Do you want to retire abroad? In the last two decades, a high number of people are thinking about moving abroad once they retire. This makes sense because traveling and communication are easier and there are many cheap countries out there where you can live a better (or at least more interesting) life.
There is no doubt that this is a very serious decision and you will have to consider many things before you make a decision. However, the most important thing that you must analyze is the destination where you want to live. A list of the best countries to retire to like this one should be able to help you with this quest.
- Find out more about the basic facts about each country
- Get familiar with the weather, infrastructure and best cities there
- Learn more about the cost of living
The good thing is that there are many good options for those who want to retire abroad. The countries we’ve included on this list are located on different continents and they have many things that can make their residents happy. So, are you ready to check our list of the 10 cheapest best countries to retire to?
1. Serbia
Continent: Europe
Capital city: Belgrade
Currency: Serbian dinar
Population: 7 million
GDP: $119 billion
Serbia is located in the Balkans, a region that has witnessed a few wars and conflicts in the last 30 years. However, the situation is now changed and even though there are a few unresolved political issues in the region, the chances for another conflict are extremely low.
Situated in the northern part of the Balkans, Serbia was once the leader of a bigger state known as Yugoslavia. Today, they are on their way to the European Union and this country is recognized as one of the countries that have the biggest potential in the region. The capital city of Serbia – Belgrade – is probably the best place for those who want to retire abroad, although there are some wonderful places in the northern part of Serbia like Novi Sad for example.
- A country with a very long history
- It’s located in one of the best places on the Balkans
- It’s a landlocked country
While it’s true that the cost of rent and real estate, in general, is not very low in Belgrade, Serbia, it’s also true that the cost of utilities is very low. On top of that, people in Serbia are very friendly and they definitely know how to enjoy life.
Cost of living
Milk (1 l): 0.77 Euro
Beer (0.5 l): 0.6 Euro
Rent (apartment with one bedroom in the center of Belgrade): 330 Euro
Buy (apartment in the center of Belgrade, per square meter): 2.350 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 138 Euro
2. Indonesia
Continent: Asia
Capital city: Jakarta
Currency: Indonesian rupiah
Population: 261 million
GDP: $3.75 trillion
Indonesia is an amazing country located in Asia. It’s actually a giant archipelago which consists of more than 17.000 islands. Five of these islands are significantly bigger than the others – New Guinea, Sulawesi, Borneo, Java, and Sumatra. From steep mountains and exceptional beaches to tasty food and friendly people – these are some of the things that people can expect if they decide to retire here.
- One of the countries that have an amazing selection of sandy beaches
- A few places including Jakarta and Bali are very popular among tourists around the world
- You can get a great meal for two people in decent restaurants in Bali, Indonesia for 10 Euro
This country is blessed with a tropical climate and it has two monsoon seasons. This is important for those who are affected by specific climates. In the last decades, Indonesia was hit by a few terrorist attacks, but these attacks were limited to specific locations and the safety in this country is at a high level.
Most of the foreigners found in Indonesia live in the capital city Jakarta. However, there’s a big community of expats located in Bali too. Bali is an amazing island which is popular among tourists thanks to the amazing beaches and many spots where people can practice surfing. The food and drinks, even in restaurants, are very cheap. The same goes for utilities and housing expenses. Of course, it all depends where you will decide to move to this big Asian country.
Cost of living
Milk (1 l): 1.24 Euro
Beer (0.5 l): 1.81 Euro
Rent (apartment with one bedroom in Bali): 290 Euro
Buy (apartment in the center of Bali, per square meter): 710 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 84 Euro
3. Argentina
Continent: South America
Capital city: Buenos Aires
Currency: Peso
Population: 43.8 million
GDP: $920 billion
If you are looking for a country where you can choose the type of climate in the region where you will live, then Argentina is a good choice. This is a megadiverse country which is blessed with amazing nature. Situated in the southernmost part of South America, this country has been the favorite destination of many emigrants in the past. Argentina was built by European immigrants and that’s why foreigners are accepted well in this country.
- One of the most beautiful countries in South America
- This country was founded by European immigrants
- The apartments might be a little bit expensive, but everything else is cheap
The economy of Argentina had its ups and downs and they have experienced a few bankruptcies, but the situation is better in the last five years. Most foreigners want to live in Buenos Aires, the capital city of this country where you can find a huge number of restaurants, parks, and attractions.
The markets are full of fresh and cheap food and transportation is quite cheap too.
For instance, a monthly pass for Buenos Aires’s public transportation system is just 16 Euro. Unlimited broadband Internet is 27 Euro. The prices in Buenos Aires are a little bit higher for those who want to buy apartments, but if you want to live in the countryside you will find many inexpensive options.
