There are many deliberations that come into play for retiring abroad: affordability, quality of life, environment, healthcare options and accessibility, among other things.
So, where do most expats retire?
We picked these expat retirement countries mostly based on Forbes’s 2024 list of the best places to retire abroad, as well as International Living’s latest Annual Global Retirement Index.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me ([email protected]) or WhatsApp (+44-7393-450-837).
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Best Retirement Countries for Expats
For their superior healthcare, more affordable living standards, and lively local communities, Costa Rica, Mexico, and Spain usually draw expats. These nations’ hospitable cultures and well-established expat networks often make them top picks for best places for retirees to live.
Costa Rica
Noted for its breathtaking beaches, rich jungles, and reasonably priced living standards. It features well-established expat retirement communities and superb healthcare.
Many retirees regard the nation’s laid-back lifestyle, known as pura vida, alluring.
Spain
Provides a cheaper cost of living, a pleasant climate, and a wealth of cultural experiences. Spain is especially well-liked by retirees from the United Kingdom and other EU nations.
The nation also has developed expat groups, which facilitates assimilation for foreigners.
Mexico
A warm temperature, lively communities for expats, and accessibility to the United States make Mexico an excellent destination for retirees. It also offers more affordable living and up-to-date medical services.
Portugal
Beloved for its stunning scenery, comfortable weather, and amiable residents. Portugal provides excellent healthcare and comparatively affordable living expenses.
The safety of the nation and its proximity to the rest of Europe are major draws too.
Canada
Natural beauty, a welcoming population, and government-backed healthcare available after a certain period of residence make it appealing despite its colder climate.
High living standards are available throughout the nation.
Australia
Offers good healthcare, an elevated living standard, and a blend of natural and urban beauty.
For retirees, nevertheless, the fact that it is so far away from many nations may be a factor.
Panama
Well-known for its retiree benefits scheme, which provides an array of savings opportunities along with a reduced cost of living. It offers first-rate treatment and a welcoming community culture.
France
A desirable destination for retirees due to its food, way of life, and well-established expat organizations and healthcare system.
Malaysia
Given its low living costs, cultural diversity, and first-class healthcare system, the country is becoming more and more of a popular retirement destination for foreigners.
Moreover, Malaysia offers long-term residence alternatives through its Malaysia My Second Home or MM2H program, which enables retirees to live comfortably and take advantage of a number of privileges. Such perks include tax deductions on foreign income.
Switzerland
Many people consider Swiss to be among the top places to retire, especially those who value a luxurious lifestyle and superior medical treatment. Retirees find the nation enticing because of its beautiful scenery, stable political system, and high level of security.
The high quality of life in the country comes at a cost, though.
Other Countries for Retirement
Best Retirement Destinations with Lower Living Expenses
For those wanting, first and foremost, to stretch their funds, here are some of the cheapest countries to retire according to GOBankingRates data:
- Japan: Compared to nations like the US, retirees frequently discover that certain costs, notably housing, can be much lower there. Furthermore, Japan provides premium medical care, which retirees normally prioritize.
- Malaysia: Vs Western nations, Malaysia offers different facilities, reasonably priced accommodation, and cheap healthcare.
- Oman: Due to its very low living cost, particularly when it comes to housing and everyday necessities, the country is a popular destination for retired foreigners.
Happiest countries for a happy retirement
If happiness is a priority, the jurisdictions below are best as per the World Happiness Report 2024:
- Finland: Consistently ranks as the top happiest country in the world. This is because of its dedication to social justice, superb healthcare system, and an elevated living standards. With access to breathtaking scenery and outdoor pursuits, the nation provides retirees with a tranquil setting that fosters a happy way of life.
- Denmark: Has one of the greatest public pension schemes in the world, a high standard of living, and health care for all. Immigrants find it easier to integrate because of the high level of English competence in the community. For retirees who want a clean and safe atmosphere, it’s a tempting option.
- Iceland: Provides exceptional natural beauty and a tight-knit community, all of which enhance the feeling of safety and social cohesiveness. Access to high-quality medical treatment is guaranteed by its universal healthcare structure, and the nation’s dedication to environmental preservation and renewable energy sources adds to its allure.
Safest countries to retire
The ones who seek safety can consider these countries based on the Global Peace Index:
- Iceland: According to the GPI, Iceland continues to be the safest country in the world for an unprecedented 14 years running. It’s thanks to the nation’s incredibly low rate of criminal activity and profound feeling of community.
- Ireland: Known for its welcoming populace, minimal crime rate, and stable political environment. The nation boasts robust and efficient legal and justice systems.
- Austria: Esteemed for being stable and safe, having a high level of living and little crime. The nation’s well-established infrastructure and strong social assistance system help to provide a safe atmosphere for retirees too.
Pained by financial indecision?
Adam is an internationally recognised author on financial matters with over 830million answer views on Quora, a widely sold book on Amazon, and a contributor on Forbes.
