For Canadians looking to retire abroad, moving smartly can mean trading up to nicer weather, bigger houses, and, most importantly, significantly more spending money.
Thailand
Spend $2,500 to $3,500 CAD a month in places such as Chiang Mai or Hua Hin, and you can get yourself a luxury condo with an infinity pool, eating out every day and weekly massages at a spa. And if you need it, Five-star private hospitals like Bumrungrad deliver five-star care at a tiny fraction of Canadian prices. It’s all available to you through long-term wealth or retirement visas.
Malaysia
Malaysia offers a comparatively seamless transition from Canada because of its English speakers and its British Commonwealth legal system. It also allows foreigners to own freehold property.
You can retire abroad under the Malaysia My Second Home (MM2H) visa scheme in high-rise luxury near family in Kuala Lumpur, or beach homes in Penang with first-world infrastructure and living.
Vietnam
Vietnam doesn’t have an official retirement visa per se, but it does offer some of the greatest purchasing power in the world.
Relax in high-rise condos with ocean views in cities such as Da Nang. The amount of cash you’ll have left over after hiring full-time housekeepers, private drivers, and eating amazing meals every day will blow your mind.
Panama
Panama’s use of the US dollar eradicates exchange rate fluctuations, and its territorial tax system safeguards your retirement savings and excludes Canadian pensions from taxation.
Panama City also has a modern vibe very similar to Miami. Its Pensionado Visa only requires $1,000 USD per month of qualified pension income and entitles you to automatic, government-sanctioned discounts of up to 25% on airfare, utilities, dining and health care.
Costa Rica
If you think royalty means world-class nature, Costa Rica is your year-round, perfect weather island getaway. Located in the Central Valley, temperatures are just right so you can virtually eliminate heating and cooling costs.
Plus, the Pensionado program lets you get residency for only $1,000 USD per month of guaranteed income. After a few years, qualifying foreigners can even become part of Costa Rica’s version of Medicare called La Caja for a very low monthly payment based on income.
Mexico
Mexico consistently ranks as one of Canada’s top retirement destinations due to established expat communities like Lake Chapala and San Miguel de Allende. These towns offer all the perks of living among friends at a fraction of Canada’s cost of living.
Your retirement savings also afford easy access to some of the highest quality private hospitals in Latin America, like Grupo Angeles. Not to mention, Mexico’s close proximity to Canada affords short and inexpensive flights back home.
Colombia
From Santa Marta’s Caribbean beaches to Medellín’s eternal spring weather, Colombia has stunning geographic diversity and your Canadian dollar stretches further than ever.
The country’s ultramodern medical system ranks in the top spots for care in the Americas by the World Health Organization, and its new M-11 Migrant Visa provides an easy residency route for foreign retirees.
Belize
Belize is the only official English-speaking country in Central America, allowing retirees to completely eliminate the language barrier stress.
Applicants who are 45 or older can qualify for Belize’s QRP program by proving they have a monthly income of $2,000 USD. Qualified retirees can import their personal effects, including vehicles, planes, and boats, tax- and duty-free.
Greece
With over 300 days of sunshine annually, Greece offers foreign retirees a very generous 7% flat tax rate applied to foreign income (from Canada included) for up to 15 years.
By obtaining a Financially Independent Person (FIP) visa with approximately €2,000 passive income per month, you can enjoy your days living the Mediterranean life at a fraction of the cost of living you would experience in Canada.
Portugal
Mixing Old-World historic charm, culture, safety, and new European infrastructure, Portugal still offers amazing value when it comes to real estate, particularly along the Silver Coast and in the interior of the country.
Take advantage of the D7 Visa program that allows you to obtain residency with foreign passive income (CPP, investments, etc.) and enjoy life like a local with world-class golf courses, seafood, and wine.
Spain
Retiring to areas outside of expensive cities, such as Madrid, and instead choosing places like Andalusia or Valencia can decrease your everyday expenses by as much as 45% compared to major Canadian cities.
Spain’s Non-Lucrative Visa (NLV) allows independent retirees to enjoy an unmatched standard of living with access to fresh Mediterranean dishes and excellent high-speed rail.
Albania
As Europe’s fastest-growing hidden gem, Albania has some of the best and least expensive coastline in the Adriatic and Ionian seas, collectively known as the Albanian Riviera.
Passport holders from Canada can visit visa-free for up to 90 days. Albania’s pension-based residency permits are also refreshingly straightforward, allowing you to retire overseas in high-end Europe for far less.
Malta
Malta is a Mediterranean island country with direct appeals to wealthy expatriates. It’s English-speaking, sunny, centrally located in Europe, offers affordable private healthcare, and has ideal air access from the European mainland.
The Malta Retirement Programme (MRP) entices foreign retirees by allowing a flat tax of only 15% on foreign-earned income once deposited into Malta if applicants pass minimum wealth and private health insurance requirements.
Sources: Please see here for a complete listing of all sources that were consulted in the preparation of this article.
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