Nov. 24, 2009
Panama City, Panama
PLUS:
- More On Costa Rica's Infrastructure Woes...
- Beachfront Fixer-Upper On The Azuero Coast For As Little As US$30,000...
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Dear Live and Invest Overseas Reader,
Getting the jump on Jan. 1, here are the world's top 10 overseas havens as we move toward New Year 2010:
World's Top Haven #1: Panama
Long-suffering readers aren't surprised to hear this, but what surprises even me is how this country manages to become more appealing all the time. This land of potential is realizing more of it every day thanks to new President Ricardo Martinelli. After only four months in office, Martinelli has engineered more change than most leaders manage to accomplish over their entire terms. Martinelli's approval rating is better than 90% as he pushes ahead with his flat tax proposal, his labor reforms, his zero-tolerance anti-corruption-in-politics campaign, his Panama City metro system, his new international airports, and on and on.
The Panamanian government recently issued US$1 billion in 10-year notes yielding 5.224%. The issuance coincided with S&P's upgrade of Panama's credit rating, which is now one level below investment grade. US$1 billion is a lot of money for a country this size, and Martinelli is keen to make sure it is well-spent.
For the foreign expat, retiree, investor, and businessperson, all this translates to a great big Welcome! sign. Panama City is no longer super-cheap, but the rest of the country sure can be. If you haven't looked closely yet at what Panama has to offer, I ask you now, what in the world could you be waiting for?
World's Top Haven #2: France
World's best quality of life, world's best health care, world's best infrastructure, world's most romantic city...France is a country that begs superlatives. Downsides are a draconian approach to taxation (so don't become a legal resident); a cultural distaste for entrepreneurial activity (so don't consider any business in this country that'd require local hires or a local shop front); and, as we move toward 2010, a super-strong euro (maybe a concern if your nest egg is denominated in U.S. dollars).
On the other hand, retirement in France can be more affordable than you might imagine, certainly when you consider the country beyond Paris. As Intrepid Correspondent Paul Terhorst wrote from Buenos Aires recently, "Argentina has gotten expensive again. The South of France would be more affordable right now..."
World's Top Haven #3: Uruguay
The banking, residency, and tax advantages of Panama without the chaos or the construction dust. While Panama is running on over-drive right now, making sure the world realizes she's open for business, Uruguay is, as always, content to sip her maté from the sidelines. Uruguay is an ideal choice if you're considering a move with children. On the other hand, retired way down south to not-so-accessible Uruguay, you might not get back home to North America to visit your grandchildren as often as you'd like. And, frankly, you might get bored.
World's Top Haven #4: Dominican Republic
Easy foreign residency, favorable approach to foreign taxation, and, right now, a down real estate market that has created great crisis buy opps. For this reason primarily, the DR is my top 2010 pick in the Caribbean. Also, there's an interesting and welcoming expat community on this island, including an established French population.
World's Top Haven #5: Argentina
Buenos Aires is the most cosmopolitan city in Latin America and the only city in Central or South America where you could enjoy a lifestyle that could be described as "luxury" according to a real-world definition of that word. With few exceptions, anything available in Paris (the world's number-one
luxe destination) is available as well in Buenos Aires, at lesser cost and with a Latin edge, including five-star restaurants, nightclubs, comedy clubs, open-air cafes, world-class live theater and ballet, art galleries, museums, indoor shopping malls and outdoor antiques markets, European-style parks, plazas, and gardens, plus classic architecture of the kind found in but a handful of cities around the world. If you want to live a life filled with art and history, culture and interesting company, but you can't afford Paris and its euro, look to Buenos Aires.
A basic budget for retirement in one of this eclectic city's best neighborhoods could be as little as US$3,000 a month, with about half that given over to rent (and not including a maid). You could build out your luxury lifestyle budget from there.
Argentina also boasts Mendoza, one of the world's top wine regions. Argentines enjoy great food, good
vino, and interesting conversation, and, here, in the interior of this country, these things are the priorities of life.
World's Top Haven #6: Malaysia
Malaysia's capital Kuala Lumpur is my top pick in Asia for living the very good life on a budget. K.L. is an affordable choice, but Malaysia outside its capital city is one of the cheapest retirement havens on earth right now.
World's Top Haven #7: Chile
Beachfront, wine country, and First World services. Chile also boasts the lowest violent crime rate and the highest GDP per capita in Latin America. Such a high standard of living usually comes at a high cost, but not so in most of Chile. This country has not gotten the attention it deserves. We intend to right that in 2010.
World's Top Haven #8: Belize
Safe, stable, and English-speaking. Caribbean Belize isn't as affordable as the Dominican Republic, but, inland, the Cayo (my favorite part of this country) can still be described as cheap. Belize in general is my top get-away-from-it-all, back-to-nature, retire-off-the-grid pick.
