Travel + Leisure’s May 2025 comparison names Vietnam, Portugal, Costa Rica, Mexico, Montenegro, Ecuador, Panama, Colombia, Spain and Argentina as lower-cost retirement destinations. Its cost figures, drawn from Numbeo data updated in May 2025, are comparisons with the United States or New York—not current 2026 prices, a ranked affordability score or a personal monthly budget. The best fit depends just as much on residency eligibility and healthcare as on average costs.
How to read the country comparisons
The figures below are reported by Patricia Doherty’s Travel + Leisure article, updated May 25, 2025, using Numbeo data updated as of May 2025. National estimates are compared with the United States; selected city estimates are compared with New York. “Housing” and “rent” reflect the wording of the reported comparisons and should not be treated as interchangeable measures. These are directional comparisons, not a like-for-like ranking or a full retirement budget.
The residency and healthcare notes summarize what the same article described. They are not confirmation that a visa threshold, benefit, insurance rule or public-healthcare entitlement remains current. Immigration requirements and eligibility can change, and may depend on your citizenship and where you apply.
| Country | Reported national cost comparison | Selected city comparison | Residency and healthcare notes reported in the article |
|---|---|---|---|
| Vietnam | Overall cost nearly 60% below the U.S.; rent about 78% lower. | Ho Chi Minh City: cost about 72% below New York; rent nearly 88% lower. | The article describes long-term or business visa possibilities rather than a straightforward retirement visa. It notes public and private care, including private hospitals used by many expats; verify visa and healthcare arrangements independently. |
| Portugal | Overall cost about 30% below the U.S.; housing about 40% lower. | Lisbon: cost roughly 48% below New York; rent about 62% lower. | The article discusses D7 and Golden Visa routes and reports a D7 passive-income figure of €870 per month, proof of housing and insurance, and temporary-residency terms. Those details are dated; check current Portuguese government or consular rules. It says legal residents may register with the National Health Service. |
| Costa Rica | National cost about 23% below the U.S.; housing about 56% lower. | San José: cost about 47% below New York; rent roughly 82% lower. | The article describes Pensionado and Rentista routes, public Caja contributions and private coverage as an option. It also reports thresholds and renewal conditions that require confirmation with current official sources. |
| Mexico | Overall cost about 43% below the U.S.; rent about 63% lower. | Cancún and San Miguel de Allende are discussed separately against New York; no percentages are stated here. | The article describes public programs and private care, as well as temporary- and permanent-resident financial requirements. Thresholds can change and may vary by consulate, so check with the Mexican consulate handling your application. |
| Montenegro | Average cost roughly 39% below the U.S.; rent about 61% lower. | Podgorica: cost around 60% below New York; rent around 85% lower. | The article notes visa categories, permanent-residence provisions, public and private care, and private coverage. Confirm residence and healthcare requirements with official authorities. |
| Ecuador | Overall cost about 55% below the U.S.; rent roughly 80% lower. | Cuenca: cost around 71% below New York; rent around 91% lower. | The article describes a temporary jubilado residence visa, insurance proof and a pathway to permanent residence. It reports a rough $1,000 monthly minimum, but the current indexed threshold and rules must be checked with Ecuadorian authorities. |
| Panama | Overall cost about 33% below the U.S.; rent about 44% lower. | Panama City: cost around 55% below New York; rent around 73% lower. | The article describes the Pensionado program and a $1,000-per-month pension threshold, health discounts, and public and private care. Verify current eligibility and benefits with official Panamanian sources. |
| Colombia | Overall cost about 58% below the U.S.; rent nearly 78% lower. | Bogotá: cost around 72% below New York; housing nearly 90% lower. | The article describes a Pensionado visa threshold tied to three times Colombia’s minimum salary and healthcare access after obtaining an extranjería ID. Because the threshold is linked to the minimum salary, it is time-sensitive; confirm current rules with Colombia’s foreign ministry. |
| Spain | Overall cost nearly 27% below the U.S.; housing about 44% lower. | Madrid: cost about 46% below New York; rent roughly 66% lower. | The article describes a non-lucrative visa requiring passive-income proof and private insurance, with later access to the public system. Verify the current financial threshold and timing with Spanish consular authorities. |
| Argentina | Overall cost nearly 41% below the U.S.; rent roughly 73% lower. | Buenos Aires: cost about 56% below New York; rent around 85% lower. | The article describes Rentista and Pensionado visas, an income threshold, private insurance and renewable temporary residence. Confirm current requirements through official Argentine sources. |
What the percentages can—and cannot—tell you
A country-level cost comparison can help identify places to investigate, but it does not answer “How much would I need each month?” The Travel + Leisure figures are not a full retirement budget. They do not account for each person’s medical costs, visa expenses, taxes, travel, exchange-rate exposure or preferred housing standard. National averages also mask differences between cities and regions.
