The 10 Best Countries to Retire in (And How to Choose One)

Immigration & Living Abroad

The 10 Best Countries to Retire in (And How to Choose One)

We've reviewed a range of reports and data analyses on the best retirement destinations in the world to give you a comprehensive view of options to consider. Explore where you could retire abroad below.

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Best countries to retire: senior couple hugging each other

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Cassidy Rush
Cassidy Rush is a writer with a background in careers, business, and education. She covers international finance news and stories for Remitly.

One 2025 study found that a third (34%) of retirees in the U.S. are considering moving abroad for retirement. For many, it’s an opportunity to seek out warmer weather, a lower cost of living, or a different lifestyle. Depending on the exchange rate, your money may go further in another country than it would back home.

But moving to a different country can bring some challenges, such as having to learn a new language or go through a lengthy immigration process.

That’s why we’ve put together this list of the 10 best countries to retire in, based on key factors such as climate, quality of life, and access to healthcare. To do this, we reviewed multiple data reports on the topic to combine into one easy-to-read guide.

10 best countries to retire in

First off, it’s worth saying that the best country to retire in will depend on your personal circumstances. Perhaps you speak fluent Spanish, so Mexico could be a good option. Or maybe you already have citizenship elsewhere. There are lots of factors and preferences that can change this decision.

Generally, a good place to start is to review the various retirement reports and indices out there. Fortunately, we’ve done the hard work below, which considers everything from economy, healthcare to just how sunny the weather is.

We’ve aimed our list at retirees in the U.S. or Canada, but residents of other countries may also be eligible for some of these retirement options.

1. Norway

Norway ranks as the top retirement destination globally for its excellent healthcare, safety, and strong social systems. It also secured the #1 spot in the 2025 Natixis Global Retirement Index, underlining its unmatched retirement readiness. Eurostat found that retirees here enjoy some of the highest life satisfaction scores in Europe.

While there isn’t a dedicated retirement visa, Americans and Canadians can apply for a residence permit if they are financially independent. Breathtaking fjords and world-class infrastructure do however come at the cost of one the highest costs of living in the world.

2. Ireland

The ability to speak English in a retirement destination is obviously a plus for most North Americans. But you can also expect a welcoming culture, rich history, and some stunning natural beauty. Costs can be high, especially for housing, but not as high as the U.S. From the reports we reviewed, retirees consistently praise Ireland’s healthcare system and strong sense of community, with Eurostat finding very high life satisfaction scores for older adults. Ireland offers a “Stamp 0” Independent Means visa for retirees who can show sufficient income or assets.

3. Switzerland

Switzerland is often called the gold standard of retirement destinations, thanks to its pristine environment, political stability, and excellent healthcare system. Retirees with sufficient income may apply for a long-stay residence permit, though each canton (similar to a U.S. state) has its own rules. While Zurich and Geneva rank among the world’s most expensive cities, retirees who can afford it benefit from some of the highest life satisfaction scores anywhere in Europe.

4. Iceland

For those who enjoy seeing some of the world’s best outdoors beauty, Iceland offers a lot. Aside from that, Reykjavik offers modern conveniences, while the countryside provides peace and quiet. There is no dedicated retirement visa, but those who are financially independent can apply for residence permits. The Natixis Global Retirement Index placed Iceland 4th globally and other data showed that retirees here consistently report high life satisfaction levels, especially when it comes to healthcare and overall quality of life.

5. The Netherlands

Remitly’s Immigration Index highlighted the Netherlands among the world’s most attractive immigration destinations. The country blends modern infrastructure with a rich cultural heritage. Retirees can enjoy excellent healthcare, efficient public transport, and a cosmopolitan lifestyle in Amsterdam or more laid-back living in smaller cities. While costs are high, the Netherlands consistently ranks well in retirement-related indicators. Similar to other European countries in the analysis, there is no specific retirement visa, but there are some options for financially independent individuals.

Bike against railings in front of a canal in the Netherlands.

6. Luxembourg

Small but mighty. Luxembourg is one of Europe’s wealthiest nations, with high living standards and an appealing location for travellers between France, Belgium, and Germany. Luxembourg ranked #9 in the 2025 Natixis Global Retirement Index and also appeared 3rd in the Remitly Immigration Index. It appeals to migrants and retirees of all ages.

As is the norm in this analysis, retirees who can demonstrate financial independence and health coverage may qualify for residence permits. While expensive, Luxembourg offers strong financial security and multilingual comfort.

