Venezuela – Cheap Country To Retire

Post date: May 10th, 2010

Retirement requires in-depth planning and assessment of ones preference and capabilities. Some people intend to go overseas to have more value for their money while others just consider their health condition or the cultural and environmental factors. This article aims to give an overview of Venezuela for those thinking of it as a possible best retirement place to spend their life with. Discover what makes Venezuela a cheap country to retire.

Salto Angel from Raton, Venezuela.
Image via Wikipedia

The Bolivarian Republic of Venezuela is a continent located on the coastlines of the Caribbean Sea. It is a tropical country in the South American Region. Its currency is Bolivar Fuerte (BsF) and the main language is Spanish.

Cost of Living: Living in the main cities of Venezuela is costly. In October 2009, Caracas, the capital of the country ranked 8 in the International Cost of Living survey. If you have dependents with you who plan to study there, have a second thought because education is the most expensive in the country. Household costs such as water, electricity are also expensive. Venezuela also implements taxes to onshore and offshore income. The corporate tax rate is the same as the individual tax rate which costs up to 34%. The VAT is set at 15%. Capital gain is taxed as income.

Living in a big city requires at least USD $40,000. A 3-bedroom with 2-bathroom condo is about BsF380,000 (USD$150,000).  This is quite more than the average salary of BsF 1000 monthly. A brand new, automatic, power-steering car is sold at BsF 75,000 (USD $30,000).  The TV with a variety of channels run you BsF 110 (USD $55.00), the unlimited 2MB download speed internet will run you BsF 150 (USD $70.00) and the telephone bills you BsF 200 (USD$100.00).  A local call rate is BsF 0.05 per minute while long distance call is BsF 0.80 per minute.

Things to do in Venezuela: In terms of leisure activities, Venezuela surely is the best place for you. You can go snorkeling and diving at Parque Nacional Mochima, do rock climbing in the Sierra Nevada de Mérida, relax at offshore islands like Isla de Plata, or try skiing in the peaks of the Cordillera de Mérida. Do not forget to take a lot of the majestic Angel Falls (Churun Meru) which is the world’s highest waterfall found in the Guiana Highlands. Venezuela is considered among the 20 mega diverse countries of the planet because almost 40% of its territory is protected areas. Visit the Venezuelan Central University (Universidad Central de Venezuela, UCV), an architectural attraction in its own right since being awarded World Heritage Site by the United Nations in 2002.

The main international airport is Simon Bolivar International Airport situated in the Vargas state. It takes around 30 minutes from Caracas. Buses are available during the day from 7am until 6pm, and cost 18BsF per passenger. A taxi ride from the airport will cost US$70 or US$37 at night. There are limited international flights to Maracaibo and Valencia. There are a non-stop flight from the US and some major European cities. Try the Venezuelan favorites such as: reina pepiada, domino, hallacas, cachapas, empanadas and perros calientes.

Crime and safety: However, Venezuela is not a place for big business executives as this country is labeled as one of the most dangerous countries in Latin America. But according to the Latin Business Chronicle, Latin America is about as secure this year as it was last year. On the other hand, Venezuela improved its security rating with a drop of 4 from 5 in the Index Rates Countries (1 being the safest and 5 as the most dangerous). The ratings are based on official statistics from public groups such as governments and local police.

Staying in the country both has positive effects and drawbacks. You just have to consider these things before deciding to include this in your list of the best places to retire. A lot of changes have been happening, since according to its government, it has been studying on measures to resolve its internal problems and to implement means to regulate prices in the country.

Learn more about Venezuela:

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