Travel

More Americans are fleeing to cheap faraway places

From millennials to baby boomers, more Americans are ditching their jobs or retiring — and then fleeing overseas.

A whopping 8.7 million Americans are living in other countries, based on US State Department figures.

And that number is only rising.

The appeal? An increasing number of places with strong infrastructure, good technology and — a major selling point — a much lower cost of living than in the United States.

We tapped the expertise of six people familiar with expat life to find out the best countries to consider.

Maybe it’s time to think about making that big move.

Costa Rica

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Winner of International Living’s 2018 Annual Global Retirement Index, Costa Rica is a hot spot for Americans. Approximately 120,000 citizens live in this stable country, many as retirees, according to the State Department. “Costa Rica has been attracting foreign retirees for more than 50 years, and it’s not a mystery as to why,” says Jennifer Stevens, executive editor of International Living. “Expats report that the Costa Rican people are gentle and welcoming, the politics are low-key, and there’s a live-and-let-live feel.”

You can rent a furnished two-bedroom home for $500 a month, buy an ocean-view property for under $200,000, and get a week’s worth of groceries at a farmer’s market for $25. In addition, Costa Rica has state-of-the-art health care for about a third of what it costs in the US. Some of the top areas to retire include the beachfront town of Jaco; Atenas, a slow-paced village in the Central Valley; and Dominical, a funky little surfing enclave.

Portugal

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Kathleen Peddicord, publisher of Live and Invest Overseas, is a big fan of the country, home to more than 100,000 foreign retirees and expats. “It is the [European] continent’s best value and one of the best places to think about living or retiring overseas,” Peddicord says. The cost of living is among the lowest in Western Europe, on average 30 percent less than in any other country in the region, and English is widely spoken. A couple could live comfortably on around $1,500 a month.

Plus, retirement income is not taxed, and its healthcare is world-class and cheap — or free if you establish legal residency. Peddicord recommends that expats set their sights on Portugal’s southern Algarve region, a land of medieval towns and traditional fishing villages surrounded by some of the best beaches in the world. And with 3,300 hours of sunshine a year, the Algarve is truly one of the brightest spots in Europe.

Belize

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“Belize has been quickly rising as one of the top destinations for retirees,” says Daniel Wilhelm, publisher of Escape Artist. He believes Belize stands out from other low-cost Latin American locations because it is the only one where English is the national language. His favorite location is Ambergris Caye, which “provides the ideal island life that retirees dream about,” with gorgeous beaches, easy access to the mainland and a vibrant expat community. Here, a couple could live nicely on $2,000 a month, including rent, utilities, going out to dinner two to three times a week and doing day trips like scuba diving once a month.

Want to save more? Wilhelm’s other top pick is Corozal, a town just south of the Mexican border that is close to major supermarkets and malls and costs about 30 percent less than Ambergris Caye.

Spain

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“Spain offers retirees romance, history and charming villages,” says Ben Tyrrell, head of MoveHub, who chose it as his favorite place to retire abroad. According to Tyrrell, inquiries to MoveHub from US residents who want to move to Spain increased 300 percent between July 2017 and July 2018. “The Spanish lifestyle, with its leisurely meal times, warm coastal climate, miles of beach, and emphasis on personal connections with family and friends is one of the most attractive aspects of life here,” Tyrell adds.

And the cost of living is one of Europe’s lowest: In many of Spain’s vibrant coastal cities, a couple can live well on around $2,100 a month. Tyrell’s top pick for expat living is Valencia, which combines the perks of a metropolis — convenient air and rail connections as well as access to major hospitals — all while maintaining authentic Spanish charm.

The Philippines

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Willing to venture farther afield? Malte Zeeck, founder and co-CEO of InterNations, recommends the Philippines, which ranked high in the company’s 2017 Expat Insider survey. “The country performs extremely well for the ease of settling in as well as for personal finance,” Zeeck says. It’s an attractive place for US retirees, according to the survey, which included 2,515 Americans. Of those who listed retiring abroad as one of their reasons for relocating, 11 percent now live in the Philippines.

The second-largest archipelago in the world, the Philippines offers an appealing Southeast Asian culture influenced by Spanish and US colonial eras. Capital Manila offers good, affordable healthcare. While InterNations doesn’t track the cost of living in the Philippines, International Living says that expats can live comfortably on about $800 to $1,200 a month. Increase that to $2,200 a month, and you’ll live like royalty.

Panama

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“Panama has been a popular expat haven for more than a decade, especially for North Americans,” says Margit Streifeneder, founder of RetirePedia.com. “It’s one of the most developed, stable and safe countries in Central America, while maintaining an affordable cost of living.” According to Streifeneder, an average Social Security income will go far in most parts of Panama. Plan to spend $2,000 to $2,200 per month, including rent, in more expensive areas like Panama City; the farther away you move from the city center or the beach, the lower the prices.

Another factor in the country’s appeal: the diversity of places to live. If you want the excitement of a metropolitan area, there’s Panama City, with its historic Casco Viejo neighborhood, rainforest hikes in the Parque Metropolitano and a multitude of restaurants. If you like walks in nature and a slightly cooler climate, Streifeneder recommends the small, mountainous towns of Boquete and Valle de Antón.