The 13 Best Places to Retire in the World in 2024

The best places to retire in the world aren’t just about finding a pretty view; they include important things like living costs, healthcare quality, climate, culture, and retirement visas. Since many retirees live on a fixed income, it’s important to pick a place where housing, healthcare, and daily expenses are affordable, with tax incentives that help stretch savings during the golden years.

Part of choosing a country to retire in is careful planning, which can begin with visiting potential retirement destinations to help you get used to the local culture and way of life. Fortunately, this guide will discuss the best places to retire in the world that are also featured in our Global Intelligence Unit retirement report. These countries are guaranteed to offer a better quality of life, easier travel, affordable healthcare and education, tax benefits, lower living costs, retirement visas, and more.

We will cover:

• What is the GIU retirement index report?
• The 10 best places to retire in the world

What is the GIU retirement index report?

Our Global Intelligence Unit (GIU)  retirement report is a list of the best countries for US citizens to retire in, and it is backed by extensive research. The report uses seven key indicators across three main areas: Quality of Life, Security and Integration, and Economics. The data comes from trusted sources, like Numbeo, for living costs, rental prices, climate, and healthcare ratings, as well as other sources for metrics such as the Global Peace Index, Migrants Acceptance Index, and English Proficiency Index. Tax scores consider tax treaties, expat tax benefits, and policies that exclude foreign-earned income from local taxes.

While this report is targeted at U.S. citizens, it contains useful and important information for retirees around the world who are looking to retire abroad. 

Each country’s score is calculated using a standardized index, with minimum and maximum values for factors like cost of living and healthcare quality. Min-Max Normalization adjusts these factors, making them easy to compare. Weighted scores are based on importance to U.S. retirees, using public data, retiree preferences, and expert insights. Regional averages fill in any missing data. The final score combines all weighted factors to show each country’s suitability for U.S. retirees.

The 13 Best Places to Retire in the World

1. Panama

• Average living cost: $1,500 – $2,500 per month
• Best cities: Panama City, Boquete, Coronad

With its connection to the United States, Panama already sets itself as one of the best places in the world for U.S. citizens to retire. With its beautiful climate, welcoming community, rich culture, and affordability, Panama has become one of the most popular retirement destinations. It is a Central American country that bridges the Caribbean Sea and the Pacific Ocean.

Living in Panama has many benefits, such as its excellent healthcare services and welcoming atmosphere. The government has both public and private hospitals, clinics, and doctors. Public medical services are relatively more affordable. However, most retirees choose the private healthcare system to access world-class healthcare facilities covered by private health insurance.

You can retire in the country through the Pensionado Visa Program, also known as the Qualified Retirement Program which offers numerous benefits to international retirees – huge discounts on services, tax benefits on household goods import, and more. Here is what you need to know about the visa. 

• You need a minimum income of €920 monthly income. 
• No residency requirements.
• Permanent residence is granted to retirees who meet the necessary income requirements.  

Once approved, holders of this visa can live indefinitely in Panama without a work permit or other special authorization. However, the applicant is not eligible to apply for Panamanian citizenship through naturalization under this visa program.

2. Portugal

• Average living cost: $1,200 – $2,000 per month
• Best cities: Lisbon, Porto, Coimbra, Faro

Portugal is one of the best retirement destinations in the world, and its tropical climate, mild winters, tax benefits, towns near the beach, low cost of living, historical sites, and well-connected transportation network, among other advantages, make it a top choice.

Moreover, the country has an attractive real estate market—rental costs, especially in bustling cities like Lisbon and Porto, are 50% less than in New York. Real estate prices also vary across Portugal based on the property’s location. This makes Portugal perfect for Americans moving to Europe. 

In an interview with travel journalist Louise Hudson, who now calls Algarve, Portugal, her home, Hudson shared only positive thoughts about life there. She described it as a place where anything was possible and where you could start fresh, even later in life. Hudson chose Portugal for its beauty: “It’s beautiful everywhere—the nature, the countryside, the whole life, it’s just gorgeous,” she said.

For those whose retirement plans also involve moving to Portugal, there are a few options for obtaining legal residency. That is, through the Portugal Golden Visa, or the route most attractive for retirees, the Portugal D7 Visa. This Visa is perfect for retirees because it is designed for non-EU citizens with passive income sources, such as pensions, savings, or rental income. The residence permit is valid for two years and is renewable. After five years, you can apply for permanent residency. 

