ExpatFIRE, or pursuing financial independence in a foreign country, has become a popular strategy for those looking to retire early or achieve financial independence sooner rather than later. While the world is full of exciting destinations, some countries stand out as ideal locations for those looking to retire early.
In this article, we’ll explore the top countries for Expat FIRE based on five key criteria: cost of living, health care, safety, fun and long-term visa options.
Retire Early in Portugal
Portugal has emerged as a top destination for Expat FIRE enthusiasts due to its low cost of living, excellent health care system and long-term visa options. The country boasts a comfortable climate, beautiful scenery, and a rich cultural heritage. The cost of living is relatively low, with a one-bedroom apartment in the city center costing around $650-$870 USD (€600-€800) per month.
It also has an extremely modern and reliable health care system, with public health care available to all residents and private health care options for those who can afford it. Portugal also has one of the lowest crime rates in Europe, making it a safe place to live.
Portugal also offers a range of fun activities, from exploring the country’s historic cities to surfing on its beautiful beaches. The country also has an active expat community, making it easy to make friends and enjoy social activities.
Portugal’s long-term visa options are also a major draw for expat FIRE enthusiasts. The country offers a Golden Visa program, which grants residency to those who invest €500,000 in Portuguese real estate or €1 million in a Portuguese business. The Non-Habitual Resident program also offers tax benefits to foreign residents who spend more than 183 days a year in Portugal.
Expat FIRE in Costa Rica
Costa Rica is another popular destination for those looking to retire early due to its low cost of living, friendly locals and natural beauty.
The country is known for its stable democracy, friendly people, and eco-friendly way of life. The cost of living is relatively low, with a one-bedroom apartment in the city center costing around $500.00 USD per month.
Costa Rica’s health care system is considered one of the best in Central America, with public health care available to all residents and private health care options for those who can afford it. The country is also known for its commitment to sustainability, with a focus on renewable energy, conservation, and eco-tourism.
Costa Rica offers a range of fun activities, from exploring its national parks and beaches to learning to surf or practicing yoga. The country also has an active expat community, making it easy to make friends and enjoy social activities.
Costa Rica offers a range of long-term visa options, including the Pensionado program, which grants residency to those with a guaranteed monthly income of at least $1,000. The country also offers residency to those who invest at least $200,000 USD in a Costa Rican business or real estate.
Expat FIRE in Mexico
Mexico has long been a popular destination for US travelers and now it is becoming a digital nomad and FIRE destination due to its low cost of living, modern health care system, warm climate, proximity to the US and remote work friendly time-zones. The country is known for its rich culture, beautiful beaches, and delicious food. The cost of living is relatively low, with a one-bedroom apartment in the city center costing around $400.00 USD per month.
Mexico’s health care system is considered one of the best in Latin America, with public health care available to all residents and private health care options for those who can afford it. The country is also known for its warm and welcoming culture, making it easy to feel at home.
Mexico offers a range of fun activities, from exploring its ancient ruins and colonial cities to relaxing on its beautiful beaches. The country also has a large expat community, making it easy to make friends and enjoy social activities.
Mexico offers a range of long-term visa options, including the Temporary Resident Visa, which grants residency for up to four years and can be renewed indefinitely. The country also offers residency to those who invest at least $100,000 USD in a Mexican business or real estate.
Digital Nomad FIRE in Thailand
Thailand receives over 30 million visitors a year and has been crowned the digital nomad capital of the world due to its low cost of living, excellent health care system, and unique culture. The country is known for its beautiful beaches, delicious food, and friendly people. The cost of living is relatively low, with a one-bedroom apartment in the city center costing around $300-$600 USD (฿10,000-฿20,000) per month.
Check out this apartment I rented in Bangkok for only $250.00/month!
Thailand’s health care system is considered one of the best in Southeast Asia, with public health care available to all residents and private health care options for those who can afford it. The country is also known for its unique culture, with a rich history and vibrant street life.
Thailand offers a range of fun activities, from exploring its temples and markets to relaxing on its beautiful beaches. The country also has a large expat community, making it easy to make friends and enjoy social activities.
Thailand offers a range of long-term visa options, including the Retirement Visa, which grants residency to those over 50 years old with a guaranteed monthly income of at least $1900.00 USD (฿65,000). The country also offers residency to those who invest at least $29,000 USD ( ฿10 million) in a Thai business or real estate.
Financial Independence in Panama
Panama is an often overlooked destination for Expat FIRE but deserves another look with its low cost of living, modern health care system, and stable economy.
The country is known for its tropical climate, beautiful beaches, and the Panama Canal. The cost of living is relatively low, with a one-bedroom apartment in the city center costing around $500.00 USD per month.
Panama’s health care system is considered one of the best in Central America, with public health care available to all residents and private health care options for those who can afford it. The country also has a stable economy and political system, making it a safe place to live.
Panama offers a range of fun activities, from exploring its historic cities and national parks to relaxing on its beautiful beaches. The country also has a large expat community, making it easy to make friends and enjoy social activities.
Panama offers a range of long-term visa options, including the Pensionado program, which grants residency to those with a guaranteed monthly income of at least $1,000 USD. The country also offers residency to those who invest at least $300,000 USD in a Panamanian business or real estate.
Retire Early in Taiwan
Taiwan is a hidden gem for expat FIRE enthusiasts looking for an alternative to more popular destinations. The island nation has a lot to offer, including a low cost of living, excellent health care system, safety, fun activities and Permanent Residency options.
While Tiawan isn’t as cheap as some other South East Asian Coutries, it does have a relatively low cost of living compared to other developed countries in the region like Japan or South Korea.
Rent for a one-bedroom apartment in Taipei, the capital city, is around $500- 850 USD (NT$15,000 to NT$25,000) per month, which is quite affordable compared to cities like Tokyo or Seoul. Food is also relatively cheap, with delicious street food available for as little as $2.00 USD NT$60.
Here’s How I get By in Taiwan on Only $25.00 a Day
Taiwan’s health care system is one of the best in the world, with top-notch medical facilities and well-trained medical professionals. The country has a universal health care system that provides affordable medical services to all residents, including expats.
Private health care options are also available, which are still relatively affordable compared to other developed countries.
Safety is another reason why Taiwan is an excellent choice for expat FIRE enthusiasts. The country has a very low crime rate, with a strong police force and a generally safe environment. Natural disasters like typhoons and earthquakes are not uncommon, but the government has well-established disaster management protocols to ensure the safety of residents.
Taiwan also has a lot of fun activities to offer, from exploring the bustling night markets to hiking the scenic mountains. The country has a rich cultural heritage, with many festivals and events throughout the year. Taipei is also known for its thriving music scene, with many live music venues and events.
Finally, Taiwan offers long-term visa options for expats who wish to live in the country. The Alien Resident Certificate (ARC) is a multiple-entry visa that allows expats to stay in Taiwan for up to three years, and it can be renewed indefinitely. The Gold Card is another option for highly skilled professionals or entrepreneurs who wish to live and work in Taiwan for an extended period.
Best Expat FIRE Countries
So which country is the best to retire early in? That all depends on what you’re looking for in terms of affordability, proximitey to your home country, safety, fun and health care.
Expats who choose to live in these countries can enjoy a high quality of life once they’ve achieved financial independence. Or if you’re still on your FIRE journey then living in a low cost country can help you save even more while pursuing financial independence. I’m currently doing ExpatFire in Taiwan on about 500k and if you want to know your Expat Fire Number, check out the Free Calculator below.