Retire Abroad: The Shocking Truth “Best Of” Lists Hide
So I stumbled across an article the other day and have to recommend it to you. It is called: “Want to retire abroad? Read this instead of the usual ‘best places to retire’ lists”. Anyone thinking of living abroad in a foreign country as an expat should read it.
The dream of retiring and living abroad is often painted with images of exotic locales and promises of a simpler, more affordable life. But as Edd and Cynthia Staton wisely point out in their MarketWatch article, “There’s a lot that most ‘best places to retire’ lists don’t tell you — or get completely wrong,” these lists are often more fantasy than fact. It’s a crucial reminder to look beyond glossy photos and superficial comparisons, especially when considering a life-altering move.
The Statons’ article reveals the critical gap between online hype and real-world experience. I also want to remind you that some of these people making these lists are young backpackers who are accustomed to living on virtually nothing and staying in hostels, so it is a totally different perspective.
It is completely different from people who have worked their entire life, sold almost everything, moved with their family, and put everything on the line to live in a foreign country. The people who have actually lived somewhere for a few years can give you a more realistic perspective instead of the allure of a fleeting vacation mentality.
I responded with my comments to their article below:
Their debunked retire abroad places first:
New Zealand:
It sounds like this is only for high-net-worth individuals now. It sure would be nice if more of us had this problem.
Australia:
Yep, seems the government closed this down in 2018 and its retirement visa is no longer an option.
Mexico:
Yes, most retirees will not be able to meet the $7000+ monthly income qualifications anymore unless they plan ahead at least a year. I checked the Chicago Mexican embassy and verified permanent residency visa requirements.
A lot of people will only be able to qualify if they have a Mexican family member and meet the requirements of a Family unit permanent resident visa. Only then do the economic solvency requirements go down to about $1500 USD monthly for employment OR your bank statements and pension verification letter that proves this.
I did live there, so be sure to read my article on Queretaro, Mexico.
Their List of the affordable retirement countries:
Ecuador:
The Statons currently live in Cuenca. Yes, this is the gringo city to live in when in Ecuador and the fact that they like it says alot. I also have Ecuadorian friends from where I lived in the states that moved back to Ecuador. After a couple years they moved to Cuenca after the first city they picked didn’t turn out so well. They like Cuenca much better.
Colombia:
I completely agree with their assessment of Colombia being a great place because I am living in Bogotá with my family!
The proximity to the U.S. (only a little over three-hour flight to Miami), the same time zone, good private schools, great private healthcare, year-long fall weather, and an urban lifestyle was a great draw for us.
Another article I have gives you an idea of Bogota being your perfect base and an idea of what you could do on trips within Colombia when you need your coastal beach vacation.
Many expats love Medellín and the year-long spring weather. However, since it is smaller than Bogotá, there is some gentrification in some of the nicer areas.
Panama:
I have heard that many people like living in the mountains there. I verified their retirement visa and yes, the income requirement is accurate.
When I visited Panama City years ago, I called it the “Miami of Latin America.” I am sure someone else said this, but I am not sure who.
The roads between the cities close to their capital were in very good condition. I do remember seeing crocodiles inland, so not so great if you have kids or happen to forget and get eaten by one!
France:
While the Stantons say the regional cities are charming and affordable, I am sure you could easily find yourself much poorer after all the sight-seeing you do there and the rest of Europe. Be sure to read my article on Europe.
Also, not such a great place to be if WWIII breaks out with Russia. Unfortunately I hear very few world leaders talking about peace today — like everyone always did when I was growing up. You might want to read my “Bogotá Second Residency Plan B” due to this.
Thailand:
Many expats seem to like the adventure in that part of the world and how far their money goes.
I had a coworker who was stationed there with his wife and child during his military service and he said they really liked living there as expats and wished they could have stayed there.
For me, it seems too hot and humid, too extreme of a culture shock, too extreme of a language barrier, and just too far away…but that is just me.
Update April 2025: The most recent magnitude 7.7 earthquake probably has alot of people reconsidering Thailand when so many people were killed in Myanmar, the country’s second-largest city according to this news report.
The Importance of a Scouting Trips:
Nothing compares to the insights gained from personal, boots-on-the-ground research that a scouting trip provides. No amount of numbers on a page or online research can replace actually being there and experiencing it yourself.
You need to experience the culture, the people, and the daily rhythm of life. Talk to expats, visit local stores, eat out, and explore different neighborhoods. You can look and feel for those “red flags” that might not be apparent from online research. Your gut knows as much as that thing on your shoulders.
Be sure to talk to the people sitting next to you on your flight to (and from) Colombia. You never know, you could be sitting next to someone already living your dream life and then you’ll have the inside track of how to do it that most people only get to read about!
Finding Your Ideal Retirement Abroad: Consider Bogotá, Colombia
As I said in my first article about Bogotá, it can be a fantastic place to retire or establish a second residency and have a more fulfilling retiretirement. ‘
For many, retiring abroad is about more than just a change of scenery. It’s about finding a place where you can live a more fulfilling and rewarding life on your own terms. ‘
As always, do your own research, seek professionals, trust your gut, and always do what is best for you and your family.
See my other articles at PremierLifeBogota.com about living in Bogotá, Colombia
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