10 Cheap and Easy Places To Retire Abroad

Advertisement:    00:00:00    AI might be the most important innovation ever. It's storming every industry with literally billions being invested. So buckle up. The problem is that AI needs the right data and a lot of speed and processing power. So how do you compete without costs? Spiraling out of control time to upgrade to the next generation of the cloud? Oracle Cloud infrastructure or O-C-I, O-C-I is a single platform for your infrastructure, database and application development with AI embedded across it all. And Oracle Sovereign Cloud helps you address your requirements for location, access and data. Residency OCI provides blazing fast speeds for AI's demanding workloads and in the cloud when you pay by the minute, speed matters. And of course, nobody does data better than Oracle. If you want OCI to help you do more and spend less like Uber, the Premier League and Oracle Red Bull Racing, take a free test drive at oracle.com/bandwidth. That's oracle.com/bandwidth, oracle.com/bandwidth. 

Advertisement:    00:00:58    How does stop-losses work on Kraken? Let's say I have a birthday party on Wednesday night, but an important meeting Thursday morning, so sensible me pre-Book a taxi for 10:00 PM with alerts. Voila, I won't be getting carried away and staying out till two. That's stop-loss orders on Kraken and easy way to plan ahead. Go to kraken.com and see what crypto can be. Don't invest unless you're prepared to lose all the money you invest. This is a high risk investment and you should not expect to be protected if something goes wrong.  

Unbound Merino:    00:01:27    If you're looking for lightweight clothing that's easy to pack and doesn't wrinkle, then look no further than Unbound Merino. Unbound Merino uses sustainably sourced Merino wool that's naturally antibacterial and moisture wicking so that your clothes stay dry, clean and fresh without having to wash them as often. I practically live in Unbound Merino clothing while I'm working at home and traveling. I especially love their leggings that I also wear on the plane because they have a built-in pocket that you can even fit your passport in. Unbound Merino is perfect, whether you're looking to travel easily, work comfortably or make it a part of your minimalist wardrobe, especially if you travel carry on. Only they have styles for men and women as well as bundles where you can save up to 40% on tees, hoodies, socks, and more. Try Unbound Merino today using our link in the show notes and join the Merino wool revolution. That's with our Unbound Merino link in the show notes. 

Introduction: Welcome to Badass Digital Nomads, where we're pushing the boundaries of remote work and travel, all while staying grounded with a little bit of old school philosophy, self-development, and business advice from our guests.

Kristin:    00:02:55    Hey there, Kristin Wilson here from Traveling with Kristin, and welcome to episode 2 65 of Badass Digital Nomads. I just want to thank everyone who took the time to fill out my Google form last week. As I mentioned that I'm thinking about making some changes to the podcast, perhaps changing the name to Traveling with Kristin or perhaps starting a second podcast. I really appreciate the time that people took to give me your feedback and also being very specific about why you listened to the podcast and what your thoughts are on changing the name. So if you haven't had time yet to fill out that form, it just takes one or two minutes with a few different questions, multiple choice questions, and you can also leave some extra feedback at the end and I'll link to that at the top of the show notes. I'll also be reaching out to everyone individually who took time to fill out this form as I really, really appreciated it.  

Kristin:    00:03:56    So you can also leave your email in there as well if you would like to hear from me personally. In general, I've received a lot of kind messages about last week's podcast on the future of Badass Digital Nomads, so I appreciate that. And I also wanted to share a couple of other books that I've been reading that I forgot to include last week because they're the types of books that you read one page per day. The first one was actually given to me by one of my relocation clients, Deb, so thank you so much for this Deb. It's called A Calendar of Wisdom by Leo Tolstoy. Many of you are probably familiar with this book. I had heard of it before, but I never read it. It's a collection of daily thoughts to Nourish the Soul, written and selected from Sacred texts by Leo Tolstoy.  

Kristin:    00:04:48    And this was translated from the Russian version. This is a fascinating book because Tolstoy collects his most profound thoughts on life and philosophy and also collects a lot of quotes and remarks from all types of religious texts as well as famous thinkers and philosophers from Marcus Aurelius to Arthur Schopenhauer to Ralph Waldo Emerson. And I've been reading a page of this book every day as, uh, my client Deb said when she sent me the book, she doesn't agree with everything in here and I don't as well. There are definitely excerpts that that you might not agree with, but we don't wanna read things that we only agree with. We wanna, we want to read things that make us think differently about the world and question our own beliefs and thought systems. So thank you so much Deb for that book. Another book that is always on my nightstand is The Vagabond's Way by Rolf Pots.  

