In this article, we will look at the 12 best places to retire in Bolivia. If you want to skip our detailed analysis of Bolivia’s state of economy and retiring in Bolivia, go to the 5 Best Places to Retire in Bolivia.
Bolivia’s State of Economy
For many years, Bolivia had been experiencing what speculators have called an “economic miracle.” Characterized by strong growth, low inflation, record exports, subsidized gasoline, and a fixed exchange rate, the surge in natural resource demand has proven to be exceptionally favorable for the nation these past years. However, the big state model is finally creaking and, in the process, revealing high levels of inflation and tepid growth. The last decade witnessed gas production tumbling down, with foreign currency reserves depleting from over $15 billion in 2014 to $3.5 billion in February 2023.
While Bolivia has natural resources, such as energy, to render its revenues, it has also struggled to meet its commitments for natural gas exports recently. Fuel subsidies have been responsible for over half of the country’s fiscal deficit in 2022. FDI flows reached $440 million in 2021 in the country. Sectors of manufacturing, commerce, and hydrocarbons experienced the greatest flows. As such, this FDI remains highly concentrated in hydrocarbons alone. The net flow of FDI has averaged 1.6% of GDP since the year 2006 in the country.
However, there isn’t any significant Foreign Direct Investment (FDI) from the United States, nor are there any specific incentives to promote US investment. The investment climate remains uncertain owing to factors such as complicated regulatory systems, weak judicial security, corruption, as well as futile bureaucratic procedures. The economy is state-run, fragile, and quite vulnerable to shocks. Public debt is high, and central bank reserves are low as well.
Retiring in Bolivia
According to Smart Asset, considering you have $1 million in savings and earn a 6% annual return, lying in the 24% tax bracket and withdrawing $5,000 a month will last your savings for 30 years. Relocating to cheaper countries for retirement can be a better option, where lower withdrawals can lead to retirees lasting their savings longer than the period of 30 years, and that too, with better standards of living.
Bolivia is one such country that retirees have been pondering over. But is Bolivia a good place to live? While current economic challenges and currency issues may be a hindrance in retirement plans, the country can still prove to be an attractive retirement destination for expats. From the majestic Andes mountains to the Amazon rainforest, the beautiful Bolivia offers everyone a wealth of opportunities and adventure.
Living in Bolivia has many pros and cons, and many foreigners are slowly recognizing its potential as a retirement destination. The major cause of relocating to the country for the majority of retirees is its affordable living. The cost of living in Bolivia is really cheap compared to Western nations, and a retired couple can comfortably live on $1,550 per month (including rent).
Rent for a two-bedroom furnished apartment in the city center costs around $400, groceries for two costs around $350, entertainment costs $150, and there are other small expenses of utilities, internet, and health insurance. As mentioned, the country is also revered for its natural beauty. People love it for its diverse culture as well, stemming from 36 different indigenous groups in the country.
As in any country, there are also some disadvantages when retiring to the country. In the case of Bolivia, healthcare is lacking, petty crimes are high, and you have to ask around for renting or buying properties due to a lack of real estate listings.
Moving to Bolivia
For those who wish to move to the country for retirement, you must know there is no formal way to retire in Bolivia. However, one can obtain a tourist visa, which allows one to enter the country for a period of 30 days. To continue the stay, an application for an extension must be given to the National Migration Service for a specific purpose visa. The financial requirements for retiring in Bolivia through this path are a minimum monthly proof of income of $300, as well as a background check, other documentation, and fees of around $357.
For those wondering whether foreigners can buy land in Bolivia, the answer is certainly. They have the same right to buy land as the locals, and Bolivia’s real estate is also quite affordable. For instance, a 1290-square-foot apartment with three bedrooms and one bathroom costs in an expat area costs around $95,000. Meanwhile, a condo development, and that too in Santa Cruz’s most exclusive neighborhoods, costs around $89,000. Tarija, another popular retirement destination in Bolivia, has many exclusive neighborhoods to retire. A two-bedroom apartment in one of the best buildings in this city, offering views of the river, 24-hour security, fitness center, sauna, Jacuzzi, and other community amenities, is on sale for around $105,000.
For those wondering if Bolivia is safe to visit and retire to, the answer is that it is reasonably safe. The number one caution given to expats and tourists visiting the country is to exercise common sense. Petty crime is common in the country, which is why individuals must be careful when they go out. The people are friendly overall, and expats enjoy their stay here.
