Many hardworking Americans would dearly love to retire right now but simply can’t afford to do so.
But wait a minute. What if there was a location that, if you moved there, would essentially mean you have 10 times more retirement assets than you do right now?
Well, there are places that make this possibility a veritable reality. If you’re willing to spend your Golden Years as an American ex-pat living in a foreign nation, you may be able to retire now with ease.
Several nations around the world offer attractive incentives to retire by offering everything from extremely low housing and/or rental costs to cheap food, health and dental care, transportation and more.
Some of the top locations that already host tens of thousands of American retirees are:
This Central American nation is already home to nearly 30,000 Americans. The country offers its Panama Pensionado (Panama Retirement) visa to foreign retirees that give them discounts almost across the board on everything needed to live. Not only are things like utility bills already a fraction of what they are in the U.S., but the Pensionado visa knocks off an additional 25%. Food is cheaper, dental care is discounted – in short, Panama is a place where you can stretch your retirement nest egg to further limits.
Not every retirement destination is a “banana republic,” pardon the term. The ancient and beautiful nation of Greece is eager to welcome American retirees with a host of incentives.
The caveat associated with Greece is that you must have a significant chunk of change to invest in local real estate. That figure is about $302,000. If you plunge that money into Greek property, you get a 5-year renewable permanent visa to live there. Furthermore, if you invest that same amount of money in the U.S., you may incur tax liabilities up to 37% on your investment. In Greece, your tax rate is locked in at just 7% permanently.
Even without investment in local real estate, however, an American retiree can live in Greece on less than $2,000 a month.
How would you like to retire to a quaint village in the south of France and pay just $1 to buy a house? Well, you can, except the price is not $1 – it’s one euro.
The French government is eager to revitalize its many small towns and rural communities as young people have abandoned these locations for life in the big cities.
After you own a home, you will live rent-free and be able to use your savings on housing to purchase all of your other basic goods at prices comparable to what you pay now in the U.S.