15 Places To Retire Where $200,000 Goes A Long Way

8. Ecuador

Many North Americans pick Ecuador as their retirement destination. The combination of stunning vistas (both in terms of mountains and beaches), metropolitan cities, and temperate climate seems to be the driving force behind such decisions. Many seniors also chose to retire to the famous Galapagos Islands and we can’t say that we’re surprised.

If you want to get away from confusing, often infuriating political climates then there’s no better place to go. Ecuador is known as a peaceful, welcoming country for everyone. It’s no wonder there are many communities of American retirees spanning from the capital of Quito to smaller towns such as Cuenca.

Speaking of Quito and Cuenca, rent for one-bedroom apartments costs $430 and $400 respectively.

Tourists and residents alike might find visiting other countries a little bit confusing in terms of money. luckily, Ecuador uses the U.S. dollar as its official currency, so you can do away with your currency converter or calculator.

Furthermore, seniors over the age of 65 benefit from half-priced public and private transportation services. You can also keep saving money with the help of discounts for utilities, flights, and entertainment.

How to retire in Ecuador

As a visitor, you can only stay in the country for 90 days. Retirees who wish to live there must, therefore, visit an Ecuadorian consulate in the U.S. first in order to get the 9-I pensioner visa. To start the process you have to pay $500 in addition to a $50 application fee.

In order to apply for a visa you need to prove that your monthly pension or income is $800 or more. For this step, you can use your Social Security check as proof. After you are accepted you need to sign up for either public or private health insurance.

There is another way that seniors can retire here, by using the 9-II visa for investors in real estate and securities. It requires you to purchase real estate costing $25,000 or more, plus $500 per dependent.