This is what you will need to qualify for the Portugal D7 Visa:

• You must show a stable income from non-working sources, such as pensions, savings, or rental income. The minimum monthly income requirement should be equivalent to the Portuguese minimum wage. 
• Applicants need to open a Portuguese bank account and deposit enough funds to support themselves during their stay.
• You must spend at least 16 months in the initial two-year period. 
• Proof of accommodation in Portugal, either through a rental agreement or property ownership.

After you obtain legal residency in Portugal, you will be qualified to register under the National Health Service. With the NHS, you can easily access public hospitals and healthcare centers nationwide.  You can also choose to get private health insurance. In any case, you will be required to get health insurance and show it to the respective authorities in addition to your passport and proof of income. 

3. Dominican Republic

• Average living cost: $800 – $1,500 per month
• Best cities: Santo Domingo, Punta Cana, Cabarete

With its picturesque landscapes—charming beaches, beautiful waterfalls, and lush green forests—the Dominican Republic is a popular choice for those looking to retire abroad in the Caribbean.

The rent in Santo Domingo, the capital city, is 90% lower compared to New York, and the cost of living is 55% lower. Since the government-run healthcare program doesn’t cover everything, most expats use private insurance for medical expenses. In addition, private healthcare systems also offer quality healthcare at relatively affordable prices.

If you are considering staying in the country for a longer period of time, you can also consider the Dominican Republic Retirement Visa. To obtain the retirement visa or “pensionado,” you must:

• Provide proof of your retirement income, which must be a minimum of $1,500 per month.
• Pass your background check and show your birth certificate.
• Show proof of health insurance that provides coverage in the Dominican Republic is required.

With the help of a tourist visa, you can enter the Dominican Republic and then apply for a retirement visa if you wish to retire in the country. Applicants must note that the processing time for your retirement visa can last up to several months. The expat community is spread across vibrant cities and quaint towns in the country—Santo Domingo, Santiago, Punta Cana, Puerto Plata, and Boca Chica. 

4. Spain

• Average living cost: $1,500 – $2,500 per month
• Best cities: Barcelona, Valencia, Málaga, Seville

Be it rich art and architecture, white sand beaches, fantastic culture, affordable healthcare, or cost of living compared to the United States, Spain is one of the best countries for Americans to retire with one of the most attractive Golden Visa Program and stable democracy to invest in. 

The country also has a well-functioning public transportation system and a top-notch healthcare system. Citizens contributing to social security are covered under the public healthcare system. However, most expats opt for private medical facilities covered by their insurance.

Retirees belonging to non-European Union countries can apply for the Spain Non-Lucrative Visa. It is targeted at individuals who want to live in Spain without engaging in work or business activities within the country. To apply for the Spain Non-Lucrative Visa, you must: 

• Meet the minimum income requirements of €2,400.
• Show evidence of a place to live in Spain, such as a rental agreement or property ownership.
• Have private health insurance from a Spanish provider, as public healthcare is inaccessible on this visa. This insurance should provide full coverage within Spain.

Another way of obtaining residency is through the Spain Golden Visa. If you plan to retire in cities away from the hustle and bustle, your living cost automatically drops. For instance, the cost of living in Alicante, a coastal town in Spain, is 48% lower than in New York. Moreover, the rent in the city is around 80% lower than in New York. Dining out, the cost of groceries, and the economical medical infrastructure make Spain an outstanding retirement location. 

5. Costa Rica

• Average living cost: $1,200 – $2,000 per month
• Best cities: San José, Atenas, Tamarindo, Escazú

This beautiful nation in Central America is one of the easiest countries to retire to. From lush green rainforests to charming seaside towns, Costa Rica offers a slower pace lifestyle, breathtaking landscapes, and affordable cost of living to all citizens, with plenty of outdoor activities, which is great for someone wanting to lead a healthy lifestyle. 

Although housing costs vary from place to place, they are still affordable. For instance, the cost of housing and living in San Jose is 83% and 53% lower, respectively, compared to New York.

By applying through the Pensionado Program, you can become a country resident. To apply, you must:

• Show a minimum income of $1000 per month.
• Applicants must transfer the amount to a bank based in Costa Rica to withdraw expenses.
• Live in the country at least one day per year. 

