.

10.) Uruguay

  • Global Peace Index: 37/163
  • Monthly income:  $563
  • Retirement Visa: Several residency visas are available that come with the same rights you would have as a resident.

Uruguay is South America’s second-smallest country. Expats can look forward to a mild climate, sunny beaches and a national health system that entitles everyone, including foreign residents, to quality medical treatment.

Conclusion

I suppose the one place not mentioned on my list is actually the Isle of Man – but then if you’re wondering where it fits, then for me it would be top of the list – but I’m biased. Realistically, any ideas about retiring abroad should cover a wide range of topics, from how your pension will taxed to whether there’s anything in the sea that will eat you.

Disclaimer: This blog is an expression of the individual author’s views on topical issues and does not necessarily reflect the views of the publisher. It is not intended to be comprehensive or the provision of investment advice. No liability is accepted for the opinions it contains, or for any errors or omissions. In all cases, you should seek professional advice specific to your circumstances. Published by © Moore Dixon Isle of Man, an independent member firm of Moore Global. Moore Global is regarded as one of the world’s leading accounting and consulting networks with 547 member and correspondent offices in some 113 countries. Moore Dixon Financial Services Limited is a company incorporated in the Isle of Man No. 111421C. Licensed by the Isle of Man Financial Services Authority.