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As the cost of living in the US continues to rise, more and more Americans are looking for easier lifestyles abroad. Of the 5.5 million Americans living abroad, 23% are retired, according to a report by get golden visa.
Some people want a comfortable lifestyle, while others give it up for better health care, financial security and lower costs. But where are the best countries to enjoy a frugal lifestyle in retirement? Options span the globe, with destinations from Central America to Europe topping the list.
1. Portugal
Many retirement and relocation experts have named Portugal as a top destination for American retirees.
Retirees can secure a D7 visa if they are willing to deposit about $12,000 in a Portuguese bank and generate about $1,000 in passive income, said Jane Barnett, co-founder of Expatsy.
“A couple can live on $2,000 a month,” he said.
Mortgage consultant and founder of UK Expat Mortgages Luther Yates agreed that the country has become popular for retirees over the past decade.
“The cost of living is significantly lower than the US, it offers excellent public healthcare that is accessible to legal residents and there is already an established expat community that makes the transition easier,” Yates said.
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2. Mexico
Barnett suggests Mexico for retirees looking for a more affordable lifestyle, peaceful beaches and vibrant cities.
“Mexico has exceptional private health care and affordable private insurance,” he said.
The cost of living for a couple can be as low as $1,500 per month, Barnett said, but you’ll need to show at least $7,322 per month in income or a savings or investment account that holds at least $292,859. Qualify for a permanent visa.
3. Greece
Greece has emerged as a popular retirement destination in recent years, culminating in the award of “Best Place to Retire in 2026”. international life.
“In addition to the beautiful coast and welcoming people, it offers favorable immigration pathways, competitive tax incentives and a low cost of living,” said Federica Grazie, Founder and Managing Director. Mitos Rehabilitation Solutions.
4. Italy
Like Greece, Italy also has a low cost of living and favorable tax code.
“Similar to Greece, the cost of living is often below $2,000 a month,” said Grazi.
Many American expatriates move to Italy to take advantage of foreign-sourced pensions and a 7% flat tax on income for 10 years, which helps boost retirement savings.
“You also get excellent health care, great weather, food and culture, and a safe, stable environment,” Yates said.
5. Costa Rica
If relaxing on white-sand beaches or snorkeling in crystal blue waters is your idea of the ideal retirement, experts recommend Costa Rica.
“People come here for the peace and simple life,” Barnett said. “A couple can live on $2,000 (per) month and rent a one-bedroom apartment outside the city center for $600 (per) month.”
Retirees have access to Caja, the country’s public health care system, which Barnett said is mandatory for all residents and provides “excellent primary care.”
