4 of the Best Places to Retire in the World

For many of us, it’s only natural to seek adventure with the freedom of post-work life.

The UK’s decision to leave the European Union hasn’t helped people wanting move abroad, but there are still plenty of ways to enjoy a fun-filled retirement!

On this page, we’ll be exploring some of the best places in the world to retire. We’ll cover some helpful tips and provide some recommendations on potential destinations.

Your preferences and budget will of course come into play, but we think you’ll love our suggestions below! 

Top Tip – The Global Retirement Index 

It’s worth mentioning right at the top of this article that a lot of this is hugely subjective. You won’t necessarily fall in love with a retirement destination just because an online review told you it was amazing.

It’s important to reflect on your own preferences, budget, and experience before making any significant life decisions.

Those who want a degree of objectivity when mulling over their options might like to read through this report from the Global Retirement Index. It seeks to “look at the state of retirement security around the world” and provide a series of comparisons to make your decision-making process easier. 

What the GRI Is 

It’s best to think of the GRI as a series of general statistics about a given country’s retirement prospects. It can give you a general idea of what it might look like to retire in a country. It can also help you gain broad-strokes comparisons between different countries that you’re considering.

In this sense, it’s a brilliant first port of call for those looking to retire overseas. Using it in conjunction with articles like this one can be a great way to get some initial inspiration.

What it Isn’t 

For better or worse, the GRI isn’t a silver bullet for your retirement planning. It can give you facts and statistics, but it can’t tell you how you’ll feel. The GRI can’t describe the experience of walking along a Spanish pier or diving off the coast of South America.

The statistics provided should also be taken as guidelines only – data collection will vary in terms of rigour from country to country. 

You won’t know whether a place is right for you until you’re actually there. Many wanting to retire to specific destinations will have already been there in the past or be planning research trips to get a feel for their top picks. 

A Post-Brexit Reminder 

For UK citizens, freedom of movement has been impacted. Since voting to leave the European Union, things have got a bit more complicated for those looking to retire abroad in mainland Europe. 

It’s still perfectly possible; you’ll just have to jump through more hoops and potentially spend more money. 

Be sure to research visa requirements for any country you’re considering. 

4 of the Best Places to Retire in the World

The list below contains some of the best places to retire in the world. We’ve considered the climate, cost of living, the main highlights, and more! 

1. Spain – The Best Food on Our List

It should come as no surprise that Spain is a hugely popular retirement destination for many people around the world. If your retirement earnings are more than around £23,000, you should have no problem getting a visa to live there. 

Those looking to take things to the next level can make a €500,000 (£429,225) real estate investment for a “golden visa” instead. 

Main Highlights 

• Beautifully sunny climate 
• Brimming with culture 
• Incredible food 
• Income and investment visas available 
• Plenty of English speakers
• Easy travel to neighbouring European countries

Climate 

Some parts of Spain get upwards of 300 days of sun per year. If you love soaking up those rays and relaxing in style, the country should be right up your street. Expect perpetual summers and an increase in your suncream budget! 

Cost of Living 

Spain isn’t the cheapest country in the world to live, but it’s also significantly more affordable than some people expect! If you’re retiring along the coast, you can live comfortably as a couple on somewhere between £1800 - £2600 a month. This becomes much cheaper in smaller rural towns and more expensive in cities like Barcelona. 

Some Considerations

From gorgeous coastal retreats to bustling city living, Spain has endless delights in store for those looking to retire there. Just keep the following in mind:

• You’ll need private health insurance for your first five years 
• You’ll need an annual retirement income of at least $29,027 (£23,665.71) for your visa. This is initially valid for one year and then is renewed for a further two years after each further assessment. 
• Many people speak English, but you’ll likely need to learn some Spanish 

2. Uruguay – One of the Most Affordable Options Going

From beaches and rural landscapes to sensational cuisine and bustling nightlife, there’s a lot to love about this hidden gem of South America. 

Main Highlights 

• Very affordable cost of living 
• Lots of variety for where you live 
• Favourable tax benefits 
• Affordable healthcare 
• Relaxed and easygoing atmosphere 

Climate 

Uruguay has a humid, subtropical climate which means that the winter days can feel “colder than they actually are.” Extremes of weather are pretty rare across the country. This is all in keeping with the nation’s laid back approach to life. 

Cost of Living 

If you have a retirement income of around £1300, you should be just fine getting a visa to stay in the country. A couple can live in relative luxury for around £2500 a month in Uruguay. Things can get significantly cheaper if you’re willing to forgo some outings once in a while.

This is a fantastic option for those looking to retire on a budget.

Some Considerations

• There’s no guarantee that you’ll find people who speak English 
• You’ll have to wait to be accepted onto a hospital’s private healthcare plan 
• You’ll need an English-speaking guide for help with setting up things like a bank account, etc. 

3. Panama – The Best of the Best

It frequently comes top of the GRI for a reason. Panama offers a whole host of benefits to those who successfully retire there. It’s our top pick overall. 

Main Highlights 

• “VIP” treatment and discounts for those with a retirement VISA 
• Plenty of well-integrated expat communities 
• A lifestyle and environment that’s unmatched 
• Bustling cultural life 
• Relatively affordable 

Climate 

As a Central American country, Panama is tropical and hot for the entire year. Expect summer weather that can sometimes be a lot for Brits to handle. For the right person, though, it’s truly sensational. 

Cost of Living 

If you’re living alone, it’s possible to get by in Panama for as little as £1500 a month. You’ll need an income of around £800 a month to be able to get a visa in the country. A couple can live reasonably well for around £2900 a month. 

Some Considerations

• Healthcare can be expensive (retirees get great discounts, however)
• You’ll need a Panamanian lawyer to help you with your visa application 
• The humid climate isn’t for everyone 

4. Malta

One of the smallest countries on earth with one of the biggest hearts. For many, Malta is a fantastic place to retire. 

Main Highlights 

• Amazing beaches 
• Friendly, English-speaking locals
• Sensational food 
• Mediterranean climate 

Climate 

Expect mild winters and gorgeously warm summers. Malta is a sunbather's paradise! 

Cost of Living 

A two-bedroom apartment can cost anywhere between £750 and £1800 a month depending on where you decide to retire. Expect to spend between £1500 and £2300 a month to live here comfortably. You won’t be able to access the country’s national healthcare system and will need to cover the costs of private healthcare yourself. 

Some Considerations

• You’ll need private healthcare insurance or to pay out of pocket each time 
• Malta can feel relatively crowded in some areas, especially in peak season 
• You’ll need a retirement income of at least £20,585.56 to retire there 

Some Honourable Mentions 

Still wondering where else you could move? These honourable mentions may help: 

• Ecuador – even more affordable than Uruguay 
• Germany – incredible infrastructure and quality of life 
• Costa Rica – affordable and sensational in equal measure 
• Portugal – fantastic food and a reasonable cost of living 
• Thailand - popular with Brits for its expat communities, friendly locals, incredible food and amazing beaches.
  

Retiring Abroad - Final Thoughts

More and more people are choosing to go abroad, rather than retire in the UK. There are many reasons for this, including the lower cost of living in other countries, the opportunity to experience a new culture, and the chance to enjoy a warmer climate.

Whatever the reason, retiring to foreign climes can be a great way to enjoy later life. Of course, there are some things to consider before making the move, such as your income, your health care needs, and your ability to speak the local language.

But if you do your research and make a careful plan, moving overseas can be an incredible experience.