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12 Cheapest And Safest Countries To Retire

If you are looking to retire somewhere with a low cost of living and a safe environment, these 12 countries offer that magic combination. Each of them can ensure you will live a life like a king or queen. Take a tour and see if any of them catches your fancy!

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1. Malaysia

Average Monthly Rent: $396.59
Cost of Living Index: 39.38
The Cost of Living Index of New York City is 100. If a nation has an index of 60, it means that consumer goods there cost 40% less than in N.Y.C.
Global Peace Index: 16/163
This index ranks 163 nations according to peacefulness. The smaller the index, the safer the country is.

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Malaysia, with its tourism motto “Truly Asia,” is regarded as one of the gems of Southeast Asia. It boasts exotic beaches, one-of-a-kind architecture and some of the best geological features in the world for exploration. English is known as the "unofficial first language" in this country, so you don't even have to learn another language here if you don't want to. Besides, foreigners can get a 10-year social visit pass through the Malaysia My Second Home program.

2. Portugal

Average Monthly Rent: $817.64
Cost of Living Index: 50.39
Global Peace Index: 3/163

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Portugal is ranked the 3rd on the Global Peace Index, making it one of the safest countries in the world. Plus, its sandy beaches and warm climate along with its famous port wine will offer you a refreshing life in your golden years. Moreover, a couple can live comfortably here on a mere $1,500 per month. To retire in Portugal, you need to apply to a local consular officer for a Type 1 permit by providing proof of financial ability and pass a criminal background check.

3. Czech Republic

Average Monthly Rent: $627.77
Cost of Living Index: 45.12
Global Peace Index: 11/163

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The Czech Republic is known as the castle capital of the world. It has more than 2,000 castles across the country, including Prague Castle, the largest medieval castle in Europe. There are also 20 romantic UNESCO sites for you to explore here. While permanent residency is normally reserved for former Czech citizens or for humanitarian reasons, you can still apply for long-term visas.

4. Chile

Average Monthly Rent: $585.25
Cost of Living Index: 59,25
Global Peace Index: 27/163

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More and more retirees from around the world are calling Chile home due to its high standard of living and low cost of living, breathtaking scenery and welcoming locals. For about $1,000 a month, you’ll be able to cover housing and basic expenses anywhere in the country. Spend a little more, and you can travel the land to your heart’s content. To retire to Chile, you'll need a regular tourist visa and then change it to a retirement visa.

5. Sri Lanka

Average Monthly Rent: $300.95
Cost of Living Index: 30.24
Global Peace Index: 72/163

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If you are on a tight budget and wish to live the luxurious lifestyle like a king, then Sri Lanka is an ideal choice. A cost of living less than one third of that in New York makes Sri Lanka one of the cheapest countries in which to retire. What’s more, it has a moderately warm climate throughout the year, a variety of gastronomical delights, and world-class medical facilities in addition to stunning seaside scenery. For people aged 55 and above, the country offers a two-year renewable visa called the "My Dream House" visa which requires a $15,000 deposit and a monthly income of at least $1,500.

6. Uruguay

Average Monthly Rent: $572.40
Cost of Living Index: 57.31
Global Peace Index: 28/163

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For those who want to retire near the beach, Uruguay is a good choice as it has both a beautiful coastline and a low cost of living. A retired couple can enjoy a comfortable life in Uruguay for only about $2,000 a month. Other outstanding features of this country include a mild climate, a colorful culture, and a quality health system, plus much more. To get a permanent visa, you’ll be asked to file a written request at a consular office within the country.

7. Costa Rica

Average Monthly Rent: $660.15
Cost of Living Index: 50.89
Global Peace Index: 33/163

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Costa Rica is famous for its temperate climate and natural beauty. Living a luxurious lifestyle here can cost as little as $1,500 a month, as food, rent, and entertainment are much cheaper than in America. Besides, the stable democracy, sound healthcare system, and friendly locals all help make it an excellent choice for retirement. If you can provide evidence of a steady income of $1,000+ per month for three years straight, you can get permanent residency in Costa Rica.

8. Spain

Average Monthly Rent: $849.22
Cost of Living Index: 54.70
Global Peace Index: 32/163

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Spain is expat retirees' paradise with 3,000-plus miles of sunny coastline, a low cost of living, a world-class healthcare system, warm weather, and friendly communities. When you are not at the beach or drinking wine, its 44 UNESCO World Heritage Sites are enough to keep you busy. If you can prove that you're earning an annual income of more than $28,308, you're likely to get a Spain residence visa for retirees.

9. Latvia

Average Monthly Rent: $481.81
Cost of Living Index: 49.23
Global Peace Index: 35/163

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Latvia is one of the cheapest places to retire in Europe, with overall living costs being less than half of New York's. The country boasts amazing beaches and the widest waterfall in Europe, among other natural and man-made attractions. You'll have to contact the Latvian Embassy, Consulate or Consulate-General to become a resident of Latvia.

10. Ecuador

Average Monthly Rent: $480.80
Cost of Living Index: 41.98
Global Peace Index: 71/163

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For years, Ecuador has been one of the most popular retirement destinations for American retirees. With a super low cost of living, generous benefits for retirees, efficient public transportation, and diverse cultures, Ecuador just seems too good to be true. What's more, in Ecuador, the official currency is the U.S. dollar, which can save you the trouble of exchanging currency and calculating living expenses. To apply for a visa, you can contact the country's Migration Support Service offices or get an application form via the government website.

11. Panama

Average Monthly Rent: $1,089.64
Cost of Living Index: 51.45
Global Peace Index: 47/163

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Located in Central America, Panama is one of the best destinations for Americans to retire. The Panamanian government provides lots of generous programs to attract retirees from other countries. For instance, retirees can enjoy 50% off entertainment, 25% off restaurant meals, and 25% off airfares and so on. The only requirement is to have a retiree visa card that proves one has a verifiable pension of at least $1,000 per month.

12. Australia

Average Monthly Rent: $1,358.34
Cost of Living Index: 72.08
Global Peace Index: 13/163

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Expats can enjoy the stunning natural beauty, vibrant cosmopolitan cities, and laid-back culture of the country. Animal lovers can also go on sightseeing tours to glimpse Kangaroos and other native animals like wombats. The local government has an excellent website explaining how foreigners can get permanent residency in Australia.

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