IL Best Places to Retire in 2024

Each year International Living provides its list of the top ten places to retire.

For 2024, Costa Rica tops the list.

Retirement Visas Around the World

The Where Can I Live website has a list of 28 countries that have retirement plans for foreigners. Below is a list of the countries and the minimum monthly income required in USD for 2025.

Europe

• Bulgaria ($2000)
• France ($1800)
• Greece ($3500)
• Ireland ($4200)
• Italy ($2700)
• Portugal ($850)
• Spain ($2400)

Central America

• Belize ($2000)
• Costa Rica ($1000)
• Mexico ($4350)
• Nicaragua ($600)
• Panama ($1000)

South America

• Argentina ($500)
  
• Brazil ($2000)
  
• Chile ($1000)
• Colombia ($900)
• Ecuador ($1500)
• Uruguay ($1500)

Asia

• Indonesia ($3000)
• Malaysia (Varied)
• Thailand ($2000)
• The Philippines ($1000)

Middle East and Africa

• Dubai ($5500)
• Mauritius ($1500)
• South Africa ($2000)

Oceania

• Fiji ($2000)
• New Zealand ($5000)
• Vanuatu ($2000)

Note: This is a list of countries that have recognized Retirement Visas. However, other countries may also have visas that retirees can use to immigrate.

World-wide Taxation

One aspect of moving to another country is the level of taxation. Some countries have tax "holiday" that give tax relief for an extended period, sometimes up to ten years. Another type of tax relief is countries that have "territorial" taxation whereby you are taxed only on money patriated to that country; thus income that remains outside the country is not taxed. Finally, tax treaties between countries can reduce taxation when moving to another country.

The best countries are, of course, those that have no income tax, whether earned, dividend, interest or capital gains. 18 countries have no income tax, the most being Monaco; most of the others are Caribbean islands.

There are 38 countries with territorial taxation. Ernst & Young have a guide to territorial taxation.

Here is a good article from Nomad Capitalist about the different types of taxation around the world: citizenship, residential and territorial. They list the top countries with territorial taxation (they list San Marino but it no longer applies):

• Costa Rica
• Gibraltor
• Hong Kong
• Macau
• Malaysia
• Nicaragua
• Panama
• Paraguay
• Singapore

Other countries with Territorial Taxation:

• Belize
• British Virgin Islands
• Philippines
  
• Thailand
• Uruguay

Digital Nomad has a good article on territorial taxation with detailed reports on each country.

Territorial taxation can vary in some aspects. Generally you are not taxed on income earned outside the country only if it is brought into the country of residency. There may be exemptions for dividend or pension income.

Another Nomad Capitalist article explaining territorial taxation in detail.

---