The 13 Best Places to Retire in the World in 2025

The best places to retire in the world aren’t just about the beauty of the country; 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, with some featured in Global Citizen Soltions’ Global Intelligence Unit Retirement Report. These countries are guaranteed to offer a better quality of life, easier travel, affordable healthcare, tax benefits, lower living costs, retirement visas, and more.

We will cover:

• What is the GIU retirement index report?
• How to Decide on the Best Place to Retire
• The 13 best places to retire in the world

What is the GIU retirement index report?

The Global Citizen Solutions Global Intelligence Unit (GIU) published a retirement report with a list of the best countries for US citizens to retire in, backed by extensive research. While the report might be targeted at US nationals, it covers several important aspects that can benefit any citizen. 

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.

Each country’s score is calculated using an index that compares factors like cost of living and healthcare quality. Min-Max Normalization helps make these factors easy to compare. The scores are then weighted based on what matters most to U.S. retirees, using data and expert opinions.

How to Decide on the Best Place to Retire

These are the important aspects to consider when deciding on the best places to retire.

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
• Retirement Index ranking: 12

Panama is one of the most popular retirement destinations due to its affordable cost of living, great climate, and welcoming atmosphere. Panama’s housing, food, and services are up to 40-50% cheaper than in the U.S. and other Western countries.

Compared to other nations in Latin America, Panama remains a top choice for its high-quality healthcare and low living expenses. Many retirees, including Americans, also appreciate its proximity to the U.S. for easy travel, which makes it one of the best places for Americans to live abroad.

The Pensionado Visa (Qualified Retirement Program) in Panama offers great benefits to retirees, including discounts on services and tax incentives for importing household goods. Once approved, you can live in Panama without a work permit. However, you cannot apply for Panamanian citizenship through this program. Applicants will need a minimum monthly income of €920, and no residency requirements exist.

2. Portugal

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

The Portugal Golden Visa offers residency by making an investment in an economy. The Portugal D7 Visa is a great option for retirees looking to live in Portugal. It is ideal for non-EU retirees with passive income sources like pensions, savings, or rental income. The residence permit is valid for two years and is renewable. However, the country allows you to apply for permanent residency after five years.

Once approved, you can access public healthcare or choose private insurance, which is required along with proof of income and your passport.

3. Dominican Republic

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

The Dominican Republic is a popular Caribbean destination for retirees, offering stunning beaches, waterfalls, and lush forests. Rent in Santo Domingo is 90% cheaper than in New York, and the overall cost of living is 55% lower. While the public healthcare system has limits, private healthcare provides quality options.

If you are considering staying in the country for a longer period of time, you can also consider the Dominican Republic Retirement Visa.

The retirement visa or “pensionado,” requires proof of at least $1,500 monthly income, a background check, birth certificate, and health insurance valid in the country. You can enter on a tourist visa and apply for the retirement visa, though processing may take months. Expats often settle in cities like 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
• Retirement Index ranking: 1

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 from non-EU countries can apply for Spain’s Non-Lucrative Visa, designed for those who want to live in Spain without working. To qualify, you need a minimum income of €2,400, proof of accommodation, and private health insurance from a Spanish provider, as public healthcare is not included. Another option is the Spain Golden Visa, which grants you residency through investment. Coastal towns like Alicante offer an affordable lifestyle, with living costs 48% lower and rent 80% lower than New York, making Spain an excellent retirement destination.

5. Costa Rica

• Average living cost: $1,200 – $2,000 per month
• Best cities: San José, Atenas, Tamarindo, Escazú
• Retirement Index ranking: 12

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-paced 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% compared to New York.

Costa Rica offers two residency options for retirees. Through the Pensionado Program, you need a minimum monthly income of $1,000, transferred to a Costa Rican bank, and must spend at least one day in the country each year.

Alternatively, the Rentista Program requires proof of $60,000 annual income or $2,500 monthly income for two years. Costa Rica’s public healthcare system covers residents without copays or exclusions, while private healthcare is also available.

6. Malta

• Average living cost: $1,500 – $2,500 per month
• Best cities: Valletta, Sliema, St. Julian’s
• Retirement Index ranking: 13

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.

