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2013
The Eight Best Places To Retire In 2013 From the Editors of Live and Invest Overseas Published by Live and Invest Overseas Altos del Golf, Loma Alegre, Los Tulipanes St., House #B1, Panama, Republic of Panama Republic of Panama Publisher: Kathleen Peddicord Copyright 2013 Live and Invest Overseas
All rights reserved. No part of this report may be reproduced by any means without the express written consent of the publisher. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. Any investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company.
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Table of Contents
Most Turnkey, Expat-Ready Place To Retire: Coronado, Panama........................... 5 Best Place To Retire #2: Medellin, Colombia ........................................................ 12 Best Place To Retire #3: South of France.............................................................. 17 Best Place To Retire #4: Kuala Lumpur, Malaysia ................................................. 20 Best Place To Retire #5: Cayo District, Belize ....................................................... 25 Best Place To Retire #6: Cuenca, Ecuador ............................................................ 29 Best Place To Retire #7: Chiang Mai, Thailand ..................................................... 32 Best Place To Retire #8: Granada, Nicaragua ....................................................... 36
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the night, blaring boom boxes at all hours, or the constant honking of car horns. Dont move to Panama (especially not to Panama City) if you dont want to own a car or if youre an avid walker. This is not a city for strolling. The infrastructure may be the best in the region, but the sidewalks can be so cracked and broken that youve often got to tip-toe your way down the street. The only reasonable way to get around is by car. Yet, as the citys population continues to expand, so does the number of vehicles on its streets. Some days it seems like rush hour extends from 4 a.m. to 8 p.m. On this front, relief could be forthcoming. The government is constructing a metro system that should ease traffic headaches and make getting around Panama City much easier. If all goes according to schedule, the new metro should be completed by the end of 2013. Until then, be prepared to brave the chaos every time you cross town. For A More Peaceful Retirement, Look To Coronado Your cost of living will be much lower, and your quality of life could be better (depending what, for you, qualifies as quality), if youre willing to live outside Panama City. Most of Panamas small interior towns offer a laid back, affordable lifestyle. The beach town of Coronado, only an hour from Panama City, offers many amenities youd expect from a larger city. Indeed, Coronado offers the most turn-key, most expat-ready ocean-front lifestyle available in Panama. Foreign retirees living in Coronado have already paved the way, leaving you little to do for yourself to create a familiar, comfortable, English-speaking atmosphere. Moreover, in a town like Coronado, not only your rent, but your transportation costs, as well, and your monthly entertainment bills, too, will www.liveandinvestoverseas.com
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be lower, maybe significantly so, than in the capital. It's fear of the unknown that keeps many people from making the move overseas. In Coronado you can rest assured you'll find like-minded folks, all living out their dream retirements on the beach, ready to mingle and welcome new neighbors. For many years, Coronado's main purpose was to serve as the vacation getaway and weekend home for those who could afford a retreat outside the capital. Over the past few years, though, as Panama City has grown busier, dirtier, noisier, and generally harder for many retirees to take day-to-day, Coronado has transformed into a full-time retirement community. On the Pan-American Highway at the turnoff to Coronado, three new shopping centers have sprung up, along with a number of restaurants. This area today has everything the retiree could want or need, from a medical clinic to a brand-new gym, from three major supermarkets to a dry cleaner, from a Mailboxes Etc. to a golf course, even an equestrian school and three international schools. And, remember, you're only an hour from Panama City, with its Johns Hopkins-affiliated hospital, 18-screen movie theaters, nightlife, shopping, and casinos. Some of the homes on the beach are magnificent. Some are old-fashioned and have been around for many years, while some others are modern, fancy, even slightly futuristic-looking. Something for everyone, including smaller homes in the US$250,000 range. If you're willing to look on the outskirts of town, even right across the street in the hillside town of Las Lajas, homes can be found for less. No matter where you go in Panama right now, youll find better real estate prices than weve seen in a few years. Though the ongoing global recession has had only minimal impact in this country, it has served, indirectly, to deflate the ballooning property market. Boquete is another place where owning in Panama has become more appealing than its been in years. The sometimes super-inflated prices of yesteryear are no more, and Boquete is more within the financial reach of would-be expat retirees today than it has been in a long time. www.liveandinvestoverseas.com
