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Deciding to move abroad and live the expatriate life is something which many people contemplate doing once they retire.
New research carried out by InternationalLiving.com (IL) has looked at the best value destinations and found the countries where it is possible to live on £600 or less each month without feeling like it's a chore to scrimp and save.
Traditionally many expats headed to France and Spain, but with the crisis in the eurozone, countries further afield are offering better value for money.
The top five countries which IL suggests are Nicaragua, Malaysia, Ecuador, Panama and Mexico, showing that Latin America looks like an affordable choice for many.
In working out the best destinations, the research looked at the amount realistically to be spent each month on expenses such as rent, utilities, healthcare, groceries and entertainment.
It then came up with a figure for each country, with couples able to live off $995 (£614) in Nicaragua, $1,076 in Malaysia, $1,415 in Ecuador, $1,865 in Panama and $2,129 in Mexico.
As well as having cheaper amenities these countries also have a good climate, which is something many people crave when they retire.
It also means that less money needs to be spent on the likes of heating and entertainment as couples can step outside and enjoy a pleasant sunny day.
There are more than ten million over-65s living in the UK and a further 40.3 million in the US, who might consider becoming expats and moving to such destinations.
With reference to expats living in Ecuador, IL states: "Many foreign residents have their main homes in the city, and also have a country home, a beach property, or even property in another country – something that would be impossible on a comparable budget in the US."
So for those looking to move abroad it is a good idea not to just think of the stereotypical destinations, but the ones where the best quality of life can be achieved for the least money.
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