When we talk of cheapness, the idea is the cost of living index. Many tools have been brought forth to measure the cost of living. In our article, we have considered a list produced by Numbeo in 2022. The top country is the most expensive to live in while the bottom-most is the cheapest. We have also considered peacefulness and the quality of life in these countries so that we don’t end up sacrificing quality at the expense of cost. Now let’s take a look at some of the cheap countries you can consider for your retirement.
Malaysia
Apart from its warm tropical climate, with a cost of living index of 39.12, Malaysia is one of the cheapest destinations you can choose to enjoy your retirement. The cost of living in Malaysia is about 80% less than in the United States. Food that would cost you $15 in America, would only cost $2.27 in Malaysia. As for housing cost, although it varies with location, it’s still way cheaper. With your international health insurance, you should be able to access affordable health care services from public and private hospitals by well-trained English-speaking healthcare personnel. Malaysia also ranks as the 16th most peaceful country in the world. You will also get to learn and enjoy the diverse culture.
Portugal
Second, on our list is Portugal. Portugal is a country located in Europe that is rich in Europe’s ancient culture. Its dense forests, sandy beaches, and friendly people make it truly beautiful to retire. The amazing thing is that you don’t have to hit the jackpot to afford this paradise. The cost of living index is as low as 49.52! Houses are very affordable; you can get a fully furnished 5-bedroomed house for only $360. You can get your cup of coffee at only 79 cents. As for healthcare, you won’t need to worry, with a healthcare quality index of 71.88, you are guaranteed quality and affordable healthcare.
Czech Republic
The Czech Republic is ranked as the 10th most peaceful country in the world. The cost of living is about 42% more affordable than in the United States; very ideal for an expatriate. The downside is that they currently don’t give retirement visas, but you can instead use a student visa and enroll to learn the Czech language. It may be a bit of a hustle, but it’s worth it, especially with the world-class health care that the country provides.
Slovenia
Slovenia is a country well known for its beautiful landscapes, lakes, and attractive scenery. Ranked among the top 10 safest places in the world, and with a healthcare quality index of 64, it is one of the most ideal places to consider for retirement. The cost of living is 20% cheaper compared to the United States with houses extremely cheap. Houses in the US are 117% more expensive than in Slovenia. The only challenge could be getting a permanent residence visa for non-EU members. However, you can get a one-year residence visa which is renewable every year for up to 5 years after when you can apply for permanent residence.
Romania
Natural beauty, as exhibited by its attractive towns, castles, and monasteries, sets it apart from other European countries. As evidenced by its serene environment, only 24 countries are more peaceful. The cost of living is way much cheaper compared to most countries in Europe and the US. You only need between $300 to $600 depending on the location to rent a good one bed-roomed house. The only complication could be acquiring a retirement Visa. For non-EU members, there is no retirement visa. However, this can be worked around by investing in a business through which you can get a visa. Another downside could be the quality of health in public hospitals, but you can always get quality healthcare from a private hospital on a small budget.
Conclusion
Many other beautiful countries exist in which you can comfortably retire without having to break the bank. However, it is important to take your time to consider the quality of healthcare they provide, how health insurance works, how safe the place is and how the visa allocation works. But most importantly, you should consult a financial advisor so that you can plan yourself accordingly and make an informed decision depending on how much money you have.