Kristin:    00:05:51    So you might know Rolf from the podcast we had him on when I was in Paris attending his Paris Writing Workshop back in 2019. He does that workshop every summer I believe. So if you're looking to be a writer or a travel writer, then I'll link to that in the show notes. Rolf is the author of Vagabonding, which inspired the book The Four-Hour Work Week by Tim Ferris. And Tim Ferris actually reached out to him back before he published the book, and Rolf was kind enough to talk with him on the phone and give him some advice. So I really respect Rolf as a person and also as a writer. And this new book he has from a year or so ago, it's meant to be full of thought provoking reflections on the power of travel to transform our daily lives. And I like how it's split up into four different sections or seasons with different themes.  

Kristin:    00:06:49    I have highlighted and marked up pretty much the whole book <laugh>. I've read a couple excerpts from this book on the podcast before, but I'll just open to one that I marked recently. This is from June 19th. Seeing other cultures helps you see your own. It's hardly possible to overrate the value for the improvement of human beings of things which bring them into contact with people dissimilar to themselves. There is no nation which does not need to borrow from others, and that's a quote from John Stewart Mill From the Principles of Political Economy, each page has a quote and then a thought or meditation or insight about a a different topic. And this one Rolf tells a couple stories and he says, indeed, travel has a way of showing us how our own culture has formed even our most basic assumptions. When Koreans eat rice for breakfast, it makes us wonder why our own compatriots prefer cold cereal.  

Kristin:    00:07:48    When the Japanese bow or Ukrainians kiss, it makes us consider why people back home prefer to shake hands. And this way pondering what seems peculiar about other cultures gives us the opportunity to ponder the peculiarities of our own. As you know, I'm fascinated with culture. You probably are too if you love to travel, and so I, I highly recommend this book in the regular book form or in the audio or ebook form. I actually think it would be good in ebook form because you're probably going to want to save and highlight things, although you can also do that with audio books. I'm a big audible fan and I'm constantly clipping sections and adding bookmarks to my audio books, so I hope those are some other books you can add to your reading list. Today's episode is about 10 cheap places that you can retire abroad.  

Kristin:    00:08:44    So great if you are thinking of places where you can retire abroad, but also applicable if you are looking for affordable places to travel or live part-time as a digital nomad. And in this podcast I also included a few excerpts of phone calls or video calls or interviews that I've had with some of my relocation clients or one of my Patreon patrons who have moved successfully to other countries based off of our working together or from listening to the podcast watching my YouTube videos. So I'm happy to share their insights with you as well. If you have an opinion or any thoughts on keeping the name Badass Digital Nomads or changing the podcast to Traveling with Kristin to focus more on travel and culture versus remote work and making money online, then fill out that Google form in the show notes and see you on the other side.  

Kristin:    00:09:39    Are you looking for somewhere where you can live a simple comfortable life on a modest budget, maybe somewhere where you can live better than you do? Right now, more than half of all adults depend on social security as their only form of retirement income, but the average social security check today won't get you very far, especially if you live in the United States, and that's why so many people are leaving. Nearly 450,000 Americans receive their social security benefits abroad, and you can be one of them. These are places that you can realistically live on one or $2,000 a month. So if you're dreaming of a better life abroad where your money will go quite a bit farther, then I'm offering you some practical advice to help make that dream a reality. I'll be ranking 10 countries based on the cost of their retirement visas and the average cost of living leaving the cheapest places for the end.  

Kristin:    00:10:35    In 10th place, the Tropical Archipelago of Indonesia is rated as one of the best retirement destinations in the world with more than 350,000 expats living there. From the bustling metropolis of Jakarta to the serene rice patties of Bali, Indonesia presents a diverse selection of places to live out your retirement years. One of the reasons that Indonesia is so popular as a retirement destination is because of its K-I-T-A-S retirement visa where you can stay in Indonesia from one to five years. Now, although you can easily live in Indonesia for less than $1,000 per month to qualify for this visa, you will need bank statements that show $3,000 per month in income. Now with the average US Social Security check coming in at around $1,900 per month, this one might not work for you, but if it doesn't, then don't fear because we have a lot more amazing and affordable destinations on this list.  

