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By Rob Budden
Best places to retire
Sunshine and the dream of a more fulfilling lifestyle where income goes much
further have driven more and more retirees to far-flung destinations for their
twilight years.
Those retirees in search of a slower pace, warmer weather, a lower cost of
living and favourable tax rates without compromising home comforts or quality
healthcare need to look no further.
Whether shady towns in the south of France or beachside living in Central
America, our guide to the seven best countries to retire has it all. Scroll
through the images above for more.
Peaceful Panama
If you're looking to retire somewhere where your money will go a long way, then
Panama, the southernmost country in Central America, might be the place for
you. Panama City, the country's capital, comes in at 124 in a cost of living
survey of 131 global cities, according to the Economist Intelligence Unit. That
s less costly than Manila in the Philippines, one of the lowest-cost capital
cities in southeast Asia.
A three-course meal for two in a mid-range restaurant in Panama costs 32.50
Panamanian balboas ($32.50), less than half the price of the same lunch in New
York City, according to numbeo.com, a website that tracks the prices of
everyday items. And, with the currency pegged to the dollar, US retirees
shouldn t face any price shocks as a result of currency swings.
A steady, secure income is the key requirement to obtaining a visa. If you
receive a pension of $1,000 or more a month (both private or social security
payments are counted), you should have little problem getting a tourist
pensioner visa which, once granted, lasts for life. Panama has a well-regarded
healthcare system, with many doctors trained in the US and Europe. However,
retirees should plan to spend at least $200 a month for private health
insurance.
You won't need a huge budget to find a home, though. A three-bedroom property
in the popular mountain town of Boquete would cost about $179,000, according to
globalpropertyguide.com. Foreigners have the same property rights as
Panamanians.
The main downside is the poor road infrastructure outside of Panama City. Even
so, International Living magazine has named Panama its top global retirement
haven in 2014, citing its affordability, wide range of leisure options and its
proximity to the US just two-and-a-half hours flight from Miami in the US.
And Panama is relatively safe compared to some Central American countries,
according to Overseas Security Advisory Council, a body set up by the US
Department of State.
The allure of France
As the world's number one tourist destination, France boasts many natural
attractions: beautiful towns and cities, fine cuisine, affordable wine and a
warm climate in the south. That s one reason the country attracts among the
highest numbers of expats within the European Union.
But, affordability isn t always top of mind when people think of retiring to
France. The country has relatively high taxes and social charges, along with a
wealth tax, which is levied on French residents' global assets in excess of
800,000 euros ($984,000).
But there are upsides to the costs. France has an admired public transport
system, including a high-speed national rail network. Paris to Montpellier in
the south of France, a distance of 600km, takes just more than three hours on
the TGV, with discounts available people aged 60 and older.
It also has the world s best healthcare system, which is heavily subsidised by
the government, according to the World Health Organization. So if you become a
legal resident, healthcare is likely to be much cheaper than in many other
western countries.
What s more, France doesn t have to be a costly choice. Eating out can be
inexpensive and, outside of Paris, property prices are relatively low. They
range from just 73,000 euros ($91,000) for a typical property in Creuse in
Limousin in the Massif Central region to 415,000 euros ($515,000) for an
average home in the department of Alpes-Maritimes Provence-Alpes-C te d'Azur,
which includes sought-after resorts like Cannes, according to the French
notaires who oversee property sales.
Asian sunshine in Malaysia
Looking for year-round sunshine? Malaysia is surely a contender. This former
British colony has it all, from the high-rise bustling capital city of Kuala
Lumpur to tropical beaches and remote rainforests.
It is also an inexpensive place to live, with International Living magazine
placing the country third cheapest in its global cost of living index. The
magazine reports that a couple can live comfortably in a luxury ocean-view
condo on the equivalent of $1,700 a month. Website xpatulator.com, which
analyses costs for expats, rates healthcare and accommodation costs in Malaysia
as very low at the opposite end of the spectrum to expensive destinations
such as Hong Kong or Australia.
Malaysia ranks as one of the world's top medical tourism destinations
attracting over 700,000 healthcare travellers in 2013, according to the
Malaysia Healthcare Travel Council.
Tax perks appeal, too. Under the country's second-home program, retiree
residency is relatively easy to obtain, giving those who qualify immunity from
inheritance tax or capital gains tax on the property. As well, they typically
benefit from pension, or social security income which is exempt from Malaysian
taxes, although US retirees may still have to pay US income tax.
