Where is the best place to retire? Whether interested in rich European countries or captivating islands, this guide has everything prospective retirees need. Retiring and living abroad is a great way to live the life you’ve always wanted. Many countries offer a good quality of life, effective healthcare, and even tax incentives for retirees. Additionally, there are other factors to consider while choosing the best country to retire to.
For instance, you should consider several factors before deciding on your home: climate, safety, political stability, and cost of living. This article will give you an overview of the best places to retire in the World.
What You Will Discover in This Article
What is the Annual Global Retirement Index?
Retirement is one of the most important phases of your life. Therefore, you want to live it as smoothly as possible without any stress. The annual global retirement index is one of the indicators. It usually takes into account these main factors:
Access to Health Services
Healthcare becomes a top priority during retirement. The Global Retirement Index evaluates how each country performs in terms of healthcare infrastructure, availability of professionals, and service affordability.
Countries that offer both public and private options tend to perform well, as retirees value flexibility.
Overall Well-Being
Well-being in retirement goes beyond physical health. It reflects how individuals feel about their environment, lifestyle, and personal fulfillment. This factor considers elements like community engagement, stress levels, and the ability to enjoy meaningful experiences.
A high score in well-being suggests that retirees can find a sense of belonging and happiness in their retirement destination.
Quality of Life Abroad
Retirees look for more than just good weather. They seek comfort, safety, and cultural richness. The index measures elements such as infrastructure, environmental quality, political stability, and access to recreational activities.
Personal Finance and Fiscal Considerations
Managing finances effectively is essential for a secure retirement. This category examines the cost of living, currency stability, and how local tax policies impact foreign retirees.
In this context, tax obligations are key to making an informed decision. A favorable financial environment where tax burdens are manageable and regulations are clear can help retirees. At this point, the presence of tax treaties between countries stands out. These treaties can help reduce the risk of double taxation on pensions and investment income.
Why Retire Abroad
Retiring abroad is a fantastic way to enjoy life while still maintaining your standard of living. The costs and benefits make it worth considering for anyone who wants access to better healthcare, attractive tax rates, or an enjoyable lifestyle in some beautiful destinations with cheaper housing options.
According to Get Golden Visa’s American Exodus report, 5% of Americans move out of the US because of their retirement plan. Retirees start to look for residency by investment or retirement visa options before they retire. During this process, they visit many places, search for the right answers for their future. Their main aim is to find a cheaper place to retire rather than the US so that they can live their golden years with their retirement income without any hesitation.
Top 7 Things to Consider Before Retiring Abroad
Retirement should mean the path of enjoyment, peace, and joy in your life. Therefore, you desire to live in the moment without having any anxieties related to your future as an expat. Here are the top 7 things for choosing affordable countries to retire:
- Think of the healthcare services. Can you reach them without any extra fees, or do you need private insurance?
- Calculate the cost of living according to your needs. You can learn how much your life essentials will cost monthly.
- Look for the available residency and visa options. If you are looking for a permanent residency, Golden Visas may be the best for you. If not, you can check out the passive visa option.
- Consider the climate. If you like warm climates, you can opt for countries like Spain, Portugal, or Italy. On the contrary, if you prefer colder climates, you can have a look at countries like Canada.
- Control the safety rate of the country. As an expat to retire, low crime rates might be the best indicator for this.
- Consider the language and culture factor. The more it is similar to your home country, the less likely you will experience culture shock in welcoming communities.
- Find out if it is easy to move, considering the distance and transportation options.
Top 10 Best Countries To Retire Abroad as an Expat
If you are looking for the best places to retire as an expat, here is the top 10 countries in the world to spend your golden years:
1. Portugal
- Average monthly cost: 2,428.6€
- Healthcare index: 72.2
- Safety index: 67.9
- Quality of life: 167.8
Portugal is the gem of Europe with its gorgeous white-sand beaches and warm Atlantic waters, and it is affordable than neighboring countries. It’s ideal for year-round tourists because of the low-cost housing in comparison to other countries. Besides, it also has a wide variety of restaurants that can satisfy any foodie’s appetite. Here are some of the best vibrant cities to retire in Portugal:
- Lisbon
- The Algarve
- Cascais and Estoril
- Central Portugal
- Porto
To retire in Portugal, you can apply for the following options:
- D7 Visa: If you want to move to Portugal and have a regular, passive income, such as a pension, retirement savings, or Social Security benefits, you can apply for the D7 visa, also called the Type 1 Visa.
