12. Mexico

Why not retire to our southern neighbors? If you’re worried about safety, you should know that Mexico’s Yucatan peninsula is one of the safest areas for international retirees. It also includes the tourist hotspot of Cancun, which is amazing news for those who wish to settle down somewhere close to sandy beaches.

Those in love with lakes and mountains and aren’t really interested in city living should look towards Ajijic in the western part of Mexico. It’ll also be easy for your friends and family to visit thanks to the nearby Guadalajara Airport.

You can opt for private health insurance if you prefer, but a lot of foreign residents keep their medical coverage plans from their home countries to avoid the higher and higher costs of their new come country. A doctor’s visit outside cities costs around $10 to $15, but a specialized doctor’s visit can cost around $25 to $30.

Near Ajijic, renting a one-bedroom apartment costs around $700, so you’ll have plenty of money left over to travel. In terms of groceries, if you aim for local produce and fish, you won’t ever have to worry about exorbitant costs.

How to retire in Mexico

If you wish to take a leap of faith and retire to Mexico, there are two options for you. The first one is to apply for a permanent residency, for which you will have to either prove that your monthly income is $2,700 or have savings of $108,000 over the past 12 months.

On the other hand, you could also pop over to the Mexican consulate in the U.S. for a temporary resident visa, which lasts for one year, that you can renew for another three years. In this case you will need proof of income from a foreign pension or investments of $1,620 per month over six months or a savings balance of $27,000.

For both visa types, married couples need to add $540 to their monthly income.