As prices rise sharply each year, living abroad is emerging as a new retirement option for people nearing retirement.
Live and Invest, which provides information on overseas real estate investment and relocation, said in a recent report that about one-third of consumers hope to settle overseas.
The report introduced overseas locations where retirees can greatly reduce their cost burden while maintaining healthcare, safety, and living infrastructure at or above a certain level.
To evaluate retirement locations, the report reflected a combined 14 factors, including cost of living, healthcare level and cost, leisure and cultural infrastructure, the English-language environment, and crime and public safety.
The report ranked Boquete, Panama as the No. 1 location for retirement abroad. Boquete is a small mountain town, and the report cited its natural scenery and medical facilities as strengths. It estimated a monthly budget of about $2,400 for daily living.
No. 2 was Algarve, Portugal, with monthly living costs estimated at $3,085. The report said English use is relatively convenient there and the healthcare system is high-quality, which it said supports strong residential satisfaction.
No. 3 was Puerto Vallarta, Mexico, which the report noted is close to the United States. The report pointed to international medical facilities where communication in English is possible and a large foreign resident community as strengths. Monthly living costs were estimated at $3,305.
No. 4 was Gascony, southwestern France, with monthly living costs estimated at $2,085. The report described the area as having a low crime rate and strong medical services. It also noted that basic ability in French is needed.
No. 5 was Crete, Greece, the country’s largest island. The report estimated that living there is possible on $1,830 per month, and said it is also possible to find monthly rent around $500. It cautioned, however, about climate risks such as the winter rainy season, extreme heat, and wildfires.
No. 6 was Tarragona in Catalonia, Spain, with estimated monthly living costs of $2,008. The report said the area offers conveniences comparable to large cities, while having lower costs and less crowding than major cities.
No. 7 was Santa Familia, western Belize, with estimated monthly living costs of $2,035. The report highlighted that English is an official language and that the area has abundant natural surroundings.
No. 8 was Hua Hin, Thailand, the only Asian destination on the list. The report put monthly living costs at $1,442, the lowest among the locations ranked. It said the area has retirement infrastructure including golf, hospitals, and condominiums, and noted that there is also a sizable foreign resident population.
No. 9 was Kotor, Montenegro, where the report estimated retirees can live on $2,224 per month. It cited coastal and mountainous scenery as a strength and said there is almost no crime and that English use is possible.
No. 10 was Las Terrenas, the Dominican Republic, with monthly costs estimated at $2,225. The report cited Caribbean coastal scenery, a multicultural atmosphere, and retiree-friendly visa options as advantages.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
