We’re lately shining our spotlight on Ecuador… which we’ve identified as the world’s most affordable place to retire well.
Specifically, as we’ve been pointing out, you could retire comfortably in this country on a budget of as little as US$800 per month… or even less.
And you could qualify for residency here simply by showing a minimum income of US$1,275 per month.
Bottom line, we say Ecuador is the cheapest place to retire overseas…
But where, specifically, should you be considering if you’re shopping the globe for an outside-the-box, adventure-filled, and unbeatably affordable retirement?
Here Are Our Recommendations:
1. Cotacachi And Otavalo
These two neighboring towns (20 minutes apart) north of capital city Quito are home to thriving expat populations and famous for their leather (Cotacachi) and textile (Otavalo) production.
You can rent in these towns for US$400 to US$500 per month, or you could invest in an apartment of your own for as little as US$45,000.
2. Quito
Ecuador’s capital city, celebrating more than 40 years as a UNESCO World Heritage city, has an historic center and attractive suburbs between the center and the airport. We particularly like Cumbayá.
Quito sits at an altitude of 2,850 meters meaning lots of sun and springlike weather year-round. You can rent here from US$4 to US$8 per square meter per month or buy from US$79,000.
3. Cuenca
Also a UNESCO-protected colonial city with the biggest expat population in the country (between 6,000 and 7,000 expats call Cuenca home), this former Incan capital also boasts the most impressive architecture in the country.
Average rent is US$530 per month. Buy from US$150,000.
4. Pacific Coast
From Atacames in the north to Playas in the south, you have plenty of options for beach living in Ecuador.
Salinas—two hours west of Guayaquil (Ecuador’s biggest city)—is one of the most popular coastal lifestyle options. Home to a growing expat community, this is an ideal spot to wait out the North American winter.
As we like to remind you regularly, no place is perfect. No matter where in Ecuador you might decide to spend time, you’ll face ups and downs, pluses and minuses.
Specifically…
Ecuador Pros
- Nonstop flights to Quito and Guayaquil from the United States—plus direct flights to Europe…
- Springlike weather year-round (without the need for air conditioning or heat, energy bills are low)…
- Medical services are cheap, making pay-as-you-go health care an attractive option. A specialist visit costs US$38, and a hospital stay costs from US$110 per night for a suite (or from US$60 for a standard room)…
- Attractive residency options with low qualification thresholds (retirees need only show an income of US$1,275 a month; for an investor visa, you must invest a minimum of US$42,500)…
- Large and vibrant expat communities—particularly around Cuenca and Quito…
- Handicrafts make a great export business opportunity if you’re looking to make extra income…
- It’s easy and inexpensive to explore the whole of this beautiful country. You could hire a driver for the two-hour journey between Salinas and Guayaquil for just US$12, for example…
Ecuador Cons
- Lack of English spoken outside the major cities…
- Corruption, dishonesty, and lack of regulation (as in many parts of Latin America but maybe more so in Ecuador than most countries in the region)…
- Infrastructure can be underdeveloped outside the major cities…
Sincerely,
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter
