Familiar expat favorite reclaims top spot in International Living’s new rankings of places where retirement dollars go further
If it’s the start of a new year, it’s time to reveal the new “Best Place in the World” for retirement according to International Living’s 33rd Annual Global Retirement Index, released today.
The key aim of the Index is to help retirees find locations where their dollar goes further—where they can get the best bang for their buck in terms of real estate, cost of living, and overall quality of life. It examines the top safe, good-value destinations beyond the U.S. or Canada, comparing, contrasting, ranking, and rating them in seven key categories to select countries across the globe where a retired couple can live a comfortable, care-free life on as little as $2,000 a month.
“By design, our annual Global Retirement Index rankings are largely subjective, but we build it from a base of facts and figures,” says Jennifer Stevens, International Living Executive Editor. “Our editors rely on the informed judgment and real-world experience of the magazine’s contributors and correspondents in the field as well as additional in-country expats—people who have made the move and have first-hand experience. They provide detailed data and insights about the places where they live—places we feel confident recommending to folks interested in retiring abroad.”
So what country claimed the top spot for 2024?
Costa Rica
For the third time, the world’s No. 1 retirement destination is Costa Rica, a perennial top-five country in IL’s rankings (Costa Rica ranked fifth in 2023 and second in 2022) because it is a safe, good-value, beautiful country that offers a wide variety of climates and lifestyles amid what can only be described as a natural wonderland.
“Only in Costa Rica can you be at the top of a volcano with big views, an hour later in the cloud forest, an hour later in a pineapple plantation, an hour later on the beach, an hour later by a mountain stream,” says International Living contributor John Michael Arthur. “Costa Rica’s been an expat hot spot for four decades. It’s going strong…and there’s a reason for that.”
“Costa Rica’s been an expat hot spot for four decades. It’s going strong…and there’s a reason for that.”
Tens of thousands of U.S. and Canadian expats already live in Costa Rica full- or part-time. They have been flocking to Costa Rica for over 30 years, attracted by the tropical climate; low cost of living; top-notch, affordable medical care; bargain real estate; and natural beauty.
And, just a few months ago, the Costa Rican government announced an extension of the maximum stay period for foreign tourists visiting on a tourist visa, from 90 days to 180 days.
“The country’s nationalized healthcare system ranks alongside the best in the world. Calculated as a percentage of declared income, for most participating expats in Costa Rica, comprehensive coverage costs less than $100 a month,” says Seán Keenan, International Living’s Lifestyle Editor. “You don’t even need to be a passport-toting Costa Rican citizen; it comes as standard with long-term residency. If you’re retired, with a monthly income of $1,000 or more, you’ve already fulfilled the primary conditions to qualify.”
Excellent weather, proximity to the U.S. (direct flights of less than three hours from Miami or 3.5 hours from Houston into two international airports in Costa Rica), the most stable democracy in Latin America, reliable high-speed Internet, paying zero income taxes on foreign-earned income, low property taxes, and a high-quality healthcare are just a few of the reasons why about 70,000 Americans—mostly retirees—live in Costa Rica.
The IL Index says a retired couple could live very comfortably on $2,000 a month in Costa Rica. A single person can live on between $1,600 and $2,000 a month.
Costa Rica achieved a total score of 83.57 to lead the index, thanks to high scores in the affinity rating (96), visas/benefits (94) and healthcare (89) categories.
Next Page: Second Place Country
Don’t get me wrong, Costa Rica is great. But one of the problems with these lists is they assume poeple want nationalized health care, and that nationalized health care is always “high quality,” which is CLEARLY not the case.