12 Best Places to Retire in Brazil
In this article, we will take a look at the 12 best places to retire in Brazil. If you wish to skip our detailed analysis on retiring to this rising retirement haven, as well as its costs and visa requirements, go to 5 Best Places to Retire in Brazil.
Brazil: A Rising Retirement Haven
Nestled in the heart of South America, Brazil is increasingly being recognized as a popular retirement destination amongst potential retirees worldwide. From the sun-kissed beaches stretching along the Atlantic, lush Amazon rainforests brimming with biodiversity, and diverse cities beating to the rhythms of Samba, the country promises dynamic experiences to the people who choose to call it their home. Brazil also boasts political and economic stability, affordable and efficient healthcare, flourishing tourism, and solid infrastructure, making it an ideal candidate for investing and retiring overseas.
In fact, the country witnessed elevated levels of Foreign Direct Investment (FDI) in 2022 at $90.6 billion, a staggering 93% higher than the previous year. The devaluation of its currency, the Brazilian real, makes the Brazilian market even more lucrative for expatriates. After President Luiz Inacio Lula da Silva took over at the beginning of the year, the Brazilian real depreciated by an estimated 2.6% to 5.43 per US dollar. The fourth quarter of 2022 also witnessed Brazil’s economy contracting by 0.2% due to consumer prices and interest rate hikes. A contracting economy and a devalued currency have presented opportunities for expatriates to invest in real estate and benefit from a lower cost of living in the country.
iShares MSCI Brazil ETF (EWZ) lost around 4% over the last 12 months, but currently trade a trailing P/E of only 5.6 according to Yahoo Finance. Given the positive developments in the country hedge funds believe iShares MSCI Brazil ETF (EWZ) is a great investment right now. The number of hedge funds with bullish positions in iShares MSCI Brazil ETF (EWZ) increased from 13 at the end of the Q1 to 28 at the end of June. We rarely see a country ETF become this popular among hedge funds.
The largest oil producer in South America is also brimming with natural resources, making it one of the largest economies in the world. The country is also extremely diverse, boasting varying weather conditions across the region. The northeast has a semiarid climate, while the south holds a humid subtropical climate. Rio de Janeiro and S?o Paulo are two of the wealthiest cities in the region and some of the best places to live in Brazil for expats. According to research, S?o Paulo alone generates 40% of the country’s GDP, offering a high standard of living to those who wish to call it home.
Brazil Retirement Costs and Visa
Calculating how much money you need to retire in Brazil is an important financial planning task when making a move. In order to acquire the Brazil retirement visa, expatriates must demonstrate a monthly passive income of $2,000 or more. The initial visa grants residency for two years, which can be converted into permanent residency after four years. The Brazil retirement visa age typically requires applicants to be 65 years old for men and 60 years for women. While the minimum requirement to obtain a visa is $2000, the monthly cost of living in the country is well below that figure. Expatriates can acquire help from financial institutions such as Banco Bradesco S.A. (NYSE:BBD), Banco Santander, S.A. (NYSE:SAN), and others, for retirement planning and their transition to Brazil. Banco Bradesco S.A. (NYSE:BBD) and Banco Santander, S.A. (NYSE:SAN) are some of the largest financial institutions in Brazil.
Besides these banks, foreign banks are operating in the country as well. Citigroup Inc. (NYSE:C) Brazil, and Bank of America Corporation (NYSE:BAC) are some international banks operating in the country. It's important for expatriates considering retirement in Brazil to consult with banks like Citi Bank Brazil, Banco Bradesco S.A. (NYSE:BBD), Banco Santander, S.A. (NYSE:SAN), or other similar financial advisors to create a comprehensive retirement plan that aligns with their financial goals and retirement aspirations in the country.
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Methodology
To compile the list of best places to retire in Brazil, we have used 8 sources (1,2,3,4,5,6,7). We also used forums such as Reddit and Quora to gather expatriate experiences living in Brazil regarding the places they consider best for retirement. A consensus approach was used, and each source was awarded one point based on the number of times it was recommended.
For places with same scores, the ones with a lower cost of living have been placed higher on our list. The cost of living for a single person (including rent) per month living in Brazil and monthly rent for a one-bedroom apartment is sourced from Travel-safe Abroad, Nomads Nation, and My Life Elsewhere, amongst others.
