Retirees in the United States are finding creative ways to enjoy retirement their way. Many are moving to other countries for a better quality of life, which includes lower living costs, nicer weather, good healthcare, and straightforward retirement visas.
Using data from our Global Intelligence Unit’s report on US retirement trends, this guide will list the ten best countries for Americans to retire abroad, along with their ranking on the retirement index and the cost of living compared to major cities in America.
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10 Best Places for Americans to Retire Abroad
1. Spain
- Retirement Index ranking: 1
- Average cost of living: $2,000-$2,500
Spain ranks as the top country for retirement, achieving a full 100 points in the GUI’s US Retirement Trend report. It’s known for low crime rates, especially regarding violent crime, making it one of Europe’s safest countries but petty theft still occurs more often in tourist areas and cities like Barcelona and Madrid.
Madrid, the capital, draws many expats with its cultural and historical offerings. To get a better picture of how much you will need to live comfortably in Spain, the total monthly expenses for a single person in Madrid, including rent, utilities, food, and transportation, average between $2,000 and $2,500. While rent for a one-bedroom apartment averages around $1,322.50 in central areas and about $968.05 in outer areas.
If you want to retire in Spain, the best option is the Spain Non-lucrative Visa, which is aimed at non-EU citizens who wish to live in the country without participating in any work or business activities. But applicants are required to:
- Have a minimum monthly income of just over €2,400.
- Proof of accommodation, which could be in the form of a lease or property ownership.
- Private health insurance.
Another great option for Americans moving to Europe is Spain’s Golden Visa program. The scheme invites non-EU citizens to apply for the program and obtain residency permits quickly in exchange for a qualifying investment. The most common way to get a Golden Visa is to make a Spanish real estate investment of at least €500,000. This will secure you a second home along with a Spanish residency permit.
Read the Global Intelligence Unit's US Retirement Trend report
2. Portugal
- Retirement Index ranking: 2
- Average cost of living: $1,900 to $2,600
Portugal ranks second among destinations chosen by U.S. retirees, offering a warm climate, affordability, and good healthcare. Retirees can use public healthcare through the Serviço Nacional de Saúde (SNS) or choose private insurance for faster service and English-speaking providers, especially in Lisbon and Porto.
Portugal is also ranked the 7th safest country in the world, which is another appealing factor to retirees seeking security and a stable lifestyle.
Retirees can enjoy life with a monthly budget of about $1,900 to $2,600, covering rent, groceries, dining, and utilities. For accommodation, a one-bedroom apartment in Lisbon’s city center averages €1,441 per month, which is much lower than in New York, where similar rentals cost around €4,109.
A way Americans can retire in Portugal is through Portugal’s D7 Visa. This visa option that is perfect for retirees as it was created to attract non-EU nationals who want to live in the country and have passive income such as pensions, savings, or rental income. The requirements are pretty simple:
- 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.
- Open a Portuguese bank account and deposit enough funds to support yourself during your stay.
- Spend at least 16 months in the initial two-year period.
- Show proof of accommodation in Portugal through a rental agreement or property ownership.
American retirees with significant pension funds can also become legal residents through the Portugal Golden Visa, which grants residency in exchange for an investment. The program starts with a minimum investment of €250,000, and potential applicants can choose investment options such as contributing to an investment fund or donating to the reconstruction of national heritage in Portugal.
Read our Guide on Portugal's D7 Visa for US Retirees
3. Costa Rica
- Retirement Index ranking: 3
- Average cost of living: $1,000 to $2,500.
Costa Rica ranks third on the retirement index, scoring 99.51 points. Its Central Valley, including the capital, San José, is popular among U.S. retirees for its mild climate, with temperatures typically between 21-26°C during the day and cooler nights. Coastal areas offer beautiful beaches but come with higher temperatures and humidity.
Healthcare is a significant draw because Costa Rica’s public CAJA system provides universal healthcare funded by income-based contributions and keeps private healthcare options affordable.
The average monthly cost of living in Costa Rica is around $1,500. San José’s consumer prices are about 45.5% lower than New York City’s, and rent prices are up to 83.6% cheaper, offering retirees a comfortable lifestyle.
If Costa Rica looks like a viable option, American retirees looking to become residents of the country can apply for the country’s retirement visa, also known as the Pensionado Program. To qualify, 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.
