This is an old article. For an updated list of popular retirement destinations, check out our latest post on the best places to retire in the world.
Retiring abroad is a dream for many and is becoming a reality for more and more retirees. After years of working hard, retiring abroad can be a very attractive prospect. However it can be overwhelming when trying to pick somewhere to make the big move to.
As with any important decision, there are several things to consider before choosing your new home, including the costs of living there, your pension’s tax status and visa requirements, amenities, healthcare services and of course the climate. To help you decide what might be right for you, have a look at our five most popular places to retire.
Portugal
Portugal has swiftly become one of the more sought-after retirement destinations in the world. According to the Annual Global Retirement Index, Portugal was the number 1 place to retire for 2023. Apart from the obviously warm climate, the country boasts beautiful unspoiled coastlines, culture filled towns and an equally active day and night life. It also has one of the lowest crime rates in the world, making it an incredibly safe place to retire. Arguably, Portugal offers something for everyone. But what are some of the things to consider?
Well in terms of living costs, it is estimated that monthly expenditure would be anywhere from €1,300-€2,200 a month, depending on which city you choose. Lisbon and Porto are some of the more costly Portuguese cities. Healthcare is also ranked highly as residents can use the National Health Service any time they should need it, only paying for each individual service. However, to acquire a Portuguese visa, you will need health insurance, along with a passport and some additional proof of identity.
Ecuador
Another popular retirement destination is Ecuador. Located in Southern America, Ecuador is an equatorial utopia. Home to the Galápagos Islands, endless white sandy beaches, Ecuador’s Amazon rainforest, and spicy hot temperatures all year round. If you’re a big nature lover, this might be the spot for you!
Apart from its beautiful budding wildlife, Ecuador has very friendly residents, low living costs and an endless feeling of adventure. Ecuador uses the US Dollar as its currency, and most retirees spend anywhere between $1,200-$2,000 a month, depending on your spending habits. Similarly, to Portugal, healthcare is highly rated in Ecuador, with access to full healthcare cover for approximately $100 per month. To acquire a permanent visa, you need to have lived in the country for just under 2 years (21 months), along with proof of funds and identity.
Greece
Another retirement location in demand is Greece. This Mediterranean country has many attractive amenities, including friendly and welcoming locals, stunning beaches, a wonderfully warm climate, and a whole host of culture and history. Greece was once home to philosophers like Plato, Aristotle, and Socrates, and currently the country enjoys more than 250 museums!
The list goes on… living costs in Greece are low, as you can live comfortably for around €1500 a month. The country has high quality medical care, with the option for private medical care at reduced prices, which often attracts expats to Greece and its surrounding islands. There are a number of different visa options if you were to settle on Greece, and most can be completed online, and take about 2-3 months to come through.
Dominican Republic
Country number four on our list is the Dominican Republic. It’s a tropical paradise blessed with gorgeous miles of blue water beaches, endless surrounding nature to explore and an endless amount of fun and relaxing activities. The Dominican Republic is the beach haven, cocktail sipping retirement destination that continues to grow more and more in popularity amongst expats.
The living costs usually fall approximately between $1300 -$1800, depending on your spending habits. Dominican private healthcare is easy to access and relatively cost friendly, as is acquiring a permanent visa, which takes a few months to complete post your arrival! One thing to note, not all provinces in the Dominican Republic are considered ‘safe’, so always research all the different areas, before making the big decision!
France
Unlike the other countries in this article, France offers much more of a mix in weather, with the potential for a white Christmas! With equally stunning warm summers and springs, the French climate has something for everyone. Along with diverse temperatures, France is home to the world-famous French cuisine, culture galore and of course the ever so glamorous capital, Paris.
Living costs in France can fluctuate in different regions. Some of the more affluent cities such as Paris, Nice and Lyon can be far more expensive than the countryside towns, so make sure to research what part of the country you like before committing! France has excellent quality healthcare, and an easy visa system for UK retirees ready to make the big change.
How we can help your money go further when retiring abroad
When planning your retirement overseas it’s important to consider you currency options. Moving your money with Currencies Direct is often more cost effective than making the same transfer through your high-street bank.
With us you’ll get excellent competitive exchange rates and no transfer fees, meaning you could make immediate savings by transferring your money with us.
In addition, we offer a range of services which can help you to simplify the transfer process and give you more time to enjoy your retirement. A particularly useful service is our regular transfers, with which you can automate the transfer of your monthly pension payments to a local bank account.
We can help you budget for your life as a retired expat through our five-star service, offer quick and reliable money transfers. Contact us by phone at +44 (0) 20 7847 9400, or email at [email protected] to see how we could help you maximise the value of your pension when retiring overseas.
