Castle Cover, an insurance provider, recently conducted a study on the best places for retirees to live in. Although only 23 countries were included in the study, the countries who made it to the top 10 all offer affordable housing, health care costs, as well as favourable climate; very conducive for retirees who want to live abroad during retirement.
Here’s an excerpt of 6 countries included in the top 10:
Over 1.3 million expats call “The Land Down Under” home, because of low taxes and cheap health care. For some people, those two advantages are enough to outweigh the two main drawbacks when living in Australia. Firstly, property is expensive. Secondly, demand for commodities the past few years have boosted the AUD, so much so that pensioners aren’t able to stretch their sterling for as much as they’d like.
HSBC revealed in one of their recent surveys that British pensioners would get more value for the pension in the US compared to other developed countries.
So what does the “Land of the free” offer? Affordable houses, cheap petrol, and a very favourable climate. It’s also recognised as a global cultural centre, since people from all over the world have transferred there to make their dreams come true.
Although there are plenty of benefits if you retire in the US, a few shortcomings you’ll have to deal with are expensive health care and extremely difficult process of claiming insurance proceeds.
It can be said that Morocco is a land literally frozen in time as its key cities like Marrakesh, Casablanca, and Tangier still bear its Roman, Islamic, and European influences from hundreds of years ago. Unlike some of the countries included in the list, Morocco has only a recorded around 2,400 expats living there. A friend of mine who has experience living in Morocco claims that the country may be too exotic for Western retirees as many previously encountered problems when they bought and sold property, especially when they dealt with local bureaucrats.
A lot of pensioners from the UK find Portugal as a very suitable place to retire. Some fall in love with the country’s rich history; others stay for the good health care system, warm climate, and affordable cost of living. In fact, Portugal is so popular with many retirees that it has the third largest European expat community after Spain and France.
Retirees who are seeking a new lifestyle in their twilight years may find Thailand as the perfect place to stay. Currently 41,000 expats enjoy the bustling city scape, grand temples, mouth-watering cuisine, and friendly locals that this country is famous for. If that’s not enough reason to stay, the country also provides cheap petrol and property for its residents.
Spain has the largest expat community in Europe, so you’re sure to find a companion in this historic country wherever you stay. While finding friends won’t be hard, be sure to stay near well-known cities such as Madrid and Barcelona, or the rolling countryside of Catalonia if you decide to make Spain your permanent residence. Half-empty coastal developments have sprouted across the country in the past few years, but developers failed to attract people to live in these places.
It’s important to check lists like this one, so you’ll get a pulse of where people are buying in the UK or abroad. In that way, you’ll know which places will give you the best returns. Remember that in remote investment, distance shouldn’t prevent you from earning the profits you want. What’s important is only location, location, location!