Kristin:    00:11:36    There's also a new second home visa in Indo that you might have heard of that grants us day of up to 10 years. But the catch with this one is that you need 2 billion I Indonesian rupees or around $125,000 in the bank to qualify for that one. Now, when it comes to where to live in Indonesia, Bali is definitely going to be at the top of the list for all types of expats, digital nomads, and especially retirees. But due to all of the traffic congestion, I recommend exploring away from some of the more popular areas like a Cuda and Seia. For example, Taben on is one hidden gem for retirees to check out where you can live near beautiful temples and scenery. The east coast beaches of pudding by and the tranquil fishing villages of Ahmed are also underrated spots to check out. But if you're thinking of moving to Indonesia, then well, you have about 17,000 islands to choose from in addition to Bali.  

Kristin:    00:12:37    One of the main reasons that Indonesia is so popular among retirees is because of its low cost of living. This is one of these countries where you can genuinely have a high quality of life on $1,000 per month or less. Out of all of the 63 countries that I've traveled to in the world, Bali, Indonesia is one of the places I've spent the least amount of money while staying there for more than a month. So if you are staying there long term, you can get your cost of living even lower. This country is known for its warm climate and very friendly, welcoming locals. Indonesia also has a high quality healthcare system with English speaking doctors and modern hospitals in all the major cities. A downside to living in Indonesia, however, is that the geography is spread across such a vast area in so many different islands that the quality of the healthcare and also the infrastructure depends a lot on where you are.  

Kristin:    00:13:36    So if you're in a very rural remote area, then you might need to travel if you need to get healthcare. Indo is also known for its very intense rainy season that lasts from October to March, bringing some hot humid weather with it as well. Language barriers are also common across the country, especially outside of popular tourist areas. With Bahasa and Indonesia being the primary language for some people, it can also be an adjustment to adapt to the cultural and religious differences throughout Indonesia, which is primarily a Muslim country. Argentina is the world's eighth largest country, bigger than both Texas and Mexico combined famous for soccer, tango and wine. Argentina is also one of the world's largest exporters of beef, at least 60,000. US expats reportedly call Argentina home, whereas more than 7 million people of Spanish, Italian and European descent have immigrated their over the years.  

Kristin:    00:14:39    According to Noom Bayo, the cost of living in Argentina is 60% lower than the United States with housing prices a whopping 82% lower after visiting Argentina in late 2018. I can definitely relate to the difference in prices between Argentina and my home country of the US now, although I spent a little bit more on rent when I was there, because I was only staying for a month, I definitely never paid more than 10 or $15 for a meal out. Now, an upside to living in Argentina besides the food of course, is the high quality healthcare that you can find there. You've got modern healthcare services in all of the major cities at just a fraction of the cost of what you're probably used to paying. Argentina also scores high on my list for its rich culture. So if you're interested in the arts or dancing, music, food, then this could be the place for you.  

Kristin:    00:15:36    Fortunately, Argentina's Reisa Visa provides a very direct pathway to residency if you have a monthly income of $2,000, and it's also a path to citizenship if you want to move there permanently. On the downside, however, although Argentina has plenty to offer, it's not without some of its challenges, political stability has plagued this country for years leading to a lot of issues, currency rate fluctuations, and also crime. Now, if you're coming into Argentina with foreign currency like dollars, pounds or euro, then the inflation there can actually end up benefiting you. But safety and security are also major concerns here, especially in the larger cities or certain neighborhoods. But even so, Argentina was ranked among the top three safest countries in Latin America, so don't let that hold you back. Argentina is also somewhere you'd want to work on your language skills and learn Spanish as English is not widely spoken.  

Kristin:    00:16:41    Bureaucratic processes are also notoriously slow in Argentina as they are in many countries around the world, maybe all of them <laugh>. So that will also call for some extra patience up in central America. Belize is a tropical paradise bordered by the Caribbean Sea to the east and dense jungle to the west. Once the center of the Mayan empire, you can still visit ancient ruins there. Today, this country is also known for its English speaking population, stunning nature reserves and the world's second largest barrier reef. If retiring early is an option for you, then consider Belize where you can apply for their qualified persons program as early as 40 years old, and with $2,000 in monthly income. If you qualify, then you can get a lot of benefits such as exemptions on import taxes. You can bring in a car, a boat, a small airplane, and with this visa, your income from abroad is also tax exempt.  

Kristin:    00:17:45    Besides the beautiful scenery friendly people and English speaking population, one of the upsides of living in Belize is definitely the low cost of living, especially the housing prices, which can be up to 80% lower than the United States. In Belize, you can get an unfurnished studio as low as two or $300 per month with a furnished one bedroom running you from five to 600 per month and a two bedroom and a high income area can be around 800 to a thousand dollars per month. If you're looking to invest in real estate abroad, then Belize is definitely an attractive option where one blogger wrote that the prices will remind you of the US back in the 1990s. If you want to buy something outright, that can run you from 75,000 to 200,000 for a nice place, or you can build your own home from 30 to $60 per square foot.  