Another option is to apply through the Rentista Program if you don’t have a monthly pension income. Under this plan, you need to show a minimum income of $60,000 or an income of $2,500 per month for at least two years.
4. Uruguay
- Retirement Index ranking: 4
- Average cost of living: $1,200 to $2,500
Uruguay ranks fourth on the retirement index and offers a favorable climate for retirees. Summer temperatures range between 17°C and 28°C. Coastal areas like Punta del Este enjoy cooling sea breezes, while mild winters range from 6°C to 14°C.
The healthcare system combines the public and private sectors, which still offer wide coverage of services. The public system, funded by taxes, provides low-cost services, though it may have longer wait times. The private sector offers faster, high-quality services. The “mutualistic” system, popular among retirees, charges a monthly fee of $100 to $200 for comprehensive care.
Uruguay is also considered the safest country in Southern America, ranking 50th globally on the Global Peace Index. Although the U.S. State Department advises increased caution due to petty crimes, overall safety is high.
The average monthly cost of living in Uruguay is around $1,200. Consumer prices in Montevideo are approximately 79.6% lower than in New York City, and rent prices are significantly lower, making it an appealing option for retirees seeking a comfortable and economical lifestyle.
American retirees interested in moving to Uruguay can apply for the Uruguayan Retirement Visa, also known as the Pensionado Visa. To qualify, applicants must:
- Demonstrate a stable monthly income from a pension or retirement fund, typically around $1,500 or more monthly. This income should be guaranteed and can come from sources such as social security, private pensions, or annuities.
- Proof of income such as bank statements or pension letters.
- Criminal background check from the home country (translated into Spanish).
- Health insurance that covers the applicant in Uruguay.
- Spouses and dependents can also be included in the application.
5. Mexico
- Retirement Index ranking: 5
- Average cost of living:$1,200 to $2,000.
At the halfway mark, Mexico ranks fifth among retirement destinations with a score of 97.19 points. It has diverse climates, with northern regions experiencing hot summers over 32°C and central areas enjoying milder temperatures.
Healthcare is strong, especially in cities, with public services through the Mexican Social Security Institute (MSSI) and private insurance options. A good health insurance costs about $5,900 for Americans.
Additionally, the average cost of living in Mexico City is around $1,200 per month, which is significantly lower than in the US, where rent is 73.8% more expensive.
To gain residency in the country, retirees can apply for the Permanent Resident Visa, which has specific financial requirements. Retirees can qualify with either a minimum investment of €98,440 in bank accounts or a monthly income of €1,491 for six months. Other applicants must follow a longer process that takes four years to get permanent residency. This makes Mexico the perfect destination for US retirees trying to figure out how to move out of the US.
Additional requirements include:
- Applicants must be at least 60 years old, although younger applicants may be considered if they meet other criteria.
- Some consulates may require a background check from the applicant’s home country to show no criminal record.
6. New Zealand
- Retirement Index ranking: 6
- Average cost of living: $1,500 to $2,800.
New Zealand has varied regional climates. The northern North Island, like Northland, has mild winters and warm summers, while the Central North Island, including Wellington, experiences moderate temperatures. Average temperatures by season are 20-25°C in summer and 12-16°C in the winter.
New Zealand’s healthcare system provides universal coverage, is mostly government-funded, and ensures free or low-cost services. This benefit alone qualifies New Zealand as the best country for Americans to retire. There is also the option for private insurance, which offers quicker access to specialists, with monthly costs between $26 and $130.
New Zealand is among the safest countries, ranking 4th globally. It has low violent crime rates and minimal petty crime and is rated Level 1 by the US Department of State.
Living costs in Auckland, one of the country’s largest cities, are significantly lower than in New York City. The average monthly living expenses are around $2,770.
To live in New Zealand, you can opt for the Temporary Retirement Visitor Visa, which allows you to stay in the country for up to two years. The requirements include:
- Investing NZD $750,000 to invest in New Zealand.
- You also need an additional NZD of $500,000 to live on and an annual income of NZN of $60,000 or more.
- You must be 66 years or older.
7. Italy
- Retirement Index ranking: 7
- Average cost of living: $1,300 to $3,200
Italy has diverse climates by region. Northern Italy experiences cold, snowy winters and warm summers. Central Italy has milder winters and hot summers.
Italy is a good option for American retirees because of its healthcare system. The Servizio Sanitario Nazionale (SSN) offers well-rounded service care funded by income tax but many still choose private insurance for quicker access, and annual premiums range from $120 to over $350.
