The Best Retirement Destination in Europe: Portugal
Retirement Score: 7.83
When it comes to retirement in Europe, Portugal takes the top spot. Known for its low cost of living, Portugal is one of the most affordable European countries. According to SmartAsset, the average cost of living in Portugal, excluding rent, is almost 29% lower than in the U.S.
Portugal ranked as the best country to retire, according to the Moving to Spain report.
Alexander Spatari | Moment | Getty Images
Retiring in Portugal requires U.S. citizens to apply for a residence visa. The process, outlined by Global Citizens Solutions, is relatively straightforward and involves providing a valid passport, proof of income, health insurance, and a criminal background check.
In addition to its affordability, Portugal is famous for its wine. The Alto Douro region and Pico Island in the Azores, both UNESCO World Heritage Sites, are home to Portugal’s oldest wine-growing regions.
The Top 10 Retirement Destinations in Europe
- Portugal
- Spain and Italy (tie)
- Spain and Italy (tie)
- Greece
- Bulgaria
- France
- Slovenia
- Croatia
- Malta
- Ireland
Spain and Italy tied for second place, both with a retirement score of 7.31. The cost of living in Spain, excluding rent, is almost 34% lower than in the U.S., and the country offers residents access to its public healthcare program.
Retiring in Spain involves obtaining a long-stay visa or a residence visa. Spain is known for its rich culture and stunning architecture found in cities like Madrid, Barcelona, and Valencia, making it a desirable retirement destination.
A recent report from Club Med even named Barcelona, Spain, the happiest holiday destination in Europe for 2023.
Spain tied with Italy as the No. 2 best country in Europe to retire.
Pol Albarrán | Moment | Getty Images
Italy boasts a higher life expectancy compared to the United States, with Italy’s life expectancy reaching 83 in 2021, according to The World Bank. It also has a higher percentage of people aged 65 and over than any other European country.
The cost of living in Italy, excluding rent, is 14.7% lower than in the U.S., and renting in Italy is almost 55.3% cheaper. Italy’s healthcare system, ranked second-best in the world by the World Health Organization, is available to residents.
Known for its exquisite cuisine and rich history, Italy is home to iconic landmarks like the Coliseum, the Leaning Tower of Pisa, and the Trevi Fountain.
Italy tied with Spain as the second best country to retire.
Alexander Spatari | Moment | Getty Images
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