Kristin:    00:18:39    Property taxes are also low in Belize, about a hundred dollars or so per year. The healthcare system in Belize is not the best, but not the worst. It's basic but adequate. And one thing people like is that the pharmacies are very widely available and you can get a lot of medications there without a prescription. And also alternative remedies are there herbal therapies. So you can find a lot of different health and wellness options in Belize other than just your standard allopathic medicine. But for more complex procedures, you might wanna consider traveling back to the US or Canada if that's where you're from, or even going to Mexico for medical tourism. So you might not be able to get everything that you need there compared to many other countries in Latin America, having English as the first language is also a plus if that is your native language as well.  

Kristin:    00:19:34    But on the downside, the infrastructure can be inconsistent throughout Belize, especially in the rural areas with a lot of undeveloped areas where the roads and public services need some work, maybe not up to snuff in general. This doesn't seem to be a very big complaint of people who really move there for that natural beauty. And you know, to be somewhere that is not the prime most crowded retirement destination in the world, it is beautiful, but it's also tropical and hot. So if you're not looking for a hot and humid climate, then this wouldn't be for you. A gem of Southeast Asia. Thailand is known as the land of smiles for its warm, climate friendly locals and laid back lifestyle from the bustling city of Bangkok to the tranquil beaches of Quet and koi. You can live anywhere in Thailand for less than $1,000 per month with a cost of living.  

Kristin:    00:20:32    That's less half of the United States. Thailand is definitely somewhere to consider. It's one of the most beautiful and peaceful countries that I've been to in the world, but not least because of its very modern healthcare system. Thailand is known for having high quality, very affordable healthcare, and a fraction of the cost of Western countries, and also highly trained medical staff and many English speaking doctors as well. I mean, you can get a dental cleaning in Thailand for 10 or $20. I mean, people travel across the globe to be able to get medical services in Thailand, so just imagine if you could live there full time. Thailand is also a fun place to live, especially if you're into food and culture. The country is known for its amazing street food festivals and outdoor markets amazing to explore. And there's also a lot of different visa options if you're thinking of retiring there.  

Kristin:    00:21:31    One of the more popular options is their traditional non-immigrant retirement visa, but they also have the Thai privilege card and also the long-term resident visa, which was just introduced a couple years ago, and that one offers up to a 10 year stay. The downside to these visas is that they can be expensive to get upfront, but once you get to Thailand, you can definitely live there under a thousand dollars per month. Uh, one of the other challenges of living in Thailand has to be the language barrier. When I was there, I did not do a good job of learning Thai, but English is not widely spoken throughout the country. Thai is of course a challenging language to learn, but it is possible. I know people who have done it, but keep that in mind if you're thinking of moving there. Also, hot and humid climate can be a factor. Bangkok is one of the most s sweltering cities that I've ever been to. So if you're used to more temperate and cool conditions, and it will definitely be a shock and an adjustment to move to Thailand, although you can find some, some cooler temperatures if you go north and into the mountains and higher elevations. And while it is a very peaceful country, the political situation is always changing. So there can be some occasional unrest there. Also, traffic congestion and air pollution are also common problems reported there.  

Kristin:    00:22:58    If you're planning to travel or move abroad, or if you just wanna save money on your everyday purchases and money transfers, then you need a Wise. Account Wise is an international multi currency account that lets you send, spend and receive money, and more than 40 currencies I've been using wise for more than 12 years to hold money in Euro, pounds and yen, receive payments in different currencies around the world, save money on international wire and Forex fees, save money on ATM fees, and also pay my contractors, freelancers and virtual assistants worldwide. Just this morning I sent money to my assistant in the UK and I was able to send it for free from my wise British Pounds account in just a matter of seconds. Previously, I used to have to spend sometimes $25 every time I wanted to pay her by using other methods. So you can open a Wise Account for free today using our link in the show notes and get your first international transfer up to 500 British pounds or your currencies equivalent absolutely free.  