7. Panama

Panama remains one of the most popular choices for American and Canadian retirees thanks to its famous Pensionado visa, which requires just US$1,000 in guaranteed monthly income. This visa comes with discounts on everything from airfare to utilities, making retirement highly affordable.

In the 2024 Expat Insider survey, Panama ranked among the top 10 globally for expats, and International Living also placed it as their #1 retirement destination for 2025. With the U.S. dollar as its currency and direct flights home, Panama is as convenient as it is welcoming.

8. Mexico

From a practical perspective for North Americans, Mexico is often high on the list of retirement destinations because of how close it is to home. This proximity means there are many thriving migrant hubs to make settling in easy too.

Retirees can apply for Temporary or Permanent Resident visas, with financial requirements based on income or savings. In the Expat Insider 2024 report, Mexico ranked among the best destinations for expats, and International Living also listed it as a top retirement option for 2025. Many retirees choose San Miguel de Allende, Lake Chapala, or coastal towns like Puerto Vallarta. Healthcare is accessible and affordable, though it is worth noting, U.S. Medicare won’t apply abroad.

9. Spain

The Mediterranean climate invites retirees to indulge in a slice of culture that comes in a relatively affordable package. Spain is a top European retirement hub for a reason. In the 2024 Expat Insider survey, Spain ranked among the top 10 best countries for expats, and International Living also featured it highly in their retirement rankings. Americans and Canadians often apply for the Non-Lucrative Visa, which allows financially independent retirees to live in Spain and later apply for permanent residency.

10. Costa Rica

Costa Rica is a retiree favorite for its “pura vida” lifestyle and outstanding healthcare system. Similar to Panama, North Americans can get the Pensionado visa, which requires just US$1,000/month in retirement income, with a path to permanent residency after 3 years.

International Living placed Costa Rica among its top 3 retirement destinations for 2025, praising its natural beauty and strong expat networks. Retirees often settle in the Central Valley for its mild climate or along the coasts for a beach lifestyle.

How we chose the top ten retirement destinations

To create our ultimate list of retirement destinations for 2025, we combined insights from several authoritative sources on the matter: InterNations Expat Insider 2025 survey, the Remitly Immigration Index, the Natixis Global Retirement Index 2025, International Living’s Best Places to Retire, and Eurostat’s life satisfaction data for Europeans aged 65+. From this data we places greater importance on those specifically reviewing retirement factors, and reviewed options especially popular with U.S. and Canadian retirees – placing greater emphasis on North American friendly visas for example.

What makes a great retirement destination?

Senior couple packing their clothes

Choosing a place to retire is a big decision. Take your time to research each destination and visit one or more places in person if you’re able.

Here are a few things to consider as you narrow down the list.

Living costs

Your retirement income will go much further in some countries than others, so consider the exchange rate and cost of living before deciding.

European countries like France, Switzerland, and Italy tend to be more expensive, while Latin American countries like Colombia have a relatively low cost of living.

Language

Learning a new language can be difficult and make it harder to adapt to your new home. If you move to a popular tourist destination, many locals will speak English, but it’s best to make some effort to learn the language in advance.

If you already speak a second language, such as Spanish, consider moving to a place where Spanish is the official language.

Healthcare

The best countries to retire in all have excellent healthcare systems. That’s partly what makes them so attractive to retirees. But every healthcare system is different, so don’t assume that you’ll automatically be eligible to enroll. You may have to purchase your own health insurance policy until you’ve established permanent residency.

Climate

For many retirees, a warm climate is the biggest draw to a different country or region. But not all warm climates are alike, and many of these destinations may have more humidity or a longer rainy season than you’re used to.

If you’re considering moving to a place with a tropical climate, such as Panama or Costa Rica, spend some time there first to see how well you cope.

Ease of migration

Finally, if you intend to move abroad, don’t overlook the amount of paperwork involved. Some retirement programs require you to apply for visas in advance, while others may allow you to establish residency after you arrive.

It may be easier to retire in a country where you already have ties, such as a country where you’ve lived or worked in the past, or one where you have family members.

Plan ahead when sending money overseas

Senior couple happily using a tablet

Moving abroad requires some financial planning, especially if you’ll be living on savings or recurring income from your home country. Some countries require you to show proof of monthly income, while others require you to make a large investment upfront.

Always use a trusted money transfer platform when sending money internationally, and check the exchange rate to make sure you’re getting the best deal.

Key resources for moving and retiring abroad

Read more about moving and retiring