Best Places In The World To Retire

Restaurants in Chapala and Ajijic are relatively inexpensive. You can go to a taco stand on a street corner or to a fancy, sit-down restaurant. You can get a typical Mexican meal at a small mom and pop, hole in the wall restaurant and can get enchiladas and a drink for US $3 per person.
 
The best restaurant in town (a designation I think many people in town would agree to) is called Tango. It is an Argentinian Steak place. It’s very well run, and they have very consistent...

Restaurants in Chapala and Ajijic are relatively inexpensive. You can go to a taco stand on a street corner or to a fancy, sit-down restaurant. You can get a typical Mexican meal at a small mom and pop, hole in the wall restaurant and can get enchiladas and a drink for US $3 per person.
 
The best restaurant in town (a designation I think many people in town would agree to) is called Tango. It is an Argentinian Steak place. It’s very well run, and they have very consistent and great service. You can get a very healthy portion of steak at Tango for $12. Then you could order your side dishes, like you would in most steak restaurants. A couple can have a bottle of wine and two steaks, salads, and some dessert for $50. If you would go to the same place in Washington State, you would spend well over $100. 
 
The restaurants in Chapala and Ajijic are very competitive and I believe they provide very good value.  There are lots of restaurants here so they would have to go on a very low margin to attract the Mexicans and the retired Americans or Canadians who are here on pension. Even if Chapala and Ajijic is a tourist area, we don’t have huge tourist prices. We don’t have many short-term tourists.  Rather, we have long-, or extended-stay visitors, so the restaurants have to attract people who come back to Chapala and Ajijic over and over again.
 
In general, restaurants here in Chapala and Ajijic cost half or even less than half of how much they cost in the US for the same quality of food and the same ambiance. We have an Italian restaurant here that serves homemade pasta. We just went out recently to celebrate my daughter’s birthday and my portion of fettuccini with carbonara sauce cost 110 pesos, or about or $6. It was homemade pasta made by a professional Swiss-Canadian chef, who has been around the block. They have great service and you could be sitting outdoors in December. Not bad!  

 

(Steak dinner at Bruno's Restaurant in Ajijic, Mexico, pictured.)

You need to be ready to file taxes! The United States has a highly stringent policy when it comes to the taxation of its citizens and permanent residents (i.e., those with a green card). The US government taxes all of its citizens based on worldwide income, which means it does not matter where the money is earned. US citizens and permanent residents may be able to exclude up to $100,800 in foreign earned income provided they meet certain qualifications. Given the high exclusion...

You need to be ready to file taxes! The United States has a highly stringent policy when it comes to the taxation of its citizens and permanent residents (i.e., those with a green card). The US government taxes all of its citizens based on worldwide income, which means it does not matter where the money is earned. US citizens and permanent residents may be able to exclude up to $100,800 in foreign earned income provided they meet certain qualifications. Given the high exclusion amount, most US expats end up not owing any taxes, although they are required to file a tax return. In countries with a higher income tax rate than in the US, it is often preferable to utilize the foreign tax credit, rather than the foreign earned income exclusion to eliminate US tax liability. The foreign tax credit addresses the issue of double taxation. 
 

US persons (including entities) with an interest or signature authority over foreign financial accounts that have an aggregate balance exceeding $10,000 are required to file the FBAR (FinCen 114). The FBAR is separate requirement from your tax return. Failure to file the FBAR carries hefty penalties. Its important to note that with the implementation of FATCA (Foreign Account Tax Compliance Act), foreign financial institutions are providing the IRS with the details of foreign financial accounts held by US persons. As a result, non-reporting is an increasingly risky proposition.

When I'm in Nicaragua I use my Magic Jack Plus which I find cheaper to use as I can call for free all over North America and after initial purchase it is only $10.00 a year to maintain my phone number. Since you do need internet for using Magic Jack you can also use Skype to have a visual conversation with friends and family.  I also have a cell phone and use Claro and I just buy minutes/data when I need it and usually on the bonus days.  Movistar also offers great...

When I'm in Nicaragua I use my Magic Jack Plus which I find cheaper to use as I can call for free all over North America and after initial purchase it is only $10.00 a year to maintain my phone number. Since you do need internet for using Magic Jack you can also use Skype to have a visual conversation with friends and family.  I also have a cell phone and use Claro and I just buy minutes/data when I need it and usually on the bonus days.  Movistar also offers great promotions during the week for minutes as well. 

My experience as an American woman in Portugal 30 years ago was not good; at that time I found it a frustratingly "macho" country. However, this has definitely changed, perhaps as Luis da Silva mentions in an earlier post, this is due to most women now working, better education, and greater exposure to global influences.

 

(Woman in Lisbon, Portugal, pictured.)

My experience as an American woman in Portugal 30 years ago was not good; at that time I found it a frustratingly "macho" country. However, this has definitely changed, perhaps as Luis da Silva mentions in an earlier post, this is due to most women now working, better education, and greater exposure to global influences.

 

(Woman in Lisbon, Portugal, pictured.)

In Panama, car maintenance can vary widely depending on make and model.  Going to dealerships is as expensive as in North America.  There are many good local mechanics, the trick is to find them. Most expats have their favorite.  My suggestion would be to ask if they have diagnostic equipment to analyze to problems.  Many don't.  The rates for the local mechanics are  reasonable.

 

The cost annually for regular maintenance (oil changes,...

In Panama, car maintenance can vary widely depending on make and model.  Going to dealerships is as expensive as in North America.  There are many good local mechanics, the trick is to find them. Most expats have their favorite.  My suggestion would be to ask if they have diagnostic equipment to analyze to problems.  Many don't.  The rates for the local mechanics are  reasonable.

 

The cost annually for regular maintenance (oil changes, filters etc) would be around the $200 per annum.   Depending on the amount of driving.  Not including fuel.