One of the greatest benefits of retiring overseas is the opportunity to enrich your lifestyle while dramatically reducing your cost of living. In many cases, you could decrease your monthly expenses, perhaps significantly, simply by relocating to a new country.
Depending where in the world you choose to retire, you could enjoy big savings on housing, dinners out, medical bills, household help and other expenses. There are many tempting locales in Europe, Latin America and Asia where you can live large on a small budget.
Here are 10 affordable places to retire overseas in 2023:
— Chitré, Panama.
— Corozal, Belize.
— Pattaya, Thailand.
— Sanlúcar de Barrameda, Spain.
— George Town, Malaysia.
— Cuenca, Ecuador.
— Popoli, Italy.
— Da Lat, Vietnam.
— Medellín, Colombia.
— Puerto Plata, Dominican Republic.
Chitré, Panama
Chitré is an up-and-coming city on Panama‘s Azuero Peninsula. Located about a four-hour drive west of the capital, Panama City, Chitré has charming Spanish colonial architecture and a small town atmosphere, as well as proximity to some of the country’s finest Pacific beaches.
But what makes Chitré a top budget retirement option is the level of convenience it offers expats.
Chitré has seen much development over the past decade and now boasts the infrastructure of a much larger town, including health care, well-paved roads and sidewalks and U.S.-style grocery stores and shopping options.
[READ: Affordable Mountain Towns for Retirement.]
Corozal, Belize
Corozal is a district in the northern part of the Belize mainland. It has a remote area of tropical jungle, traditional farms, sleepy rural villages and breezy Caribbean seashores. This is a refreshingly off-the-radar place where residents embrace a simple, by-the-sea lifestyle.
Corozal Town is located on Corozal Bay, a deeply indented part of the Caribbean with calm, safe waters that are perfect for sailing and other water sports. Corozal is a sleepy, laid-back place with limited amenities.
While this is part of the appeal for many residents, you can also access more services in nearby Chetumal, Mexico. Only 10 miles away, Chetumal is where Corozal retirees go to shop for U.S.-brand products and access high-quality health care.
Pattaya, Thailand
Southeast Asia is one of the world’s most affordable places to live, but the standard of living is not uniform across the region. One area where you can decrease your cost of living without having to compromise on quality of life is Pattaya, found on Thailand‘s eastern seaboard.
The Naklua and Wongamat Beach areas offer a seaside lifestyle and a diversity of housing options. There’s no road along the waterfront, which makes Naklua-Wongamat one of the cleanest beaches in Pattaya.
This is an ideal place for expats seeking an affordable but comfortable lifestyle in a convenient community of established expats.
Sanlúcar de Barrameda, Spain
Retirees who associate Europe with a high cost of living will be pleasantly surprised by the affordability of Spain‘s small regional towns like Sanlúcar de Barrameda.
Sanlúcar is a mid-sized, well-appointed town on the Costa de la Luz, the stretch of Atlantic coastline found in Spain’s southwest. It features a long, sandy beach and an attractive historical center. Sanlúcar is known for its lively festivals and events, like its annual horse race on the beach, and sherry wine production.
Sanlúcar forms part of the Sherry Triangle, an area with the ideal conditions needed to produce sherry. Sanlúcar offers the opportunity for affordable beachfront living with warm year-round temperatures in Europe.
George Town, Malaysia
The lifestyle in George Town qualifies as both first-world and exotic. George Town’s population is a melting pot of cultures and languages, but English is widely spoken, and foreigners are welcome in this safe, stable island nation.
Beyond the high-rise apartments is one of the best-preserved old cities in Asia. Low costs are a big part of the appeal. Almost on the city’s doorstep are stylish seaside settlements with palm-fringed sandy beaches and a rainforest backdrop.
You can escape for a weekend to swim in the warm, clear sea, play a round of golf, trek the slopes of Penang Hill or laze in a hammock amid the lush greenery.
[See: Retirement Spots With Year-Round Nice Weather.]
Cuenca, Ecuador
Cuenca is a city of cobblestone streets that has one of the best-preserved historic centers in the Americas. The city also enjoys reliable electricity, modern internet service and drinkable water.
If you’re interested in studying Spanish, Cuenca offers quality schools. Both the cost of living and of real estate are a bargain, and Ecuador uses the U.S. dollar, which eliminates concern over fluctuating exchange rates. Health care is first-rate and affordable.
The city is home to a large expat community, and it’s easy to find English-speaking friends. The high elevation climate is temperate year-round. However, the 8,400-foot elevation means thinner air and can be a concern for people with respiratory issues.
Popoli, Italy
Nestled among mountains and rolling hills and surrounded by bucolic fields and pine-spiked clifftops, Popoli is a corner of the Old World where you’ll feel removed from the concerns of the modern age.
You could spend your days hiking, trekking, bird-watching, canoeing, horseback riding or enjoying long drives along the region’s narrow country roads leading through vineyards, orchards and small farms. The village of Popoli is home to just 5,000 residents, and an exodus of residents to bigger cities has decreased property values.
Popoli’s position in the valley of three Apennine mountains provides access to nature that few places in the world can rival.
Da Lat, Vietnam
Da Lat’s cool weather, misty peaks and pine forest have a historic and otherworldly charm that can be enjoyed at an impressively low cost.
Air conditioning isn’t needed in Da Lat, so electricity bills are low, and utilities are usually included in the cost of a rental. Known as the garden of Vietnam, flowers including roses, marigolds, hydrangeas and golden everlastings are grown here.
Da Lat has its own wine industry and enjoys a reputation for having some of the best food in the country. A full, delicious meal can be had for as little as $1 a plate.
Medellín, Colombia
Medellín offers one of the world’s highest qualities of life at one of the lowest costs. It stands out for its strong infrastructure, including its clean and efficient Metro, and the importance it puts on green spaces, parks, colorful gardens, trees and shrub-lined roadways.
Medellín is renowned for its lushness, which is something the city aims to maintain by requiring new developments to invest in greenery alongside their construction. The cosmopolitan city center has diverse dining, shopping and entertainment options as well as a lively annual festival and fiesta calendar.
Medical services are high-quality and lower-cost than those in the United States. Medellín is a top option for a comfortable and affordable lifestyle in retirement.
Puerto Plata, Dominican Republic
The Dominican Republic has swaying palm trees, warm, turquoise water and year-round sunshine in abundance. This small nation boasts about 800 miles of coastline, all of it sandy and inviting.
While the southeastern coast can be very touristy, the north coast is less trafficked. The Costa Dorada could be the most naturally stunning part of the island, with forested mountains rising behind the white-sand beaches, and also the most affordable.
The city of Puerto Plata provides resort beach living without typical resort beach costs. You could buy a condo for as little as $100,000 or less.
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The Best Affordable Places to Retire Overseas in 2023 originally appeared on usnews.com
Update 02/14/23: This story was published at an earlier date and has been updated with new information.
