Retiring to live in another country when working life is over is an option that more and more people around the world are considering.
According to the Social Security Administration, more than half a million Americans receive their payments abroad.
According to Travel + Leisure magazine, foreigners consider health care, visa requirements, local culture, taxes and living costs when retiring in another country.
This site published a list of the 12 best places to retire, which includes the Dominican Republic, as it is one of the least expensive Latin American countries for retirees. In the country’s capital, Santo Domingo, the cost of rent is 80 percent lower than in New York and consumer prices are 49 percent lower.
According to the publication, most retirees buy private health insurance and receive care in private centers at reasonable prices. It points out that the country offers a retirement or pensioner visa with proof of at least $1,500 in monthly income.
Most of the retirees live in the country’s capital and in Santiago, and also live in tourist towns such as Punta Cana, Puerto Plata and Boca Chica.
According to the publication, Panama has become a retirement destination, mainly because of its proximity to the United States, its warm climate and welcoming atmosphere.
The cost of living can be adapted to most budgets. The government has created a pensioner visa, with a plan that requires a pension income of at least US$1,000 per month and offers discounts on services and a tax exemption on imported household goods.
Pensioners choose the private health care system and reasonable co-payments for services.
It highlights Portugal as a retirement destination in recent years, as the climate is temperate, the cost of living is reasonable and the citizens are welcoming.
Legal residents can register with the National Health Service to access public hospitals and health centers and others have medical care covered by private insurance. Health insurance, passport and proof of income are required to receive a residency permit.
Another destination that has gained popularity among retirees is Uruguay because of its low crime rates. The cost of living there is at least 19 percent lower than in the United States and rent is 66 percent cheaper. In this country, the U.S. pension and social security are not taxed and everyone has access to affordable health care.
To become a legal resident, a monthly pension of around $1,500 and a criminal background check are required.
The list also includes Spain for its highly rated healthcare system that includes medical care for citizens and residents who contribute to social security. Most foreign retirees opt for a residency visa.
Source: Diariolibre.com
