If you plan to move abroad at the end of your career and are considering where to retire in Latin America, a recent study has identified six Latin American countries as among the top ten retirement destinations in the world.
According to the 2022 Global Retirement Index, International Living Publishing, Panama, Costa Rica, Mexico, Colombia, Ecuador and Uruguay all appear in the top 10 countries to retire, with the remaining European countries Portugal, Malta, Spain and France.
The report focuses on retirees in the U.S. and Canada, and is based on perspectives and real-life experiences brought to life internationally by a global network of contributors. The authors of the report make it clear that none of the contributors are influenced by local interest groups who are keen to promote them. reporting country. They also stressed that the report was based on opinion, not empirical research.
“Our Global Retirement Index is by no means a scientific output. It is designed to be a useful tool for people, constructed from real-world field information, interpreted through well-informed experiences and perspectives,” the report’s authors said.
The following highlights the six Latin American countries that make the top 10 of the 2022 Index, along with some insights that make them retirement destinations.
If you are thinking of retiring to Latin America and can get some help with setting up a business or buying a property, Contact us today Learn more about how we can help you.
Where to retire in Latin America?6 destinations you should consider
For anyone considering retirement in Latin America, the following six countries make the top 10 of the Global Retirement Index:
Panama (1st place)
According to the index, Panama is the number one retirement destination in the world, due in part to its high level of development and safety, as well as the facilities offered by the capital, Panama City.
The country is also praised for its ease of travel and ease of access to the U.S., with multiple U.S. destinations on daily flights to and from Panama City Tocumen International Airport.
In addition to this, the country’s rich biodiversity and its location as a bridge between North and South America are highlighted – providing easy access to the entire hemisphere and abundant travel opportunities.
See also: Rules for Buying Property in Panama
The ease of obtaining a visa and becoming a resident was also mentioned, as well as the high-quality medical services provided in the country.
“Wherever you live in Panama, you’re within an hour of a top-notch hospital,” the report said.
the fact is Panama has been dollarized And having a famously safe banking system is another benefit for American retirees who don’t have to worry about major fluctuations in the value of assets transferred to the country.
Costa Rica (second place)
Many people considering retirement in Latin America have their sights set on Costa Rica, which ranks second in the index. Known for its natural beauty, high level of development and low violent crime, Costa Rica has enjoyed a great reputation among foreign investors, retirees and tourists over the years.
As the report highlights, Costa Rica is known for its friendly and laid-back culture, as well as its high level of education. Premium services such as healthcare are also considered a big draw.
The country is known for its commitment to environmental protection, including a sprawling ecotourism industry, and the country is one of only five “blue zones” in the world – areas where the local population has an unusually high proportion of over 100 age.
See also: Buying Property in Costa Rica: A Guide
Another pull factor is the country’s abundance of high-quality healthy foods, including organic produce and grass-fed beef.
“It’s not surprising to hear reports of expats losing unnecessary weight, lowering blood pressure, taking fewer prescription medications and having better overall physical and mental health,” the report said.
The report also noted that Costa Rica’s progressive social policies, including legalizing same-sex marriage and women’s rights, were incorporated into legislation.
Mexico (3rd)
In third place on the index is Mexico, a longtime favorite among expats, retirees and investors in the U.S. and Canada. As the report highlights, that’s in large part because of their proximity, and many U.S. retirees are able to drive back to the U.S. to visit.
A wide variety of natural environments, often enjoying a good climate, is also highlighted as another attraction of the country. Apart from this, the availability of quality healthcare is another factor.
These factors make Mexico one of the most popular retirement destinations for foreigners, with more than 1 million U.S. citizens and roughly half of Canadians reportedly living in Mexico full or part-time.
See also: How foreigners can buy property in Mexico
The report also cited the country’s affordability, including low food prices, cheap entertainment options and “good-value real estate”.
When it comes to housing, what the report doesn’t mention is the power of the market, with a recent report highlighting how Mexico’s cities Real estate value appreciates the most in major cities in Latin America in recent years.