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Note that Panama is the one of a few Latin America markets where its possible to borrow locally as a foreigner for the purchase of real estate. You will have to jump through some hoops, but if youre willing to push through the bureaucratic red tape, and you qualify, you can be rewarded with up to 80% LTV financing. Note, too, that Panamas banking sector is stable and solid. Furthermore, Panama is one country that rolls out the welcome mat for foreign retirees. With a monthly pension of just US$1,000, you can qualify for a pensionado visa and all the rewards that come with it, including discounts from 15% to 50% on everything from movie tickets to in-country airfares, even closing costs on your real estate purchase. Why else does Panama make sense? Specifically, Panama offers: Affordable First-World health care Panamas health-care facilitiesbuilt to U.S. standards ever since the U.S. ran the Panama Canalare the best in Central America. Youll find nearly every health-care service you could need, at a fraction of the cost, and with a level of personal service (remember house calls?) you may have forgotten ever existed. Generous incentives for investors The worlds best program of discounts and other benefits for foreign retirees As a Panama pensionado, you save on almost everything, including incountry airfares, hotel stays, restaurant meals, prescription drugseven closing costs when buying a home. First-world infrastructure Panama offers the most reliable Internet in the region, not to mention the best cross-country road system, domestic flights, reliable water and electricity supply, satellite TV, four cellular service providers competing www.liveandinvestoverseas.com
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against each other, and, it seems like every day the Martinelli government is announcing even more ambitious plans, like the Panama City Metro, highway expansions, new domestic airports, and easier residency programs. Great shopping Thanks to its position as one of the worlds premier trading centers (and its canal), youll find anything you might want in this countryeverything from Benetton and Burberry to the latest electronic gadgets, and any American comfort food you could name. One of the worlds biggest international banking centers Panama is one of the worlds few remaining offshore tax havens. A U.S. dollar-based economy (since 1904) Americans face no currency-exchange risk. Favorable tax legislation for foreign residents Foreign residents pay tax in Panama only on money earned in Panama. When it comes to taxation, this is as good as it gets for the foreign resident or retiree. A stable political system Panamas government is as stable as its ever been and President Martinelli wants Panama to compete on an international level. Hes weeding out the corrupt politicians of yesterday, and replacing them with people who want to work for a better Panama. A fast-growing economy and a bright economic outlook Safety and security Panama is one of the safest places in Central America. There are poor areas and a definite division between the haves and the have-nots, but there is little random violent crime. Panamanians are friendly and they welcome foreigners, both as tourists and as residents. And, after eight decades of American involvement in the running of the Panama Canal, theyre well-accustomed to Americans among them. www.liveandinvestoverseas.com
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The family circle is important in Panama, much more so than in the U.S., as is religion. A natural wonderland The world doesnt know it yet, but Panama is a natural wonderland. Its expansive rainforests are among the richest and most complex on the planet. Its the only country where jaguars and pumas prowl only a short drive from the capital. Its also the only country where you could wake up over a cup of fresh coffee and a Caribbean sunrise and unwind later that same day with an ice cold cervesa Panama and the sun setting of the Pacific. Panamas vast, road-less jungle are home to more than 940 recorded bird species and 105 endangered species, including the Central American tapir, the American crocodile the scarlet macaw, and many species of eagle. Off Panamas shores are some of the best diving, surfing, boating, deep-sea fishing, and snorkeling anywhere. The advantages for the would-be retiree, expat, entrepreneur, and investor in this country right now are too many and too great to ignore. Further Information on Panama: Panama Starter Kit Our ever-expanding and comprehensive Panama publication package. Note that a subscription to the Panama Letter (below) includes free access to the entire kit. The Panama Letter The comprehensive monthly Panama e-zine in which we bring you the real Panamawarts and all. The Panama Letter brings you the real Panama, warts and all. This is your chance to discover what it is really like to live in this country, without the sugar coating. This is the good, the bad, and the ugly, brought to you by a team of insiders, with, among them, decades of firsthand experience living, investing, and doing business in Panama. Understand, with their help, the opportunities that are right for you in the worlds top retirement, lifestyle, investment, doing-business, and embarking-on-a-new-adventure haven. Each monthly issue spotlights a different top choice in Panama, from Panama City to Las Tablas, from Santa Fe to Boquete. Glossy magazines and websites tell you the best of Panama; the Panama Letter introduces you to www.liveandinvestoverseas.com
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all Panama. Live and Invest in Panama Conferences The only way to truly experience Panamato determine if its a place you could call homeor a place to invest. The Panama Circle The premier hand-holding VIP service we offer in Panama. Includes real estate vouchers of up to $3000, free conference attendance for life, a personal trilingual assistant, access to all of our Panama publications for life, and much, much more. Our Panama Country Page Maps, photos, and general demographic, tax, and government information. For a complete list of publications and services, visit our Live and Invest Overseas Online Store. If you have general Panama-related questions, you can reach our editorial team at: editorial@liveandinvestoverseas.com. Recommended Resources For current real estate opportunities in Panama and the surrounding beach areas you can get in touch with our preferred Panama real estate agency, Inside Panama Real Estate. To view listings or schedule a real estate tour, get in touch here. Attorney Rainelda Mata-Kelly in Panama City is our number-one resource in this country, not only for legal issues, but also for all questions related to visas, residency, citizenship, taxes, property purchase, holding structures, corporations, banking, and investment incentives. You can get in touch with Rainelda here.