Kristin:    00:24:09    And that's with our link in the show notes or by going to Traveling with Kristin.com/wise, WISE. And make sure to order your free debit card as well. If Costa Rica is the Switzerland of Central America, then Uruguay is the Switzerland of South America, one of the more stable and well-developed countries in the region, nestled between Argentina and Brazil. Uruguay stands out as a progressive haven in South America offering retirees a stable and welcoming environment, known for its beautiful beaches, lush interior, and cosmopolitan cities like Monte Vid, Uruguay combines the charm of old Europe with the warmth of South America. If freedom, privacy, and civil liberties are important for you, then consider Uruguay. This is a country that is gotta rank high on your list when it comes to personal freedom, it also ranks high for democracy and political stability. According to the Economist and the World Bank.  

Kristin:    00:25:15    The cost of living is reasonable there as well. And while it's not the cheapest country in Latin America, it's still affordable coming in at around $900 to $1,700 per month. Uruguay's healthcare system is also one of the best in South America and the world. And as a retiree there, you would have the right to use either the public or private healthcare system. You can get private insurance for around a hundred dollars per month, or with your permit, you can opt into the public healthcare system. As with any country you're moving to, it's always recommended to learn the local language, and Uruguay is no exception. Now, as English has become more widely spoken in some of the business districts and cities and tourist areas that throughout the country, you really wanna learn Spanish to be able to interact more with the locals and really feel at home.  

Kristin:    00:26:08    But another benefit of living in Uruguay is there very straightforward residency process with the retirement Visa only requiring a nominal amount in monthly pension, which usually comes out to around $1,500 per month. Keep in mind that this residency program is intended for people who actually want to live in Uruguay. So this is not a place for you if you're just looking for some kind of golden visa or second passport. They will check to see if you've been living in the country and do that physical presence test if you ultimately apply for citizenship On the downsides, I mentioned that this isn't the cheapest country when it comes to your cost of living, especially compared to other destinations in the region like Ecuador, Bolivia, Columbia, but it, it is still affordable and definitely less than countries like the US and Canada Uruguay's tax system could also be a concern for you as the country does tax worldwide income after a certain period of residency, often described as the heart of South America.  

Kristin:    00:27:16    Paraguay is a lesser known retirement destination with a lot to offer. If you're looking for a warm climate with lots of nature and a slower pace of life, Paraguay is certainly one of the most affordable countries in South America. And on this list today with a cost of living that's 70% lower than the us. If you wanna stretch your retirement pension as far as it can go, then Paraguay should definitely be on your short list. For example, consider what one of my relocation clients Dave had to say about it. Could you share with us, Dave, like approximately in the first month that you've been there, or what do you think will be your average monthly cost of living?  

Speaker 5    00:27:58    Absolutely. I, I mean, I, my pension's 1800 Canadian a month, and I've got money left over at the end of the month. Yeah, so it's, it's definitely an opportunity for people if they, that's what they wanna do, stay within a tight budget and, uh, and, and I mean the quality of living here, it's, i I it's beyond my expectations. I was expecting less. Uh, but they have everything here. I mean, the, the malls here are absolutely beautiful. The shopping, uh, the restaurants, you'll, you'll want from nothing. I mean, it's incredible the, the, the fine dining that you and beautiful places sitting outside all the time. I mean, you have lots of things here that, uh, you're well covered and you don't have biggest obstacle's gonna be the language. That's it. Mm-hmm.  

Kristin:    00:28:43    Paraguay also known for its straightforward path to either temporary or permanent residency, which can be processed in just a few months and has pretty minimal financial requirements. One way to qualify is by making a bank deposit there with the equivalent of 35 local minimum wages or about 5,000 US dollars. And while there's technically no minimum income requirement to retire there, most professionals recommend that you show at least $1,500 per month in income. Paraguay also has a territorial tax system, which means that income generated from outside the country is tax free and there is a 10% flat tax on local tax residents. Paraguay also makes a great base for exploring all the different countries around the region like Brazil, Argentina, Bolivia, and you can also get citizenship there after three years. There are some challenges to living here, however, as with anywhere, and one of them is probably the healthcare system, which has been known to be underfunded, and so many foreigners there opt to get private health insurance, which you can get for around a hundred dollars per month.  

Kristin:    00:29:55    Other things to keep in mind the language barrier as there's not as big of an international population here or English speakers, but that just means that Paraguay is a hidden gem. So there is an expat community there, but it's just a lot smaller and more tight-knit compared to more popular retirement destinations like Portugal, for example. So it's, it's more like a family from what people have told me. And overall, they say it's a great place to go and live if you wanna live just a private lifestyle that's under the radar and also save a lot of money.  

