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Ever dreamed of whiling away your golden years in your own little piece of tropical paradise? It’s easier than you think. Here are five locales where your loonies go further than here—and where you never, never have to shiver your way through winter.
Asian spice
Looking for an exotic locale? The ocean-lapped country of Malaysia in Southeast Asia might fit the bill. It offers everything from urban metropolises and sunny beaches to mountain peaks and jungle retreats. Although Malay is the official language, English is compulsory in schools in this former British colony, so you can usually get around without being a native speaker. “The language issue is probably easier than in France,” jokes Samuel Teo, a representative of Alter Domus, a relocation consultant in Vancouver. On top of that, the country boasts excellent health care—so good in fact that many Canadians and Americans are flocking here as medical tourists for cosmetic surgery and other operations.
To attract affluent retirees, the Malay government operates the Malaysia My Second Home (MM2H) Programme to allow foreigners to stay in Malaysia for extended periods. Participants over 50 must deposit a minimum of RM150,000 (or about $43,000) in a Malay bank account (yes, you get interest and you can withdraw part of it after a year) or have access to a monthly pension of at least RM10,000 ($2,900), as well as having at least RM350,000 ($102,000) in liquid assets back home. In return, you get a 10-year pass that allows you to come and go. The pass is renewable and you pay no tax on income derived outside of Malaysia. Property prices in Malaysia are reasonable: you could buy a three-bedroom, 100-sq-m condominium in Penang for RM300,000 to 330,000 ($86,000 to $94,000) or pay about RM1,000 to 2,000 ($285 to $570) per month to rent the same space.
Where the expats are: Kuala Lumpur (although most are working there) and Penang (mostly retirees)
For more information:
www.penangmyhome.com/Main.htm
www.iproperty.com.my
www.mm2h.gov.my
Living la Vida
Mexico nabbed first place in a list of desirable retirement locations by International Living, a travel publication based out of Waterford, Ireland. That’s a fact that hasn’t escaped the 900,000 Canadian and American retirees who now call Mexico home. They love the country’s culture and history, as well as its reasonable cost of living.
Exactly how much it will cost you to live depends on where you choose to locate and whether you decide to buy or rent. In general, a couple of thousand dollars a month will support a retired couple in a comfortable lifestyle. In Morelia, a beautiful city about three hours northwest of Mexico City, homes start around $100,000, according to Cynthia Katz, owner and editor of Adventures in Mexico newsletter, which is based in the city. Living expenses are minimal. Electricity runs about $8 (U.S.) a month, drinking water $6 and telephone service $14. Most services are ultra-cheap by Canadian standards: a dentist’s visit will cost you $15 to $20, a maid for the day $5. As for the health-care system, which features many internationally trained doctors and English-speaking staff, “the consensus is that it’s pretty good,” says Katz.
You can easily get a basic tourist visa to stay in Mexico for six months, she says. And if you’re 51 or older and you have a steady income of about $2,000 a month or more, you can apply for a Rentista, a non-working visa that entitles you to stay longer than six months. After fi ve years, you’re eligible for permanent residency, acquiring most of the rights and obligations of a Mexican national, including access to the state medical system, providing you have no pre-existing condition. Spanish lessons advised, but not crucial.
Where the expats are: Lake Chapala, Puerto Vallarta, San Miguel de Allende and Mazatlan
For more information:
www.mexico-newsletter.com
www.mexperience.com/retirement
Europe on a retiree’s budget
For the past six years, while winter winds buffeted Canada, Jeanne Zapior played bridge, painted and relaxed in the Algarve—Portugal’s much cheaper alternative to the French Riviera. “I love watching the surf come in on the lovely sandy beaches,” says Zapior, a senior from Toronto. “Sometimes I just take my chair down there and read.” For a change of pace, she hops in her car to explore quaint villages and ancient Roman and Moorish ruins, returning at night to a 600 euro-a-month $825) fully equipped one-bedroom apartment.
While prices have risen in Portugal since it joined the European Union 20 years ago, it still represents excellent value. A dinner of flopping-on-the-plate-fresh fish, with all the fixings and wine to boot might set you back 35 euros ($50) for two people, and a four-week-long stay during the winter (including airfare, apartment and car rental) starts at about $1,700. Most retirees don’t actually move to Portugal for good—even a two-bedroom apartment costs upwards of 200,000 euros ($275,000), and getting year-round health care is problematic. But if you’re looking for a winter’s getaway in a spot with spring-like temperatures (usually between 14° and 23° C) and a little European culture, this might be the place for you.
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