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Colombias city of springtime and flowers offers a superior quality of life for far less than youd expect. Medellin makes a good impression immediately and on many levels. Architecturally, this city is lovely. Built almost entirely of red brick, with most every structure topped by a red clay tile roof, the place is pleasing in its consistency, especially when viewed from some height. It appears a sea of red clay tiles and red brick buildings interspersed regularly by swatches of foliage and flowers. The effect is calming and peaceful. Medellin is impressively green, with trees, plants, and small gardens everywhere, and, as its remarkably clean. In the central neighborhoods, you see no litter. The metro, a point of pride for the local population, is spotless and like new. Medellin is a pretty, leafy city, a safe, peaceful, welcoming place. Thats a good starting point. But would this city with such a troubled past be a good place to chart your own course, an appealing place to plan to spend time in your retirement? What is it about this city? Here are some things you should know about this area. First, real estate in this country is priced in pesos, meaning you have to remember the exchange rate, which fluctuates daily. The U.S. dollar has been strengthening against the peso for the past few months, but who knows where the exchange rate will stand in the future. Also note that exchange controls and other bureaucratic restrictions are in place. As an early expat in Colombia, you would need to be prepared to www.liveandinvestoverseas.com
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navigate the system. This market is still in what I refer to as the workaround stage. There are pensionado and rentista visas available, if you qualify. The pensionado visa requires a guaranteed pension income equivalent to three times the Colombian minimum wage monthly (about US$1000 at the time of this writing); the rentista requires a guaranteed income equivalent to 10 times the Colombian minimum wage (about US$3000 at the time of this writing). Note that the required monthly income amounts fluctuate with the exchange rate. If you dont qualify for the pensionado or rentista visa, your options are an Executive or an Investor visa. To qualify for the Investor Visa, you must invest a minimum of US$200,000 in real estate or US$100,000 in a non-real estate investment. To acquire full-time legal residency without investing that much money, your option is to set up a corporation outside Colombia and apply, as the owner of that corporation, for an Executive Visa. As Ive mentioned, this is a bit of a workaround and may or may not be a good idea for you. Note that it does not give you a work permit, only a residency visa. Medellin makes sense both for full-time livingand part-time If youre not up for the hassles, the current uncertainties, and the risks involved with working around the system to acquire legal full-time residency, consider part-time retirement to Medellin instead. Plan to spend up to six months a year in this City of Flowersand the other six months at the beach maybe, in Panama, say, or Nicaragua, or Belize. Another big plus is the climate, which is temperate year-round, and is nearperfect. As its situated on the side of a mountain, the altitude of Medellin ascends from around 1,500 meters to 1,800 meters. The surrounding mountains rise to more than 2,500 meters. Temperatures range from 16 to 30 degrees Celsius (60 to 85 degrees Fahrenheit). The rainy season is during the second half of the year, but its mild (that is, prolonged rainy
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periods and flooding are uncommon). Next, Medellin is culturally and recreationally rich and diverse. Living here, you'd never want for something fun and interesting to do. On any given day, you could go hiking or bike riding. You could visit a museum or one of the many shopping malls. You could see a tango show or an opera (in season). Come evening, you could dance the night away (tango is a national pastime) and sample the local rum in one of the bawdy nightclubs or enjoy a fine meal and white glove service at one of the many international-standard restaurants. Day-to-day costs in Medellin are on par with those in Panama City, which is to say theyre not ultra-bargain basement. A bottle of water in a corner shop, restaurant meals, taxis, and movie tickets all cost more or less what they'd cost in the Panamanian capital. The difference, of course, is that the cost of everything fluctuates in U.S. dollar terms every day. Bottom line, the cost of living here would be greater than in Ecuador, for example, or Nicaragua; on par with that in Panama City; less than in Argentina. One notable cost savings living in Medellin would have to do with utility expense. Thanks to the climate, you could live here with neither heating nor air conditioning, meaning your utility costs could be almost negligible. This could reduce your overall monthly budget by as much as US$200 or more. However, the real cost advantage of Medellin has to do with real estate. This market today is like the Panama City market about a decade ago. That is, it qualifies as a screaming bargain. El Poblado is the top end of the market, for both renting and buying. Here you're looking at US$1,000 to US$1,500 per square meter to purchase resale (sometimes furnished); US$1,500 to US$2,000 per square meter to buy new; and US$1,000 (for a one-bedroom) to maybe US$3,000 (for a luxury-level penthouse) per month to rent, furnished. Again, thats the top of the market. In less recognized, more local neighborhoods, those prices can fall in half and more. Right now, for example, you could rent a one-bedroom apartment in the Laureles neighborhood (a neighborhood that we found to be safe, pleasant, and up-and-cominga very good budget choice compared with more central and more discovered El Poblado) for as little as 850,000 pesos a month, maybe less. In the more local middle-class Florida Nueva neighborhood, you www.liveandinvestoverseas.com
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could rent a two-bedroom apartment for 650,000 pesos a month, or, again, maybe less. The general consensus among expats in Medellin is that a retiree needs between 1.5 million and 2 million pesos to live in this city comfortably. Thats a budget for living a comfortable lifestyle. You could probably live on less, if youre willing to go completely local. And you certainly could spend more, two or three times as much, to live like a king, as they say. One of the appealing things about Medellin is that this is a place where a luxury level lifestyle is available if youre interested in pursuing and paying for it. This isn't true of all places we recommend. The current cost of renting or of investing in your own second or retirement home in this city is an absolute (as opposed to a relative) bargain. Bundle this with the quality of life on offer in Medellin, and you understand why this city is near the top of our cheapest places to retire in 2012 list. Further Reading To find out more about living and retiring in Medellin, Colombia, have a look at the full report weve published on this beautiful City of Flowers and Springtime. For maps, photos, and general demographic, tax, and government information, check out our Colombia Page on the Live and Invest Overseas website. In addition, stay tuned to your daily Overseas Opportunity Letter dispatch from Publisher Kathleen Peddicord for specific opportunities and regular updates on Medellin. Recommended Resources For all legal matters, including thinking through which residency options might work in your situation, we recommend Juan Dario Gutirrez, one of the partners in the firm Gutirrez Mrquez Asesores. You can reach him directly here. Rich Holman, a native of Texas who established a real-estate agency in Medellin five years ago, is the first person to visit when you want to rent or
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buy property in this city. Get in touch with him here. To find out more about this beautiful country join us at our annual Live and Invest in Colombia Conference. Colombia is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Get in touch here for more information.
