If you're considering moving overseas for your retirement, the world is your oyster: there's a wealth of other countries where Americans can enjoy a slice of the good life.
Developed by International Living, the 2023 Annual Global Retirement Index has ranked the 16 best places for Americans to retire to, based on 10 factors, including Climate, Cost of Living, Healthcare, and Governance, with each given a score out of 100. The higher the score, the better the retirement prospect.
Read on for a tour through the top destinations for Americans to retire to this year.
The first country in International Living's round-up, Belize has been awarded an average score of 59.86 – a significant drop from its 2022 score of 67.1 Its Healthcare score is the lowest of any country on the list at just 45. However, its relative proximity to the US means it's possible to fly out for medical treatment, and many affordable insurance plans will pay for emergency transportation if needed.
The Central American nation makes up for its low Healthcare score with a strong Cost of Living score (77). Including rent, consumer prices are 95.9% higher in the US than they are in Belize, meaning your money will probably go a lot further.
Offering idyllic beaches and tropical coral reefs, the island of Roatán is many people's idea of paradise. And it's not just stunning views that this nation has to share.
With an overall average score of 63.42 points, the Caribbean gem scores highest for Visas/Benefits (80), Cost of Living (73) and Affinity Rating (70). Property prices are reasonably cheap, with many houses available for as little as $100,000, and the national residence visa for retirees –the pensionado – requires you to have just $1,500 in guaranteed monthly income.
On the downside, Roatán's Healthcare score is the second lowest on the list at just 49.
Ireland consistently scores highly in global retirement rankings, so it's no surprise to see it on International Living's list. With an average score of 70, Ireland boasts exceptionally high scores for Development/Governance (90) and Healthcare (80). It has the joint lowest Cost of Living score (56) but consumer prices are still 2.7% lower, including rent, than they are in the US. And with no language barrier, you're sure to fit in with the locals.
The island nation of Malta, which is located in the central Mediterranean Sea, has an average score of 70.14. It doesn't score particularly highly across the board; it has the joint lowest Housing score (56), the lowest Visas/Benefits score (56) and a comparatively low Climate score (63). But what it lacks in certain areas it makes up for others.
Although Malta isn't the cheapest place in the world – purchasing power is 116.5% in the US – it's still a desirable spot for American retirees, and around 15% of the population are expats. It's not hard to see why. With an Affinity Rating score of 82 and Development/Governance score of 84, the Maltese way of life clearly has much to offer.
Uruguay boasts an average index rating of 70.86 meaning it just misses out on making the top 10. The small Spanish-speaking country stands out for its high Healthcare score of 80 and Development/Governance score of 79
It also scores highly for Healthcare, thanks to the nation's private healthcare Mutualista plans. Typically costing less than $60 a month, this comprehensive plan will cover all of your healthcare needs and is a popular choice amongst expats.
With an overall score of 73.43, Colombia is known as the gateway to South America – making it a practical location for people who want to return to the US regularly. It's one of the most biodiverse countries in the world and has a Climate score of 87. Including rent, consumer prices are a staggering 270.8% lower in Colombia than they are in America, according to Numbeo, and housing is both affordable and readily available.
Healthcare is also affordable in the nation, with subsidized health insurance available for as little as $35 a month. International Living says Colombia's healthcare system is one of the top 25 in the world.
The first country in the top 10 is Thailand. The popular tourist destination has the second highest Cost of Living score on the list at an impressive 96. Property is especially good value, with many houses available to buy for under $30,000 or to rent for as little as $150 a month.
Its Governance and Healthcare scores are both high, and there's a thriving American expat community that will help you feel right at home.
The low cost of living somewhat offsets the fact that Thailand has the second lowest Visas/Benefits score of any country on the list (58). But the lack of retirement benefits is one of the nation's few downsides.
Italy has soared up the rankings this year, rising from 19th to 9th place. The European nation is famous for its world-class food and culture – and if that's not enough of a draw, it also promises an excellent healthcare system (the second best in the world, according to the World Health Organization) and relatively low cost of living. With 'la dolce vita' on tap, it's perhaps no surprise the average Italian lives one to five years longer than the average American.
However, it's more difficult to obtain a visa for Italy than for a lot of other countries. If you want to apply to stay in Italy for more than 12 months, you'll need to sign an integration agreement – a legally binding contract that, among other things, means you'll have to pass a test in Italian.
