This article looks at the 12 best places to retire in Colombia. If you wish to skip our detailed analysis on the role of Foreign Direct Investment in Colombia’s development and retirement to the country, you may go to 5 Best Places to Retire in Colombia.
Role of FDI in Colombia’s Development
It is often asserted that Foreign Direct Investment plays a relevant role in the economic development of a country. It enables countries to enhance their infrastructure, improve citizens’ quality of life, and expand the range of available amenities. Many developing countries are benefiting from such investments, one of which is Colombia. According to the Central Bank of Colombia, FDI to the country grew 81.7% YoY in 2022, to $17.05 billion.
“Foreign investment will be a determining factor in favor of Colombia’s reindustrialization, as well as in the development of projects such as fair energy transition, sustainable tourism, and agri-food security because it is a driving force in the creation of new jobs, technology transfer and contributes to a better quality of life in the country’s regions.”
Carmen Caballero, president of ProColombia
These foreign direct investments are majorly directed towards Cali and similar municipalities in the Valle del Cauca. However, FDI isn’t the only factor that is contributing to Colombia’s development. Amidst the ongoing global restructuring of supply chains, Colombia is also seen as a potential destination for nearshore operations. Many factors contribute to its importance, such as it’s strategic location that connects it with other countries, competitive costs, bilingual human talent, and business and institutional networks.
Juan Verde, member of the US Presidential Advisory Council on Foreign Trade and Competitiveness, highlights how almost 70% of Colombia companies are already working on their sustainability plans, an important requisite to be in line with the international market and adapt to global trends.
Verde further notes that the main sectors in which Colombia has the potential to stand as a leader are mining with rare earth and critical minerals; the health sector, as the US was begging for vaccines, masks, and sanitary materials in the pandemic; and also food security. One such organization that already has its operations for South America centered in Colombia is Baxter International Inc. (NYSE:BAX).
Baxter International Inc. (NYSE:BAX) is a global med-tech leader and an American multinational healthcare company with headquarters in Deerfield, Illinois. The organization is playing a role in Colombia’s economy and improving the quality of life for its people. An example of such an improvement is the unique partnership between UNICEF and Baxter International Foundation, the philanthropic arm of Baxter International Inc. (NYSE:BAX). Together, they have been improving water security in the ancestral lands of the indigenous Wayúu people in northern Colombia, deprived of quality water resources.
Moreover, another American company leveraging human talent and the innovative technological landscape of Cali in Colombia is TaskUs, Inc. (NASDAQ:TASK). TaskUs, Inc. (NASDAQ:TASK) provides outsourced digital services, such as digital CX solutions, Artificial Intelligence operations, and Content Security. Recently, the Business Process Outsourcing Provider has announced the expansion of its operations in Colombia with a new site in Medellín. Its office in Cali has been enjoying significant growth since its inception in June 2022, TaskUs, Inc. (NASDAQ:TASK) reports.
“The cultural richness and dynamic spirit of Medellín, along with the warm and welcoming nature of its people, make it the perfect location for our expansion,” said Pablo Gonzalez, incoming vice president of operations in Medellín, in a statement.
“We are excited to collaborate with the local community, embrace its unique culture, and contribute to the city’s economic growth.”
Retiring to Colombia
Hailed as one of the easiest countries to gain citizenship as an American and one of the most popular overseas retirement destinations for expats, Colombia can be a retiree’s dream. From the scenic Andes mountains to pristine beaches and lush rainforests, the country offers a diverse geography for retirees to relish and enjoy the outdoors. Retiring in Colombia has many pros and cons, and potential retirees must go through them before deciding to retire to the country.
Pros of retiring to the country include the affordable cost of living, friendly locals, affordable and world-class healthcare, as well as delicious cuisine. An individual retiree can live in the country comfortably between $900 to $2,000, depending on their needs and lifestyle choices. The food scene is incredibly diverse, with each region having its fair share of traditional dishes. Moreover, healthcare in the country is comprehensive and quite affordable, an important requisite for retirees.
But there are some reasons not to live in Colombia as well. These include the terrible traffic in cities and expensive education. Moreover, mosquito-borne viral diseases, amongst others, are widespread in the country. In conclusion, Colombia’s stunning natural landscapes, affordable cost of living, rich culture, and friendly local communities make it a popular retirement destination. So, when asking, “Is Colombia a good place to live?” for retirees, the answer is a resounding yes.
Pixabay/Public Domain
Methodology
In order to compile the list of best places to retire in Colombia, we have used a number of sources such as International Living, Nomadic Fire, Adam Fayed, amongst others. We also used forums such as Quora, Reddit, and others to determine what expats consider the best Colombian retirement destinations.