Moreover, you can also apply through the Rentista Program if you don’t have a monthly pension income. Under this plan, you need to show a minimum annual income of $60,000 or an income of $2,500 per month for at least two years.

In addition to the beautiful rolling green hills and a welcoming community, Costa Rica has both public and private healthcare systems. If you are a country resident, you will be covered by the national medical program (with no copays or exclusions). Residents can also opt for private healthcare if they wish to.

6. Malta

• Average living cost: $1,500 – $2,500 per month
• Best cities: Valletta, Sliema, St. Julian’s

This beautiful Mediterranean island is home to expats from all over the world—Europe, Australia, the UK, and more. Malta’s strategic location, beautiful weather, stunning beaches, grand architecture, natural beauty, and warm and welcoming population make It a great retirement destination.

Since Malta was previously an integral part of the British Empire, English is the most widely spoken language on the island. Compared to the United States, the cost of living in Malta is around 4% less. But the cost of food items and restaurants is comparatively economical.

Since expats are not covered under the national health insurance program, they should get private insurance to cover medical expenses. To obtain a residency, you can opt for the Malta Residency by Investment program, also known as the Malta Permanent Residency program MPRP which requires: 

• Purchase a property in Malta valued at a minimum of €350,000 (€300,000 in Gozo or the South of Malta) or rent a property with a minimum annual lease of €12,000.
• Demonstrate financial stability.
• Undergo Malta’s strict due diligence test which ensures that applicants have a clean criminal record and are of good standing.

The MPRP comes with the benefit of traveling within the Schengen Zone. Another route to legal residency is through a self-sufficiency visa; you must provide proof of $60,000 in assets, medical insurance, and a 15% annual tax.

7. Ecuador

• Average Living Cost: $800 – $1,500 per month
• Best Cities: Cuenca, Quito, Salinas, Loja

Situated in South America, Ecuador is home to the Amazon jungle, Andean highlands, and the Galápagos Islands and is one of the most ecologically diverse places in the world. Due to its affordable cost of living, Ecuador has emerged as one of the world’s cheapest countries for expats to retire.

If you have an adventurous soul and want to spend most of your time in the lap of nature, this country is one of the best places to retire for you.

The official language of  Ecuador is Spanish, but English is spoken in major centers and popular visitor areas. Moreover, the official currency of the country is the US Dollar. These two essential factors attract many US residents to this country for retirement.

Living costs in cities like Cuenca are 66% lower than in New York, and rental prices are also significantly lower—around 88% less. To know you have enough money for daily life expenses, draw up a budget of about $800 – $1,500 per month. The country also offers affordable healthcare to residents and visitors. The cost of healthcare services is around 25% lower than in the United States. Under the government scheme, retirees can also get covered by paying about $100 monthly. They can also choose personal insurance to cover their medical expenditures.

You can apply for a permanent residence visa in Ecuador to gain residency in the country. To qualify, and ensure a smooth transition,  an applicant must: 

• Have held a temporary residence visa in Ecuador for 21 months before applying for permanent residency.
• Demonstrate proof of financial resources. This could include a stable income, such as a pension, investment income, or savings.
• A police background check from the applicant’s home country is required, showing no criminal record.
• Proof of health insurance covering services in Ecuador is necessary for the applicant’s stay.
• Valid passport and documentation of current legal stay, including the applicant’s previous temporary residence status.

8. Mexico

• Average living cost: $1,000 – $2,000 per month
• Best cities: Mérida, Guadalajara, San Miguel de Allende, Puerto Vallarta

Bordered by the United States in the North, Mexico’s attractive location makes it a great retirement destination for foreign residents, especially from the United States and Canada. Mexico captivates foreign retirees with rich cultural experiences, picturesque retirement spots, mild winters, and modern city living options.

The Government of Mexico offers two main healthcare programs: one for marginally low-income residents and the other for people who can afford premium prices.

Since the country provides high-quality healthcare at a relatively low cost, retirees not covered under government schemes often choose privatized insurance or pay their medical expenses directly. With an affordable price for healthcare, Mexico is one of the best places to retire overseas for affordable and efficient healthcare. Additionally, the cost of living and rental prices are favorable, allowing retirees to maintain a comfortable monthly budget of around $1,500 to $2,000, depending on lifestyle and location.

