As your retirement approaches, you start to wonder what you want to do after it. Dive into a new career path, start new hobbies, travel, or simply move to a new country with your family. There are numerous things to consider. People usually retire by the age of 50 to 60 and start looking for the best places to retire which can be affordable and exciting in equal parts.
Many factors go into choosing the best place that meets your expectations and requirements, some people would prefer something like a Virginia retirement stateside, while others would like to explore options in other countries. In this article, we have compiled the top 10 best places to retire in the world that might become your next favorite destination for retirement.
List of Top 10 Best Places to Retire in the World:
1. Costa Rica
It is a small country known for its stunning natural beauty and can be one of the best places to retire. It has everything, from beautiful beaches to lush cloud forests and coffee plantations. For the past 40 years, it has been a popular destination for expats. The city’s famous lifestyle “pura vida,” encourages people to relax, enjoy the outdoors, and not worry too much about the little things.
Cost of Living – Couples can have a comfortable life with a monthly budget of $2,100.
Visa Requirement – You need to have a monthly pension of at least $1,000 and visit the Immigration Office of Costa Rica in person, which is located in San José.
2. Portugal
This European country offers something for everyone, from beautiful Atlantic beaches to charming cobblestoned cities. The Mediterranean climate in Portugal is delightful, and you can savor local delicacies like fresh seafood, olive oil, and wine. Cities like Lisbon and Porto are vibrant cultural hubs, consisting of museums, concert halls, and trendy cafes to explore. Hop on a train for a short ride and, you’ll find charming towns and breathtaking natural landscapes. Portugal can truly be one of the best places to retire.
Cost of Living – Outside of the major cities, a couple can comfortably live for $2500 -$3000 a month.
Visa Requirement – One popular option for retirees is the Golden Visa, which was introduced in 2012 to attract foreign nationals. To qualify, you must invest approximately $540,000 in a property in Portugal.
3. Mexico
Mexico can be one of the best places to retire for American retirees, because of its proximity to the United States. With a huge expat community of over one million Americans, you don’t have to be fluent in Spanish to navigate easily. It has breathtaking landscapes and a unique culture that makes it an exciting place to live. You can immerse yourself in the local holidays and traditions and then escape to one of the many beach towns to relax on white, sandy shores and enjoy the beautiful turquoise waters.
Cost of Living – In mid-priced regions like Puerto Vallarta or Mérida, you can find a two-bedroom home for $600 a month. Overall, you can live comfortably for $2300 a month.
Visa Requirement – To be eligible for a permanent residence visa in Mexico, you need to have a monthly pension of at least $2,200.
4. Panama
Situated between North and South America, Panama is just a three-hour flight away from Miami. It offers beautiful beaches along both the Pacific and Caribbean coasts. Coastal towns like Coronado have vibrant expat communities that are thriving and welcoming to newcomers. This makes Panama one of the best places to retire.
The Panama Pensionado, also known as the Panama Retirement visa is considered one of the most appealing retirement visas in the world. It provides significant discounts on various expenses, including airfare and theater performances.
Cost of Living – For a single person, the living cost anywhere in Panama would be around $1700 a month. For a couple, it would be $3000 a month.
Visa Requirement – You must be at least 18 years old, have a minimum monthly pension of $1,000, and apply in person with the help of a Panamanian attorney.
5. Spain
Spain can be one of the best places to retire as it offers a fantastic climate, with citizens experiencing high mental and physical well-being. The Spanish way of life values good food and leisures. If you choose to retire in towns along the Mediterranean coast, you’ll enjoy over 300 sunny days each year, so you won’t have to worry about shoveling snow or staying indoors during cold weather.
Cost of Living – The average living cost for a couple on a coast is around $1,970 per month. The price goes up in Madrid and Barcelona, but down in smaller regional towns.
Visa Requirement – The most common visa option for retirees is visado residencia (residence visa). To qualify, you’ll need to have an annual income of approximately $30,600. Another option for retirees is the Golden Visa. This visa requires making a real estate investment of €500,000 (about $540,000).
6. Ecuador
Ecuador can be one of the best places to retire because it offers a wonderful blend of climate, culture, and affordability. Unlike some other South American countries, Ecuador is not overly crowded with expats, so you can truly immerse yourself in the local culture wherever you go. Despite its authentic charm, Ecuador still provides the comforts of a comfortable retired life, including high-speed internet, reliable transportation, and the use of the American dollar as its currency.