In terms of safety, Italy ranks 31st on the Global Peace Index, indicating a high level of safety, but there are still a few petty crimes in tourist areas.
Italy’s average cost of living is significantly lower than New York City’s. In Rome, consumer prices are about $2,020 monthly, with rents averaging $1,140.44 for a city apartment. The average monthly rent in Milan is approximately $1,529.76, while total monthly expenses reach around $2,350. In contrast, New York’s average monthly cost is about $5,600.
Retirees wanting to live in Italy can opt for the Italy Golden Visa, which allows non-EU/EEA and non-Swiss to obtain a residence permit in exchange for an investment in the country’s economy. Here are the general requirements:
- Make a Minimum investment of €250,000 in innovative start-ups.
- A certificate of no criminal record must be provided from the applicant’s home country.
- Show proof of health insurance covering all risks in Italy is required.
- Evidence of sufficient financial resources to support oneself and any family members accompanying the applicant.
- The Golden Visa allows applicants to include immediate family members (spouse and children) in the application.
Italy’s Golden Visa also provides access to a special tax incentive that allows golden visa holders to pay reduced income tax after becoming an Italian tax resident.
Read our Guide on the Italian Golden Visa
8. Canada
- Retirement Index ranking: 8
- Average cost of living: $2,500 to $3,500
Vancouver, Canada, has an oceanic climate with mild, rainy winters and cool summers. In addition to good weather, Canada has a good public healthcare system, but new residents may require private health insurance until they are eligible. Annual premiums for private insurance range from $4,000 to $6,000.
Canada is ranked 11th on the Global Peace Index and considered safe, with the U.S. Department of State rating it at Level 1 for minimal risks.
The average living cost for those interested in living in Vancouver is around $2,981. American retirees looking to live in Canada have the option of family sponsorship. This means retirees with Canadian family members may be eligible if they have family members who are citizens or permanent residents who can sponsor them for permanent residency.
A temporary option is the Visitor Visa. This is not a residency option, but American retirees can apply for a visitor visa, allowing them to stay in Canada for up to six months. This is a temporary solution for those wishing to explore living in Canada before moving permanently.
9. Ireland
- Retirement Index ranking: 9
- Average cost of living: $3,000 to $4,000 in Dublin
Ranked ninth for American retirees, Ireland experiences warm summer temperatures and rainfall which varies depending on the region.
Ireland has a two-tiered healthcare system. Public services are available through the Health Service Executive (HSE) for residents, including long-term expats, but many opt for private insurance to avoid long wait times. Safety is also not an issue because Ireland ranks third on the Global Peace Index.
The cost of living in Dublin is relatively high, with a monthly budget ranging from $3,000 to $4,000. However, a one-bedroom apartment in Dublin averages around $2,750, compared to $4,189.81 in New York. Another plus for Ireland is its US-Ireland tax treaty, which helps prevent double taxation.
To live in Ireland, American retirees can opt for the Irish Retirement Visa, which is intended for foreign nationals who want to retire in Ireland. The main requirements include:
- The ability to support yourself financially after moving to Ireland. You must provide evidence that you earn at least €50,000 annually. If you are applying to retire to Ireland as a couple, you must have a joint income of €100,000 or more per year.
- Have private health insurance that covers the cost of potential medical treatment in Ireland.
- You intend to live in Ireland long-term.
10. France
- Retirement Index ranking: 10
- Average cost of living: $2,700 to $3,200
France is among the top ten countries for Americans to retire abroad, thanks to its excellent healthcare system, which is funded by taxes.
The climate varies by region: Paris experiences cool winters and warm summers. The south, including Bordeaux, has milder winters and hotter summers.
In terms of safety, France ranks 67th on the Global Peace Index. Those looking to live in Paris can expect to put together a monthly budget of around $2,700 to $3,200, with rent for a city-center apartment averaging $1,500 compared to $4,189.81 in New York.
Regarding residency options, American retirees can start by applying for a Long-Stay Visa (Visa de Long Séjour). This visa allows retirees to stay in France for more than 90 days and is often the first step toward obtaining residency. It can be issued for various purposes, including retirement.