To obtain residency in the country, you can apply for the Permanent Resident Visa, which is specifically attractive to retirees.  Through this visa, retirees are the only ones who are eligible for the minimum financial requirements of €98,440 in investment or bank accounts or a monthly income of €1,491 for 6 months. Every other applicant must go through the process and wait four years to get a Mexican permanent resident card.

Other requirements include:

• Applicants must be at least 60 years old, although younger applicants may be considered if they meet other criteria. 
• Some consulates may request a background check from the applicant’s home country showing no criminal record.

9. Colombia

• Average living cost: $800 – $1,500 per month
• Best cities: Medellín, Bogotá, Cartagena, Cali

Situated in South America, Colombia has the second highest level of biodiversity in the world. The country has everything from glitzy beach towns to rainforests and mountains to city life.

Living in Bogota, the country’s capital is also quite reasonable and 72% lower than in New York. Rental prices in the country are around 88% lower than in New York. The cost varies from place to place and depends on the property’s location.

Colombia has both public and private healthcare infrastructure. Both offer quality healthcare at an affordable cost. Under the public healthcare plan, people with national ID cards, including expats, are eligible for medical coverage for a premium payment. Foreign retirees can also purchase personal insurance.

The majority of foreign retirees opt for the Pensionado visa. To acquire the permit, applicants must

• Prove a monthly pension of at least three times the Colombian minimum wage. For 2024, this equates to around $800 USD per month, though this figure may change slightly based on annual wage adjustments in Colombia.
• Show a document from a government institution, private company, or organization confirming the pension amount. This document may need to be translated into Spanish and notarized.
• Bank statements or other official documents showing consistent pension deposits over the past several months.

10. Italy

• Average living costs: €1,500 to €2,000
• Florence, Tuscany (Lucca), Sicily (Palermo), Lake Como

Italy is a top retirement destination for its beautiful landscapes, rich history, and high quality of life. Retirees enjoy the country’s Mediterranean climate, exceptional healthcare, and vibrant lifestyle, especially in southern regions, which are more affordable. Italy’s healthcare system ranks among the best globally, with public and private options. This is one of the best countries to retire in the world because it ranked seventh on our retirement index with an impressive score of 94.94. 

For retirees looking for residency in Italy, the country has the Italy Golden Visa, which grants individuals residency in exchange for an investment in the country. The golden visa is perfect for retirees who value flexibility and want to explore other countries while enjoying the benefits of having Italian residency. 

Therefore, the minimum investment starts at €250,000 for certain sectors and goes up to €2 million for government bonds. Italy’s different scenic environments also come with varying living expenses. This means the average monthly cost of living in Italy for a single person is around €1,500 to €2,000 in smaller cities, while in larger cities like Rome and Milan, it may go up to €2,500.

11. Greece

• Average living costs: €1,500 to €2,000
• Athens, Crete (Chania), Peloponnese (Nafplio), Thessaloniki.

Greece attracts retirees with its sunny islands, welcoming locals, and historical sites. Its Non-Domiciliate Tax Regime allows pensioners to enjoy favorable tax benefits on foreign income, making it a financially appealing option for long-term living. Greece’s healthcare system includes both public hospitals and private clinics and offers good quality care at reasonable prices. This is another one of the top countries featured on our retirement index, and it ranks 14th with a great score of 93.22. 

There are two routes to gaining residency in the beautiful Mediterranean country: A financially Independent Persons Residence Permit, which requires a minimum monthly income of €2,000, and health insurance. Then there is the Greece Golden Visa, which is also a great option for retirees who still want flexibility and are in no hurry to relocate and deal with long residency requirements.

The Greece Golden visa is an attractive option because it is one of the few European residency by investment programs that still offer a real estate investment. The minimum real estate investment is €250,000, making it a strong option for retirees wishing to invest in property and enjoy Greece’s favorable tax policies.

There are many unique cities to explore, which is why the cost of living in big cities like Athens might be higher than in smaller towns. Those looking to live in the capital city can expect to budget €1,500 to €2,000 monthly on living costs and approximately €1,200 in smaller towns.

12. Malaysia

• Average living costs: $850 to $1,300.
• Penang (George Town), Kuala Lumpur, Ipoh, Johor Bahru

Malaysia’s affordable cost of living, beautiful landscapes, and high standard of healthcare make it a prime choice for retirees. The country has modern infrastructure, English-speaking communities, and a multicultural society, which is appealing for retirees from the U.S. and Europe. Living in the country gives you access to its quality healthcare and a warm, tropical environment with various housing options from busy cities to serene coastal towns.

