Where should your clients retiree? Boca? Please …Scottsdale? Not a chance.
Believe it or not, the beachfront Algarve region of Portugal takes the No. 1 spot in this year’s annual roundup from retirement real estate and consulting firm Live and Invest Overseas.
“Today, retiring overseas is about launching a new life in a new country, starting over someplace sunny and exotic with white-sand beaches or Old World culture,” Kathleen Peddicord, author and publisher of Live and Invest Overseas, said in a statement. “But there is no one way to determine the best place to retire for every person. That’s why our 2016 index rates the top destinations around the world that are each special for their own reasons.”
The annual Retire Overseas Index “is designed to let individuals make their own decision about the best place to retire based on their personal preferences, lifestyle and needs,” according to the company.
The 12 categories considered in the index represent the most important criteria that retirees must consider when shopping the globe for the best place to live. Categories are climate, cost of living, English spoken, entertainment, environmental conditions, existing expat community, health care, infrastructure, real estate, residency options, safety and taxes.
“Algarve’s got everything the would-be retiree could want – great weather, an established and welcoming expat community, top-notch health care, an extremely affordable cost of living (a retired couple could live comfortably on as little as $1,400 per month), undervalued and bargain-priced property buys, including right on the ocean (a two-bedroom apartment can rent for as little as $725 per month), a great deal of English spoken thanks to the longstanding British presence, First World infrastructure and easy access both from the United States and to and from all Europe,” Peddicord added. “Portugal’s Algarve receives an “A+” in this year’s index.”
Rounding out the top five are destinations in Europe and Central America (Europe did especially well again this year with six picks overall, thanks to the soaring dollar). They are:
Valletta, Malta – The Maltese archipelago is one of Europe’s smallest countries, but from its weather and food to its history and culture, it’s quintessential Mediterranean Europe.
Puerto Vallarta, Mexico – A developed, luxury-level Pacific Ocean resort town with history and charm.
Cayo, Belize – Is a leave the-world-behind, embrace-the simple-life, off-grid paradise.
Ljubljana, Slovenia – Nestled between Italy, Austria, Hungary and Croatia in Central Europe, it’s the second richest of the 13 Slavic countries.
“We added nine new destinations to our list this year; one each in Mexico, the Caribbean and Central America, four in Europe and two in Asia. Each year we do our best to balance known destinations with some new, sometimes unprecedented suggestions,” Peddicord concluded. “And this year we’re pleased to be able to report on several break-out retirement stars, including Asia’s Kota Kinabalu, Malaysia, as well as Ljubljana, Slovenia and Crete – which are both great bargain choices in the Old World.”
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With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