- Golden Visa Program: In Portugal, if you invest money in a qualifying fund, you can get the Portugal Golden Visa. This program gives you many benefits as an expat, such as the right to family reunification, visa exemption for the Schengen Zone, a grant to live and work in Portugal, etc. Plus, you can be eligible for citizenship only after five years.
In Portugal, there is a system for people called the Serviço Nacional de Saúde (SNS). It provides medical care at low or no cost, depending on their situation. It’s a publicly funded system that runs through a network of public and community health centers. But it may not be as good as your private healthcare plan. You might choose to use an international healthcare provider if you are planning on retiring in Portugal.
2. Spain
- Average monthly cost: 2,881.6$
- Healthcare index: 77.3
- Safety index: 63.4
- Quality of life index: 184.4
Spain is the best place to retire in Europe because it has such an excellent quality of life, low cost of living, and so much more. Retire there and enjoy the tranquil atmosphere, delicious food from all over Spain’s diverse culinary culture, or just take advantage of its world-class beaches that are perfect for relaxing at any time. The best Spanish cities for retirees are:
- Barcelona
- Granada
- Madrid
- Malaga
- Valencia
You need a visa to retire in Spain. In this concept, Non-lucrative Visa stands out. It is a program that targets people who are not working. Therefore, you are eligible to apply for it if you are a foreign retiree.
Spain has two healthcare systems: public and private. Public healthcare system is accessible to people who contributed to the Spanish security system and their families. But many retirees don’t want to wait a long time to be treated, so they choose private healthcare, which has many options available.
3. Malta
- Average monthly cost: 3,188.2$
- Healthcare index: 52.5
- Safety index: 57.0
- Quality of life index: 132.7
Living in Malta has a lot of benefits. These include excellent weather, English as the primary language, and a large, vibrant expat community. The healthcare system is perfect, and living costs are affordable. Malta is also politically stable, leaving no room for crisis. Below are some of the best places to live in Malta:
- Sliema
- St. Paul’s Bay
- Valletta
- Gżira
To retire in Malta, you need to have residency. This is attainable through the residency or citizenship by investment programs the country offers. If you’re looking for a quick citizenship scheme, Malta citizenship by investment program can be ideal for you. Depending on your investment amount, you can get your Maltese citizenship either in 12 or 36 months.
Malta offers a residency by investment scheme too. With the Malta Permanent Residence Programme, you can get residency on the island. This allows you to stay in Malta and enjoy what it has to offer.
Malta boasts one of the best healthcare systems in the world. You’ll need to pay for private healthcare when you first come to Malta, but once you get permanent residency, you’ll have national healthcare options.
4. Greece
- Average monthly cost: 3,188.2$
- Healthcare index: 58.5
- Safety index: 53.6
- Quality of life index: 138.1
Discover Greece, a country where the summers are hot and the winters are mild. If you dream of retiring on an island with good food and lively local rich culture, then this may be the time for you to look into Greece; it offers all these things. Greece is a good place for expats because it has low taxes and affordable living costs. The major cities to retire are:
- Athens
- Chania, Crete
- Thessaloniki
- Corfu
If you plan to live in Greece full-time, you’ll need a residence permit, unless you’re a citizen of an EU country. If you’re from the US, you can stay in Greece for up to 90 days. After this period, you’ll need to leave the country or get a residence permit.
In Greece, you can get residency by investing in the country. The investment threshold for the Greece Golden Visa through real estate is €250,000, which is one of the lowest amounts in Europe.
Public health care is provided for everyone in Greece. It covers all people in the country, regardless of nationality. There are excellent hospitals in big cities. You’ll not have to pay anything when you go there for emergency treatment.
5. Turkey
- Average monthly cost: 2,473.2$
- Healthcare index: 71.2
- Safety index: 58.8
- Quality of life index: 131.1
Want to escape the cold winter blues? Explore Turkey’s captivating Mediterranean coastline with its pristine turquoise waters. Whether you’re looking for a bustling metropolis like Istanbul or an unspoiled village hidden amongst lush trees on remote coasts, this country has something perfect and is the best country to retire to, with its rich history.
You can pick other retirement destinations based on your lifestyle preferences. Note that the south of Turkey is popular among German, British, and Russian expats:
- Istanbul
- Bodrum
- Antalya
- Fethiye
Turkey does not have a retiree visa. However, you can easily apply for a residence permit. The country offers short-term visa options, but you can be eligible for a long-term residence permit depending on your situation.
