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Home Retirement/Living

Live And Invest In Medellin, Colombia

Cost Of Living Loophole Gifts You A Euro-Chic Lifestyle On $998 A Month

Kathleen Peddicord by Kathleen Peddicord
Jan 26, 2022
in Retirement/Living
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Rooftop of the Inntu Hotel in Laureles, Medellin

Adobe Stock/KIKE CALVO

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The first place I ever recommended Americans think about retiring overseas was Costa Rica. That was back in 1985.

A few years later I organized and promoted the first conference of my career, in San Jose.

Thinking back, I have to give it to the 40-odd souls who joined me in Costa Rica that year. What interrogations they must have endured from their family and friends.

I mean, who retired overseas 35 years ago?

I continued to recommend Costa Rica as an appealing and affordable place to retire outside the box for two decades.

In that time, I also went on to recommend Ambergris Caye, Belize… Roatan, Honduras… Cuenca, Ecuador… and Boquete, Panama, among other places that, likewise, nobody else at the time was talking about in this way.

I’m not overstating things. When I began making these kinds of suggestions, I was sometimes met with suspicion… sometimes ignored… now and then even attacked as part of the lunatic fringe.

Today the idea of retiring outside the country where you happened to have been living up until that point is no longer considered crazy. Today The New York Times, USA Today, the AARP, cable news, and the rest of the mainstream media make these recommendations, too.

It’s nice now to have company.

About 12 years ago, I made perhaps the boldest recommendation of my career.

Friends had been nagging me to go see for myself a city they knew well… a city they described as pretty and pleasant, sophisticated and chic, welcoming and affordable… a city that was, most of all, they assured me, nothing like what I was probably expecting.

I knew within hours of arriving in MedellĂ­n, Colombia, that everything my friends had said was true.

MedellĂ­n, I became convinced very quickly, was on track to become one of the world’s most sought-after destinations, for both retiring and investing.

Specifically, MedellĂ­n offers:

  • Pleasant weather, meaning you can leave your windows open to the breeze and dine al fresco year-round and no heating or air conditioning bills ever…
  • World-class health care, including 8 of the top 35 hospitals in Latin America…
  • A rich cultural scene, with theater, orchestra, art galleries, and festivals that draw crowds from around the world…
  • An affordable cost of living…
  • Real-world infrastructure… living here you don’t want for anything…
  • Property costs that are a bargain, especially if you’re shopping with U.S. dollars, which are at historic highs versus the Colombian peso…
  • Investment upside, both in the form of rental yields and potential capital appreciation…

Start Your New Life Today, Overseas

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A Lifestyle And Investment Market

Botero Square and Palace of Culture, Medellin, Colombia
Adobe Stock/diegograndi

The best case when going overseas is when you can identify a place that is appealing both as a lifestyle choice and as an investment market. That’s the case in MedellĂ­n.

During one of my first visits to this city, I sat at a table in a newly opened restaurant. I was with a group of investors and businesspeople who, like me, had come to explore investment potential. The conversation went like this…

“Property values in this city are so undervalued,” one of the gentlemen having dinner with us remarked (a real estate professional). “I believe that apartment costs here are the lowest for any cosmopolitan city in the world on a U.S. dollar per-square-meter basis.

“This is because Colombia, especially MedellĂ­n, is still misunderstood. When you say ‘MedellĂ­n’ to the average American, he thinks: drugs… gangs… Pablo Escobar…

“It’s such a misperception. The current reality of this city is so far removed from all that. But, luckily for us, that outdated stereotype is keeping prices down.”

It was dĂ©jĂ  vu…

I’d heard the same case, made by another group of investors, around a similar table, in Boquete, Panama, back in 1999… 10 years before the AARP ranked that mountain town as one of the world’s top 5 retirement destinations.

So I know how this scene plays out. Indeed, this City of Flowers and Eternal Spring is already on its way to becoming a top destination among North American retirees.

MedellĂ­n Is Also A Top Option For The Second-Home Buyer

El Poblado, Medellin
Alamy/Mehdi33300
El Poblado, Medellin

More and more, I’m seeing people who are spending their summers in the United States or Europe but skipping out on the ice and snow by wintering in places where they can leave their windows open day and night, all year.

These folks are bypassing the old-school snowbird haunts like Arizona and Florida and opting instead for the romance, the excitement, the adventure, and the affordable high-end lifestyle on offer in places like MedellĂ­n.

We don’t always have the vision to jump when opportunity presents itself.

Imagine if you had bought in Costa Rica in the mid-1980s… on Ambergris Caye, Belize, later in that decade… or in Panama City 15 years ago…

I recognized the opportunities in all these places at precisely those points in time, and I urged readers and friends to take advantage.

I see that same potential again right now, in MedellĂ­n.

Could MedellĂ­n Be The Retirement Haven You Seek?

The best place in the world right now for you to think about reinventing and relaunching your life or diversifying your investment portfolio?

I don’t know. And, right now, likely neither do you.

I suggest, though, that, as the currency discount available to U.S. dollar holders in this country right now is irresistible, you take this chance to think through the opportunities in the context of your personal objectives.

We’ll pick up the conversation here next time.

Sincerely,
Kathleen Peddicord signature
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter

Tags: 'Expats In Medellin''Property In Medellin'ColombiaLive in ColombiaLive in MedellinMedellinretire to medellin
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her Best-Seller book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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