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Who wouldn’t want to retire in another country? The U.S. dollar holds a lot of power and can provide retirees with a nice life abroad.
More and more Americans are living in another country. According to American Citizens Abroad, around 5.1 million U.S. citizens lived abroad in 2022. But this number could be as high as 9 million!
For this article, we’ve chosen to focus on countries where a U.S. citizen could live off of $2,500 a month.
Here are the 12 best countries for American expats retiring on a budget.
1. Mexico
Mexico is extremely affordable when using U.S. dollars. Mexico is the best country for American expats retiring on a budget! Not only is it cheap, but there are plenty of American and English-speaking communities.
In Guadalajara, a popular Mexican city, rent can range from $350 to $900. This fluctuates depending on the exchange rate. With rent so cheap, retirees have plenty left to spend on food and fun.
2. Portugal
Another country where American retirees can make their budget last longer is Portugal. This beautiful European country is cheap to live in and enjoy. The most expensive part of Portugal is getting there from the U.S.
Finding a rental home in Portugal can be tricky. But rent is cheap, especially in sleepy, small towns where rent can be as low as $450.
3. Vietnam
Retirees love Vietnam for its affordability, nature, and delicious food. You can survive on a lot lower than $2,000 a month.
Vietnam is close to 75% cheaper than the United States. You can find rent for as low as $500 a month. Food is also inexpensive. Street foods are rarely more than $2.
4. Thailand
Thailand is another excellent country where American retirees can spend their days with a tight budget. Rent is always a worry. However, in Thailand, you can find a two-bedroom condo for just $515 a month.
Food is one of the least expensive parts of Thailand. You can eat delicious, high-quality, and fresh food for less than $5!
5. Puerto Rico
Technically, Puerto Rico is not a country. While Puerto Rico is a part of the United States, it’s a territory, not a state. Life in Puerto Rico is slow, relaxing, and peaceful.
Although most Puerto Ricans only speak Spanish, you won’t have to change your life too much. Puerto Rico uses the U.S. dollar. Rent varies on the island, but can be as low as $500 including utilities.
6. Colombia
The cost of living in Colombia is very cheap. You can get away with living frugally on as little as $800 a month. Depending on the area, rent costs as little as $300 with utilities.
Food and public transportation in Colombia is also affordable. You don’t have to rely on a car unless you live in a small, remote town.
7. Philippines
Retirees don’t need a lot to spend their days relaxing in the Philippines. Even $2,000 can provide retirees with luxuries.
The overall cost of living in the Philippines is 56% lower than in the United States. Rent in the Philippines can be as low as $160. A meal can cost less than $2.
8. France
Who says you have to pay an arm and a leg to retire in France? If you stay away from major cities like Paris, it’s doable.
Retiring in France is not overly expensive. Rent in France for one person is generally under $700. Fresh food in France is everywhere. It’s also cheap to buy.
9. Malaysia
Retiring in Malaysia is a piece of cake. First, you don’t need a lot of money. Second, Malaysia offers an easy-to-apply retirement visa. The visa is good for ten years.
So, what’s the allure of Malaysia? Not only is Malaysia stunning, but it’s also affordable. $2,000 a month goes a long way when rent is only $550. Rent could be higher depending on the area and size.
10. Panama
Panama has attracted American expats for decades. Like Malaysia, Panama offers retirement visas. The most popular one requires proof that you bring in at least $1,000 a month.
American expats can retire and rent for less than $1,000 in Panama. A rent of $600 isn’t uncommon.
11. Czech Republic
Not all top American retiree spots are in Latin America or Asia. In Europe, American retirees are heading to the Czech Republic. However, unlike Panama and Malaysia, this country doesn’t have a specific retirement visa.
Now, onto the money. Rent in the Czech Republic varies but can drop to as low as $400 for a studio or one bedroom.
12. Croatia
Last but not least is Croatia. This is one of my favorite countries, known for its scenic beauty. Croatia is a growing destination for American expats. It’s affordable, quiet, and unique.
In Croatia, American retirees can rent for as low as $350. Now, if you’re in a major city downtown, expect this number to double. Still, things like food, activities, and nightlife are inexpensive.
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