Looking for inexpensive places to retire, in today’s turbulent economy more individuals approaching retirement are considering spending their Golden Years in a foreign land so that they can live comfortably through retirement.
If you are considering international retirement, there are several locations with a high quality of life and a low cost of living. Before you make the move be sure you know what to expect in terms of transportation, culture, food, taxes, and healthcare. Once you have researched all of your options you can start preparing for retirement and experience an entirely new region of the world.
Belize, A Central American Paradise
When you are looking for inexpensive places you can retire to abroad, it is important to look for countries that encourage US retirees. Belize is a tropical beach city located in Central America and is actually the only South American country with English as the official language. Adapting to a foreign way of life will be easier when you do not have to learn a new language. With endless white beaches and a ton of casinos, there is something for the active retiree and the gambler.
Belize boasts a low cost of living and real estate investment security. Housing prices are extremely affordable and the average home sells for between $30,000 and $100,000 depending on size and location.
If you do not want to invest in a property, the average rent ranges between $200 and $400 per month for a 2-bedroom house.
In addition to affordable shelter, utilities are quite affordable averaging approximately $100 per month. With a variety of inexpensive entertainment Belize is one of the most beautiful and inexpensive places to retire.
Panama and Costa Rica were recently listed as the top destinations for retirement, however, with Belize’s new Qualified Retired Persons Program more retirees are encouraged to retire and receive fast residency and benefits. The costs of housing range from inexpensive to exorbitant. Retirees qualifying for the QRP program will receive tax breaks and could possible qualify for health insurance or discounted healthcare.
Favorable Tax Treatment in Panama
Panama also hits the list of the top 2 most low cost places to retire in Central America. Just like Belize, Panama is a paradise rich with culture and beautiful scenery. Rated as the number one pick in inexpensive place to retire for Americans, Panama has the perfect combination of a low cost of living and a valued quality of life. There are several activities geared towards retirees. These activities include golf, museums, beaches, and retirement programs.
While the activities are important, the price benefits are more so. Panama’s currency is tied to the dollar, meaning when inflation and deflation occurs it will perform similar to the currency in America.
In addition to this, Panama offers favorable tax treatment on earned income and new home purchases in the country. The average price of a standard home is between $60,000 and $100,000. Utilities are fairly lower than Belize and cost an average of $70 per month for a standard sized home. The overall cost of living is low and it will depend on your lifestyle.
Groceries are inexpensive; however, eating out will cost you. If healthcare is your primary concern, some hospitals have US affiliations but you may have to travel. Of all the inexpensive places to retire it is fair to say Panama is at the top.
Always do your home when you are looking for cheap places to retire in Central America. Central America is a beautiful place offering an abundance of beaches Americans can only picture in their dreams. Always consider safety and social stability before moving abroad and take advantage of the low cost places to retire that are rich in resources and beauty.
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