Enjoying Your Life at 65: Top Places to Retire in the World

Settling down into retirement can be an exciting milestone in life. Finally, it’s time to enjoy the fruits of your labor and live the life you’ve always dreamed of. It’s also the perfect chance to explore the world, relax, and enjoy your free time however you wish, and it can be as luxurious or as budget-friendly of an adventure as you want.

While some U.S. states are excellent options, certain countries stand out as some of the best retirement destinations in the world, offering generous pension plans and tax incentives, a peaceful atmosphere, warm climates, friendly people, and plenty of activities to keep you busy. Take this list of top countries to retire in the world as your guide to finding your perfect place.

1. Panama

Aerial view of the modern skyline of Panama City , Panama with modern Highrise buildings.
Image Credit: Shutterstock.

Panama is one of the top retirement destinations in the world. From tax benefits and cosmopolitan cities to beachfront and mountain towns, you have several things for a relaxed life.

We can go as far as to say it has everything you need for a comfortable retired life, including outstanding health facilities, American-style grocery stores, banks, cafés, and restaurants.

  • Best cities for retirement – Panama City, Coronado

Visa and Taxes

Panama has specific retiree programs for expats in the world. It is called the Pensionado Visa.

You will need to do this with the help of a lawyer in Panama. The applicants must have an income or pension of only $1,000.00 per month and $250.00 for each dependent. If unsure, you can go there on a tourist visa and change the status later.


Panama has a two-tiered healthcare system – the public healthcare system and the private healthcare system.

While government healthcare is equipped with every facility, private healthcare players provide more privacy, a greater range of specialists, and shorter wait times.


Panama has a warm tropical climate with vast coastlines, beautiful beaches, mountain retreats, island getaways, and sunshine.

The people are friendly, and English is spoken throughout the county. It is a great place to retire overseas to save money.

2. Portugal

Porto, Portugal old town ribeira aerial promenade view with colorful houses, Douro river and boats
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  • Best places to live in Portugal – Lisbon, Porto, Algarve

Portugal is one of the best places to retire because it has excellent weather, soft sand beaches, and great city life.

It is also one of the safest places to live and is ranked sixth by the Global Peace Index.

Visa and Taxes

The Portugal Golden and D7 visas are the most popular Portugal retirement visas. You can apply for Portuguese citizenship after five years of holding either of these visas.

Under Portugal’s NHR Scheme, people retiring in Portugal are exempt from paying local taxes for the next ten years. NHR also offers a 20% income tax rate to people in high-value professions and the potential to receive foreign income, like property gains or pensions, free from certain Portuguese taxes.


You can use Portugal’s public healthcare system if you are on a Golden or D7 Visa. You can have private insurance for extra coverage.


Portugal is known for its mild weather. It is neither too hot nor too cold. If you decide to retire in Portugal, enjoy a relaxed lifestyle with plenty of sun, fresh seafood, watersports, and golf, and enjoy the beautiful architecture.

3. Ecuador

Quito in Ecuador
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  • Top cities for retirement – Cuenca, Salinas, Quito

Ecuador is a tiny country in South America sandwiched between Columbia and Peru. Its natural beauty spans from snow-capped volcanoes to the famous Galapagos islands.

The cost of living here is considerably less than in the US, which is good if you are looking for a place to retire.

Visa and Taxes

In Ecuador, pensioners can qualify for a visa even if they are younger than 65. For pensioners, Ecuador mandates a minimum pension or income of $800 each month and an additional $100 for each dependent.


All residents, regardless of income, have access to public health insurance. You also have the option of private health care.


You can enjoy the cool sea breeze with temperatures between 70°F and 80°F.

4. Costa Rica

north Pacific Coast line
Image Credit: Shutterstock.
  • Top cities to retire – San Jose, Guanacaste

Costa Rica has one of the highest living standards in Latin America. Its fantastic weather, beautiful beaches, rich culture, and affordability make it a popular destination for retirees.

Besides all of this, the cost of living in Costa Rica is 30% lower than in the US.

