For those considering a move overseas, Latin America makes a lot of sense…
It’s within easy reach of North America, making it easy and affordable to come and go as you please—a particular benefit if you’re considering a part-time retirement overseas.
The warm weather is another big draw. In many locations here the climate means you can enjoy a spring and summer climate year-round.
Then there’s the affordability. Your dollars have super-charged buying power here, putting you in line for a serious lifestyle upgrade.
There’s a wealth of great options in the region, so where best to start looking?
Here are our top 3 picks in Latin America…
1. Chitré, Panama
A four-hour drive from Panama City lies the small, safe, and community-minded town of Chitré.
Here, along with a warm welcome, you’ll find every convenience… great health facilities, banks, schools, American-style grocery stores, hardware stores, nice cafés and restaurants, and a range of entertainment options.
Because it’s largely undiscovered, Chitré is one of the most affordable places to live in Panama. A budget of US$2,003 per month will have a couple living well here. Rent for a furnished, two-bedroom apartment in a desirable part of Chitré is about US$800 per month. Air conditioning is a must, and you’ll spend about US$125 on electricity monthly.
The beach is never far—Playa Monagre and Playa El Rompío are only a few miles outside downtown Chitré. You can buy beachfront property at shockingly low prices… up to 35% less than the value price. This is a land of opportunity for investors.
And Chitré is growing steadily, especially in the health care sector, making this an ideal destination for senior citizens, individuals with health concerns or disabilities, families with small children, or anyone else needing superior medical care within a few minutes’ drive.
If you’re looking for a new home with the comforts of a city but a small-town feel, an opportunity to immerse yourself in Panamanian culture and live side-by-side with locals, and life by the beach without overpriced property, your dream life awaits you in Panama’s heartland.
2. Medellín, Colombia
Medellín is one of the world’s most livable cities thanks to its efficient public transportation system, friendly locals, ample green-spaces, and weather that most people would describe as perfect. (Because it’s never too cold or too hot, utility bills stay low because you don’t need to heat or cool your home.)
Its varied cosmopolitan offerings almost put it on par with the world’s top metropolises… However, unlike comparable destinations, life in Medellín is inexpensive, particularly for American retirees.
A couple’s basic monthly budget here should come to about US$1,384—including rent. A comfortable two-bedroom apartment in an expat neighborhood will run you around US$650 a month.
There are museums all over town, opera in season, symphonies, theater, and orchestra performances, and major concerts… There’s also great shopping, dance clubs, nightclubs (even for the silver-haired crowd), and fine dining…
Colombia offers a handful of different residency options and stands out for the clarity of government information about its residency types and the ease of the application process.
Most retirees coming to Colombia apply for a Pensionado Visa, a category of its Migrant M-Type Visas. The income requirement for 2023 is around US$700 a month.
3. Oaxaca, Mexico, Is A Latin American Haven
Oaxaca City, Mexico, checks a lot of boxes: a moderate climate, reasonable prices, flight connections to the States, and high-quality health care. A monthly budget of US$2,500 would see a couple living well here.
Also, it isn’t super touristy or flooded with gringos. It’s becoming more of a popular destination, sure, but the city does not rely on tourism as much as other expat favorites do.
Beyond the obvious draws of nice weather and a low cost of living, this is a fascinating city with a lot to offer…
Oaxaca is the capital of the southwestern Mexican state of the same name. It’s famous for its cuisine (such as the versatile mole sauce) and its potent libation, mezcal. Your taste buds are in for a treat if you relocate here.
In its bustling Centro, you’ll find colorful colonial buildings and even more colorful clothing and wares from the various indigenous groups that call the area home. The state of Oaxaca is home to about a third of Mexico’s indigenous population.
Traditional festivals are a big deal, including Day of the Dead celebrations. People come from all over the world to view the elaborate ofrendas (altars) for this important holiday.
This city is surrounded by mountains, making for a stunning backdrop and plenty of opportunities for adventure. It doesn’t take long to reach the ancient ruins at Monte Albán or the jaw-dropping petrified waterfalls at Hierve el Agua.
In short, compared to places like Mexico City or Guadalajara, Oaxaca feels like a small town. It’s easy enough to get around on foot, and local buses are cheap and easy to figure out if you need them.
Oaxaca is home to a sizable expat community of over 20,000, with most hailing from the States and Canada. All sorts of events are available, so it’s easy to get out and meet people. Whether you’re into yoga, books, or hiking, there’s a club or class for you here.
Sincerely,
Sophia Titley
Editor, Overseas Living Letter