Kristin:    00:30:35    If you're looking for a simple comfortable life on a modest budget, then the Philippines should definitely be on your list. It's one of the cheapest countries in the world with an average cost of living of around five or $600 per month. I've even seen people on YouTube who say that they've retired in the Philippines for as low as three or $400 per month. So if you're looking to save money, this could be the place for you. It really has it all, whether you're looking for that city life in Manila country life out in the provinces, or you can always choose from one of the Philippines, nearly 8,000 islands. Another pro to living in the Philippines is that English is widely spoken there and it's actually one of the official languages. The healthcare system also has modern facilities, especially in the bigger cities with those English speaking doctors who are often trained in other countries in the US or Europe, but above and beyond the Philippines has some of the nicest people that I've ever met, like genuine friendliness, not just being nice to you because you're a tourist or they want money, like the people that I have met in the Philippines and the people that I work with remotely and the Philippines are just very kind and good people.  

Kristin:    00:31:53    So that definitely has to be one of the, the biggest benefits for living there is just the, the genuine friendliness of the locals. If the Philippines sounds good to you, then check out their SRRV visa, which was specifically created for retirees and offers a very straightforward path to long-term or permanent residency. It has minimal income requirements. It really depends on the category that you're applying in and your age as well. And it also comes with a lot of benefits, like a lot of local discounts and also tax exemptions and important. This is one of those visas where you can leave and come back in multi entry visa without having to apply for extra paperwork. The catch to the SRRV is that there is a required deposit of 10 or $20,000 depending on if you have a pension or not, but it does have one of the lowest income requirements I've seen for a retiree visa starting at around $800 per month for a single person, or a thousand dollars for a couple, which really makes sense when you consider the low cost of living there.  

Kristin:    00:33:03    There's another category if you have serious long-term health issues, which has a $1,500 per month income requirement. And then there's also different categories for diplomats and military as well. Another visa option that a lot of retirees go for in addition to the SRRV is the 13 a marriage visa. So that's one to consider if you are looking to get hitched. There are some downsides to the Philippines, however, as the country is highly prone to natural disasters. So think typhoons earthquakes, monsoons tsunamis, especially if you're living out in the rural areas or in the islands. And also that infrastructure can be, uh, very different depending on where you go. Uh, even in the big cities, the internet is known to be slow, although you can get really cheap affordable cell phone data, so don't worry too much about that. Fast wifi is definitely not the norm.  

Kristin:    00:34:03    Uh, roads can use some work. Traffic congestion in the cities is really bad, and when I was there, I actually met people who had to commute four hours each way to get to work. So that's crazy, but I guess if you're retired, you don't need to worry about going to work anyway. When it comes to healthcare, it really depends on where you are and for some serious medical issues, you might wanna travel to somewhere else in the region, but most things can be taken care of there. And safety can also be a concern as well as in any country, some instability and crime in certain areas. So take normal precautions and you should be fine located in the Mediterranean between Sicily, Tunisia, and Libya. Malta is one of Europe's smallest countries made up of two islands. Malta and Gozo. Evidence of human civilization here dates back to at least 5,000 bc.  

Kristin:    00:35:02    You can even visit ruins in Malta that are older than the Giza pyramids due to its important location. Malta has an interesting mix of cultures from Italy, Africa, the Middle East, and the uk. The Maltese language itself is a mix of languages, Italian, Arabic, French, and English. If you see yourself retiring in a sunny place surrounded by clear blue water than Malta could be for you, this is a country that's known for its amazing climate, and year round sunshine not too hot, not too cold, has mild winters and warm summers perfect for you if you are the outdoorsy type. But there's also a very pronounced pub culture in Malta, as well as a lot of gambling and gaming perhaps due to some of the, uh, British influences there. So if you're looking for a place to stay out of the sun, you can definitely do that as well.  

Kristin:    00:35:57    One of the most popular places to live in Malta is its elegant capital of Valletta, which was actually Europe's first planned city, and it was also the European capital of culture in 2018, nearby St. Julian's and Lima along the coastline are also very popular little seaside towns with promenade, lots of restaurants, bars, nightlife, and of course expansive sea views. The healthcare system in Malta is top-notch as well, ranking among the top 20 countries in the world. And Malta actually has one of the oldest public healthcare systems in Europe dating back to the 13 hundreds. But if you're looking for a private healthcare option, then check out St. James Hospital, which is the biggest in the country. And note that private health insurance is a requirement to qualify for Malta's retirement program, but you can get quotes from a lot of different companies like Mapfre, Bupa Global