Cost of Living – A couple can have a pampered and comfortable lifestyle for around $1,900 per month.
Visa Requirement – For retirees in Ecuador, the 60-III Pensioner’s program is the most popular option, specifically designed for US citizens who are 65 years and older. To qualify, you need to have a monthly pension of at least $1,275.
7. Greece
Greece is a country that many people dream of visiting, so it’s one of the best places to retire. The capital city of Athens is going through a renaissance in its arts and culture scene, and the islands offer that classic Mediterranean charm we all love. Greece offers vibrant city life in Athens and, the serene beauty of the Greek island. With welcoming communities, language support, and affordable housing options, Greece offers everything you need for a fulfilling retirement.
Cost of Living – With proper budgeting, a couple can comfortably live in Greece for under $2,000 per month. The price varies from place to place. In Athens, it can be around $1,200 per month, while in Crete, or Nafplio it’s $860 per month.
Visa Requirement – Greece also offers a Golden Visa option, which allows you to obtain permanent residency for five years. To qualify, you need to invest €500,000 (around $541,000) in Athens, Thessaloniki, Mykonos, or Santorini. If you choose to invest in other areas of Greece, the required investment amount is €250,000 (approximately $271,000).
8. Malaysia
Malaysia is a fascinating country that offers a lot to retirees. It’s like having two countries in one, with Peninsular Malaysia and Malaysian Borneo, along with beautiful islands to explore. You can find modern amenities in major cities like Kuala Lumpur and George Town. Friendly locals, stunning natural beauty, and vibrant street food are additional perks that retirees enjoy. This makes it one of the best places to retire.
Cost of Living – You can rent a spacious three- to four-bedroom apartment with an ocean view for around $750 to $1,000 per month. The areas far from the beach offer $600 per month. Overall, you can comfortably live on a budget of around $2,000 per month.
Visa Requirement – In Malaysia, there is a system to grant permanent residency based on points, but many retirees find the MM2H (Malaysia My 2nd Home) program more appealing. To qualify for the MM2H program, you need to have a monthly income of MYR10,000 ($2,495) and have liquid assets outside of the country.
9. France
France offers captivating culture and beautiful nature everywhere you look, from the glamorous beach towns of the Côte d’Azur to the picturesque sunflower fields of the Dordogne. While living in the heart of Paris may not be the most cost-efficient option, there are surprisingly affordable and equally charming places to live in other parts of the country. One such place is Montpellier, the fastest-growing metropolitan area in France. Here, you’ll find a vibrant city with plenty of theaters, restaurants, and modern apartments starting at around $160,000. This makes it one of the best places to retire.
Cost of Living – If you avoid the expensive areas like the Côte d’Azur and the center of Paris, you can often buy or rent properties in France for 34% less than comparable homes in the US. For example, you can find apartments to rent for around $1,200 per month.
Visa Requirement – You can apply for a visa at the nearest French consulate in your home country. Once approved, you will receive a residence visa called “carte de séjour visiteur.” To be eligible for the visa, your pension should be at least $1,073 per month if you are single, or $1,666 per month if you are a couple.
10. Columbia
Colombia’s diverse landscapes, like beautiful beaches, the Amazon rainforest, and the majestic Andes mountains make it one of the best places to retire. While there are many great cities in Colombia, Medellín stands out because of the city’s pleasant climate, which is consistently moderate throughout the year. If you’re looking for an even more peaceful retirement, you might consider the small town of San Antonio de Pereira, located about 45 minutes outside of Medellín.
Cost of living – Living in an upscale neighborhood like Medellín and Bogotá can cost around $320 to $960 for a studio. You can venture out of the city centers for a rent below $300 for one bedroom. Overall, you can live comfortably for $2000 monthly depending on where you opt to live.
Visa Requirement – To be eligible for an M-11 visa, your income should be at least three times the minimum wage in Colombia. In 2024, that amounts to approximately $1,020 per month. You can apply for this visa online, but you will need to visit the Ministerio de Relaciones Exteriores office in Bogotá in person to pick it up.
These were the top 10 best places to retire in the world. While these are some of the most breathtaking countries and cities to relocate to, the choice completely depends on you. While choosing your favorite destination for retirement, considering your preferences, health, and finances is a must.