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of the country that Lucy and her husband found to offer all the best of French country living at a very reasonable cost, even for their family of four. This unsung part of France delivers an extraordinary and hard-to-match quality of life for every euro invested. Languedoc is historic, colorful, eclectic, always changing, authentically French, and, at the same time, very open to retirees. Villages here date from prehistoric times, but the feel of this part of France is medieval. The living is simple and traditional while still offering all the services and amenities of the 21st century. My second France-beyond-Paris pick is a corner of the country so tucked away that even the French find it hard to place on the map. The Barn region, in the southwest of France, has everything the would-be retiree interested in Continental country life could be looking for. From the Romans to the Renaissance and the Belle poque to Art Deco, there's history to be enjoyed at every turn. This area also has gorgeous scenery, rolling wooded countryside, and friendly people. The majestic mountains of the Pyrenees dominate the views and beautiful beaches are just a short drive away. How big, exactly, would your budget need to be to afford a new life in France? You could live in Paris on a budget of 1,500 euro per month, not including the cost of housing. But you could call one of my favorite French country regions home at a cost of about 1,000 euro per month, again, not including housing. If youre looking for a French country renovation project as part of your retirement plan, in the current market, this is an almost irresistibly tempting and realistic idea. You could purchase a cute and cozy old farmhouse for around 70,000 euro. Of course, some renovation work would be required. How much is a matter of perspective. Maybe youd be happy with basic but quintessentially French living quarters or maybe youd want to do your French country house up more elaborately. In places like Cessenon-Sur-Orb,
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Cazedarnes, and Villespassans, you could own a little townhouse of your own for the equivalent of US$100,000 or less. And France is one country where it's a relatively straightforward process for foreigners to borrow locally for the purchase of real estate. France is not only perhaps the best place in the world to live, thanks to its food, wine, architecture, history, museums, parks, gardens, and cultural and recreational offerings, but it's also, thanks to its reliable tourist trade, one of the best places to think about parking some capital. A rental property in France is about as recession-proof a real estate investment as you're going to find. France is the world's best example of getting what you pay for. There are reasons France sees more tourists than any other country in the world, almost 80 million of them annually. To accommodate all those tourists, the infrastructure of this country, from the airports to the train system, from the restaurants to the hotels, has to be top notch and it is. Further Reading France Starter Kit a one-of-a-kind bundle of resources intended to help you to experience France, not as a tourist, but with the help of long-time residents. You can access full reports on France and other retirement havens here. For maps, budgets, photos, and general demographic, tax, and government information, check out the France Country Page of the Live and Invest Overseas website. France is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Get in touch here for more information.
