Retirement brings with it the possibility of a new beginning. People who are no longer bound to a specific area by work may begin to dream of life somewhere else. If that somewhere else should lead them abroad, expat experts say certain countries rise to the top for U.S. retirees.
“(U.S. retirees) look for pleasant weather and rich culture,” says Laura Madrid, research lead at U.K.-based Global Citizen Solutions, a visa and relocation consultancy. “Language is also very important.”
Taxes, health care and proximity to the U.S. also matter to American retirees, according to Madrid, who recently finished work on the Global Citizen Solutions’ U.S. Citizens Retirement Trends Study.
For countries that check off these and other boxes, consider the following locations to retire overseas, listed alphabetically:
— Antigua and Barbuda
— Costa Rica
— Ireland
— Malaysia
— Mexico
— New Zealand
— Panama
— Portugal
— Spain
— Thailand
Antigua and Barbuda
The Caribbean is the most popular destination among clients of the Harvey Law Group, according to Hoda Elamir, an attorney with the firm that specializes in immigration and citizenship by investment. And among the Caribbean islands, Antigua is the top destination for many retirees.
“We do a deep dive into what they are looking for,” Elamir says. “Safety always comes up.”
Part of the Commonwealth country of Antigua and Barbuda, Antigua meets the needs of many retirees with its flat terrain and beautiful scenery. Despite a recent uptick in criminal activity, it is considered a safe nation with no travel advisories issued by the U.S. Department of State. The U.S. is also nearby, making it easy to visit family and friends.
The Antigua and Barbuda Department of Immigration notes online that a residency permit can be granted to a “person of independent means.”
[Read: Where Retirees Can Buy a Home Overseas for Under $100K]
Costa Rica
There has been a lot of buzz lately about Costa Rica as a retirement destination. It has earned accolades for its beautiful beaches, low cost of living and quality health care. It is the No. 1 destination for retirees in International Living’s Global Retirement Index and is third overall in the U.S. Citizens Retirement Trends Study.
“If someone is looking for a more laid-back lifestyle but doesn’t mind taking a car,” Costa Rica can be a good choice, according to Jeff Mayernik, a retiree who has been traveling the world with his wife Sandra and chronicling the experience on their website, TheMobileRetiree.com. They describe its capital city, San Jose, as a beautiful town that is fairly easy to walk.
While San Jose and the country’s interior are noted for their more comfortable weather, the coastal areas can be hot and humid. Outside the major cities, you may also need to know some Spanish to communicate effectively. The Costa Rican tax system means retirees won’t have to pay taxes on income generated outside the country.
A monthly pension of at least $1,000 is required to qualify a retiree for temporary residency, one of the lowest requirements in the world.
Ireland
Not everyone wants to retire to someplace hot and steamy, and for those seeking a cooler climate, Ireland can be a good choice. Known for its rolling, green countryside, the Emerald Isle is considered a safe and stable country that is welcoming to expats.
Ireland also makes it relatively easy to retire there if you have recent Irish ancestors. Those who have grandparents who were born in the country can apply for citizenship by descent. Others may obtain a retirement visa so long as they have adequate annual income and access to a lump sum of money that can be used for unexpected expenses.
[Related:10 Places to Retire Abroad on Social Security Alone]
Malaysia
Malaysia, located in Southeast Asia, is the most affordable country in the world, according to the U.S. Citizens Retirement Trends Study. It earned No. 1 rankings for both cost of living and tax optimization.
International Living notes the cost of housing, transportation, food and other expenses can be as little as one-fifth the amount American retirees might spend back home. The publication says the people of Malaysia are hospitable, and Penang is a popular region for expats. Expect tropical weather that is hot year-round.
The Malaysia My Second Home program allows retirees with sufficient financial means to live in the country for an extended period.
Mexico
Mexico is another country that is close to the U.S. It offers the second-best quality of life for retirees, according to Global Citizen Solutions, and has also been recognized by International Living and Travel + Leisure as a top retirement destination. Retirees aside, Mexico is the second-best country for expats in general, the expat platform InterNations says.
Weather varies from tropical in the Yucatán Peninsula to more temperate in the interior highlands. Mexico boasts a rich heritage, beautiful cities and an affordable cost of living. Health care is also relatively inexpensive.
If you have sufficient savings and monthly passive income, you can get a retirement visa from Mexico. However, even if you don’t meet the requirements for a visa, you can stay for six months at a time on a tourist visa, making this country a good choice for those planning to live only part of the year overseas.
New Zealand
On the other end of the financial spectrum is New Zealand. This island country in Oceania is not the cheapest place to retire — and you might spend 16 hours on a plane to get here — but it still ranks among the best places to retire overseas.
That’s because English is spoken, the government is stable and the scenery can be breathtaking. Global Citizen Solutions names it the best country in the world for retirees in terms of migrant acceptance. And it isn’t just retirees who will like New Zealand. It is the overall 8th best country in the world, according to U.S. News rankings.
While New Zealand does have a retirement visa, you will need significant savings and income to qualify for the program.
Panama
Panama is another country having its moment as a top retirement destination. Its Pacific and Caribbean coasts, as well as cities such as Panama City and Boquete, attract expats. Plus, its low cost of living is a selling point for retirees hoping to downsize their bills.
U.S. residents can stay in the country for three months with their passport, and a retirement visa only requires $1,000 in monthly income. That means even those living on Social Security alone might be eligible to retire to this Central American country.
It won’t be for everyone, though. Mayernik and his wife lived in Panama briefly and “discovered that hot and humid is not our jam.”
[Read: The Best Places to Retire in Latin America]
Portugal
The countries of the Iberian Peninsula take the top spots in the U.S. Citizens Retirement Trends Study from Global Citizen Solutions. Portugal takes the No. 2 spot in the International Living 2024 Global Retirement Index.
The country has a wide selection of appealing cities, and the Mayerniks single out Faro for its gorgeous views and beautiful weather.
While Portuguese is the native language for many of the country’s residents, English is also widely spoken. “I only had two instances where I ran into people (who spoke) no English at all,” Mayernik says.
Retirees may be eligible for a temporary stay visa so long as they have enough income to support themselves.
Spain
“Portugal and Spain are among the most affordable countries in the European Union,” Madrid says. That’s not only because of their cost of living but also their quality health care and tax-friendly policies.
Of the two, Spain was ranked first in the study both overall and for quality of life. It is noted for its climate, which ranges from Mediterranean in the south and east to continental in the central regions. The country also has public and private health care systems, strong migrant acceptance, good English proficiency and a relatively favorable tax environment.
Retirees can apply for a nonworking visa that will allow them to remain in the country so long as they have “sufficient and guaranteed means to live on,” according to Spain’s Ministry of Foreign Affairs website.
Thailand
Like Latin America, Southeast Asia is a popular retirement choice due to its low cost of living and favorable taxes.
“Thailand has a premium health care system and is very affordable compared to the U.S.,” Madrid says.
The trade-off is a long flight home, low English proficiency and a significantly different culture than that found in the U.S.
“Thailand is the most affordable, but it is also the furthest away from where our clients are from,” Elamir says. That can be a deterrent for some retirees considering this country.
People who are least 50 years old and have sufficient savings can apply for a long-stay non-immigrant visa that will allow them to remain in the Kingdom of Thailand for up to 10 years.
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Best Places to Retire Overseas in 2024 originally appeared on usnews.com
Update 07/24/24: This story was published at an earlier date and has been updated with new information.