You can also get a Turkish passport and residency by investing either in real estate or through capital transfer. Offering citizenship in exchange for property acquisition worth at least $250,000 makes Turkey one of the easiest countries to retire to, with its straightforward visa process.
Turkey has different levels of healthcare. Public healthcare is cheaper but not as good as private healthcare. Turkey is also known for its cosmetic surgery, dentistry, and fertility treatments. Thanks to healthcare in Turkey, many expats prefer to come and stay in the country for a while.
6. Mexico
- Average monthly cost: 2,362.2$
- Healthcare index: 72.5
- Safety index: 46.6
- Quality of life index: 126.3
With an estimated monthly cost of 2,362.2$, Mexico stands out with its appealing beauty and warm climate. It is located in North America. People are friendly, and the culture embraces everyone. Even if you are completely from another culture, this place has something to offer you. It is a massive land, with one coastline on the Pacific Ocean and the other on the Caribbean. The most livable cities are:
- San Miguel de Allende
- Puerto Vallarta
- Merida
- Lake Chapala
- Tulúm
To retire in Mexico, you can apply for permanent and temporary residence. Besides, Dual citizenship in Mexico and double taxation agreements are possible. Therefore, it becomes one of the top destinations for Americans looking for a way out of the US. According to the Association of Americans Resident Overseas, the number of Americans in Mexico reached 1,182,346 in 2023.
If you consider retiring there as an expat, an affordable healthcare system matters. Mexico offers public (Seguro Popular program) and private healthcare with affordable options. Public healthcare is accessible to legal residents and provides basic coverage at relatively low cost, while private facilities are known for shorter wait times and higher standards of care.
7. Italy
- Average monthly cost: 3,507.6$
- Healthcare index: 65.1
- Safety index: 53.1
- Quality of life index: 151.0
As a part of Mediterranean life, Italy is perfect for those looking for a peaceful spot to retire in Western Europe. With its world-renowned cuisine, vibrant culture, and historical sites, Italy offers an exceptional retirement lifestyle enriched by international living. The best places to retire in Italy are:
- Rome
- Florance
- Milan
- Apulia
The residency options are wide if you are considering moving to Italy; the most common ones are:
- Elective Residence Visa: You can apply for this program if you have passive income. The minimum financial requirement is €31,000 for a single person, €38,000 for a married couple.
- Italy Golden Visa: You can obtain temporary residence for this program through a qualifying investment amount of at least €250,000.
When it comes to the healthcare system, Italy offers one of the best healthcare systems in the world according to the World Health Organization. It becomes accessible to EU citizens and Italian residents. If you are neither an EU citizen nor an Italian resident, you need to get private health insurance.
8. Costa Rica
- Average monthly cost: 3,294.6$
- Healthcare index: 62.4
- Safety index: 44.5
- Quality of life index: 117.1
Located in Latin America, Costa Rica is a popular and affordable place to retire. The country is known for its natural beauty, warm climate, and friendly locals. It offers a peaceful lifestyle with access to beaches, rainforests, and mountain towns. The cost of living is reasonable, especially outside of the capital.
Everyday expenses like groceries, transportation, and housing can be much lower than in many Western countries. Costa Rica also has a strong healthcare system, with both public and private hospitals available, and many doctors speak English.
Retirees can move to Costa Rica through the Pensionado Program. To qualify, you need to have a minimum monthly income of $1,000 from a permanent pension or retirement source. Thus, it will allow you to live in the country long-term and enjoy a relaxed, nature-filled lifestyle.
9. Thailand
- Average monthly cost: 2,199.9$
- Healthcare index: 77.5
- Safety index: 62.7
- Quality of life index: 106.2
Located in Southeast Asia, life in Thailand appeals to many expat retirees for its natural beauty, cuisine, and tropical climate. With an estimated monthly cost of 1,939.7€, it becomes one of the most affordable places to retire in the world. The healthcare system is of high quality, also known as the world’s medical tourism hub. Therefore, you can easily come across English-speaking doctors in major hospitals.
You can prefer to live in the popular areas such as Bangkok and Chiang Mai. The locals are friendly, making you easily embrace the rich cultural traditions and influence of Buddhism. There are also lots of options for wellness and leisure, including spas, yoga, golf, cooking classes, and more.
To retire in Thailand, you need to have a residency permit. These mainly include:
- Non-Immigrant O-A Visa (long-stay visa for retirees 50+): Renewable annually.
- Non-Immigrant O-X Visa (10-year visa): For select nationalities, with financial requirements.
- Elite Visa Program: Long-term stay options with added privileges (not retirement-specific but popular among retirees).
