With each election season, there’s a recurring theme: talk of Americans moving abroad if their preferred candidate doesn’t win. This sentiment is especially prevalent in 2024, with many wealthy individuals reportedly exploring options for second residences and passports in other countries. In an article by Robert Frank of CNBC on Nov 1, 2024, he describes this situation and what is going on. The article says that demand for second residences and citizenships has reached record levels, particularly among affluent Americans looking to secure an alternative living arrangement regardless of who wins the election.

While Europe has always been a popular destination for those seeking a high standard of living abroad, it’s not always feasible for the rest of us. For one, Europe can be expensive and far away for Americans wanting to keep a close connection to family and business in the U.S. While Europe may seem out of reach for some, it’s clear that a growing number of Americans are seeking affordable yet appealing alternatives that offer a strong quality of life, convenient access, and welcoming residency options. If you are also thinking it might be a pretty good Plan B 2nd Residency or part of your Three Flag Theory, it could be a perfect fit for you.

Considering More Accessible Alternatives to Europe

For the average upper-middle-class American, proximity to the U.S., affordability, and quality of life become primary considerations. Mexico may come to mind as a nearby option, but recent trends in gentrification and reports of rising violence in certain areas are concerning. Panama crossed my mind since I had been there, but then again if you are paying dollars in a latin country, then you are paying too much. Colombia, particularly its capital city, Bogotá, provides a unique opportunity that checks many of the boxes—accessibility, affordability, and a lifestyle that rivals that of more expensive destinations.

Why Bogotá, Colombia is the Perfect Balance

Bogotá, the vibrant capital of Colombia, has emerged as an attractive destination for Americans interested in a second residence. The city combines the excitement of a modern, cosmopolitan lifestyle with the rich cultural heritage and scenic beauty of South America. Bogotá’s lifestyle offers a quality of living comparable to that in many major U.S. cities but at a fraction of the cost.

The capital also regularly ranks among the world’s most walkable cities as stated in this article, providing accessibility that appeals to retirees and remote digital nomads alike. Many neighborhoods like Rosales, Chico’s Zona T, Chapinero´s Zona G, and Usaquén, offer pedestrian-friendly streets filled with cafes, restaurants, and parks. It is one of the few cities where it is possible to live your life without a personal vehicle.

Affordable Real Estate in Bogotá

For those looking to make an investment in Bogotá and stay a little longer, real estate options are diverse, with prices far below those in many U.S. cities. One-bedroom to three-bedroom apartments in newer buildings in good neighborhoods can range from $90,000 to $350,000, offering excellent value compared to similar properties in the U.S. While there are luxury residences in Bogotá that command prices above $1 million, these properties highlight the city’s appeal to wealthier buyers and the vibrancy of its property market.

Bogotá’s real estate market has seen a steady influx of international buyers, and while property values are gradually increasing, they remain accessible. With this trend, Bogotá is becoming a magnet for people seeking a balance between investment potential and livable neighborhoods.

Easy Residency for Retirees and Digital Nomads

Colombia has made it relatively easy for retirees and digital nomads to obtain a second residency. Retirees who can demonstrate a stable income, such as Social Security or pension benefits, can qualify for a retirement visa. Digital nomads, being remote workers, can also benefit from flexible residency options, making it an attractive choice for those interested in a backup plan or even a primary base outside the United States.

Additionally, Bogotá’s favorable climate, with mild temperatures year-round, adds to its allure. Unlike other Latin American cities with humid or extreme temperatures, Bogotá offers a comfortable and moderate fall climate, making it an attractive location for retirees and those seeking a stable living environment.

High-Quality Healthcare at a Fraction of the Cost

Healthcare is a major consideration for those relocating abroad, and Bogotá excels in this area. Colombia boasts one of the best healthcare systems in Latin America, ranking consistently high for both quality and accessibility. With private healthcare costs that are significantly lower than in the United States, Bogotá provides peace of mind to expatriates who need regular medical care or are planning for their health needs in retirement.

Many healthcare professionals in Colombia are trained internationally and offer world-class care, with Bogotá hosting several hospitals accredited by international organizations. Expatriates find that the costs for medical treatments, surgeries, and even routine checkups are often a fraction of what they would pay in the United States, without sacrificing quality and getting better service.

Living Affordably Without Sacrificing Lifestyle

Life in Bogotá offers the chance to enjoy a cosmopolitan lifestyle at a fraction of the cost of many U.S. cities. Dining out, entertainment, and everyday expenses are highly affordable, allowing expatriates to maintain a high quality of life. The city’s growing reputation as a culinary destination means there’s a fantastic array of dining options from cafes, bakeries, and local chain restaurants to gourmet restaurants.

Whether you’re interested in cultural events, outdoor activities, or simply enjoying the city’s vibrant nightlife, Bogotá provides an active lifestyle without the high price tag. Many retirees and digital nomads find that their money goes further in Bogotá, allowing them to indulge in experiences that might be out of reach in the U.S.

Bogotá offers a vibrant lifestyle, affordable cost of living, quality healthcare, and a warm expatriate community—all within reach for those seeking an alternative to life in the United States.

Conclusion: Why Bogotá, Colombia, May Be Your Ideal Plan B Second Home

Bogotá offers an exceptional combination of quality lifestyle, affordability, and accessibility, making it an attractive option for Americans seeking a second residence or an alternative to life in the United States. With a vibrant cultural scene, affordable yet upscale real estate options, high-quality healthcare, and a welcoming expatriate community, Bogotá has everything you need for a fulfilling life abroad. Whether you’re drawn to the city’s walkable neighborhoods, temperate climate, or lower cost of living, Bogotá provides a unique opportunity to enjoy a cosmopolitan lifestyle at a fraction of what you’d pay in many U.S. cities.

If your guy or gal wins or doesn’t win the election, it may be time to do what the ultra wealthy are doing and get your second residency also. Many other expatriates from other countries have already discovered this. I have seen French, Italians, Germans, Australians, Canadians,and of course Americans that are here and living the lifestyle they want here in Bogota. It may be the right time for you to embrace the possibilities and explore a new chapter in Colombia’s dynamic capital—where a rich, fulfilling lifestyle awaits, because you only live once.

See my other articles at PremierLifeBogota.com about living in Bogota, Colombia

Follow me on X (Twitter)