The Best Countries To Retire In The World 2023

Retiring abroad has increasingly become a favoured option for many, with the appeal of better climates, new cultural experiences, and often a more affordable cost of living. As we approach the final quarter of 2023, there are certain nations that have distinguished themselves as top choices for those considering an international retirement. Drawing from the U.S. News & World Report rankings and insights, and reinforced by our analysis at Blacktower Financial Management, here are the countries leading the way for retirement this year.

#1 Switzerland

The Alpine Paradise

Leading the pack for 2023’s best countries to retire to is the majestic Switzerland, globally renowned for its captivating Alpine landscapes, tranquil lakes, and vibrant cities such as Zurich. Consistently applauded for its remarkable economic stability, safety, and minimal corruption, it’s no wonder Switzerland has become a magnet for retirees.

For individuals contemplating retirement, Switzerland offers an age threshold of 65 for men and 64 for women. There’s also the added flexibility to venture into early retirement by a year or two. This is backed by a comprehensive three-pillar pension system that encompasses old-age, survivors, and invalidity insurance, ensuring retirees benefit from a secure financial net in their golden years.

It’s paramount to understand that Switzerland, while offering high living standards, is also one of the world’s pricier nations. This, however, is offset by its world-class healthcare system, universally regarded as one of the finest. Its unparalleled efficiency, along with cutting-edge medical amenities, guarantees retirees are always in safe hands.

For those hailing from various parts of the world and considering a Swiss retirement, the pathway involves a long-term type D visa application. Even with its relatively higher living costs, the allure of Switzerland lies in its promise of an unmatched quality of life, pristine environment, and the undeniably breathtaking beauty of its landscapes.

#2 Portugal

The Iberian Gem

Nestled along the sun-drenched Iberian coastline, Portugal presents itself as a coveted retirement haven. The country seamlessly merges historical allure with modern living, and with its gentle Mediterranean climate, it’s an idyllic setting for those seeking relaxation post-retirement.

In terms of age prerequisites for retirement, Portugal stands at 66 years and seven months. However, there’s a silver lining for those eager to embrace the leisurely life a tad sooner, as the retirement age is set to decrease to 66 years and four months within this year.

But what truly sets Portugal apart is its affordability. When juxtaposed with many Western nations, the cost of living in Portugal, excluding rent, is considerably lower. This budget-friendly environment, combined with its rich culture and sumptuous cuisine, is a lure many find hard to resist.

As for the visa process, Portugal offers a range of options, making it relatively hassle-free for future retirees. The country stands out with its ‘Golden Visa’ scheme, allowing individuals to gain residency through various investment avenues, be it real estate or scientific research.

Healthcare, a pivotal aspect for retirees, doesn’t disappoint in Portugal. The country boasts a robust public healthcare system, offering free services to its residents. And, for the many expatriates and international retirees who have called Portugal home for five years or more, they too can relish in the benefits of this system once they achieve permanent residency.

The allure of Portugal isn’t just in its golden beaches or historical cities, but in its promise of a tranquil, cost-effective, and fulfilling retirement.

Check out our guide (for Brits!) to planning your retirement in Portugal for more details…

#3 Australia

Down Under Delight

A vast expanse of diverse landscapes, from bustling metropolises to tranquil coastal towns and untamed wilderness, Australia remains an attractive destination for those looking to enjoy their golden years. With its friendly inhabitants, iconic landmarks, and a variety of climates, this continent offers something for everyone.

Eligibility for pensions in Australia begins at 67, but there’s more to the retirement picture than just age. The residency rules, coupled with income and assets tests, play a crucial role in determining who can benefit from the pension system. One of the pillars bolstering Australia’s retirement infrastructure is the Australian Retirement Trust, handling an impressive sum exceeding $240 billion in retirement savings.

One of the hallmarks of Australia’s allure for retirees is its healthcare system. Universal healthcare ensures that both citizens and permanent residents have access to quality medical care. While the public healthcare system is comprehensive, many choose to augment it with private health insurance, providing them with more options and potentially shorter waiting times.

But it’s not just the healthcare system that draws retirees. The cost of living, while comparable to some Western countries, can be offset by the natural beauty, vast open spaces, and a plethora of activities. Whether one is inclined towards coastal living, vineyard-covered regions, or vibrant cities, Australia has an array of choices.