12. Porto Alegre
Insider Monkey Score: 2
Many retirees are heading to Porto Alegre, capital city of the state of Rio Grande do Sul, in Southern Brazil. Porto Alegre is one of Brazil's best places to retire as it flaunts a rich cultural scene, with many theaters, museums, and galleries. Retirees also love it for its strong emphasis on literature and music. There are good healthcare facilities for seniors, as well as educational institutions and universities for lifelong learning. The city enjoys a temperate climate with distinct seasons, and many retirees define it to be cooler than the Brazilian average (23 to 27 °C). Expats coming from Europe and North America will feel the most at home, as the city is home to a large population of European descent. A one-bedroom apartment in the city center costs around $280, and a single retiree can live comfortably over the month for $807.
11. Manaus
Insider Monkey Score: 2
Nestled in the heart of the Amazon Rainforest, Manaus provides a truly unique retirement experience. The city is a dream destination for nature-loving retirees who immerse themselves in the splendors of the outdoors and witness unparalleled biodiversity in the process. The city also boasts a tropical rainforest climate, with warm temperatures throughout the year. Portuguese, indigenous, and other cultural influences have given birth to unique cultural diversity here, and the city's cultural events, music, and crafts reflect this diversity. On average, monthly rent for a one-bedroom apartment in the downtown area is around $346, while living with rent costs $742 per month.
10. Natal
Insider Monkey Score: 2
Revered for its stunning beaches and coastal sand dunes, Natal is one of Brazil's best cities to retire. Not only does the city offer a dynamic coastal lifestyle, but it is also known for its tropical climate, having warm temperatures all year round. Compared to larger cities in the country, Natal is comparatively affordable too. A single expat retiree can manage living on $515 monthly, with costs increasing depending on lifestyle preferences. Housing is affordable as well, with one-bedroom apartment rent in the city center costing an average of $165 per month. Besides affordable living, the city is also revered for its recreational opportunities and the rich cultural heritage it offers. Retirees love to experience traditional festivals, crafts, and music in this city.
9. Brasília
Insider Monkey Score: 3
Brasília, Brazil's capital, is one of the best places to retire in Brazil for its modern architecture, cultural richness, and high quality of life. It is considered to be one of the safest cities in Brazil too. Not only does it offer an affordable cost of living, but also great food, entertainment, as well as a luxurious lifestyle. Museums and cultural events keep retirees busy and allow them to experience the Brazilian way of life. Moreover, modern amenities such as healthcare, infrastructure, shopping centers, and restaurants are plentiful and ensure a comfortable retirement for expats. A single person can comfortably retire at $918 per month. Being a diverse, cosmopolitan city, it is attracting expats from all over the world.
8. Jo?o Pessoa
Insider Monkey Score: 3
Another trending city to retire in Brazil is the city of Jo?o Pessoa. Jo?o Pessoa boasts picturesque yet uncrowded beaches, providing a tranquil setting to bask in the sun, stroll along the golden sands, and enjoy the warm waters. Retirees who love a laid-back coastal lifestyle must consider this city for their golden years. The Cabo Branco cliffs, lush green city vibe, and moments such as sunset at Jacaré Beach add to the beauty and appeal of the city as a retirement destination. Jo?o Pessoa also enjoys a rich cultural heritage; boasting museums, historical buildings, and cultural events. The cost of living in the city is lower than other urban centers such as S?o Paulo or Rio de Janeiro, with a single ex-pat retiree living comfortably on $825.
7. Rio de Janeiro
Insider Monkey Score: 4
Esteemed for its world-class beaches, cultural heritage, and year-round warm weather, Rio de Janeiro is one of Brazil's most famous retirement destinations. The cultural mecca is famed for its lively music scene, and there are museums, theaters, and art galleries to explore as well. From lush mountains to the charming sea, it's diverse landscapes make it a beautiful retirement destination. Rio is also acclaimed for its diverse culinary scene, with restaurants serving both Brazilian and international cuisine. Active retirees also love it for its vibrant nightlife, socializing with those around them. Living in the city for a single retiree will cost around $1,170 per month, which is affordable.
6. Florianópolis
Insider Monkey Score: 4
Florianópolis, or Floripa, as the locals call it, is a popular retirement destination in Brazil. This capital city of Santa Catarina state is home to stunning beaches, diverse culture, and good food. Retirees also love it for the coastal lifestyle it offers, embracing relaxation and water-based recreational activities along the way. There is good infrastructure, decent healthcare facilities, as well as a low crime rate. However, the city's appeal and natural beauty go beyond the beaches and are further defined by lush landscapes such as the lagoons, hills, and the preserved Atlantic Forest. Retirees are also bound to keep busy with the many cultural events and festivals happening throughout the year. A one-bedroom apartment in the city costs around $388, while the overall cost of living per month is approximately $845.
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Disclosure: none. 12 Best Places to Retire in Brazil is originally published on Insider Monkey.