Expats in Malta need private health insurance as they are not covered by the national system. For residency, the Malta Residency by Investment Program (MPRP) requires purchasing property worth at least €350,000 or renting with an annual lease of €14,000, demonstrating financial stability, and passing a strict due diligence check. The MPRP allows Schengen Zone travel. Alternatively, a self-sufficiency visa requires 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
• Retirement Index ranking: –

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.

Ecuador’s official language is Spanish, but English is spoken in major centers and popular visitor areas. Moreover, the country’s official currency is the US Dollar. These two essential factors make it one of the best countries to move to from the USA. 

Living in Ecuador is affordable. A monthly budget of $800–$1,500 is enough, and healthcare costs about 25% less than in the U.S. Retirees can pay around $100 monthly for government health coverage or choose private insurance.

To apply for permanent residency in Ecuador, you must first hold a temporary residence visa for 21 months. You’ll need to show proof of financial stability, like income from a pension or savings, and provide a police background check showing no criminal record. Health insurance covering services in Ecuador is also required, along with a valid passport and proof of your current legal stay there.

8. Mexico

• Average living cost: $1,000 – $2,000 per month
• Best cities: Mérida, Guadalajara, San Miguel de Allende, Puerto Vallarta
• Retirement Index ranking: 5

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. Many opt for private insurance or pay out of pocket. The cost of living and rent are low, with most retirees budgeting around $1,500 to $2,000 per month.

To retire in Mexico, you can apply for the Permanent Resident Visa, which requires a minimum income of €1,491 per month or a bank balance of €98,440. Retirees can apply directly, while others must wait four years. Applicants must be 60 or older, though younger applicants may be considered. A background check may also be required.

9. Colombia

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

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 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 offers both public and private healthcare at affordable prices. Expats can join the public healthcare plan with a national ID or opt for private insurance.

Most foreign retirees apply for the Pensionado visa. To qualify, applicants must show a pension of at least three times the minimum wage in Colombia, around $800 USD per month in 2024. They must also provide a document verifying the pension, which may need to be translated and notarized, and bank statements showing consistent pension deposits.

10. Italy

• Average living costs: €1,500 to €2,000
• Best cities: Florence, Tuscany (Lucca), Sicily (Palermo), Lake Como
• Retirement Index ranking: 7

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. 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
• Best cities: Athens, Crete (Chania), Peloponnese (Nafplio), Thessaloniki.
• Retirement Index ranking: 14

Greece attracts retirees with its sunny islands, welcoming locals, and historical sites. Its Non-Domicile 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 public hospitals and private clinics and offers good quality care at reasonable prices. This is another of the top countries featured on our retirement index, ranking 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.

Greece has some of the best beach towns to retire in, like Crete, Rhodes, and Nafplio. These towns offer stunning beaches, great weather, and a peaceful, affordable lifestyle. 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.
• Best cities: Penang (George Town), Kuala Lumpur, Ipoh, Johor Bahru
• Retirement Index ranking: 15

Malaysia is an excellent choice for retirees due to its affordable cost of living, beautiful landscapes, and high-quality healthcare. The country offers modern infrastructure, English-speaking communities, and a multicultural society, making it appealing to retirees from the U.S. and Europe. You can enjoy a warm, tropical climate with a range of housing options, from busy cities to quiet coastal towns.

Through the “Malaysia My Second Home” (MM2H) program, retirees can apply for a long-term visa. To qualify, applicants need liquid assets of $107,000 and a monthly income of $2,200. Those over 50 can also choose a fixed deposit option.

Malaysia scored 91.66 on our retirement index, ranking in the top 15. The country is affordable, with monthly expenses ranging from $850 to $1,300.

13. Thailand

• Average living costs: $700 to $1,300
• Best cities: Chiang Mai, Bangkok, Hua Hin, Phuket.
• Retirement Index ranking: 16

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 two main visa options for retirees: the O-A Long Stay Visa and the Elite Visa. The O-A Visa requires applicants to be at least 50 years old and have a monthly income of $1,850 or a deposit of $22,800. The Elite Visa offers residency for 5 to 20 years, with membership packages starting at $14,200, and includes VIP services.

Thailand is one of the best places to retire due to its affordability and options for different needs. Depending on where you are, you can live comfortably with a monthly budget of $700 to $1,300.

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 Places to Retire