While your residence permit is valid, it functions like a Schengen visa, allowing you to travel within the Schengen Area (outside of France) for up to 90 days within any 180-day period under the same conditions as a regular Schengen visa. The general requirements include:
- Evidence that you can support yourself financially during your stay may include bank statements, payslips, or proof of income. The required amount varies depending on your situation.
- Proof of health insurance that covers medical expenses in France. It should cover a minimum of €30,000 and be valid for the duration of your stay.
- Evidence of accommodation in France, such as a rental agreement or hotel reservation.
Best Countries for Americans to Retire Abroad Comparison
Country | Retirement Index Ranking | Average Cost of Living (USD) | Percentage Difference | Visa Options for American Retirees |
Spain | 1 | $1,500 - $1,800 | 45% lower | Non-Lucrative Residence Visa |
Portugal | 2 | $1,600 - $2,000 | 40% lower | Golden Visa, D7 Visa for retirees |
Costa Rica | 3 | $1,200 - $1,800 | 50% lower | Pensionado Visa, Rentista Visa |
Uruguay | 4 | $1,800 - $2,400 | 30% lower | Temporary Residence Visa |
Mexico | 5 | $1,200 - $2,000 | 60% lower | Temporary Resident Visa, Permanent Resident Visa |
New Zealand | 6 | $2,500 - $3,000 | 15% higher | Investor Visa, Retirement Visa |
Italy | 7 | $1,800 - $2,500 | 30% lower | Italy Golden Visa |
Canada | 8 | $2,000 - $2,800 | 20% higher | Super Visa, Permanent Residency |
Ireland | 9 | $2,000 - $3,000 | 20% higher | Stamp 0 (Retiree Visa) |
France | 10 | $2,000 - $2,800 | 20% higher | Long-Stay Visa |
Why Americans choose to retire abroad?
Many U.S. citizens decide to retire abroad to improve their quality of life, including cost of living, healthcare, and safety. To help them find the best place to retire, the Global Citizen Solutions retirement index looks at key factors: Quality of Life, Security and Integration, and Economics.
The data that makes up the scores and rankings covers costs of living, rent, climate, and healthcare, along with metrics such as the Global Peace Index, Migrants Acceptance Index, and English Proficiency Index. Therefore, this index makes it easier for retirees to choose a country that fits their needs.
Cost of Living
Climate
Healthcare
Lifestyle and culture
Tax benefits
Adventure and exploration
- Cost of Living
The best retirement destinations are countries with lower living costs, allowing retirees to stretch their savings further and make their retirement funds last longer. Many popular retirement destinations offer affordable housing, healthcare, and everyday expenses.
- Climate
Another key reason to retire abroad is to enjoy warmer weather for longer periods of the year. Retirees seek warmer climates with milder winters, such as those in Central and South America, the Caribbean, and parts of Europe. A pleasant climate can significantly enhance the quality of life.
- Healthcare
Another good reason is access to high-quality healthcare at a lower cost. Retirees look for healthcare services that cost less than in the U.S. and often find they can access affordable medical services and prescriptions.
- Lifestyle and culture
Retiring abroad allows you to immerse yourself in a new culture, enjoy different cuisines, and explore diverse lifestyles. Retirees usually appreciate the slower pace of life and the chance to travel more extensively.
- Tax benefits
Americans ofetn retire abroad to benefit from tax incentives such as lower income taxes and favorable tax treaties that prevent double taxation. Countries with tax treaties often allow U.S. retirees to exclude certain foreign-earned income and receive Social Security benefits without additional taxes. These tax advantages can significantly improve retirees’ financial well-being during retirement.
- Adventure and exploration
Retiring abroad allows individuals to experience new adventures and explore parts of the world they may not have had the opportunity to visit while working.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions About the Best Retirement Nations for Americans
What study looked into the top countries to retire to as an American?
International Living conducted a study in January 2023, collecting surveys from American expats all over the world. Results, measured by the categories elected, came up with a shortlist of the top countries to retire to as an American.
How can I retire in Europe?
Both Spain and Portugal offer popular Golden Visas schemes where you can get European residency in a few short months, provided that you make a qualifying investment first. For example, you can buy a home in Spain for €500,000 and gain a Spanish residence permit.
In Portugal, investment options start from €250,000. After five years, you can apply for permanent residency or qualify for a Portuguese passport.
What’s the best country for US expats to retire to?
According to various studies, including International Living, Portugal is ranked as one of the best for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, quality healthcare system, and affordable cost of living are all big draws for American retirees.
