For many, retirement is exciting. The time has come when you’re free to do as you please, which for most people includes travelling regularly. But a growing number of retirees are taking this even further and opting to retire outside their country altogether. While there are both pros and cons of retiring abroad, it can be one of the greatest adventures of your life.
But with so many appealing travel destinations, how do you decide on where to pack up and move to? A new study from International Living can help; they’ve found the best countries to retire to in 2024, according to their Annual Global Retirement Index. The index focused on "established expat hubs with a track record for comfortable living" and used several factors to determine which were the best places to retire:
- Housing: It considered the price of housing, property taxes and value you’d receive as a homeowner, along with the ease of buying and owning property as a foreigner. It also considered rental values and renters’ rights.
- Visas and benefits: It considered availability, ease of use, length and how fast/simple it is to obtain a tourist visa. It also considered various retiree options and benefits.
- Cost of living: It considered contributor answers to an extensive cost-of-living questionnaire, tailored to the needs and wants of expat retirees.
- Affinity rating: For this section, experts and readers ranked the destinations according to whether they’d be happy to move there, judged on factors such as the variety of restaurants and ability to have a vibrant social life.
- Health care: Health care was assessed on both quality and cost.
- Development and governance: It considered the political environment, quality of infrastructure, banking systems, etc.
- Climate: Since everyone has a different preference when it comes to climate, destinations were scored based on how many different climate options they offer.
International Living also used first-hand information from trusted sources who live in these locations. "We have our people out there pounding the pavement in attractive overseas communities we know you should consider," reports International Living. "They’re reporting back to us with insights and information about what’s really going on. They’re not beholden to relocation service providers, real estate agents, tourism boards or economic development organizations. They work for you."
So, which destinations came out on top? Here are the top 10 places to retire to in 2024.
1. Costa Rica
2. Portugal
3. Mexico
4. Panama
5. Spain
6. Ecuador
7. Greece
8. Malaysia
9. France
10. Colombia
Costa Rica was found to have high-quality health care options, an affordable cost of living, diverse microclimates and, of course, an abundance of natural beauty. Plus, Costa Rica is home to a blue zone, one of the healthiest, longest-living populations in the world.
Not to mention Costa Rica has also extended its tourist visas from 90 to 180 days (approximately six months), in order to give tourists ample time to experience all the country has to offer, before deciding to become a permanent resident. And it's not only attractive to retirees. Costa Rica offers a digital nomad program that allows foreign remote workers to live in the country for a whole year.
This article was written by Erin Bendig from Kiplinger and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
