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Why is Latin America the Best Place to Retire?

According to International Living magazine, 6 of the 10 best places to retire this year are in the region. Why is Latin America the best place to retire?

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LatinAmerican Post | Yolanda González Madrid

Planning a retirement entails doing a series of studies to determine which should be the best place to retire and settle after working life. Certainly, the possibilities are endless and, in addition, everything will also depend on the preferences of each one. Given this, and like every year, International Living magazine published the Annual Global Retirement Index 2022, where 6 Latin American countries stand out in the top-10.

It is worth mentioning that this study takes into consideration factors such as the ease of obtaining residence, the health system, the climate, the cost of living, among others. In addition, International Living relied on the insights and experiences provided by its network of contributors to develop the list, which is largely aimed at Americans and Canadians but also serves as a pointer to other regions of the world. What are they and why do the countries of Latin America stand out?

Panama

This is the best place to retire in 2022, according to the Index. A key point for this is that Panama is geographically located in the center of the Americas, so it has a significant airflow in the international airport of its capital. This, without a doubt, facilitates the mobilization of retirees and foreigners to any destination, without forgetting its proximity to the United States.

Also read: How the Default in Argentina Will Affect the Countries of the Region?

On the other hand, the quality of life for pensioners is worth highlighting. As explained by Jessica Ramesch, editor of International Living, Panama offers a program for retirees for both locals and foreigners, which has certain discounts on health issues. In addition, it is possible to rent apartments facing the sea for 1,500 dollars per month and even live with about 2,600 dollars per month with everything included.

Finally, the fact that Panama is dollarized and has very low taxes is an advantage that many US retirees take into account when retiring there. The tropical climate and natural beauty, ranging from mountains to beaches, make this place the ideal paradise to enjoy life.

Costa Rica

Costa Rica is in second place on the list. Unlike other countries in the region, Costa Rica stands out for having abolished its army in 1948 and dedicating that budget to invest in health and education.

Two important points to highlight are its good banking system (they are called the "Central American Switzerland") and its high levels of security. And it is precise that Costa Rica is the best placed Latin country in the Global Peace Index, published by the DataMacro portal, ranking 39th.

In turn, the International Living report indicates that the country has public and private systems of optimal health, offering discounts on medical programs without exclusions or disqualifications due to age. Its warm climate, modern cities, Caribbean beaches, tropical jungles, and areas for ecotourism, mix with the warmth of the people to give an excellent quality of life.

Mexico

If we talk about proximity, Mexico is the ideal place for Americans and Canadians to retire, since they have direct flights in the main airports of the country. But beyond that, the facilities they offer are so varied that they benefit all kinds of foreigners.

The excellent climate throughout its territory, high-speed internet, good roads, low food prices, and cheap options for entertainment are points that the report on Mexico highlights. All this without mentioning the ease of obtaining residence and the lifestyle that ranges from bustling cities to quiet towns.

Finally, a detail that the Bizlatin Hub portal mentions is the strength in the real estate market. As reported, Mexico has three cities that are among the cheapest to buy a home: Guadalajara ($1,761 per square meter), Monterrey ($1,878), and Mexico City ($2,420).

Colombia

Positioning itself in fifth place on this list has not been easy for Colombia. The International Living report highlights, far above other topics, the availability of high-quality private health care, which is considered better than that of Canada according to the latest ranking published by the World Health Organization (WHO).

In turn, another point that is mentioned is the popularity of the country for investors and retirees to bet to start a new life or continue generating income. In addition, it is a country full of cultural richness, biodiversity and the wide range of climates make choosing a city to settle in less complicated.

Ecuador

Did you know that Quito has one of the lowest real estate prices among the main cities in Latin America? This is indicated by the latest edition of the Real Estate Survey of Latin America (RIAL), which indicates that the Ecuadorian capital has an average price per square meter of only 1,225 dollars. This, in part, is due to the fact that the nation is dollarized and does not suffer from constant currency conversions as in other countries.

And it is that in addition to the comforts that range from the mild climate, affordable medical care, or natural beauties, Ecuador stands out for being that country still unknown by many that enjoy both an economic and modern quality of life.

Uruguay

The impact of the pandemic has affected the Gross Domestic Product (GDP) of all Latin American countries and the world, without a doubt. However, a study carried out by the Statista portal indicates that Uruguay is one of the three countries that would have grown in 2022 compared to last year (from 3% to 3.1%).

And it is that although it is the smallest country on the list, it is also the most developed and prosperous in Latin America. Its cost of living can be much higher than other places on the continent, but that goes hand in hand with economic and political stability and a low crime rate.

Like Ecuador, Uruguay is a destination still unknown to many, although it is a more than viable option for those considering retirement. Their public and private services are of high quality, it is possible to enjoy the four climatic seasons, and thanks to their geographical area they are far from any natural threat.