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Malaysia
Monthly budget: US$1,250 Monthly rent: US$500 Malaysia is a tropical paradise. Beautiful islands and beaches, cool mountain retreats, great food, a diverse and multiethnic culture, excellent shopping, and a low cost of living...Malaysia has it all. Plus, the infrastructure and health care are modern and efficient. English is widely spoken. Entertainment ranges from street celebrations to casino gambling, from amusement parks to mountain climbing, from jungle trekking to championship level golf, and from Formula 1 racing to world music festivals and philharmonic orchestra productions. World-renowned diving and snorkeling destinations are never more than a few hours away. And here's the cherry on top: The Malaysian government makes it surprisingly easy to live long-term in this hard-to-resist Shangri-la. Malaysia makes it easy Unlike other countries in Southeast Asia, Malaysia actively encourages foreign residents to relocate here. Excellent incentives are available if you qualify for the Malaysia My Second Home Program. And, even without attaining this special immigration status, Malaysia is an easy country to live in less permanently. Most westerners arriving in Malaysia receive a Social Visit Stamp upon entry. www.liveandinvestoverseas.com
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This is not technically a visa, but it permits you to remain in the country for up to 90 days. To stay in Malaysia longer than 90 days, you could, as many people do, take a short trip into a neighboring country for a day, then return that afternoon, receiving a brand-new 90-day Social Visit Stamp upon reentry. Many foreigners have lived in Malaysia this way for years. Here's your better option: Apply for the government-sponsored initiative called the Malaysia My Second Home Program, or MM2H. About 12,000 foreign residents are already participating and enjoying the benefits. Unlike in many Asian countries, Malaysia's MM2H program is available to foreigners of all ages. It gives you a multiple-entry visa good for up to 10 years, allows your spouse, children, and parents to reside in Malaysia along with you, and, under certain conditions, even allows you to hold part-time employment or to have a business in the country. Perhaps the biggest benefit of MM2H status is the tax status it gives you. As a MM2H resident in Malaysia, all your foreignsource income, including pension, interest, and dividend income, as well as foreign earned income, is exempt from Malaysian taxes. Note, though, that income from employment or business within Malaysia is taxable. Kuala Lumpursteeped in history and tradition Life in Kuala Lumpur is different than it is in the West. Unlike so many places in Asia, foreigners are genuinely welcomed in Kuala Lumpur. Language isnt a problemalmost everyone speaks adequate English. It is taught in the schools and is the primary spoken language for many Malaysians. In some Asian cities, its easy for a foreigner to feel something akin to a walking wallet. Not so in KL. Here, foreigners pay the same prices as the locals. People want to know you. Health care is first-rate, public transportation is modern and efficient, and the tap water is safe enough to drink. Beautiful beaches are just a short drive or flight away, cool mountain retreats can be reached in less than an hour, and the thriving city-state of Singapore is easily accessible in a few www.liveandinvestoverseas.com
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hours by car, train, and bus or an hour by plane. Its an easy city to stay in for a few weeksor even a lifetime. Although KL is more expensive than rural Malaysia, it is marvelously inexpensive by Western standards. You can realistically expect to cut your living expenses by a third and still enjoy a lifestyle comparable to what you are accustomed to now. Kuala Lumpur is one of the most affordable, modern cities in the world. Regardless of your interests, you can always find something fun to do in Kuala Lumpur. As the cultural, financial, and political center of Malaysia, KL attracts ambitious and creative people and enterprises from throughout the region. Galleries, concerts, and museums abound. Parks are carefully planned and maintained. Sports and athletic venues, both indoor and outdoor, are scattered liberally throughout the city and many more attractions can be found within a short drive of the city limits. KL is a gastronomic nirvana. From cutting-edge fusion cooking to centuries-old traditional fare, you could eat at a differenthighly regardedplace every day and never get to the end of the list. If you live in KL, be assured you wont run out of things to see, eat, or do. Kuala Lumpur has seven golf courses and several more in the near vicinity. The upscale KL Golf and Country Club offers excellent golfing for members and nonmembers alike. Senior members can enjoy nine holes for around US$25, and younger non-members will pay about US$67 during the weekdays. The many markets throughout the Klang Valley cant be missed. Indoor flea markets offer almost every item imaginable, from kitschy statues of Mao Tse Tung to old LP record albums and collector comic books. The indoor (and airconditioned) Pasar Seni (Central Market) offers wide selections of handicrafts, food, and art. The discerning shopper with good bargaining skills can pick up prized items at very reasonable prices. Outdoor markets are part of the KL experience, too. A visit to the huge Chow Kit Market or one of the dozens of smaller morning and evening markets are great opportunities to purchase good-value produce, meat, fish, household items, and clothing.
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Unlike many other Asian countries, the sheer diversity of Malaysian culture guarantees that there is a very good selection of food for all tastes. Hundreds of restaurants catering to local tastes offer up a delicious array of Malay, Chinese, and Indian food. You can eat very well in KL on a very low budget, with meals at these restaurants generally costing under US$3. If you really want to eat on the cheap, try one of the many excellent vendors selling food in the outdoor markets. Here, fresh char kway teow (a noodle and shrimp dish similar to Pad Thai) is prepared as you watch, stirfried in a hot wok and served steaming hot for about US$1. A chicken drumstick served with rice, green beans, peanuts, and soup will cost around US$1.25, and a plate of delicious fresh curry puffs will cost US$1 or less. KL supermarkets are well stocked with both local and imported goods, all at reasonable prices. When you first move to Malaysia, or to any foreign country for that matter, its advisable to rent for six months to a year before you purchase property. English-language newspapers, such as The Star and the New Straits Times, have large classified sections with many rental listings. Since English is widely spoken throughout Malaysia, English-speaking foreigners can often simply call the property owner and make a viewing appointment. Rent in KL is surprisingly affordable. Unfurnished two-bedroom condominiums of 1,000 square feet and larger, in attractive parts of town, start around 750 RM per month. If you prefer a fully furnished condominium, expect prices to begin at around 1,500 RM per month. Modern, twobedroom and three-bedroom fully furnished condominiums in upscale neighborhoods will generally start in the neighborhood of 2,500 RM. People who love living in the city but cant afford the price tag that generally comes with an urban lifestyle will want to consider living in Kuala Lumpur. With so much to do in the city, and its convenience as a transportation hub to almost every place in Asia, active retirees will find more than enough opportunities to experience the wonders of this part of the world. People hoping to live cheaply, yet still enjoy modern conveniences and products from their country of origin will be pleasantly surprised with KL. Malaysias welcoming immigration policies makes living long-term here easy. Exceptional health care, widespread use of English, and advanced infrastructure makes life easy. From mountains to beaches, busy malls to
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tranquil parks, fine imported foods to tasty street cooking, its easy to see why so many people find that KL has it all. Further Reading For more nitty-gritty details on living, investing, and doing business in Malaysia, access our country reports here and the Country Page on our website. For specific opportunities, remember to stay tuned to your daily edition of the Overseas Opportunity Letter. Recommended Resources For more information on the Malaysia My Second Home residency program, go here now. Mike Soo, our trusted residency and real estate resource in Malaysia, can answer all your questions about living, retiring, and investing in this country. Get in touch with him here. Malaysia is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Click here for more information.