Malaysia offers the “Malaysia My Second Home” (MM2H) program, a long-term visa for retirees meeting specific financial requirements. 

• The visa requires a minimum liquid assets of RM 500,000 ($107,000) and a monthly offshore income of RM 10,000 ($2,200). 
• Applicants over 50 can also choose a fixed deposit option.

Malaysia is an attractive country to retire in. It scored 91,66 on our retirement index and is ranked in the top 15. It is also a highly affordable country, with months of expenditure costing only $850 to $1,300.

13. Thailand

• Average living costs: $700 to $1,300
• Chiang Mai, Bangkok, Hua Hin, Phuket.

Thailand offers an affordable and exotic retirement experience with its tropical climate, friendly locals, and thriving culture. The cost of living in Thailand is one of the lowest in Southeast Asia, yet the healthcare is of high quality, particularly in urban centers like Bangkok and Chiang Mai, known for their excellent private hospitals. 

Thailand offers both the O-A Long Stay Visa and the Elite Visa, which provides more exclusive benefits.

• O-A Long Stay Visa requires applicants to be at least 50 years old and have proof of a monthly income of THB 65,000 ($1,850) or a deposit of THB 800,000 ($22,800).
• Thailand Elite Visa is designed for those seeking luxury and convenience. It provides residency for five to 20 years based on membership packages starting at around THB 500,000 ($14,200). The Elite Visa includes VIP services, making it ideal for retirees wanting a seamless experience in Thailand.

Thailand is one of the best places to retire in the world because it offers options for retirees with different needs and goals, which is one of the reasons we have featured it in our retirement index. The nation scored 88.15 and ranked 16th. To top it off, it is really affordable to live in Thailand because all you need is a monthly budget ranging from $700 to $1,300, depending on the location.

Frequently Asked Questions About the Best Places to Retire

How does the Global Intelligence Unit score each country?

The Global Citizen Solutions retirement index for US retirees consists of seven target-oriented indicators grouped into three thematic sub-indices: Quality of Life, Security and Integration, and Economics.

Data for these indicators is collected from reliable secondary sources, such as Numbeo for cost of living, rent prices, climate, and healthcare system ratings, and other databases for indicators like the Global Peace Index (GPI), Migrants Acceptance Index, and English Proficiency Index.

What are the cheapest and safest countries for retirement?

Countries that are economical and safe for you to retire includes: Portugal, Spain, Costa Rica, Panama, The Czech Republic, Malaysia, Peru, Slovenia, Austria and Australia.

Which is the best place to retire in the world?

According to Conde Nast Traveler, some of the best places to retire globally are – Malta, Spain, France, Ecuador, Colombia, Portugal, Mexico, Costa Rica, and Panama.

Which is the happiest place in the world for retirement?

As per the World Happiness Report, the United Arab Emirates is the happiest place to retire in the world based on several parameters like average monthly salary, average life expectancy, average yearly temperature, global retirement index, and more.

Which is the cheapest place to retire in the world?

Here are the cheapest countries in the world for retirement – Mexico, Ecuador, Costa Rica, Portugal, Panama, Vietnam, Montenegro, and Colombia. It also makes financial sense for some Americans to retire in the UK as the living cost can be cheaper.

Where do the happiest retirees live?

The happiest retirees often find themselves drawn to locations that offer a combination of pleasant weather, recreational activities, and a sense of community. Known for its warm climate and retirement-friendly amenities, Florida cities like Naples, Sarasota, and The Villages are popular among retirees. With its affordable living, mild climate, and rich cultural heritage, Portugal has become a top European destination for retirees. Cities like Lisbon, Porto, and the Algarve region are especially popular.

What is the best place to retire in Europe for English speakers?

The best places to retire in Europe for English speakers include:

• Portugal
• Ireland
• Malta
• Spain
• Cyprus
• Netherlands

What are the best coastal towns to retire in Europe?

Some of the best coastal towns to retire in Europe include:

• Albufeira, Portugal
• Sorrento, Italy
• San Sebastián, Spain.
• Sitges, Spain
• Antibes, France
• Piran, Slovenia
• Ragusa, Italy
• Sainte-Maxime, France