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Best country in Central America?

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I want to reitre with my wife on $200000 USD. Is this possible and where? Would the living conditions be tolerable?

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This amount of money would only be possible in Nicaragua. You could get a beach lot for $20-$30K on the Pacific and build a small house for another $20-$40K. You must be careful about proerty rights and titles and also the Politcal risk of the renewed Sandinista government. Honduras would als be an option.

Forget Panama and Costa Rica with $200K. You would not survive on this.

Guatemala would have intolerable living conditions and El Salvador would probably be a little bit expensive for what you get (ie they have the Dollar as their currency)
Others

For American retirement in Central America, I'd say Costa Rica. There is actually a large American retirement neighborhood outside of San Jose (the capitol) where everybody speaks English and they even have their own American-style mall, etc. Plus this country has excellent relations with the USA and so you have no real economic or political fears to entertain ...

I've been to CR many times and am relatively familiar with what they have to offer. Depending on how rich of a lifestyle you intend to live is a determining factor. If you are looking for something safe, clean and yet moderate, you will be ok. Resort / beach areas are springing up and they are becoming somewhat expensive so I wouldn't entertain those areas. Small farms or country houses are still really cheap, but a little far from cities and hospitals.

There are many travel agents who specialize in helping Americans find properties, so you'll have no trouble getting help.

You may want to schedule a vacation to check it out ...and even if you decide against it, I guarantee you will have a delightful trip! :-)
Honduras would be a good choice....the cost of living there is pretty cheap....the tela area is nice....or maybe the mountains would be a good choice.....if you choose the bigger cities...be prepared for possible theft...alot of houses(both big and small) in the bigger cities are built like a prision (with a fence or wall and barb wire on top. I have even seem a security guard guarding many....guatemala would be a good choice...if you live outside Guatemala City. The mountainous areas are nice....the people are awesome...the climate in the northwestern part near Lake Attitlan is awesome...warm during the day and cool nights....you just need to remember a central american country may not have the secuirty that you are used to in the United States.....but you could adjust.....
Come to Panama, my friend. You can find apartments around the 70,000, and live a comfy life, with all the things of a big city, in a small one.
First, I should state that my family is Irish-Canadian & American and my wife's family is Panamanian.

Now, Panama or Nicaragua would be my first two choices, then specific areas of Mexico and a close 4th is Costa Rica.

Why? Well, Panama is becoming more expensive every month, but if you go soon, you can find a condo with US$60-$80K and live well on US$1000/mo. Also, the government is very stable along with influx of food/water other supplies and very good hospitals.

Nicaragua is my 2nd choice because it is really beginning to develop and if (Note the IF) the government remains healthy and non-socialized (as far as private real estate is concerned) then you have GREAT potential there... Granada is a wonderful city with many Expats already in the area.

(Southern or Baja) Mexico and Costa Rica are both good but many areas are more expensive than Panama, so you may not find a good deal there.

Good luck and have a great time!

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the cheapest best places to live in central america with tolerable conditions would be belize, guatemala, honduras and el salvador. these countries are all very cheap. costa rica is far too expensive, panama is very expensive as well, nicaragua's living conditions wouldn't be tolerable at all the country has more problems than it can handle and their government is corrupt and isn't helping the country improve at all. in the countries i mentioned above you will do fine with the amount of money you have in mind. i'm most familiar with el salvador there you can get homes in private residentials starting at $20,000 upto $75,000 depends on what you are looking for, the country uses the dollar as it's currency but everything is still very dirt cheap. the economy is also doing great plus it's a small country wich means nothing is too far away. el salvador is also known for having great beaches some very crowded some still virgin. good luck!