You can move to Portugal for retirement by investing at least €250,000 in the country through its GV program or by applying for the D7 Visa program through a monthly income earned from Social Security.
What’s the best place for us expats to retire in Central America?
The best location for US expats to retire in Central America is Costa Rica due to its warm climate, good safety records, quality private insurance, and renowned retirement visa program providing significant discounts for retirees.
What’s the best place for US expats to retire in Southeast Asia?
In Southeast Asia, the best location for US expats to retire is Thailand due to its thriving expat community, warm weather, affordable cost of living, and access to a quality healthcare system.
What’s the best place for US expats to retire in South America?
The best nation for US expats to retire in Latin America is Ecuador. The higher altitude of cities like Cuenca provides a warm climate without the extreme heat. Ecuador is also considered one of the best countries to retire abroad for Americans, as pensioners can access discounted flights to the US through the country’s retirement visa program.
What are some other best countries for us expats to retire in?
Some of the best countries for US expats to live and retire abroad include countries like Cyprus and Malta, and Caribbean countries like Dominica, St Kitts and Nevis, and Grenada. Cyprus and Malta both offer permanent residency through renewable permanent residence permits in exchange for investment. Caribbean countries like Dominica, and St Kitts and Nevis have citizenship by investment programs, granting citizenship to US expats who invest a minimum sum in their economy.
Where is the cheapest place to retire?
The cheapest place for US expats to retire to is Colombia due to its low requirement of just $774 in monthly income to qualify for a retirement visa. Other countries like Thailand have low housing costs with monthly rent under $400.
Where is the safest place to retire?
The safest place for US expats to retire to is Iceland due to its low crime rate and small-town feel, as well as unparalleled equality and good relations with other countries.
Can a US citizen retire abroad?
Yes, a U.S. citizen can retire abroad. Many Americans choose to retire in foreign countries to enjoy a lower cost of living, better weather, and high-quality healthcare. It’s essential for retirees to consider visa requirements, residency laws, and tax implications when planning their retirement abroad.
What are the downsides of retiring abroad?
Retiring abroad offers many privileges for Americans who take the plunge; however, it can come with potential downsides, including:
- Challenges of adapting to a new culture and lifestyle, which can be particularly daunting for those unaccustomed to significant changes.
- Healthcare disparities as access and quality can vary, and navigating foreign healthcare systems may prove complex.
- Being far from family and friends, leading to feelings of isolation and homesickness.
- Legal complexities, such as residency requirements, unfamiliar legal systems, and remittance of pension income.
What is the best country for retirees?
The Netherlands is often considered the best nation to retire due to its ranking as having the best retirement system, according to the Mercer CFA Institute Global Pension Index 2023. The Dutch social security system provides financial support, and the pension system is well-established, offering financial stability for retirees.
Additionally, the Netherlands is known for its bike-friendly cities, well-maintained public spaces, and a strong sense of community, enabling a healthy and active lifestyle for retirees.
Where do the happiest American retirees live?
The “happiest” place for American retirees can be subjective, as individual preferences vary when retiring abroad. Various surveys and studies, such as the Mercer CFA Institute Global Pension Index and the US News and World Report, have highlighted countries that consistently rank high regarding happiness and well-being for retirees.
The most popular retirement destinations for happiness include Portugal, the Netherlands, Spain, New Zealand, and Costa Rica.
What are the best retirement places for singles?
Countries with vibrant cultural scenes and diverse social activities often appeal to single retirees. Cities like Lisbon in Portugal offer a history, affordable living, and a mild climate with abundant rich cultural experiences and social activities for seniors. Thailand is another popular destination for many retirees with its low cost of living, pristine beaches, expat-friendly atmosphere, and cultural attractions. Costa Rica is recognized for its pleasant climate, good infrastructure, and numerous beach villages with large American retiree communities.
How do you decide which country to live in?
Many expats living in countries like Canada and Japan prioritize quality of life, while others prefer to retire in the cheapest and safest countries, such as Hungary, Romania, Chile, and Mongolia. Some retirees prioritize affordable healthcare when choosing a place to live.
What are the best countries for Americans to retire abroad?
The top ten countries to retire abroad for Americans are:
- Spain
- Portugal
- Costa Rica
- Uruguay
- Mexico
- New Zealand
- Italy
- Canada
- Ireland
- France
