The results of the International Living Annual Global Retirement Index are finally in, and surprisingly Malaysia was picked to be among the top 3.

Below are the official rankings of the top 10 countries to retire to, based on data and firsthand knowledge from International Living correspondents:

1. Panama
2. Ecuador
3. Malaysia
4. Costa Rica
5. Spain (up from No. 8 last year)
6. Colombia
7. Mexico (down from No. 4 last year)
8. Malta
9. Uruguay (down from No. 6 last year)
10. Thailand

Six of the locations are based in Latin America, including this year’s winner: Panama. The other three are located in Asia, and one’s in Europe.

So why did Panama come out on top? Apparently it has to do with how much easier it is to move there. You can get a Panamanian visa if you receive a pension of at least $1,000 a month. Those without a pension can apply for a local bank account there with at least $5,000 before buying real estate, opening a business or getting a job. You can also gain permanent residency through the fairly new “Friends of Panama” visa.

[Next Avenue]