12 Best Countries for Retirement, Spend Your Golden Years Here

TEMPO.CO, Jakarta - Retirement is a stage in life that everyone will face at some point. The ideal way to enjoy these golden years is to ensure a good quality of life where you can relax while keeping living expenses to a minimum. Some may wish to retire abroad, as new places can offer new life experiences.

However, not all countries are suitable for retirement. Here's a look at some of the best countries to retire in, according to various sources.

12 Best Countries for Retirement

1. Costa Rica

Costa Rica is Central America's paradise. This country is full of beaches and beautiful scenery, making it the best country to retire in. However, spending your golden years requires more than just a comfortable environment, and without a doubt, Costa Rica can meet all of your retirement needs.

Ranked at the top of IL's Annual Global Retirement Index in 2024, Costa Rica has been economically and politically stable since the 19th century, making it suitable for those who want a quiet and peaceful life. The cost of living in Costa Rica is lower than in the U.S., and health care is inexpensive and accessible. It is also a safe country with a low crime rate and stable politics, which will make you less stressed than you could ever be. If Costa Rica is your dream retirement destination, you only need to renew your retiree visa every two years, with an annual income of only $12,000.

2. Portugal

Located in Southern Europe, Portugal is one of the best places to retire. That's because life in Portugal is so easy. The process of obtaining a retirement visa is simple and valid for five years in advance. For those who drive, you don't need to take a driving test locally. Instead, you can exchange what you already have for a Portuguese one. Most importantly, housing costs are 43% less than in the U.S., and the overall cost of living is about 35% less.

In fact, Portugal is the perfect place for everyone, as it has the most affordable and best healthcare, along with nice and friendly locals. In addition, you will be able to travel to other European countries easily as Portugal offers easy access to it. 

3. Panama

Panama is an attractive retirement destination for many reasons, including its sunny, warm climate, similar to Florida, but at a more affordable cost. The low cost of living and quality health care are the highlights of Panama that will make you feel more confident about spending your golden years here. In numbers, the cost of living is 35% less than the U.S., and housing costs are 53% lower. 

Although flooding is a natural hazard, the country actively encourages expatriates through the easily obtainable Panama Retirement Visa, which often requires the assistance of a local attorney. Overall, with a low crime rate and stable politics, Panama provides a comfortable and safe environment for retirees. 

4. Mexico

Full of natural beauty, Mexico is the best place to live when you're ready to retire. The warm weather, friendly people, and miles of coastline will brighten your days. You won't have many expenses either, as the cost of living is half the U.S. average, and health care is quite affordable. However, the crime rate is higher with property theft and locals as victims.

To qualify as a temporary resident in Mexico, you must have a minimum monthly income of approximately $4,394, while for permanent residency, the requirement is approximately $7,300. In addition, you must have a bank balance of approximately $73,235 for temporary residency and $293,000 for permanent residency.

5. Spain

Spain is the place for you if you want to experience a lifestyle with a rich culture and nice weather. Spain's climate is diverse and offers something for everyone. The Mediterranean coast and the Canary Islands enjoy 300 to 320 days of sunshine a year, making them some of the sunniest places in Europe. The northwest is cooler and greener, while snow and winter can be found in the northern Pyrenees near the French border. 

For retirees, Spain is almost the best option due to its low crime rate, quality healthcare, and reasonable cost of living. You can maintain a comfortable lifestyle on a monthly budget of $2,000 to $3,000. One thing to consider before retiring in Spain is the natural hazards you may encounter, such as forest fires and floods.

6. Colombia

This country in South America is full of excellent things, from the weather to the scenery to the quality of life. Colombia is a popular retirement destination because it's politically and economically stable. The cost of living and access to healthcare is affordable with good quality. Although crime is still an unresolved problem in some places.

As for visa programs, Colombia has updated them over the past five years. Introducing new standards that allow foreign residents to qualify with social security retirement income, rental income, or a modest private pension of around $900 per month. Combined with the relatively simple process of obtaining a renewable three-year retirement visa by providing $10,000 in annual income, retiring in Colombia is becoming increasingly accessible. 

7. France

Known for its romantic atmosphere, France offers a nice and decent quality of life for retirees. The country is more affordable than the U.S., with an average monthly budget of $2,080 to $2,680. Healthcare in France is also accessible due to low prices, yet still high quality. Politics are stable and crime rates are lower than in the U.S.

Retirees only need to obtain a long-stay visa, which is relatively easy compared to other European visas, and spend at least 180 days a year in the country. Securing a renewable long-stay visa can be a bit of a challenge, but it is possible with proof of annual retirement income of at least $17,600 for a couple.

8. Canada

Canada is an attractive option for retirement. The cost of living is generally lower than in major cities. Although full-time retirees face higher taxes, a tax treaty with the U.S. prevents double taxation. The country is known for its stability and low crime rate, making it a suitable destination for retirees. In terms of visas, the Canadian government does not offer a specific "retirement visa," but retirees will still be able to find suitable visa options.

9. Greece

Consisting of 6,000 islands, Greece is on the top lists of retirement destinations because of its attractive environment. This country is filled with a variety of climates and low cost of living. Housing costs in Greece are estimated to be 75% less than in the U.S., and the overall cost of living is 30% to 50% lower.

10. Malaysia

Malaysia is known for its low cost of living and warm weather. Located in Southeast Asia, many retirees are attracted to spend their golden years in this country because it offers many great things, including outdoor activities and a mix of cultural diversity. 

The low cost of living in Malaysia is mainly due to the value of the U.S. dollar against the Malaysian ringgit, which means people can spend as little as $900 per month for an apartment in Penang. To retire in Malaysia, an applicant must have approximately $120,000 in liquid assets and an annual retirement income of more than $28,000. 

11. Ecuador

A small country in South America, Ecuador may not be the most familiar country, but it offers a great expatriate retirement experience. The cost of living in Ecuador is nearly 54% lower than in the U.S., even though it uses the U.S. dollar as its currency. While living on minimal expenses, retirees can also enjoy the natural beauty that spreads throughout the country, from mountains to beaches.

Permanent residency can be obtained after living in Ecuador for at least 21 months on a temporary visa. The temporary visa application requires proof of minimum income, real estate investments, or bank deposits.

12. Italy

Aside from its popular culture and cuisine, Italy is a great destination to enjoy your golden years. Italy offers a much lower cost of living than the United States. According to Numbeo, consumer prices, including rent, are about 32% lower in Italy than in the U.S.

You'll experience a comfortable life in Italy due to stable politics and a lower crime rate than in the U.S. There are a variety of weather conditions you may encounter, but most are characterized by mild winters and warm summers.

Retiring abroad can be an exciting adventure, but it requires thorough planning due to the many factors involved. From understanding visa requirements and healthcare options to managing finances and adapting to a new culture, careful preparation is essential for a smooth transition and a fulfilling retirement.

International Living | US News | Forbes | Travel and Leisure

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