Add to this widely-spoken English, low costs of eating out and direct foreign
ownership of property freehold, and it is easy to see the country's appeal.
Malta, an island with benefits
Malta, one of the smallest and most densely-populated countries in the world,
covers just 120 square miles and boasts a population of 400,000. With English
the first language for many on this southern European island, it s no wonder
that Brits tend to flock here. More than 5,000 UK citizens live on the small
island, just three hours by air from London.
British retirees here find much that they expect at home (such as UK shops and
supermarkets), as well as plenty that they don't (abundant sunshine and an
average annual temperature of 18 C (64 F). An added draw is the Malta
Retirement Plan, which allows EU nationals who take up residency to enjoy
income tax rate of 15%.
Malta, named after the local word for honey, holds a wider appeal as a
retirement destination. The country boasts a first-rate healthcare system
(ranked fifth in the world by the WHO) that is free to all citizens, as well as
British residents, under a reciprocal healthcare provision with the UK. The
picturesque Mediterranean island's rich history and architecture is also easily
accessible.
According to website numbeo.com, the monthly rent for a three-bedroom apartment
in the capital Valletta is 700 euros ($850) and a three-course meal for two at
a mid-range restaurant costs just 50 euros ($60).
The sandy beaches of Portugal
With an abundance of fishing villages and medieval towns, as well as beaches
and golf courses, it is easy to see why Portugal is so desirable. With an
established expat population, English is widely-spoken.
Lisbon, the capital city, is one of the oldest cities in the world and enjoys a
favourable Mediterranean climate. But the top destination in the country for
retirees is the Algarve coastline, which hugs the Atlantic Ocean. Here you will
find azure waters, high annual levels of sunshine and temperatures averaging
from 12 C (54 F) in January to 24 C (74 F) in July.
Yet wherever retirees choose to settle, Portugal offers beneficial tax regimes.
Under the country's non-habitual resident s scheme, foreign-sourced pension
income can be exempt from income tax for a period of up to 10 years.
Beyond the country's super-luxury resort towns, such as Quinta do Lago or
Vilamoura, property prices are reasonable. One bedroom apartments in the
popular coastal resort of Albufeira start at 60,000 euros ($75,000), according
to property website rightmove.com.
As well, Portugal s health system is ranked 12th globally by the WHO.
The tropics of Thailand
A low cost of living, no tax on retiree income from abroad, a tropical climate
and a culture that respects the elderly what's not to like in this retirement
destination known as The Land of Smiles ?
Thailand is also the land of affordable living, according to International
Living magazine. It ranked the country as the second least-expensive in its
cost of living index, pointing out that an over-the-top luxury two-bedroom
condo with great views can be rented for less than 40,000 baht ($1,200) per
month. A Pad Thai lunch can be had for $1.
In addition, the country's retirement visa (renewable annually) is available to
those retirees with monthly pensions paying 65,000 baht ($2,000) or to those
depositing 800,000 baht ($24,000) in a Thai bank account.
However, you should budget to pay for local health insurance as, while the UK
Foreign and Commonwealth Office rates many private hospitals to western
standards, the group notes that standards at local hospitals vary.
Culture and ease in Belize
The only country in Latin America with English as the official language, Belize
is a natural choice for a growing number of retirees, attracted by its swaying
palms and white sandy beaches.
With a population of just 350,000, the country is also attracting growing
numbers of eco-tourists, drawn by its rainforests, Mayan ruins and the largest
barrier reef in the Western Hemisphere.
For retirees, there is the added pull of the country's Qualified Retired
Persons program which offers a range of tax perks, including some exemptions
from import duties on household goods such as a car or boat. A qualifying
person is also exempt from paying any tax in Belize on income or investments
which accrue from outside the country. The main requirements are one must be
older than 45 and have a monthly income in excess of $2,000.
Property prices are inexpensive compared to the mainland US, but not as
affordable as some other markets in Central America. Hollywood actor Leonardo
DiCaprio recently bought an island west of Ambergris Caye, the largest island
in Belize for a reported $1.75m . Even so, purchasing property is relatively
easy with transactions conducted in English and Belize laws modelled on the
British system, helping safeguard the interests of buyers.
Belize has high quality and low cost private hospitals but, for more
complicated procedures, many expats choose to be treated in the US, often
relying on evacuation coverage on their healthcare policies.