Furthermore, for those looking from overseas, Australia’s visa system offers pathways for retirees. The investor retirement visa for self-funded retirees is a notable option, allowing individuals without dependents to enjoy the Aussie lifestyle, provided certain financial conditions are met.

Australia’s blend of modernity, natural beauty, and comprehensive facilities makes it a top contender for anyone considering an international retirement.

#4 New Zealand

The Pacific Pearl

Tucked away in the southern hemisphere, New Zealand is often celebrated for its sweeping landscapes, captivating Maori heritage, and the friendly spirit of its residents. As a retiree destination, it presents a unique blend of modern amenities and untouched natural beauty, making it an appealing choice for those seeking both adventure and tranquillity in their retirement years.

In New Zealand, while there is no mandated official retirement age, the country does have a robust pension system in place. Residents aged 65 or older, who have spent a minimum of 10 years in the country since turning 20, or five years post the age of 50, are eligible for a flat-rate public pension. This provides a dependable financial foundation for many retirees in the country.

However, the allure of New Zealand stretches beyond its pension system. The cost of living, while somewhat comparable to countries like the US, is balanced by the myriad experiences that the country offers. From the geothermal wonders of Rotorua to the vineyards of Marlborough and the cinematic landscapes that were the backdrop for the “Lord of the Rings” films, New Zealand is a country that constantly amazes.

For international retirees, New Zealand provides a few visa options tailored to their needs. The temporary retirement visitor visa is one such pathway, available for those aged 66 and above. This visa comes with specific financial requirements, ensuring that retirees can sustain their lifestyle in the country. Additionally, the parent retirement resident visa offers another avenue, though it comes with higher financial prerequisites.

Healthcare in New Zealand is another attractive feature for retirees. Residents can avail of subsidised or complimentary public healthcare services, ensuring that health concerns are addressed without causing significant financial strain.

New Zealand offers a refreshing mix of cultural experiences, breathtaking landscapes, and a stable infrastructure, positioning it as a prime destination for those contemplating an overseas retirement.

#5 Spain

Sun-Soaked Serenity

Spain, with its vibrant culture, sunny climes, and rich history, has long been a magnet for travellers and expats alike. The allure of Spain as a retirement destination, however, lies not just in its fiestas and siestas but also in the quality of life it offers to its senior residents.

Spain’s pension system is robust. The country’s minimum age for pension eligibility stands at 65, providing a reliable source of income for its older generation. However, the affordability of life in Spain is perhaps one of its most enticing features for retirees. Reports suggest that one can retire comfortably in Spain for under $25,000 a year, making it an economical option compared to many Western countries. This affordability is evident in its property taxes and rents, which are noticeably cheaper relative to places like the US.

For those who appreciate culture and history, Spain is nothing short of a treasure trove. From the architectural wonders of Gaudi in Barcelona to the flamenco rhythms of Andalusia, there’s always something to captivate the senses. Moreover, the country’s Mediterranean diet, renowned for its health benefits, ensures that retirees can enjoy delicious yet nutritious food throughout their golden years.

Spain’s public healthcare system is another feather in its cap. The system provides comprehensive care, and international retirees can access it with relative ease. For those from outside the European Union, Spain offers a special residence visa which allows retirees to stay in the country without the right to work. This visa serves as an invitation to enjoy a relaxed pace of life in one of Europe’s most enchanting destinations.

Spain offers a harmonious blend of affordability, cultural richness, and excellent amenities, making it a top choice for those looking to retire under the warm embrace of the Mediterranean sun.

#6 Canada

The Northern Star

Canada, known for its vast landscapes, welcoming spirit, and multicultural vibrancy, is increasingly being viewed as a prime destination for retirement. Its reputation as a country of kindness and inclusivity extends to its senior citizens, making it an appealing choice for those seeking a serene yet invigorating place to spend their golden years.

The backbone of Canada’s retirement system is the Old Age Security (OAS) program. Funded by general tax revenues, the OAS provides monthly payments to seniors aged 65 or older. The amount one receives is largely dependent on the duration they’ve resided in Canada or certain affiliated countries. This program offers a solid foundation for retirees, ensuring a stable income stream in their later years.