Kristin:    00:36:58    Global English is one of the official languages of Malta, so there aren't any language barriers in that sense, although learning Maltese would definitely help. And Malta also has one of the largest expat populations in Europe, so it's really easy to meet people there, especially foreigners. Malta is one of those countries that really goes out of its way to attract foreigners and foreign investment. They wanna bring in digital nomads, business people and investors, retirees. And so Malta's retirement program reflects that. It was specifically designed to attract retirees from outside of the EU and offers a really straightforward path to residency that you can get within six months time. A benefit of Malta's retirement program is that there's no specific minimum pension amount to qualify, and there's no minimum age either. As long as you have some passive income, you can qualify, but the catch is that 75% of your income needs to come from your pension.  

Kristin:    00:38:02    So this is not for you if you've got a lot of other types of passive income streams, investments, but if you are using social security as your sole form of retirement, then this could definitely be an option for you. Another downside is that your foreign pension income that's remitted to Malta is taxed at 15%, although there's a lot of precautions in place so that you can avoid double taxation. If you are really into nature, then Malta might not be the place for you. I mean, this is a, a limestone rock in the middle of the Mediterranean, so there's not many, there are not any rivers or mountains or lakes or forests to speak of. There's also very little agriculture in Malta, and it is a country that is not food independence, so they import a lot of stuff. It's, it's not the best place I've ever traveled in the world to get fresh local produce, but it is good for Italian food and Maltese food.  

Kristin:    00:39:00    Yeah, and while the weather is also mild, as I mentioned, the buildings aren't all very well insulated. So I remember when I lived there, it would sometimes feel colder inside of my house than it was outside, and I used to type wearing gloves, <laugh>. So make sure you have good climate control and a well insulated place. A few people who I've talked to who have moved there have also said, if you're going to live in Valletta, you know, in very crowded areas, then also keep the noise in mind because those old streets can definitely echo. Now, although Malta doesn't have any kind of income requirements to qualify for that retirement program, it is one of the more expensive countries on this list when it comes to average cost of living, although it still is about 25% lower than the us and I would say you can live there comfortably on $2,000 per month, but it's not gonna compare to places like the Philippines or Indonesia or Paraguay, for example.  

Kristin:    00:40:00    Nestled in the heart of the Balkan Peninsula, Albania is a hidden gem that offers a Mediterranean lifestyle at a fraction of the cost of more popular European destinations. From the stunning Adriatic coastline to its rugged mountains and historic cities, Albania is a picturesque and diverse place for anyone looking for adventure, culture and relaxation. What makes Albania so highly appealing is that it is somewhat of a hidden gem. It doesn't have all of the tourist development that places like Croatia and Montenegro have, and it also has a lower cost of living, which is among the lowest in Europe. So everything there might be more affordable than what you're used to from real estate to healthcare to your daily expenses. Rent prices can range from $100 per month to a thousand for something bigger and more luxurious, but you can definitely keep your monthly expenses at under a thousand dollars per month here, and along with Malta and also Georgia and other countries in the region.  

Kristin:    00:41:06    Albania's residency process for retirees is very straightforward, as is their digital nomad visa. You can actually stay for up to 365 days on just a tourist visa. They have some 70, 80, 90 countries. Uh, citizens can travel their visa free if you wanna go for a permanent residency there, you can apply and then renew it annually. You can get on a path to citizenship after five years, and the income requirement is around a thousand euro per month. As with, uh, many aspects of Albania, the healthcare system is also still developing, but there are also private options available. And one World Health Organization study found that 60% of Albanian citizens actually pay out of pocket for healthcare, but it only comes out to less than $500 per year. So still very affordable. And, uh, one of the perks to living in Albania is that you can test it out on that tourist visa.  

Kristin:    00:42:10    You can go there for a year without having to apply for the residency program, and chances are that your country has visa free travel to Albania or Visa on arrival. So really simple and easy to go there and do your extended one year exploratory trip challenges for Albania, definitely the language barrier is going to be one as English is not widely spoken. Um, you've got that inconsistent infrastructure depending on if you're in one of the bigger cities or out in the countryside. But there is a strong expat population there, and everyone seems very friendly and like they really help each other. I have a lot of, uh, friends, clients and YouTube subscribers who have moved to Albania, retired there, or spend a lot of time there, and they really appreciate that balance between, uh, the local, their local friends and contacts, as well as foreigners who are always there to lend a helpful hand. Here's what one of my Patreon patrons and podcast listeners Karen had to say about it. This is an excerpt from episode 175 of Badass Digital Nomads that I will link to in the show notes.