In addition to this, easy access to residency for foreigners is also cited as another reason why Mexico often comes out on top when people consider retirement in Latin America.
Colombia (5th)
Portugal is sandwiched between them, with Colombia joining the list of Latin American nations in fifth place after Mexico.
The pull factors cited for Colombia include the low cost of living, rich cultural and biological diversity, and the variety of different climates to choose from when settling in the country.
The availability of high-quality private healthcare was also mentioned in the report, which highlighted how Colombia’s private healthcare ranks better than Canada’s in the World Health Organization (WHO).
See also: How to Buy Property in Colombia: The Legal Process
As mentioned in the report, Colombia is becoming increasingly popular with foreign investors and expats, with Medellín, the second largest city, an increasingly popular destination, along with Cartagena, Barranquilla and Atlantic Coast destinations like Santa Marta.
“Colombia is no longer Latin America’s best-kept secret as more and more expats move here to start a new life in this beautiful country…either retire or continue to generate income,” the report said.
Easy access for US citizens and Canadians for half a year with just one tourist stamp, as well as the opportunity to gain residency through investment and property purchases, were also highlighted as key factors that make the country attractive to foreigners.
Ecuador (6th)
Colombia is followed by its smaller neighbor Ecuador, and the report highlights the ability to live comfortably on less than $1,900 a month as a major attraction.
Although Ecuador, like Panama, has been dollarized, this means that retirees and expats from the United States once again enjoy the convenience and security of not having to deal with currency exchange when visiting and investing.
Unlike Colombia, the report highlights that awareness of Ecuador as a destination remains relatively low.
“Ecuador is a largely undiscovered country, not yet homogenized, but still offering the conveniences of modern life, including high-speed fiber-optic internet, dollar currency, mild weather, good public transportation, and affordable healthcare and housing. “
See also: Lawyer’s Guide: How to Buy Property in Ecuador
In fact, property prices in the capital, Quito, are among the lowest among major Latin American cities, as also reported by the Mexico section of the property price report.
In addition to this, the diversity of climates, including sunny coastlines and cool, mountainous interiors, also provides expats with a wide range of options to choose where to live according to their preferences.
Uruguay (10th)
France, Malta and Spain followed Ecuador, and Uruguay rounded out the top 10.
Like Ecuador, the country is not as well known in Latin America as many other destinations, but it is a particularly attractive option for those considering retirement in Latin America.
As one of the most developed and prosperous countries in Latin America, the cost of living in Uruguay may be higher than others on the list, but this prosperity also means the country enjoys considerable economic and political stability, as well as some of the lowest crime rate in the area.
It also enjoys good quality and well-functioning public facilities, while the country’s small size means it’s easy to access neighboring Argentina and Brazil, with Uruguay’s capital, Montevideo, a short ferry ride from Argentina’s capital, Buenos Aires. Famous – Buenos Aires is one of the most architecturally impressive cities in the world.
“It’s also a land with few natural threats. It’s not in the path of a hurricane. It doesn’t have damaging earthquakes. And thanks to effective public health policies, mosquito-borne diseases are no longer a problem,” the report states.
In addition to this, the country has excellent and very affordable private healthcare, which the report states costs as little as $50 per month.
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If you are passionate about moving abroad and considering retirement in Latin America, Biz Latin Hub can help you when you are planning to start a business or want to buy property in the major cities where we operate. We have offices in 15 countries in Latin America, including all six of the world’s top 10 retirement destinations.
We are a specialist service provider providing integrated back-office solutions to businesses and investors entering the region for the first time or already doing business in the region, helping first-time entrants to overcome language and cultural barriers when they invest meet.
Our portfolio includes accounting and tax, Founded, due diligence, legal service, and Recruitment and PEO, we can assist with property purchases in Bogota, Cartagena, Mexico City, Montevideo, Panama City, San Jose (Costa Rica) and Quito.
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