Visa and Taxes

To retire here, you need a Pensionado visa. To qualify for a Pensionado visa, you must have a monthly retirement pension of $1000.

There is no minimum age requirement for this visa. A Pensionado visa is valid for two years, and you can apply for an extension after this.


Costa Rica boasts of the best healthcare in Latin America. Expats can access private healthcare or Caja Costarricense de Seguro Social(CCSS). As a retired expat, you have to pay for the use of the public healthcare system.


Costa Rica has two seasons – the dry summer season begins in December and ends in May, and the rainy season (winter) starts in May and ends in November. The temperature ranges from 70° to 80°.

5. Malaysia

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  • Top cities for retirement – Kuala Lumpur, Penang, Langkawi

Malaysia is a popular retirement destination that has a fast-growing expat population. Its sandy beaches, extensive rainforests, and stunning city of Kuala Lumpur make it one of the best places to retire.

Visa and Taxes

The Malaysia “My Second Home” visa grants expats a 10-year multiple entry visa.

If you are above 50 years, you must deposit 150,000 MYR (33,000 USD) into a bank in Malaysia or prove that you have a monthly income of 10,000 MYR (2,200 USD) from a government pension. The money you bring into Malaysia is tax-exempt.

After spending a year in Malaysia on an MM2H visa, you can withdraw up to 50,000 MYR (11,000 USD) for medical expenses, children’s education, or purchasing a car or home.

Malaysia only taxes income earned in Malaysia. So, if you earn income from your pension, you don’t have a tax burden.


Malaysia is known for its high-quality, affordable healthcare. Many of the doctors speak English, and they adhere to Western medical standards.


The climate here is tropical. It’s hot and humid with rainy and dry seasons. Overall, a great retirement destination.

6. Greece

Mykonos, Greece.
Image Credits: Shutterstock.
  • Top cities for retirement – Athens, Santorini, Mykonos, Corfu

Thanks to its great weather, sumptuous food, and fabulous culture, Greece makes it to our list of the best places to retire. Besides its colorful fishing villages and ancient ruins, it is also one of the most affordable countries in Europe.

Visa and Taxes

If you have citizenship in one of the EU’s 28 member states, you can live in Greece without a visa or residence permit. Others will need a residence permit if they plan to retire in Greece.

A visa allows you to stay in Greece for 90 days, during which you can apply for a residence permit. The essential requirement for the residence permit includes the following:

  • A passport.
  • Proof of current medical insurance.
  • Proof of either a regular income of 2,000 euros per month or 24,000 euros in the bank as retirement savings.

You can also opt for the Greece Golden Visa, a residency by investment program.

According to a 2020 law, all foreigners who move to Greece and make it their tax residency must pay a 7% tax on their retirement income.


Healthcare here is good and cheaper than in the US. You need medical insurance to apply for residence in Greece. Once you become a resident, you can shift from that coverage to a local provider.


The average temperature here is around 30 degrees in the summer and 10 degrees in the winter.

The cost of living is comparatively lower than in the US here. Daily essentials like groceries and transportation are 20 % less, while rentals are 70% lower than in the US. You can live comfortably on 2000 Euros monthly and find many retirement communities.

7. Spain

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  • Top cities for retirement – Barcelona, Madrid, and Seville

Many people choose Spain as their retirement destination because it offers quality services like an excellent healthcare system, good transportation, a unique culture, and a low cost of living.

Visa and Taxes

Retiring in Spain requires a visa, existing health insurance, and financial resources. If you are from the EU or EEA, you can live in Spain without a visa or permit.

You must apply for a Non-lucrative or Golden Visa if you are not from an EU country.

A Golden Visa requires significant investment in Spain, while a Non-lucrative Visa requires 27,793 euros of passive income annually. The Golden visa grants you permanent residency, while a non-lucrative visa allows you to stay for one year.

When you transfer your pension to Spain, any income you get from it will be taxed under Spanish rules. If you are a non-resident, the tax on your pension will vary depending on whether your home county has an agreement with Spain.


As an expat retiree with a non-lucrative or Golden visa, you will initially use Spain’s private healthcare.

