Uruguay placed sixth in the annual ranking of International Living magazine’s best places to live after retirement for Americans and Canadians.

The leader board is based on the cost of living, climate, housing prices, health services, ease of integration, infrastructure for retirees, services and entertainment and special benefits for retirees. Of 100 possible points, Uruguay managed 83.7.

In the first place was Ecuador that has a low cost of living, warm weather and low priced properties. It was the fifth consecutive year that topped the list of foreign destinations preferred by Americans.

With monthly expenses estimated between 900 and 1,400 dollars, Ecuador beats Panama, Malaysia, Mexico and Costa Rica, who completed the top five countries on the list.

"I think the combination of a welcoming culture, great weather, affordability and proximity to the United States makes it a good package," Dan Prescher said on Thursday, the special projects editor of the site.

Panama has much of the same thing, but not as financially accessible as Ecuador," he said in an interview.

Much of the appeal of Ecuador is how cheap it is for retirees. A beer costs just 85 cents. A visit to the doctor is about USD 25, almost the same price as a one hour massage.

"Retirees in Ecuador pay half in entertainment and local transport, have discounts on airfares, and return of sales tax," said Prescher.

Panama, which ranked a close second, was praised for the retiree visa, which accelerates the residence, discount on prescriptions, entertainment and restaurants, and its friendly people.

Malaysia, the only Asian country in the top five, attracts retirees to its shores with its tropical climate, low cost of living and cheap rentals, similar factors that increased the attractiveness of Mexico and Costa Rica for retirees.

Many of the best countries for retirees were Spanish speaking ones, including Uruguay, Colombia and Spain. Thailand, which ranked ninth, was the other Asian country in the top ten, thanks to its affordability, exotic locations and lifestyle.

Although the language may be different, Prescher said retirees adapt easily because they usually choose a country with a culture they know.

Malta was in tenth place, thanks to its low crime rate, Mediterranean climate and abundance of English speakers. English is the second language of the country, which is a member of the European Union.

Ireland, France, Portugal and Italy were other European countries included in the list of 22 countries, along with the Philippines and New Zealand, noted as the worst place for cost of living, as well as France, but achieved a good grade for integration.

"The places that have been popular with expatriates for the past five to 10 years tend to continue in the rankings unless something drastic happens, a great political or economic change," explained Prescher.