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Belize is a nation of independent thinkers and doers, a country where you make your own way and where, while you're doing it, no one is making any attempt to thwart your efforts, including the Belize government. This is a poor country. The government doesn't have enough money to get up to any real trouble. And, if they tried, the Belizeans wouldn't allow it. The focus here is on very local-level government--addressing the crime problems in certain southern sections of Belize City, for example, or trying to dissuade the Guatemalan banditos who occasionally wander over into Belize in search of a couple of good horses to steal. Arriving in Belize, stepping off the plane, and walking across the tarmac to the one-room arrivals hall of the airport, you have a sense of leaving the rest of the world behind. Belize and her people operate according to their own rules and mind their own business. The troubles, uncertainties, and worries that seem so all-consuming stateside and elsewhere in the world right now fade away here. You're faced with a land that remains a frontier, undeveloped and oozing potential. Belize is also one of the most user-friendly places in the world to establish foreign residency, and a place where a retiree could enjoy a back-to-basics lifestyle on a modest budget. You could buy a building lot in a planned community for as little as $25,000 and build your own home for as little as $100,000. Belize is also a top choice if youre interested in a sustainable life or resilient livingan opportunity to live off the grid, completely self-sufficient. Good friends in this country have been living the sustainable life for more than three decades, since long before it was a fashionable idea. In 1977, Mick and Lucy Fleming traveled from Great Britain to Belize. They had but US$600 in their pockets. For Mick and Lucy and Belize, it was love at first sight. They fell in love especially with the countrys Cayo District, a region of rain forest, rivers, mountains, and Mayan ruins. As soon as they could scrape the money together, Mick and Lucy bought a remote piece of property in the Cayo, on the Makal River. And they lived off the land. The only way in to their property back then was on horseback or by canoe, up the river. www.liveandinvestoverseas.com
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That was more than 30 years ago and, today, Mick and Lucy have developed their Chaa Creek property into the most impressive and most applauded rain forest eco-resort in the country, rated the Best Eco-Resort in all the Caribbean by Caribbean Travel & Life four years straight. A visit to Chaa Creek qualifies as a luxury experience these days. However, its still very possible to have the back-to-basics, off-the-grid experience that first attracted Mick and Lucy to this part of Belize so many years ago. Today, the Cayo District, is the fastest-growing area in the country. The lush tropical rain forests you find here, the abundant freshwater rivers, the largest underground cave system in the Western Hemisphere, and the fertile Belize River Valley once supported hundreds of thousands of Maya. Today, they support 21st-century adventurers and environmentalists looking to escape to a simpler, sweeter life. Easy retirement residency In 1999, Belize created an incentive program for retirees called the Qualified Retirement Persons (QRP) program, offering duty-free concessions and other benefits for official residency. Minimum requirements were established in order to attract more retirees to Belize. The applicant must be 45 years of age, show a monthly income of US$2,000, and provide some basic documentation, such as identification, background check, and medical examination. The concession allows the retiree to import all personal household effects including a vehicle, boat, and aircraft duty-free.
Further Reading Belize Starter Kit a one-of-a-kind bundle of resources intended to help you to experience France, not as a tourist, but with the help of long-time residents. You can access full reports on Belize and other retirement havens here. For maps, budgets, photos, and general demographic, tax, and government www.liveandinvestoverseas.com
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information, check out the Belize Country Page of the Live and Invest Overseas website. Belize is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Get in touch here for more information.
