After working excruciatingly hard your entire life, it is only fair to expect a relaxed retirement. And why not choose to settle in a foreign country, if the standard of living is twice as high as compared to your home country, and that too at a reasonable enough price? Now that we have piqued your interest, let’s take a look at some of the key factors why one should entertain such an endeavor.
- Experience new cultures.
- Choose a pleasant climate
- Benefit from cheaper international transport
- Social Security benefits
- Retirement visa programs
- Medical services
- Reduced cost of living and taxes
While it sounds like a wonderful idea, you have to take into account the financial aspect of living in a foreign land. This dream cannot be achieved without a well-versed financial plan that takes into consideration the taxes, cost of living, pension, annuities, home country tax law, and much more.
Here are the top 5 countries that may interest you:
Malaysia is the best place to retire in the continent of Asia
Malaysia has a diverse culture where the Chinese and the Indians live together in peace and harmony. Malaysia offers a unique retirement program called ‘My Second Home’ that is renewable and has multiple entry visas for 10 years. There are certain criteria that need to be met for individuals below 50 and the ones above 50, however, once you’re through with that, you can enjoy the exciting country that is Malaysia.
Next one up is the Philippines
The Philippines comprises of more than 7,000 islands is a haven for those looking forward to relax among tropical rainforests and clean blue waters. In the Philippines, the cost of living is reasonably low, and you can do a lot in a USD 2,500 pension. Foreigners are not allowed to buy land in the Philippines; however, they can purchase condominiums.
Another favorite destination is Thailand- for its landscapes, beaches and delicious food
It is a great place for people on a budget. This country has incredible possibilities to offer, pristine beaches, northern mountains, the crowded Bangkok, and the neon lights of Pattaya. The climate is tropical with breath-taking landscapes, spectacular islands, astounding mountains, colorful temples, and a wide-variety of delicious food. Thailand also offers a top-notch private healthcare system making it to one of the most amazing places to retire in the world.
Panama is your first stop when it comes to the Caribbean
Panama is a low-cost haven with abundant beaches, good health care, an attractive tax regime, and ease of residence. You can avail permanent residency in Panama if you have a minimum pension of USD 1,000 per month. This retirement program is known as the Pensionado visa, and is being used by a large number of westerners. Transport is Panama is as cheap as USD 0.25/0.35 per way, and cab rides are USD 2 per km.
The unknown yet marvelous Belize
You may not have heard of Belize, however, make way for the wonders that await you on this country. Belize lies on the eastern coast of Central America, with white sand beaches, tropical breezes, turquoise waters, and a great long coral reef. It has a ton of fun activities for those who look forward to luxury post their retirement.
It is time to make your pick now, go dive deeper and find out which country suits you the most. You have worked very hard for your whole life, now is your time to relax and chill out. If not now, when?