10 Best Countries to Retire in 2024

When it comes to retiring, more and more pensioners are deciding to ditch their hometowns and move abroad, taking advantage of a lower cost of living, a life by the beach, or even the opportunity to improve their language skills.

With so many retirement visa options out there, it can be tricky to find a country that ticks all of your boxes. This guide highlights our top picks when it comes to retirement destinations worldwide, taking into account things like the cost of living, popularity amongst retirees, and other pros and cons.

For each visa, we’ll also cover essential details like the financial requirements and how long each visa will let you stay in the country.

France

Dreaming of sipping café au lait by the Seine or wandering through lavender fields in Provence? France might just be your ideal retirement destination. With a high standard of living, government-subsidised healthcare, and a culture of enjoying the arts, it ticks a lot of boxes.

Life in France isn’t perfect, though. France’s heavily unionised workforce means that strikes can lead to industry-wide shutdowns, living in France can be costly, and the language barrier can be significant if you’re not fluent in French.

France’s Long-Stay Visitor Visa

This visa allows you to stay in France for up to a year initially and can be renewed annually. After five years of continuous residence in France, you can apply for permanent residency.

However, until you have permanent residency, you’ll still have to use a Schengen calculator like the Flamingo - Travel Days Tracker App. That’s because, while this visa allows you to stay in France, you still have to follow the 90 days in every 180 days rule when it comes to travel to other Schengen countries.

Requirements:
◾ Proof of monthly income higher than the French minimum.
◾ Comprehensive health insurance coverage.
◾ Accommodation in France.

Mexico

Fancy the tacos, tequila, and turquoise waters of Mexico’s many fabulous beaches? For US retirees, Mexico is one of the top choices.

However, like everywhere, Mexico isn’t perfect. Healthcare varies in quality, and safety can be a major concern in certain areas. Bureaucracy can also be a hurdle when dealing with immigration and property ownership, which will be even harder to navigate if you don’t speak Spanish.

Mexico’s Temporary Resident Visa

This visa allows you to stay in Mexico for up to four years, and it’s renewable annually. After you’ve been living in Mexico for 4 years, you can apply for permanent residence.

Requirements:
◾ Proof of income of at least $3,737.95/month for the last 6 months, or a bank balance of over $62,232.50 in the last year.
◾ Health insurance coverage.

Panama

With tropical weather, modern infrastructure and the perfect location to explore Central, North and South America, Panama is one of your top options for retirement. It also doesn't tax foreign income or foreign pensions, which is a big advantage.

However, the high humidity and rising costs of living in popular expat areas, especially Panama City, are points to bear in mind.

Panama’s Pensionado Visa

Unlike most retirement visas, Panama’s Pensionado Visa is a permanent residency visa that allows you to stay there as long as you want if you can prove each year that you’re still getting your pension.

Requirements:
◾ Proof of income of at least $1,000/month and an additional $250/month for each dependant.
◾ Comprehensive health insurance.
◾ Clear criminal record.

Thailand

Retire to Thailand for its incredible food, friendly locals, and beautiful beaches. The low cost of living and excellent healthcare are also solid reasons for retirees to choose this stunning country.

On the downside, the language barrier can prove difficult when it comes to getting out of the expat bubble. The burning season, between January and April, is also an unpopular time to be in Thailand due to the smoky air and pollution.

Thailand Retirement Visa (O-A Long Stay)

This visa allows retirees to stay in Thailand for up to one year, with the possibility to renew annually.

Requirements:
◾ Proof of monthly income of at least $1,773 or a Thai bank account showing a balance of at least $21,800.
◾ Be at least 50 years old.
◾ Clean criminal record.
◾ Annual health insurance.

Greece

Greece has something to satisfy every retiree - from the sun-soaked islands to the mountainous mainland. Greek cuisine, besides being delicious, is known as one of the healthiest in the world, and the living costs here are among the lowest in Europe.

Retiring in Greece comes with its own set of challenges, though. The nation's economy has seen instability in the past, and while healthcare is generally adequate, it may vary in quality, especially in rural or isolated islands. Language barriers and a cumbersome bureaucratic system are also common problems.

