5. Ecuador
Ecuador’s Retiree Visa exempts foreign income from taxation, making it a highly appealing destination for retirees who want to safeguard their income.
There are many facets of living in Ecuador that attract expats to take the plunge and relocate here. The climate is one of the most commonly cited factors, especially among Americans who are used to suffering through climatological extremes. In Ecuador, there are no seasons as we know them in the northern hemisphere—no sweltering summers or freezing cold winters. Ecuador was sixth in IL’s 2024 list of Best Places in the World to Retire led by a score of 91 in Cost of Living but dinged by a 56 score in Development/Governance. Another plus? Ecuador uses the U.S. dollar as its currency. It’s easy to rent a comfortable, spacious apartment or house for around $600 a month in many places.
- Key Benefit: No tax on foreign income and low property taxes.
- Cost of Living: $1,500 to $2,500 per month for a couple.
6. Uruguay
Uruguay offers expats a five-year tax holiday on foreign-sourced income, with taxes remaining low even after this period. Known for its political stability, Uruguay provides both financial security and a high standard of living.
A 2024 report by Global Citizen Solutions analyzing the top nations Americans are retiring to ranked Uruguay fourth. The Global Citizen Solutions retirement index looks at eight key indicators across three areas, including healthcare, quality of life, integration ease, community acceptance, economic environments, and security.
Uruguay ranked 14th in IL’s 2024 list of Best Places in the World to Retire.
- Key Benefit: Five-year tax exemption on foreign income.
- Cost of Living: $2,500 to $3,500 per month for a couple.
Read International Living’s full report here: 6 Tax-Friendly Destinations Where You Can Live Well for Less Overseas
SEE ALSO:
• 2024’s 10 Best Places in the World to Retire
• Top 30 Middle-Class Retirement Towns in U.S. 2024
• Top Affluent Cities for Retirees in 2024
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
