PEACEFUL PANAMA
If in your old age you want to live where your money will last a long time, Panama might suit you – the southernmost country in Central America. Its capital, also named Panama, ranks 124th in cost of living among 131 cities worldwide, according to a study by the analytical department of the authoritative English-language magazine The Economist. Living there is cheaper than in Manila, the capital of the Philippines, which is considered one of the least expensive capital cities in Southeast Asia.
According to Numbeo.com, which tracks prices for everyday goods, a three-course dinner for two at an average restaurant in Panama costs 32.50 Panamanian balboas (32.50 US dollars) – more than twice as cheap as in New York. And since the local currency is pegged to the US dollar, American retirees need not fear sharp price hikes due to exchange rate fluctuations.
The main condition for obtaining a visa is having a stable guaranteed income. If you receive a pension of at least $1,000 per month (including both private and public pension payments), you will likely have no problem obtaining a tourist visa for retirees, which is valid for life.
The healthcare system in Panama is considered good; many doctors receive training in the US and Europe. However, retirees should budget at least $200 per month for private health insurance.
On the other hand, buying real estate does not require much money. According to Globalpropertyguide.com, a three-bedroom apartment in the popular mountain town of Boquete can be purchased for about $179,000. Foreigners have the same property ownership rights as locals.
The main drawback is poor road infrastructure outside the capital. But despite this, in 2015 Panama ranked second after Ecuador among the best places for retirees (according to International Living magazine). Low prices, a wide range of leisure opportunities, and proximity to the US – a flight from Miami, located in southeastern US in Florida, takes only two and a half hours – worked in its favor.
Moreover, according to the Overseas Security Advisory Council, established by the US State Department, Panama is relatively safe compared to some Central American countries.
BEAUTIFUL FRANCE
France is not without reason the most popular among tourists – it attracts with beautiful cities and villages, exquisite cuisine, affordable wine, and a warm climate in the south: just a few reasons why this country ranks almost first in the European Union in terms of the number of foreigners residing permanently in its territory.
However, affordability is not France's strongest point in the eyes of retirees. Taxes and social contributions are quite high there; moreover, French residents are subject to a wealth tax on the total value of their assets if it exceeds 800,000 euros, regardless of location.
But not everything is as bad as it might seem at first glance. France has an excellent public transport system, including a network of high-speed railways. A trip from Paris to Montpellier, which is 600 kilometers south of the capital, on the TGV high-speed train takes just over three hours, and discounts are available for passengers aged 60 and over.
Additionally, according to the World Health Organization, France boasts the best healthcare system in the world, which is heavily subsidized by the state. Thus, holders of a residence permit in France will likely have lower medical expenses than citizens of other Western countries.
Moreover, life in France is not always more expensive than elsewhere. There are affordable restaurants, and property prices outside Paris are relatively low. For instance, according to French notaries who oversee real estate transactions, a typical residence in the Creuse department in the Limousin region, located in the mountainous Massif Central, costs only 73,000 euros, while an average-sized house in the Alpes-Maritimes in the Provence-Alpes-Côte d'Azur region, home to famous resorts like Cannes, can be bought for 415,000 euros.
SUNNY MALAYSIA
Want to enjoy the sun all year round? Then head to Malaysia! This former British colony has everything you could wish for: from the skyscraper-studded bustling capital Kuala Lumpur to tropical beaches and dense jungles.
And living there is very inexpensive – in the global cost of living index compiled by International Living magazine, Malaysia ranks third for cheapness. According to the magazine, two people can comfortably live in a luxury apartment with an ocean view for $1,700 per month. On Xpatulator.com, which analyzes expat costs in different countries, it is stated that prices for medical care and housing in Malaysia are "very low" compared to expensive options like Hong Kong and Australia.
Malaysia is one of the most popular destinations for medical tourism; in 2013, according to the Malaysian Healthcare Travel Council, 700,000 people came there to improve their health.
Tax benefits also attract foreigners. Under the Malaysia My Second Home program, retirees can relatively easily obtain a residence permit in Malaysia, along with exemption from inheritance tax and capital gains tax on property. In addition, they usually receive a pension or social assistance that is not subject to Malaysian taxes (although American retirees may have to pay US income tax on it).
Moreover, many people in the country speak English, restaurants are cheap, and foreigners have the right to direct ownership of real estate. In short, Malaysia is a wonderful place!
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FULL BOARD (part 2)