Retire Abroad on a Budget: 8 Cheap Places to Live Like Royalty (Without the Price Tag)

2. Panama: Sunny Days and Tax-Free Ways

Panama’s not just sunny and warm—it’s also tax-friendly. Not only does it offer quality healthcare at a fraction of the cost back in the U.S., but you can use your U.S. dollars and pay no taxes on income earned outside Panama. Rent starts at around $650 for a one-bedroom, so you can live comfortably while basking in that tropical sunshine.