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Build a budget around a particular town and your own routine. Check likely housing costs and recurring expenses such as prescriptions, routine care and transport. Then add the costs of residency paperwork, insurance, trips home and any financial obligations that continue in your current country. A lower rent estimate does not establish that your preferred neighborhood, home or level of care will be affordable.
Check whether you can legally live there
A retirement visa is not a universal category, and the examples in the comparison do not apply to every nationality. The U.S. Department of State advises people to check the destination government’s or embassy’s requirements for living there. Canadian government guidance likewise emphasizes destination-specific documents and rules. Start with the official authority for your citizenship and the country where you plan to apply—not a threshold repeated in an older article.
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- Confirm which residence category fits your income source: pension, passive income, savings or another qualifying basis.
- Check the current minimum income or asset rules, which documents must be translated or legalized, and whether requirements vary by consulate.
- Find out how long the initial permit lasts, how renewals work, and what is required for permanent residence.
- Ask whether the permit allows only residence or also work, and whether you must spend a minimum amount of time in the country.
Include healthcare in the real cost
For U.S. retirees, the State Department states that Medicare does not cover healthcare costs abroad. It recommends looking into insurance for private medical and dental treatment and medical evacuation, and checking eligibility, availability and quality in the destination’s national system. A visa-related insurance requirement is not by itself proof that a policy covers the care you need.
Before moving, ask insurers and healthcare providers about exclusions, waiting periods, pre-existing conditions, evacuation, prescription availability and treatment access in your intended region. Check whether you can enroll in a public system, when eligibility begins, what contributions are required and whether you can reach appropriate care from the town you have chosen. If you have ongoing or specialist needs, confirm practical access rather than assuming it from national coverage.
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Account for pensions, taxes and currency
U.S. citizens remain subject to U.S. tax obligations when living abroad and may also have to comply with the destination country’s tax rules, according to the State Department. Tax treatment depends on individual circumstances, so get advice for both jurisdictions before changing residence. The State Department also flags currency fluctuation as a planning consideration: exchange-rate shifts can change the local buying power of income paid in another currency.
USAGov says most U.S. citizens can receive Social Security in most foreign countries, but the destination matters. Check the rules for the specific country and respond to Social Security Administration questionnaires. If your pension or benefits come from another country, verify portability, payment procedures and tax treatment with the relevant agency in your home jurisdiction.
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The Government of Canada recommends a trial period to see whether a destination matches expectations for long-term residence, and advises checking safety and healthcare conditions. A holiday—especially one spent in a resort—may not show what ordinary life is like. If possible, spend time in the neighborhood and season you are considering, and try routine errands, transport and healthcare access.
Quick Recap
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- Assess language needs, climate, accessibility and distance from family alongside housing costs.
- Check current travel and security advice for the specific area, not just the country as a whole.
- Talk to residents about everyday services, but verify legal, healthcare and financial claims with the responsible authorities.
- Consider what happens if your health, income or family circumstances change after the move.
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