Portugal is the best country in the world for American expats to retire in. A Utah couple who moved there in 2012 gave us a breakdown of how they live on a $2,330 monthly budget.

Tricia Pimental

The palace in Mafra, the southern city outside of Lisbon, where Tricia and Keith Pimental lived before moving to central Portugal.

• Tricia and Keith Pimental are from Park City, Utah. The couple retired in Portugal in 2012.
• Portugal was just named the best country to retire in by International Living's annual comprehensive guide to global retirement destinations curated by US expats.
• Tricia told Business Insider that their life in Portugal is "fabulous" but affordable.
• She shared a spending breakdown of a typical month with Business Insider - and their monthly budget comes in just over $2,330.
• Visit Business Insider's homepage for more stories.

In 2012, Tricia and Keith Pimental decided to give up their ski passes in Park City, Utah and try living abroad.

They were both already semi-retired - she as a writer and he as a money manager - and were looking to embrace a more European lifestyle in their third act. They considered France and Spain, but ultimately decided on Portugal because of the lax vibe and easy accessibility it offered to an array of other countries, including the US.

The Pimentals are not the only retirees to choose Portugal as a landing spot: International Living's Retirement Index, an annual comprehensive guide to global retirement destinations, just listed Portugal as the best place to retire this year.

The index, which ranks countries "where you can live a healthier and happier life, spend a lot less money, and get a whole lot more" in retirement, was created through extensive surveys of US expats, the magazine said. The Pimentals are two such expats - they've lived in several different parts of Portugal over the last seven years and now live in central Portugal.

What's more, they do it on a monthly budget of just over $2,330.

Tricia Pimental gave Business Insider an exclusive look at what a typical month in spending looks like for them. Keep reading for a breakdown of their budget.