After five years, you can become a permanent resident and automatically enter the public system. Spain’s public healthcare also has a medical interpreter system that allows non-Spanish speakers to use interpreters for any appointment.


Spain generally has pleasant weather all year round.

The freshness and the low prices of food make it a popular destination. The Mediterranean diet’s fresh fruits and vegetables are available throughout the year. Eating out is cheap, and you can enjoy a three-course meal for $16 to $20 here.

With its diverse architecture, welcoming people, and great food and climate, many retirees make Spain their top retirement destination.

8. France

tourists in france
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  • Top cities for retirement – Paris, Brittany, Bordeaux

France’s appeal as a retirement destination lies in its history, culture, climate, and food. The people here work to live and not live to work, which seems perfect for an idyllic retired lifestyle.

Visa and Taxes

As someone who wants to retire in France, you will need a long-stay visa, carte de séjour temporaire visiteur. Once you have that and lived for a few years, you can apply for Carte de Sejour.

When you become a tax resident of France, you must fill out your annual tax declaration and pay tax on your worldwide income. France has agreements with many countries worldwide, so you need not pay tax twice.


Retirees for the EU, EEA, UK, and Switzerland can access state healthcare services by completing an SI social security form in their home country.

You have to take the public healthcare insurance mandatorily. They provide quality healthcare, and the French government reimburses 70%.


The winters are cool, and the summers are mild in France. The climate is warmer in the south, but the average temperature ranges from 40° in the winter to 70° in the summer.

9. Indonesia

Tegenungan Waterfall
Image Credit: Shutterstock.
  • Best place to live – Sanur (Bali), Padang (West Sumatra), Seminyak (Bali)

Indonesia’s climate, warm hospitality, gorgeous natural surroundings, and low cost of living have made it an ideal retirement destination. The province of Bali has become home to numerous expatriates.

Visa and Taxes

Indonesia has a specific visa for retirees. To get this visa, you must be 55 years or older and have a domicile form and proof that you have enough funds to support yourself. The visa costs $1000 and $800 for renewal. This visa lasts one year and can be renewed for five years. After this, you become a permanent resident.

You cannot work in Indonesia on this visa.


Expats are not covered under the national health care system. Public hospitals here are overcrowded, doctors don’t speak English, and hence, most expats find public healthcare inaccessible.

Generally, expats come here with international health insurance and use private health facilities.


Indonesia has a tropical climate. The warm waters that comprise 81% of Indonesia’s area ensure that land temperatures remain relatively constant. The temperatures in coastal plains average 28°C; in the inland and mountain areas, it averages 26 °C; and in the higher mountain regions, it is around 23 °C.

Indonesia offers breathtaking natural scenery, including some of the world’s most beautiful beaches, waterfalls, and serene waters. The locals are friendly, and islands like Bali have well-established expat communities of interesting people worldwide.

No wonder it is one of the best places to retire.

10. China

Beautiful sunset over the Victoria bay in Hong Kong, China
Image Credit: Deposit Photos.
  • Best places to retire – Beijing, Shanghai, Guangzhou

If you want to retire early but don’t have much saved, you can look into China. It is a highly cheap country that offers a variety of experiences. China’s economy has been growing very steadily, but housing here is 45% cheaper than you would pay in the US.

While China is ranked a low-threat region for low crime rates by the US Department of State, it remains a state where you cannot use the internet freely and has considerable pollution problems.

Visa and Taxes

Though China does not have a specific visa for retirees, you can opt for a permanent resident visa to relocate there.


The medical facilities in cities like Beijing, Shanghai, and Guangzhou are comparable to the hospitals in the US. Many doctors and nurses are fluent in English.


The weather here varies depending on the region. Generally, the summers are hot and humid, while the winters are cold.

Which Country Are You Moving To?

retirement age
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Retiring abroad can be a great adventure and a chance to live well.

You can experience new cultures, benefit from the lowest cost of living and own a retirement home. Don’t forget to do your research on everything about the best place for you to retire.

Ready to settle down?

This article originally appeared on Savoteur.

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