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As a foreign retiree you also receive relief from Ecuadorian income tax and, www.liveandinvestoverseas.com
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best of all, you never have to stand in line; seniors always go to the front. Cuenca and its colonial splendor Cuencas large colonial historic center lies just a short distance from the airport. Im always impressed by its wealth of colonial homes, their interior courtyards, thick adobe walls, and iron-railed terraces looking down onto the street. Residents and visitors alike enjoy the beautiful plazas, magnificent churches, and cobblestoned streets, whose first traffic pre-dated the arrival of the Incas. But expat retirees want more. Besides treasuring the citys rich culture and colonial charm, they want to take advantage of a cost of living thats among the lowest in Latin America...real estate prices that are unheard-of in a city with such a rich quality of life...an unbeatable retiree benefit package...and a thriving expat community surrounded by a warm and welcoming people who make you feel like you really belong. If youre coming to try Cuenca on for size, youll need a furnished rental. Theres no better preview of what its like to be a resident. You can expect a modern, luxury furnished rental to cost between US$500 and US$850 per month, varying with the size, location, and length of stay. In this case, I would plan on spending around US$1,200 per month. However, you could live in Cuenca for less. You could rent a local-style apartment for about US$100 a month. For this, youd get maybe 600 square feet in an older building with no doorman or garage. Alternatively, invest in a home of your own in Cuenca, an apartment or one of the charming colonial houses the city is known for, and you can live on a monthly budget of US$700. The Spanish spoken in Cuenca is crisp, clear, and relatively formal, making it a great place to learn the language. In fact, language- learning is a thriving business in Cuenca, with international students in residence all year. www.liveandinvestoverseas.com
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If youre not already a fluent Spanish-speaker, Id strongly recommend attending one of the excellent language schools in town, such as the renowned CEDEI or Abraham Lincoln cultural centers. If you dont learn Spanish, youll be able to get by. But youll be confined to (and dependent on) a small circle of English-speakers and miss much of the rich, cultural experience that the Spanish-speaking expats enjoy every day. When you consider all that Cuenca has to offer the overseas retiree and what it costs to live hereyoull agree that, for many, theres no better deal out there. Plan a trip, have a look, and get ready for an exciting life in the Andes. Further Reading We published a full report on this little Andean gem, which includes an overview of the real estate market and comprehensive information on what to do in the city and how much the cost of living is. You can access it here. For maps, photos, and general demographic, tax, and government information, check out our Ecuador Page on the Live and Invest Overseas website. Also, for ongoing coverage of Cuenca and elsewhere in Ecuador, be sure to read the daily Overseas Opportunity Letter by Kathleen Peddicord. Recommended Resources For help with legal issues you can Bruce Horowitz (e-mail: bhorowitz@pazhorowitz.com), while our correspondents Mike Sager (email: redwulf3@juno.com) and David Morrill (e-mail: DMorrill@CuencaRealEstate.com) are on call for anything real estate-related. Ecuador is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Click here for more information.
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Street markets and festivals occur almost nightly, and a huge array of restaurants catering to all tastes can be found within walking distance of almost anywhere in the Old City. Chiang Mai has grown beyond the ancient walls, though, and extends for several miles in every direction. Large shopping complexes are located along the superhighway, a multi-lane, controlledaccess ring road that circles the outskirts of the city. Several mega-malls and huge multi-national grocery and department stores line the access roads to the Superhighway. Chiang Mai is an inexpensive place to live by almost any standard. With housing prices so low, its no wonder so many expats have chosen to make Thailand their permanent home. Unlike some cities, foreigners here are more likely to integrate with the locals and live in any area in and around Chiang Mai. One popular area is the neighborhood near the trendy Nimminhemin Road. Upscale condominiums are conveniently located near excellent restaurants and a good foreigner infrastructure, close to English-speaking dentists, internationally accredited hospitals, and within a short walk of the Old City. With an abundance of restaurants, offering a huge array of Thai, Oriental, and Western cuisines, you wont go hungry around Chiang Mai. Along the main streets of the Old City are rows of mainly inexpensive restaurants catering to Western palates. Everything from fine Italian food to Greek gyros, fresh sushi, vegetarian wraps, Indian food, German cuisine and English fishand-chips are easily found, as well as excellent Thai and Chinese food. Along the banks of the Mae Ping River, not far from the Wororot Market and just across the Nawarat Bridge, are many higher-end restaurants with loyal expat followings. Scattered throughout the city and shopping areas are restaurants in all price ranges, many serving fine international cuisines. You can buy a comfortable expat-standard house in Chiang Mai for as little as US$100,000; however, as a foreigner, you cannot hold title to the land, only www.liveandinvestoverseas.com
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to the construction. Alternatively, you can rent a furnished house in the city for around US$400 per month. If you own your place, the estimated monthly expenses youll incur will be of around US$650, and of US$940 if you rent. For a long time, the Thai city of Chiang Mai has been luring expats from the West. Some come for the weather; others are attracted to the low cost of living. High-quality health care and health-related services are important draws for retirees. Housing prices are very affordable, and foreigners rarely have problems purchasing condominiums or, in some cases, real property. Whatever the reason, at least 17,000 foreigners have chosen Chiang Mai as their home. Could you be next?... Further Reading Weve published a full report on Chang Mai, which includes an overview of the real estate market and comprehensive information including cost of living and activities. The report is available here. For maps, photos, and general demographic, tax, and government information, check out our Thailand Page on the Live and Invest Overseas website. Thailand, as well as other top destinations in Asia, are covered in our Around Asia package, available here. Recommended Resources Real Estate Chiang Mai Properties (sales and rentals) Tel. (Gai) +66(0)89700 2261; e-mail: gai@chiangmai-properties.com Tel. (Nai) +66(0)89700 1368; e-mail: nai@chiangmai-properties.com Chiang Mai House (sales and rentals) 2/7 Serm Suk Road, T. Chang Puek, A. Muang, Tel. Office: +66(0)5340 4035 Mobile: +66(0)89756 8137 Satihoga-Tropical Homes (sales and rentals) 79/157 Moo 2, Chiang Mai-Doi Saket Rd. T. Taladkhuan, A. Doi Saket; Tel. +66(0)89953 4981
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An attorney we recommend is Rene-Philippe Dubout, whom you can contact by e-mail at rene-philippe@renephilippe.com. Thailand is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Get in touch here for more information.