10. Panama
- Average monthly cost: 2,902.0$
- Healthcare index: 60.7
- Safety index: 57.3
- Quality of life index: 124.4
Panama is one of the most affordable and comfortable places to retire. It offers warm weather, beautiful beaches, and a mix of city and nature. The cost of living is low, and many everyday expenses are cheaper than in Europe or North America. Panama also has a good healthcare system, with both private and public, world-class healthcare systems available. Many doctors speak English, and private care is still affordable for most retirees.
To live in Panama as a retiree, you can apply for the Pensionado Visa. You need to demonstrate financial stability. It should be a minimum monthly income of at least $1,000 from a pension income or retirement fund. Once you get the visa, it also gives you discounts on things like flights, restaurants, and medical services.
What are The Best Countries For Americans Retiring Abroad?
In addition to exploring the best countries for retirement globally, it is important to consider the top states within the United States. The best states to retire in the US offer a combination of affordability, quality healthcare, pleasant climates, and overall well-being.
States such as Florida, Arizona, and North Carolina are popular due to their warm weather and tax benefits. On the contrary, Pennsylvania and Iowa are known for their low cost of living and strong healthcare systems.
In 2024, 258,000 Americans chose to relocate for retirement. Although there is a 23.8% decline compared to 2023, the number of retirees looking for retirement has several reasons to move. These are briefly stated below:
- Health reasons
- Family issues
- Affordable housing
- Change of the climate
According to AARP, the top locations retirees move from include Massachusetts, Florida, Illinois, Kentucky, and North Carolina. Considering the reasons stated above, American retirees mostly prefer the countries listed below the table:
-
Cost of Living: 2,881.6$
-
Healthcare Index: 77.3
-
Visa Options: Non-Lucrative Visa
-
Crime Index: 36.6
-
Quality of Life Index: 184.4
-
Cost of Living: 2,755.1$
-
Healthcare Index: 72.2
-
Visa Options: D7 Visa, Portugal Golden Visa
-
Crime Index: 32.1
-
Quality of Life Index: 167.8
- Cost of Living: 3,293.4$
- Healthcare Index: 64.3
- Visa Options: Pensionado Residency
- Crime Index: 54.1
- Quality of Life Index: 129.4
- Cost of Living: 3,096.3$
- Healthcare Index: 68.6
- Visa Options: Rentista or Pensionado Residency
- Crime Index: 52.0
- Quality of Life Index: 139.8
- Cost of Living: 2,349.6$
- Healthcare Index: 72.5
- Visa Options: Temporary Resident Visa (Retirement)
- Crime Index: 53.4
- Quality of Life Index: 126.3
- Cost of Living: 3,614.0$
- Healthcare Index: 68.4
- Visa Options: Investor or Temporary Retirement Visitor Visa
- Crime Index: 48.2
- Quality of Life Index: 192.5
-
Cost of Living: 3,514.1$
-
Healthcare Index: 65.1
-
Visa Options: Elective Residency Visa, Italy Golden Visa
-
Crime Index: 46.9
-
Quality of Life Index: 151.0
- Cost of Living: 3,791.5$
- Healthcare Index: 68.7
- Visa Options: Parent and Grandparent Super Visa
- Crime Index: 45.7
- Quality of Life Index: 166.4
-
Cost of Living: 3,965.8$
-
Healthcare Index: 51.5
-
Visa Options: Stamp 0
-
Crime Index: 47.6
-
Quality of Life Index: 166.5
- Cost of Living: 3,814.5$
- Healthcare Index: 77.7
- Visa Options: Long-Stay Visitor Visa (Visa de Long Séjour – Visiteur)
- Crime Index: 55.4
- Quality of Life Index: 166.3
Best Countries for American Retirees to Require a Second Citizenship
Americans retiring abroad seek a second citizenship for several reasons. Initially, they aim to find access to excellent healthcare or a lower cost of living as they plan to live a joyful retirement life without thinking about political or financial stability concerns. If it is easier to relocate and obtain long-term residence, it stands out as a strategic asset, too. Besides, estate planning and citizenship options are what most people look for as a “plan B” for their future generations.
In this process, investment or citizenship requirements stand out when you are planning to get a second citizenship as an American. Some countries offer dual citizenship and double tax advantages on foreign income.
Here are some countries that stand out:
- Antigua and Barbuda
- St. Kitts and Nevis
- Dominica
- St Lucia
- Malta
- Mexico
- Canada
- Latvia
- Portugal
- Greece