Kristin:    00:43:25    Because you wrote that your original plan was to retire at 60 and then travel. What were some of the countries that you looked at moving to?  

Karen:   00:43:34    I don't know how I stumbled upon Albania, but I did. And there were just no downsides. I just, the more I looked, the more I loved it. It's beautiful. Um, it was affordable. It's on the water, which is another aspect that I really wanted. Um, I actually live on the, on a lake, not on the seaside, but it's water and it just ticked all the boxes. I had never been here, but it looked good to me and I actually, I, I mean they, it's recommended you do an exploratory trip, but I couldn't afford to do that, so I'm just, okay, I'm just gonna go <laugh>,  

Kristin:    00:44:09    Jumping in with both--  

Karen:     00:44:12    Worst case scenario, my visa's good for nine and my passport's good for 90 days. I'll just pick another country. Was was my thinking. So luckily I like it here. So  

Kristin:    00:44:22    <laugh>, you like it. So you're near Lake Ohrid, Where, which town are you in?  

Karen:     00:44:27    Uh, Pogradec

Kristin:    00:44:31    From the Amazon rainforest to the Andes Mountains, to the coastal plains, Peru has it all known for its archeological treasures, including Machu Picchu and its culinary excellence. Peru attracts people who are adventurous at heart and want to retire in an affordable country with some of the most spectacular scenery in the world. Peru has such a special energy, I really love it there, from Lima to the mountains of Cusco and everywhere in between there is so much to do and see, you have all the different climates there, really scenic landscapes, the ruins, the history, really friendly people and of course delicious Peruvian food. But, uh, one of the main attractions of living in Peru has to be its low cost of living. I mean, it is number one on this list, but it's also the second cheapest country in Latin America. And living there is lower than 89% of the countries in the world.  

Kristin:    00:45:32    So a meal out in Peru can cost you three or $4. Your mobile phone plan is gonna run you $10 per month and your monthly food bill could add up to $50 per month. You can find an efficiency apartment in Peru for around 175 to $200 per month. But even having a $500 accommodation budget can really go a long way in Peru. And in Peru, a doctor's appointment can cost as low as $35, which is still even half the price compared to countries like Costa Rica or Panama. Now Peru has a really nice retiree visa called the Renta visa that was specifically designed for foreign retirees. It's really accessible with just a thousand dollars per month income requirement, and you can apply for permanent residency in Peru after three years. But this is another one of those programs that's designed for people who are gonna live there, who are gonna spend some time there every year, not just come in and out a couple days per year.  

Kristin:    00:46:34    Another thing to love about Peru is all of the diversity in different climates. I mean, it is a massive country and you can kind of get this California coastal living vibe in certain neighborhoods of Lima, or you can go out and live on a ranch out in the country, you can go to the rainforest. I mean, it really has everything depending on what you're looking for. And a lot of, uh, different climates compared to the like, hot, humid, typical climates that you would get in a lot of places in Central America or Southeast Asia. Uh, but on the downsides, you know, it is a developing country. The infrastructure in Peru varies a lot. I've been to places that don't have plumbing or running water, you know, they just have outhouses. And so, you know, the rural areas can lack some basic services. But, uh, if you do go to Peru, I do recommend exploring a lot of the country you can get for just a few dollars a bus ticket and get these overnight buses with really comfortable seats that are more comfortable than business or first class on an airline.  

Kristin:    00:47:40    So, uh, I highly recommend that either way. But, um, language barriers are another issue that you will come up against in Peru. You really wanna speak Spanish there as finding English speakers can be a challenge, especially outside of those touristy areas. Now, if you're wondering why I didn't mention some really popular destinations like Costa Rica, Panama, Mexico, and Ecuador, I covered those in a YouTube video on the best places to retire. And so I'll link to that video in the show notes. If you're thinking of moving abroad in the next year or so and you want my help, then you can apply for support at TravelingwithKristin.com/relocation. That's Traveling with Kristin with a K– .com/relocation. And also, if you are traveling in the near future, then make sure to go ahead and open your free Wise Account and get your free transfer up to 500 British Pounds by using our link in the show notes. And also check out Unbound Merino, which has amazingly soft and comfortable travel friendly apparel. Thanks for spending time with me today. And if you have any insights or opinions on changing the name of the podcast to Traveling with Kristin, then also fill out the Google form linked at the top of the show notes. Have a great day and see you next week for a brand new interview about moving to France and getting French citizenship so you don't wanna miss that.