World's Top Haven #9: Croatia
The cobalt blue of the Adriatic Sea off Istria's coast is almost other-worldly. Onshore, the Istrian peninsula is a fairy-tale land of fortresses and bell towers that so attracted and impressed the Romans they invested in some of their best building here, including, for example, a large and largely intact coliseum at Pula where lions and Christians once entertained. Later, this region was ruled by the Venetians, who also left an architectural legacy. In Istria, both Nature and man have worked together over many centuries to create something very special, almost magical. In fact, the ancient Romans named it "Terra Magica."
I defy you not to fall in love with this region, whose landscapes and way of life rival the best of Tuscany or the French and Italian rivieras, but this place is still undiscovered and therefore affordable. Renovation projects (centuries-old stone farmhouses on hillsides overlooking valleys of olive groves and vineyards) start at US$50,000.
World's Top Haven #10: Vietnam
As Asia Correspondent Wendy Justice, explains, "Vietnam is an emerging market that has only recently moved beyond the dark transition following the war. Now this country is changing almost daily. The population is youthful, and an energy permeates everything. This is a land of beautiful beaches, cool mountain retreats, and cities seething with vitality. Many Westerners head to Vietnam and love it. Others complain about the hustle, the noise, and the lack of Western influence, particularly in the northern part of the country (Hanoi). On the other hand, the cost of living is temptingly low."
These countries, for all these reasons, will drive our editorial agenda for New Year 2010, including the editorial calendar for our
Overseas Retirement Letter, in the virtual pages of which we will publish complete Country Retirement Reports on each of these top havens over the coming 12 months. Scouts have been dispatched.
Kathleen Peddicord
P.S. We're building our 2010 events calendar within the context of this Top 10 list. Our next
Live & Invest in Panama Conference is scheduled for Feb. 24-26, 2010, and our
Premier Live & Invest in Argentina & Uruguay Conference will take place April 18-24, 2010. Watch this space for dates for events in
Belize and the
Dominican Republic.
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The World's Safest Overseas Havens
The world's most affordable places to retire...friendliest places to live...best weather...lowest tax burdens...most beautiful, most exciting, most infatuating places to hang your hat...
Plus best rental options...smartest places to own...
From
Chiang Mai, Thailand and
Cuenca, Ecuador (cheapest)...to
Ambergris Caye, Belize and
Kuala Lumpur, Malaysia (foreign resident-friendly)...from
El Valle, Panama (sweet mountain living in a top tax haven)...to
Mendoza, Argentina (wine country on a budget)...from
Hangzhou, China (exotic and ultra-cheap) to
Languedoc, south of France (Old World living on a budget)...
Complete and in-depth reports on the
world's top overseas havens, including full details on residency, health care, taxes, and itemized monthly budgets.
Go Here For More Details
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"Excellent
remarks on Costa Rica in your recent e-letter. The infrastructure looked a bit better the last time I was down there but not nearly enough improved to justify property prices, to say nothing of the other problems the country needs to address. Especially these days, one would be better off buying in the Southwestern United States."
-- Peronet D., United States
"I am retiring soon from the U.S. Army. My wife and I are interested in buying a beachfront fixer-upper in Panama on the
Azuero Peninsula. Any advice?"
-- Tom, United States
Panama Editor Rebecca Tyre replies:
"I lived on the Azuero Peninsula until recently and can tell you that, yes, there are beachfront fixer-upper opportunities in this part of Panama. You won't find these houses through real estate agents or on the Internet, though. Well, maybe you'll find some of them that way, but the prices will be much higher than if you deal with the seller directly.
"The smartest way to approach this would be to spend an extended period of time in the area that interests you (remember, the Azuero Peninsula includes two long coastlines, so you'll need to target your search), getting to know the locals and making local contacts. The woman serving your coffee in the restaurant where you go for breakfast or the young guy pumping your gas...these are your best resources for finding the kind of opportunity you're looking for. These deals are best sourced on the ground.
"Not only because this is how you gain access to local, rather than gringo pricing, but also because, in many cases, word-of-mouth is the only advertising method employed when a local decides he wants to sell his house. I know of a number of houses currently for sale on the beach near Las Tablas, the town where I lived for three years, that are not listed with any real estate agency.
"You can find a simple, fixer-upper beach house in or around Las Tablas right now for as little as US$30,000 to US$45,000. Note that, in this part of the country, you've got to be careful about title. Rights of possession (ROP) is not uncommon on the Azuero coast, and the lower the sales price, the greater the chance that the property in question is not titled but ROP. An ROP buy can make sense for an investor who understands the risks and has an attorney experienced at cleaning up these kinds of history of ownership issues. The average retiree, however, should steer clear of ROP. If you make the decision to invest in a retirement home of your own, you want to be sure you in fact own it."
Editor's Note: Rebecca is hard at work preparing for the launch of a new service that has been nearly one year in the making. We've been pulling the pieces together for this for months, and, now that we're finally ready for the unveiling, I'm delighted to be able to report that the timing couldn't be better. Full details on what has been so fully occupying Rebecca & Co. for so long later in the week...
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