A consensus approach was used, with one point awarded to a place each time a source recommended it. Scores were summed up, and places were ranked in ascending order from the lowest to the highest scores.
The cost of living figures discussed pertains to an individual retiree living in Colombia per month, including renting a one-bedroom apartment in the city/town center. The figures are sourced from Nomadic Fire, Nomads List, amongst others.
Here are the best places to retire in Colombia:
12. Manizales
Insider Monkey Score: 2
Located in central Colombia, Manizales is a popular place to retire to in Colombia. It is part of the Coffee Triangle, boasting some of the best coffee in the world. Lush green hills, coffee plantations, and nearby national parks make it a beautiful place to retire to. Due to its elevation in the Andes mountains, temperatures remain in the low 60s F during the day, while evenings cool to the 50s. The Cable Plaza is the heart of Manizales social scene, filled with dance clubs, coffee shops, and even upscale restaurant options. The University Hospital of Caldas, one of the top hospitals in South America, ensures retirees have access to the best medical care. An individual retiree can live comfortably between $1,500 and $2,000 per month, including rent.
11. Pereira
Insider Monkey Score: 3
Pereira is one of the best places to retire in Colombia owing to its stunning natural beauty, affordable cost of living, and modern healthcare. It is also known as the “City of Eternal Spring,” owing to its mild and comfortable temperatures. Home to a thriving coffee culture and part of the coffee triangle, retirees in the city get to enjoy the world’s finest coffee. The pace of life is relaxed and laid-back, and the city also offers modern healthcare. An individual retiree can live comfortably between $700-$1,000 per month.
10. Villavicencio
Insider Monkey Score: 3
Villavicencio is known as the gateway to the Colombian Llanos (plains). The city is revered for its lush landscapes, cultural diversity, and gastronomy. The local community is very friendly, and the pace of life is slow and laid-back. Retirees get to enjoy the strong cowboy culture in the city, with festivals such as the Joropo, traditional rodeos, and entertainment such as folk music and dance. Dishes like mamona (roast beef), llanero-style grilled meats, and delicious river fish entice retirees and reflect the Llanos culture exquisitely. The stunning Caño Cristales also called the “River of Five Colors,” provides water-based activities for retirees. The city is remarkably affordable, with average rents at around $400 and a total cost of living well below $1,000 per month for an individual retiree.
9. Salento
Insider Monkey Score: 4
Salento, an Andean town in Colombia, ticks all the boxes when it comes to natural beauty, affordability, and climate. Retirees living here often flock to Cocora Valley, famous for its towering wax palm trees, hiking trails, and waterfalls. It is nestled in the heart of Colombia’s coffee-growing region, and individuals get to enjoy some of the finest coffee. It boasts a Spanish colonial center, too. Salento is also quite affordable, making it one of the best towns to retire in Colombia. An individual retiree can live in Salento for an average of $677 monthly, with $241 spent on rent.
8. Bucaramanga
Insider Monkey Score: 5
Retirees who wish to stretch their savings further should choose Bucaramanga, one of the cheapest places to live in Colombia. Built on a plateau of the Andes mountains, the “City of Parks” lives up to its name, brimming with green spaces and well-maintained parks. Chicamocha Canyon, waterfalls, and lush mountains are nearby and offer numerous opportunities to enjoy the outdoors. A retiree can live comfortably at $480 a month, with the average rent being around $200 only.
7. Cali
Insider Monkey Score: 6
Cali is one of the safest places to live in Colombia. The “Salsa Capital of the world” offers retirees a vibrant cultural scene where they get to salsa dance and enjoy live music. Cali is generally more affordable than cities such as Bogotá or Medellín. Healthcare facilities are modern, an important consideration for retirees. The Andes mountains and nearby national parks add to the beauty of retiring here and offer opportunities to engage in recreation. An individual expat retiree can live here for $542 per month, with $196 spent on rent.
6. Barranquilla
Insider Monkey Score: 7
Located on the Caribbean coast of Colombia, retirees in Barranquilla get to enjoy beautiful beaches, water sports, and a relaxed coastal lifestyle. The city hosts some of the most renowned cultural events in the country, such as Barranquilla Carnival, one of Colombia’s largest and liveliest carnivals. Restaurants serve diverse cuisines such as Creole, Syrian-Lebanese, Chinese, Japanese, French, Spanish, etc. The city also has a soccer stadium, an Olympic-sized swimming pool, a roller hockey court, a shooting and skating rink, tennis courts, a bowling alley, and even a BMX track. “Where do the rich live in Colombia?” is a common question we get asked, and in Barranquilla, the district of El Prado is where many affluent residents choose to reside. An individual retiree can spend a comfortable retirement in Barranquilla for $666 per month on average.
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Disclosure: none. 12 Best Places to Retire in Colombia is originally published on Insider Monkey.
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