What are the Cheapest Countries for Americans to Retire in?

The cheapest countries is what senior citizens are looking for in terms of retiring abroad, then take a moment to consider the following list of the ten inexpensive countries to retire in. Retiring in one of these countries can help you to ‘stretch your pension’, so to speak, because your dollars will go further and you will be able to live cheaply and comfortably.


Panama is not all that far from the United States and just about tops the list as being one of the low cost countries and most convenient place for Americans to retire.

Following are a few interesting facts about retiring in Panama.

Not only is there very nice and affordable housing, there is also a good infrastructure in the capital, Panama City.

Panama uses the US dollar as its currency, so you do not need to trouble yourself with changing money. The people are friendly and many people in the capital speak English, although Spanish is not hard to learn and you may want to pick some up if you intend to retire there.

The only downside to retiring in Panama is that it gets very hot in the summer. However, if you are from a southern US state such as Florida or Texas, you will probably already be used to the heat but atleast you’re into one of the cheapest countries to retire in.



When some people think of Nicaragua, they think of the Contra rebels, civil war and communism. However, if you retire in Nicaragua you are more likely to find cheap household help, affordable and high quality medical care and a safe place to live that’s why this place is one of the cheapest countries to reside to.

Other benefits include being able to sell your vehicle without paying taxes and being able to bring a lot of household goods with you tax free. These makes this retirement place as one of the inexpensive countries to live.


Costa Rica:

Costa Rica is another country in Central America that makes a good retirement spot. It has beautiful beaches and fascinating jungles. While Costa Rica is one of the most expensive countries in Central America, the cost of living is much below that of the US. It is also a very safe country with a low crime rate and beautiful weather.



If you want to retire in a place where everyone speaks English, then Malta may be a good choice. It is a small island in Europe and has beautiful scenery and great tourist spots that you are sure to find enjoyable and fascinating. Malta ranks in second place on the ‘International Living’ index and now one of the cheapest countries to live into.



New Zealand:

If you want to get an idea of how beautiful New Zealand is, watch ‘Lord of the Rings’. This country has rolling hills, enchanting forests and beautiful plains. New Zealand has a low cost of living, everyone speaks English and you can find everything that you would be able to find in the United States. The country also has very good infrastructure.



Uruguay is a small country in South America that borders Argentina and Brazil. It has a fascinating culture, beautiful beaches, lovely restaurants and other attractions, it’s included on the list of the cheapest of all countries because the cost of living there is very low. Your US dollars will go a long way in this country.



While Mexico does get high ratings as being cheap for Americans to retire in and one of the cheapest countries, unfortunately the crime rates have been soaring in recent years. You may, however, be able to find some safe cities to retire in. Mexico is right next to the US, which is advantageous. You can also hire household help and get a good apartment for much less than it would cost in the US.



Belize is a tiny country that offers a program specifically catering to those who are interested in retiring in the country. Many people speak English, the country is quite beautiful and the cost of living is quite low.



Turkey is a beautiful place to retire. It has a rich culture, tourist attractions, beautiful beaches and a low cost of living. If you are looking for an affordable place to retire in Turkey, then choose a city that is a bit ‘off the beaten path’ – i.e. is not a main tourist attraction. You will find your dollars go far in such a place.


The Philippines:

The Philippines can be an attractive place to retire, in part due to the ‘Special Resident Retiree’s Visa,’ the country offers.

The cost of living is very low, you can live like a king and queen in this country.

You can travel from one town to another inexpensively. The climate is good, and the infrastructure is decent.


The people are warm and friendly and are used to Americans being almost everywhere in this country. Everyone speaks English since two of the biggest former US bases were previously located here, Subic Naval Base and the Clark US Air Force Base.


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