Methodology
In order to compile the list of best places to retire in Bolivia, we have used (1,2,3,4) sources. We also relied on forum discussions from expats retiring in Bolivia such as Quora, Expat.com, and others, to gather their insights and experiences regarding the best places.
Each time a source mentioned a place, it was awarded one point. Places were ranked in ascending order from the lowest to the highest scores. For tie-breaking, places with lower costs of living have been placed higher on our list,
The cost of living for a single person per month and monthly rent for a one-bedroom apartment is sourced from Nomad List, Cost of Live, amongst others.
Here are the best places to retire in Bolivia:
12. Sorata
Insider Monkey Score: 2
Sorata is a popular retirement destination in Bolivia owing to its mild climate, scenic beauty, and affordable cost of living. Nature enthusiasts adore it for its picturesque landscapes, such as lush valleys and the nearby Pedro de Atacama Desert. The small town offers both wet and dry seasons and an average annual rainfall of 509mm. As opposed to major cities, there is a peaceful and laid-back atmosphere for retirees. The cost of living is less than what an expat retiree would spend in cities such as La Paz ($635) and Santa Cruz ($738), and retirees can live a comfortable life with this amount.
11. Coroico
Insider Monkey Score: 2
Coroico is a town in the La Paz department of Western Bolivia. This town makes it to our list of best places to retire in Bolivia owing to its ideal climate, scenic beauty, and low cost of living. Coroico offers year-round mild temperatures and a tropical climate, due to its lower elevation in the Yungas region. Its picturesque location in the Yungas forests has blessed it with lush greenery, waterfalls, and beautiful views of the mountains. The natural setting is ideal for outdoor enthusiasts to engage in hiking, biking, and bird-watching activities. Similar to Sorata, the cost of living is less than what an expat retiree would spend in cities such as La Paz ($635) and Santa Cruz ($738).
10. El Alto
Insider Monkey Score: 3
El Alto appeals to retirees primarily due to its affordability, scenic views, and proximity to La Paz. Its vibrant indigenous culture is also interesting for retirees, especially those who wish to experience indigenous traditions and customs. Being one of the largest cities in Bolivia, the city has a reasonable public transportation system, a welcoming community, and bustling local markets such as the famous Feria de El Alto. The city also boasts emerging culinary credentials, cable car routes, and rebel architecture. A single person can expect to live in El Alto for an average of $1,191.
9. Trinidad
Insider Monkey Score: 3
Trinidad is another one of the best places to retire in Bolivia, famous for its natural beauty, climate, and the tranquil environment it offers. Being part of the Amazon basin, retirees get to enjoy and explore the rich natural surroundings and participate in many activities. The tropical savannah climate is also appealing, coupled with a laid-back and relaxed environment. The city also offers a rich and unique cultural blend influenced by indigenous, mestizo, and European traditions. The cost of living for a single ex-pat retiree is between $600-$800.
8. Riberalta
Insider Monkey Score: 3
Lush landscapes, rainforests, and proximity to the Amazon River make Riberalta a lovely Bolivian retirement destination. The warm, tropical climate and a peaceful and tranquil environment appeal to many retirees. Retirees love to engage in outdoor recreation in this town, such as boating, fishing, and hiking, as well as exploring the rainforest region. The cost of living in Riberalta for a single expat retiree is around $750 per month, according to Expatistan.
7. Tarija
Insider Monkey Score: 3
Revered for being a wine country with a small city life, Tarija is one of the top retirement destinations in Bolivia. A retired couple can live comfortably under $1,000, while singles manage to live lavishly in just half of that. Its homegrown wines, especially the red Tannat, are also gaining international attention from famous publications. Retirees love to explore the vineyards, taste wines, as well as discover the many culinary delights offered by the city. Two-bedroom apartments in good locations can cost around $100,000.
6. Oruro
Insider Monkey Score: 4
Vibrant and full of culture, Oruro is an attractive retirement destination in Bolivia. Retirees love to attend the popular Oruro carnival, a religious and cultural festival in the city. Stunning landscapes in the city are especially appealing to retirees, such as the Andes mountains and the Uru Uru Lake. Life in this city is laid-back and peaceful, and the local community is also welcoming and friendly. Retirees can expect to spend less than the Bolivian average cost of living ($1,000) in Oruro.
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Disclosure: None. 12 Best Places to Retire in Bolivia is originally published on Insider Monkey.
