For those seeking lower costs, beautiful scenery, or a change in lifestyle, Albania and Aruba are among Forbes’ 2024 list of The Best Places to Retire Abroad.
Albania
With its Mediterranean climate, stunning beaches, and mountain vistas, is a standout. Key locations include Tirana, Sarandë, Durrës, and Vlorë. Living costs are half the U.S. average, and while healthcare is adequate, private insurance is essential.
Albania’s stable government and low crime rate add to its appeal, but English isn’t widely spoken. Foreigners’ pensions are not taxed, though there’s no tax treaty with the U.S. A D Long Stay Visa, requiring $13,000 annual pension income, leads to a retirement visa.
Flights to the U.S. from Albania are lengthy and typically involve a layover. Storm-related flooding can pose challenges. Popular retirement spots include the capital, Tirana, and the coastal towns of Sarandë, Durrës, and Vlorë.
Aruba
A sunny Caribbean island outside the hurricane belt, offers some of the world’s best beaches and a relaxed lifestyle for retirees.
A 21-mile gem in the Caribbean, Aruba lies outside the hurricane belt, offering sunny beaches, outdoor activities, and a laid-back lifestyle. As part of the Netherlands, it benefits from a U.S.-Dutch tax treaty that avoids double taxation. The cost of living is 18% above the U.S. average, with high local income taxes.
Healthcare is good but requires private insurance. Residency is moderately easy, involving property purchase and proof of $56,000+ in annual income.
Popular spots include Oranjestad, Palm Beach, Eagle Beach, and San Nicolas, with Miami just a three-hour flight away.
Austria
Known for its Alpine scenery and cultural charm, Austria offers a stable and secure retirement option with living costs similar to the U.S. Healthcare is excellent, and retirees can join the national health system.
A settlement permit for retirees requires basic German proficiency, $40,000 annual income for a couple, and navigating a permit quota. U.S.-Austria tax treaties avoid double taxation.
Vienna, Innsbruck, Salzburg, and Linz are top retirement choices, though U.S. flights often involve layovers.
Belize
Belize, the only English-speaking country in Central America, offers retirees an affordable, nature-filled lifestyle with fishing and coral reef diving. While crime is minimal outside Belize City, healthcare is basic, prompting some to seek major medical care in the U.S., just a two-hour flight away.
Hurricanes can pose challenges, but the country is politically stable and attracts retirees through its Qualified Retirement Program, granting residency with $24,000 annual income and tax exemptions on foreign earnings. Popular retirement spots include Ambergris Caye, Caye Caulker, Corozal, and Placencia.
Canada
Canada offers a part-time retirement option for U.S. citizens, allowing six-month stays annually, though full-time residency is tough without family ties.
Living costs are slightly lower than in the U.S., and while non-residents need private insurance, Medicare is an option nearby.
The country is safe, politically stable, and English-speaking, with popular retiree locations like Guelph, Niagara-on-the-Lake, Moncton, and Estevan. Forest fires can be a concern, and taxes are higher but mitigated by a U.S.-Canada tax treaty.
Chile
Stretching 2,650 miles from north to south, Chile offers diverse climates ranging from dry deserts to snowy mountains and subtropical beaches, all at a lower cost of living than the U.S.
The country boasts affordable healthcare, political stability, and low crime rates, with Spanish proficiency being a major asset. Retirees benefit from tax exemptions on pensions during the early years of residency, supported by a U.S. tax treaty against double taxation.
Renewable retirement visas are easy to acquire with minimal income proof, leading to permanent residency or citizenship within five years.
Earthquakes and climate change pose some risks, and flights to the U.S. are long with stopovers. Popular retirement spots include Santiago and coastal cities like Valparaiso, La Serena, and Viña del Mar.
Colombia
Once known for its troubled past, Colombia has transformed into a vibrant, politically stable retirement haven with warm climates, stunning scenery, and living costs far below U.S. standards.
Its healthcare is top-notch and affordable, though crime persists in certain areas. While pensions are taxed and no tax treaty exists with the U.S., foreign tax credits offer relief.
A renewable three-year retirement visa requires $10,000 in sustainable income. Flights to the U.S. are manageable, often nonstop, with Miami just three-and-a-half hours away. Retirees flock to Medellín, Pereira, Cali, and Cartagena for their mountain vistas and coastal charm, though some areas face climate risks like flooding.
Panama
In Panama is significantly lower than in the U.S., and the country offers retirees an attractive environment with modern amenities and a friendly, welcoming culture.
The crime rate is low, politics are stable, and English is widely spoken, especially in urban areas.
Panama’s Pensionado program is one of the world’s most retiree-friendly, offering permanent residency with proof of at least $12,000 annual income. Additional benefits include discounts on entertainment, medical services, and even utilities.
Natural hazards include occasional flooding and earthquakes, but overall, Panama is relatively safe from natural disasters compared to other tropical regions.
Flights to the U.S. are convenient and direct. Popular retirement destinations include Boquete, known for its cool mountain climate; the bustling capital, Panama City; Coronado, a beachfront community; and David, a smaller city with a low cost of living.
Portugal
Renowned for its delightful climate, affordable lifestyle, and rich European charm, Portugal remains a top destination for expatriates.
Popular Areas: Algarve, Lisbon, Cascais, Porto
Cost of Living: Significantly below U.S. standards
Healthcare: Accessible and budget-friendly
Residency: Attainable with relative ease
Slovenia
A hidden gem in Europe, Slovenia offers breathtaking scenery and a cost-effective way of life.
Popular Areas: Ljubljana, Bled, Piran, Celje
Cost of Living: Substantially less than in the U.S.
Healthcare: Affordable and sufficient
Residency: Moderately simple to secure
Spain
With its sun-soaked ambiance and vibrant culture, Spain is a dream for those seeking European excitement.
Popular Areas: Costa del Sol, Bilbao, Orange Blossom Coast, Alicante
Cost of Living: Considerably lower than in the U.S.
Healthcare: Top-tier services at a fraction of the cost
Residency: Relatively straightforward
Thailand
This tropical paradise in Asia draws people with its exotic allure and unparalleled affordability.
Popular Areas: Chiang Mai, Bangkok, Phuket, Koh Samui
Cost of Living: Dramatically cheaper than in the U.S.
Healthcare: High-quality care at very low prices
Residency: Simple and accessible
Uruguay
Known for its political stability and pristine beaches, Uruguay offers a tranquil South American retreat.
Popular Areas: Punta del Este, Atlántida, Montevideo, Colonia
Cost of Living: Noticeably below U.S. averages
Healthcare: Dependable and reasonably priced
Residency: Straightforward but can be costly
