Ecuador ranked the best place to retire

2015-01-11 15:00

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Five developing countries have beaten their richer counterparts as the world’s best places to retire.

Ecuador, Panama, Mexico, Malaysia and Costa Rica, all classified by the World Bank as developing economies, have landed in the top five of International Living’s newsletter ranking the best places to retire. They beat more developed nations like Spain, Portugal, Italy and France.

The ranking measured indicators like buying and renting property, retirement benefits and discounts, cost of living, fitting in socially and healthcare.

The South American country of Ecuador was crowned the world’s retirement haven and received a total score of 92.7. It achieved a perfect score of 100 for buying and renting, thanks to its cheaper property prices, and was hailed for its amazing climate. Entertainment and amenities also helped propel it to the top.

Retirees older than 65 only pay 50% for public transport and utilities, and get a free land line if they buy any property.

Panama was ranked second, with a total score of 90.6, and was ranked the country with the best retirement benefits in the world.

If you have a monthly pension of more than R11?689, Panama will offer you its pensionado visa.

“Discounts you can get with the visa include 20% off medical services, 50% off entertainment, 25% off restaurant meals, 25% off air fare, and 25% off electricity and phone bills,” International Living quoted its Panama editor, Jessica Ramesch, as saying.

This is why Panama also received top scores for entertainment and amenities.

Mexico (with a total score of 87.6), Malaysia (86.8) and Costa Rica (86.6) did not receive a perfect score for any of the metrics measured.

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