Greek Long-Stay Visa (National Visa D)

This is the go-to visa for non-EU citizens who want to retire in Greece. It’s granted for up to one year and can be renewed annually. After 5 years, you can apply for permanent residency.

Requirements:
◾ Proof of retirement income (around €2,000 per month).
◾ Comprehensive health insurance coverage valid in Greece.
◾ Proof of a rental agreement or property ownership in Greece.

Portugal

The Algarve, one of the warmest places in Europe, is a magnet for retiree expats looking for a relaxed way of life by the beach. With warm year-round weather, affordable prices, and plenty of beaches, it’s no wonder many expats flock to Portugal for their retirement or just add Portugal to their long-awaited retirement trip plan.

The cost of living in Portugal, while generally low, has been rising, particularly in popular expat areas like Lisbon and Porto. Additionally, English isn’t widely spoken in rural areas or among older generations.

D7 Visa (Passive Income Visa)

The D7 Visa is initially issued for two years and can be renewed for three more years. After five years, you can apply for permanent residency and eventually citizenship.

Requirements:
◾ Proof of minimum income of around €760 per month for the main applicant.
◾ Health insurance that meets or exceeds the standards provided by the Portuguese National Health Service.
◾ Proof of rental contract or property ownership in Portugal.
◾ Clean criminal record.

Costa Rica

Costa Rica is the ideal place to retire, especially if your dream retirement trip plan includes surfing the world’s best waves or hiking through rainforests. It offers a stable political environment, excellent healthcare, and a solid expat community.

Unfortunately, Costa Rica has the highest cost of living in Central America. However, expats still find their cost of living here more affordable than in the US and Western Europe.

Costa Rica’s Pensionado Program

This visa offers retirees a temporary residence visa that’s renewable every two years, provided that you live in Costa Rica for at least four months each year.

Requirements:
◾ Minimum pension income of $1,000/month.
◾ A request letter stating your reasons for applying.
◾ Clean criminal record.

Malaysia

Malaysia offers a mix of big cities and natural attractions, plenty of world-class beaches, affordable healthcare, and a low cost of living. English is also widely spoken in Malaysia, which eases the transition of moving here.

On the other hand, Malaysia is known for being extremely humid at certain points in the year, and bureaucracy is slow. The Malaysia retirement visa is also expensive compared to the others on this list.

Malaysia’s My Second Home (MM2H) Program

There are three different categories for this visa - silver, gold and platinum, which determines how long you can stay for, from 5 to 15 years. With the platinum tier, you can even get permanent residency.

Requirements:
◾ If you’re under 50 you’ll need a minimum of $120,000 in liquid assets and a fixed deposit or passive investment of $72,000. If you’re over 50 you only need to have $84,000 in liquid assets and a passive investment of $36,000.
◾ You’ll also need to show a monthly income of at least $9,513.

Spain

If you fancy a retirement filled with sun, sea, and sangria, there’s no better place than Spain. The fact that it has a huge English-speaking expat community is another bonus! Spain is also one of the most affordable places to retire in Europe.

With that said, retiring in Spain isn't without its drawbacks. The bureaucracy can be formidable, and while living costs in rural and coastal areas are lower, cities like Madrid and Barcelona can be quite pricey.

Spain’s Non-Lucrative Visa

This visa allows you to live in Spain for one year and can be renewed, each time for an additional two years. After living in Spain for five years you can apply for permanent residency.

Requirements:
◾ Sufficient funds to support yourself without employment (approx. €27,000 annually).
◾ Comprehensive health insurance in Spain.
◾ Evidence of a place to live.

Colombia

Colombia has been growing in popularity in recent years as a hotspot for retirees. With large US expat communities, beautiful landscapes and affordable prices, it’s a logical choice.

However, safety concerns are one of the biggest deterrents to retirees, especially those who do not speak fluent Spanish and will face a language barrier when living in Colombia.

Colombia’s Retirement Visa (M-11)

This retirement visa allows retirees to live in Colombia for up to three years and can be renewed continuously.

Requirements:
◾ Minimum monthly income of around $1,000.
◾ Mental and physical fitness certificate.
◾ Clean criminal record.
◾ Comprehensive health insurance.