Cost of living
Milk (1 l): 0.9 Euro
Beer (0.5 l): 1.95 Euro
Rent (apartment with one bedroom in Buenos Aires): 285 Euro
Buy (apartment in the center of Buenos Aires, per square meter): 2550Euro
Basic utilities (heating/cooling, electricity, garbage, water): 85 Euro
4. Macedonia
Continent: Europe
Capital city: Skopje
Currency: Macedonian denar
Population: 2 million
GDP: $33.8 billion
It turns out that Europe has a few great places for those who want to retire abroad. One of the best countries to retire to on this continent is Macedonia. This country is located in the center of Southeastern Europe. It’s a landlocked country, but you can get to the sea in less than 4 hours by car if you go to Greece.
Macedonia is a land with a very long history which dates back to prehistoric times. In the last decade, the country has made significant progress in terms of economy and stability and it’s no wonder why they are on their way to joining the EU and NATO.
- Macedonia is located in the center of Southeast Europe
- It’s a landlocked country
- It’s a country that provides everything you need at very low price
While it’s true that there are a few interesting places that are worth visiting here, it’s also true that for those who want to retire there, two options stand out. The first one is the capital city Skopje. This city has an interesting architecture that includes a few different styles including neoclassic, modern and Ottoman style.
The Macedonians represent the majority of this city, but there are a few minorities there. Skopje is home to many foreign embassies. The people who live in this city, just like everywhere in Macedonia, are known for their hospitality.
The other option you have, which is cheaper than Skopje is Ohrid. This is a beautiful city by one of the oldest lakes in Europe. Known as a holiday destination, this city is visited by tens of thousands of tourists from every corner of the world every summer. So, you can spend your days as a retiree in a place where the summer is a busy period and the rest of the year is calm and peaceful.
Cost of living
Milk (1 l): 0.83 Euro
Beer (0.5 l): 1.6 Euro
Rent (apartment with one bedroom in Skopje): 225 Euro
Buy (apartment in the center of Skopje, per square meter): 1200 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 112 Euro
5. Thailand
Continent: Asia
Capital city: Bangkok
Currency: Baht
Population: 68.8 million
GDP: $1.4 trillion
Thailand is one of the most popular and best countries to retire according to many articles and guides focused on this topic. It looks like there is more than one reason for that, and the fact that the cost of living in this country is more than reasonable makes this country very attractive.
First of all, Thailand has a great climate, the temperatures are more or less the same in most regions throughout the year. Of course, you should remember that there are certain months when you can expect more rain (rain season). Another good thing about Thailand is that you can expect excellent medical care. You will get high-quality care at low cost.
Needless to say, Thailand is one of the most popular holiday destinations in the world. There are people from around the globe that are spending their holidays here. Thailand is home to more than 1000 islands, hundreds of beaches and other natural beauties. We should also mention that this country has excellent cuisine too. After all, that’s why you can find Thai restaurants in every major city in Europe and North America.
Thousands of expats live in Thailand today. Remember that if you want to live in the center of the capital city of this country, you will have to pay more for rent, but all other options promise affordable solutions.
Cost of living
Milk (1 l): 1.46 Euro
Beer (0.5 l): 2.31 Euro
Rent (apartment with one bedroom in Bangkok): 600 Euro
Buy (apartment in the center of Bangkok, per square meter): 4750 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 76 Euro
6. Romania
Continent: Europe
Capital city: Bucharest
Currency: Romanian leu
Population: 19.5 million
GDP: $541 billion
The socialist regime in Romania has left long-term scars to the political system of Romania, but it seems that the politicians, as well as the people of this Eastern European country, have managed to get rid of these scars. Nowadays, Romania is a modern country which has many interesting things to offer to those who want to retire abroad.
- Romania is an ex-socialist country
- It is now part of the European Union
- Bucharest is the best place to retire to in this country
The truth is that many young people are leaving Romania because they are looking for different job opportunities and better salaries. But, this doesn’t mean that it’s bad to live in Romania. On the contrary, this country is a member of the European Union and they are doing their best to create better conditions for those who live there.
So, while Romania might not be a top destination for those looking for a job, the country is a good spot for retirees from other countries. They have a decent healthcare system, good climate and many historical places (hint: Transylvania) that you can visit in your free time. The most logical choice here is to move to the capital city – Bucharest. This city has excellent infrastructure and all the things that modern people need to live a good life.
Cost of living
Milk (1 l): 0.99 Euro
Beer (0.5 l): 1.7 Euro
Rent (apartment with one bedroom in Bucharest): 400 Euro
Buy (apartment in the center of Bucharest, per square meter): 1700 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 96 Euro
7. Uruguay
Continent: South America
Capital city: Montevideo
Currency: Uruguayan peso
Population: 3.4 million
GDP: $84.6 billion
Here’s an example of a South American country that has many things to offer to people who want to retire abroad. From colonial homes that were renovated to beachfront homes, Uruguay is a beautiful country where you can enjoy your days of freedom.