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income requirement to qualify for the resident program is US$600 for retirees and US$750 for people with private incomes (income from investments, stocks, rents, etc.). Add US$150 for each dependent. Granada The Spanish first landed in Nicaragua in 1522. Two years later the Spanish Conquistador Francisco Fernandez de Cordoba founded Granada, which considers herself the oldest city in the Americas. She was intended, by the Spanish, to be a statement of elegance and a reflection of the original Granada in Spain. The new Granada, on the shores of Lake Nicaragua, has suffered a long cycle of destruction at the mercy of buccaneers and earthquakes. Yet this old girl continues to dust herself off and re-right her crown, and today she shines. Granada is home to hundreds of expat retirees, from North America and Europe, whove been at work fixing up the citys old haciendas and opening taverns and eateries in the town center for the past dozen years. Theyve added a new and appealing dimension to life in Granada. Granada's current renaissance is thanks to private and public funding. Spain has restored some of the major thoroughfares with palms and paving. The rest of the rehabilitation is being carried out by wealthy Nicaraguans and retiring expatriates from the world over. The bandstand in the park has been painted, and the park itself is clean and inviting. There's a new hospital nearby, donated by the Japanese. How much to live here? All things considered, a budget of US$1,200 to US$1,400 per month should keep you nicely, including rent of about US$500, which should be enough to afford you a comfortable, high-end home. HOA fees are not commonly paid by apartment renters, as they are in Ecuador. This would buy you an expat-standard life; as anywhere you could live like a local for considerably less.
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One of the key attractions for Granada, along with its super-low cost of living is its classic-style Spanish colonial architecture. Today, thanks to the collapse of Nicaragua's property market in recent years, real estate prices in Granada, as in Cuenca, are below the magic $1,000-per-square-meter mark. That is, today, you could buy one of Granada's old colonials for as little as $50,000. You could spend much more, of course, but, whatever your budget, you'll have lots of options. The city boasts lots of inventory of some of the most impressive Spanish-colonial structures in the world. Their center courtyards are typically open-air and often contain swimming pools. Granada has most of what youd need right in town, and its a city laid out for walking. You could live here without investing in a car. For longer distances, buses and taxis are easy to come by and cheap. Heres how an average budget for retired life in Granada would break down: US$500 a month for rent; US$50 a month for transportation; US$20 a month for gas (used for hot water and cooking); US$20 a month for telephone; US$30 a month for Internet and cable TV (which come bundled); US$360 for food; and US$200 for entertainment. Add US$180 a month for full-time houshold help if you want it. If you invest in your own home, you wont have rent, but you will have an HOA fee (if you buy into a private residential community; count on about US$75 a month), property taxes (US$50 for a large house in the city), and the expense of homeowners insurance (US$95 for that same property). Your budget overall as a homeowner would amount to about US$900 a month. Again, add US$180 a month for full-time household help. Nicaragua is another place where it can be affordable to keep a car. Youll pay US$12 a month for your registration; US$70 a month for insurance; US$50 a month for maintenance; and US$60 a month for fuel (depending on use). Note that Nicaraguas currency is the crdoba, which normall underperforms the greenback. So, while a falling dollar can erode the buying power of the U.S. expat abroad, the faster-falling crdoba can normally be counted on to offset that in Nicaragua.
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Further Reading You can access full reports on Nicaragua and other retirement havens here. For maps, budgets, photos, and general demographic, tax, and government information, check out the Nicaragua Country Page of the Live and Invest Overseas website. Nicaragua is one of the countries we feature in our How To Retire Overseas Kit, a brand-new first-ever two-part kit to help you, first, consider all the world's current top options at once (20 destinations in total), while arming you with the practical support you'll need to make your retirement dreams come true as easy and hassle-free as possible. Get in touch here for more information.
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44 Things You Must Know Before You Relocate, Retire, Or Invest Offshore
The nuts-and-bolts support you need to live, retire, and invest overseas with confidence. Find more here.
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