France is the biggest country in Western Europe and has an average score of 75.43. Although it scores a pretty average 64 points out of 100 for Housing, real estate is generally around 34% cheaper in France, particularly outside of cities, compared to the US.
Healthcare prices are also reasonable with many costs reimbursed, and the French healthcare system has previously been ranked the best in the world by the World Health Organization.
Greece didn't make the Annual Global Retirement Index's top 25 last year, but in 2023 it's rocketed into the top 10. With excellent food, a beautiful climate, and endless culture, it's not hard to see why this Mediterranean idyll attracts retirees. But did you know it also boasts a world-class health system and low cost of living?
Expect to pay around 50% less for your medical prescriptions than you would back in the US, while accommodation in the capital city Athens is around 85% cheaper than in New York City. Another major draw is an initiative which means retirees are taxed at a flat 7% rate if they make Greece their official tax residence.
The sixth European nation on our list is Spain, which has an average score of 78.14. Spain has the third highest Healthcare score of any country in the top 16 at 88 points. Health insurance is significantly cheaper than it is in the US, with prices starting from just $100 a month, depending on your chosen plan and overall fitness.
The Spanish healthcare system has consistently been rated one of the best in the world by publications including the World Economic Forum's Global Competitiveness Report. Adding to its efficiency, the system now operates a 'medical interpreter's system' that enables non-Spanish speakers to arrange interpreters for their appointments.
Costa Rica was the second best retirement spot for Americans in 2022 but has since slipped to 5th place, with an average score of 79.28. Its Housing and Cost of Living scores might be among the weakest on the list, but the Central American country excels in other areas. It scores particularly highly for Healthcare (91, the second highest after Portugal) and Visas/Benefits (94).
In December 1948, Costa Rica abolished its army and diverted its military funds to its national education and healthcare systems. As a result, the country's healthcare is first-rate. Both private and public medical care is available to expats. Once you've successfully applied for residency, expect to pay around 13% to 15% of your monthly income into the national medical program: the Costa Rican Social Security Fund.
And considering Costa Rica is one of only five so-called "Blue Zones" in the world – regions that are home to a higher than average proportion of centenarians – it seems to be serving its residents well.
If you want to push your retirement savings to the max, Ecuador is the perfect retirement spot and has an average score of 83.57. Around $450 should cover your total expenses for a week, and the country's impressive housing score of 80 – the highest on the list – is no surprise when you learn you can rent a two-bedroom, two-bathroom apartment for just $500 a month.
It might have had a checkered political past but today you should have few worries, and this is reflected in Ecuador's Governance score of 76, an increase from 72 last year. Varied geography, a beautiful climate, and the ease of applying for a visa all make Ecuador a desirable destination for American retirees.
Last year, Panama was rated the world's best retirement spot for Americans hoping to move overseas. It might have slipped from top spot but, with an average score of 84, it's still a popular choice, boasting excellent healthcare, low living costs, affordable housing, and some of the best retirement benefits in the world.
The Panama Retirement Program entitles you to a tempting range of discounts, including 10% to 50% off expenses such as healthcare, meals out, and even flights to the US from Panama. It's also one of the easiest places to apply for residency from the US.
Within easy reach of the US, it's not surprising that Mexico is home to well over a million American citizens. Its large expat presence, coupled with its distinct culture, make it one of the most popular retirement spots for people leaving the US.
A retired couple could easily live off around $2,000 to $2,500 a month, which even covers health insurance through the country's public health plan. What's more, applying for a visa is much easier than it is elsewhere. Retirees can apply for either temporary or permanent residence, with temporary residence valid for up to four years.
Rising from 4th to first place this year, Portugal has been awarded an average score of 87.43. The European nation last topped in the index in 2020 and stands out for its excellent Healthcare score – the highest on this list – as well as its impressive Development/Governance score (94) and its Visas/Benefits score (90).
Other draws to Portugal include its large expat community of around 500,000 people and the fact that foreigners can easily exchange their native driver's license for a Portugese one, no test required. An American couple can live comfortably in Portugal for around $2,500 to $3,000 per month.
Now discover when Americans really retire, and how that compares to workers in other rich countries