- It provides access to the sea
- You can expect to meet many friendly people
- This country has a well-developed infrastructure
This is a land where people don’t have prejudices and people that are quite friendly to strangers. The natural beauties of this country will activate the adventurer that has been inactive for many years and the cheap products and services will encourage you to stay there forever.
Keep in mind the price of real estate in certain areas, like the center of the capital city (Montevideo) for example, are higher compared to other parts of the country. In case you are looking for modern infrastructure, a country where you can find many expats and a place where you can celebrate life, Uruguay won’t disappoint you.
From amazing beaches and excellent telecommunications to drinkable tap water and great highways and streets, this quiet and peaceful country is everything you need as a retiree.
Cost of living
Milk (1 l): 0.67 Euro
Beer (0.5 l): 2.25 Euro
Rent (apartment with one bedroom in Montevideo): 430 Euro
Buy (apartment in the center of Montevideo, per square meter): 2200 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 98 Euro
8. Cambodia
Continent: Asia
Capital city: Phnom Penh
Currency: Riel
Population: 16.2 million
GDP: $70 billion
It’s interesting that the authorities in Cambodia are one of the rare authorities in the world that have made an effort to make it easy for foreigners coming primarily from Western countries to move there. You won’t need to go through tons of documents and ask for many permits before you can get approval to live there.
- Cambodia is a stable Asian country
- There is not much paperwork to complete in order to move to Cambodia
- The prices of utilities and groceries are very low
In the 1990s, after years of stagnation, the country has experienced economic expansion. This is the time when Cambodia became attractive to foreign travelers and those who wanted to retire abroad. The best places to live in Cambodia include Phnom Penh (the capital) and Siem Reap. In these cities, you can find dozens of restaurants, hotels, shopping malls, banks, hospitals and other things that you might need while you live there.
Just like in many other countries, the cost of accommodation is the highest item on the list of expenses. Still, these prices are way lower compared to the prices in Western cities. Groceries and utilities are very cheap and the price in restaurants is more than decent.
Cost of living
Milk (1 l): 2 Euro
Beer (0.5 l): 0.8 Euro
Rent (apartment with one bedroom in Phnom Penh): 450 Euro
Buy (apartment in the center of Phnom Penh, per square meter): 2000 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 75 Euro
9. Malaysia
Continent: Asia
Capital city: Kuala Lumpur
Currency: Ringgit
Population: 32 million
GDP: $1 trillion
If you are interested in the best and cheapest countries to retire to, you should take Malaysia into account. With a good plan, you can follow the same lifestyle as the one you have at the moment, but you will get a chance to cut the cost of living and enjoy some incredible places in this Asian country.
This country has a tropical climate (hot and humid). The good thing is that people in all major cities know English and you can communicate easily with them. There are a few different ethnicities that live in this country besides the Malay majority and what’s unique is that they all live in harmony for many years now.
- A country where people of different ethnicities live in harmony
- One of the countries in Asia with the best economies
- Many people have moved to Malaysia in the last decade
Malaysia is a country where you can find tasty coffees and juicy street food. They have a retirement visa solution that’s quite attractive. Living in Malaysia is not expensive, but this doesn’t mean that you can expect bad living conditions.
On the contrary, most people in Malaysia have access to things that people in Western countries have and the only difference is that they are paying less. In addition to Kuala Lumpur, a city where you can live a faster life, there are many smaller cities that you can check if you are looking for peace.
Cost of living
Milk (1 l): 1.46 Euro
Beer (0.5 l): 3.2 Euro
Rent (apartment with one bedroom in Kuala Lumpur): 495 Euro
Buy (apartment in the center of Kuala Lumpur, per square meter): 2500 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 44 Euro
10. Ecuador
Continent: South America
Capital city: Quito
Currency: US dollar
Population: 16.3 million
GDP: $202 billion
Many people would like to live like kings without spending a fortune and it looks like something like this is possible for those who live in Ecuador and have a pensioner’s budget of an average retiree that comes from a Western country.
- You will get incentives to move and stay in Ecuador
- This country is known for its biodiversity
- This is a country where you can live a quality life without spending too much
Without any doubt, Ecuador is one of the cheapest and best countries to retire to. On top of that, you can expect to live a good life. Even though it’s not a big country, it has many natural beauties like jungles, volcanoes, mountains and amazing beaches. Don’t forget that the Galapagos Islands are part of this country too.
It’s interesting that the official currency of this country is the US dollar. That’s just one of the reasons why you can find so many American retirees here. In addition, foreign retirees can expect many incentives if they want to move there like tax exemptions and exemption from different fees. While Quito remains to be the most popular destination there, it’s not unusual to find foreigners in fishing towns and river towns all over Ecuador.
Cost of living
Milk (1 l): 0.77 Euro
Beer (0.5 l): 1.3 Euro
Rent (apartment with one bedroom in Quito): 360 Euro
Buy (apartment in the center of Quito, per square meter): 1400 Euro
Basic utilities (heating/cooling, electricity, garbage, water): 37 Euro