One cannot discuss Canada without mentioning its diverse and expansive geography. From the majestic Rocky Mountains to the serene Maritime provinces, Canada offers a plethora of natural attractions. Whether you’re interested in hiking, wildlife watching, or simply immersing yourself in nature’s grandeur, Canada promises a fulfilling outdoor experience.

The Canadian healthcare system is globally renowned for its efficiency and inclusivity. All citizens and permanent residents have access to universal healthcare. This single-payer health insurance system ensures that everyone can receive medical care without the burden of hefty fees, making it particularly attractive for retirees who may have growing health concerns.

Culturally, Canada is a melting pot. Its cities, such as Toronto, Vancouver, and Montreal, are buzzing with multicultural events, exquisite cuisines from around the world, and arts that reflect the country’s diverse tapestry. Furthermore, Canadian communities are known for their neighbourly spirit, offering a sense of belonging and connection for newcomers.

Canada provides an amalgamation of world-class amenities, natural beauty, and a warm community spirit. For retirees seeking a mix of tranquillity and excitement, the Great White North beckons with open arms.

#7 Sweden

Nordic Nirvana

Sweden, with its breathtaking landscapes, progressive policies, and high standard of living, is rapidly emerging as a sought-after retirement destination. Rooted deeply in its commitment to societal welfare, Sweden offers retirees a blend of natural beauty, cultural richness, and security.

Sweden’s pension system is both robust and flexible. There’s no official retirement age, allowing residents to have greater control over their retirement decisions. Residents can begin drawing from an income pension starting the month they turn 62, providing a reliable financial safety net for their later years. This model is indicative of Sweden’s broader approach to welfare: choice, flexibility, and security.

Nature enthusiasts will find solace in Sweden’s vast expanse of forests, lakes, and coastal regions. From the mesmerising Northern Lights in Kiruna to the archipelago regions near Stockholm, Sweden boasts natural beauty in abundance. Whether it’s hiking, skiing, or simply soaking in the midnight sun, Sweden offers myriad outdoor experiences for the active retiree.

Healthcare is a cornerstone of the Swedish welfare model. Residents, regardless of age, have access to public healthcare that’s consistently ranked among the world’s best. What’s more, the cost of living in Sweden, while relatively high, offers value for money given the quality of services, amenities, and public infrastructure available. August data from Numbeo even found that the country has a 33% lower cost of living compared to some other Western countries.

Culturally, Sweden is rich and diverse. Cities like Stockholm, Gothenburg, and Malmö host numerous museums, art galleries, and theatres. Swedish traditions, from Midsummer to Lucia, provide a unique cultural immersion. Moreover, the Swedish principle of ‘lagom’, meaning ‘just the right amount’, encapsulates a balanced approach to life, something that resonates deeply with many retirees.

In essence, Sweden presents a harmonious blend of natural allure, high-quality amenities, and a balanced lifestyle. For those looking to retire in an environment that values equality, sustainability, and well-being, Sweden is a golden choice.

#8 Italy

Renaissance Retreat

Italy, often hailed as the cradle of Renaissance and a hub of culture, history, and gastronomy, has long captured the imaginations of travellers and historians alike. For retirees, Italy promises more than just a visual and culinary treat; it offers an immersive experience into a lifestyle that cherishes the past while embracing the present.

Italy’s pension system is designed around a contributory model. Both employers and employees play their part, collectively contributing about 40% of gross compensation. This system ensures that retirees have a safety net to rely on as they enjoy their golden years, sipping on a glass of fine Chianti or soaking in the Mediterranean sun.

From the rolling hills of Tuscany to the serene canals of Venice, and from the historic ruins of Rome to the pristine beaches of Sardinia, Italy is a geographical marvel. The country’s diverse landscapes ensure that there’s something for every retiree, be it the tranquil countryside, bustling cities, or serene coastlines.

Healthcare in Italy is of top-notch quality. With a strong healthcare system in place, residents have access to excellent medical facilities and services. The cost of housing in Italy is another major draw. Compared to many Western countries, Italian housing costs are significantly lower, ensuring that retirees can enjoy a good standard of living without burning a hole in their pockets.

Italy also offers a unique visa called the Italian elective residence visa. This visa, with an annual income requirement of about $35,000 for individuals, is designed for those who wish to reside in the country without seeking employment. This makes settling in Italy post-retirement a smoother process.

Culture vultures will be spoilt for choice in Italy. From the operas of Milan’s La Scala to the art collections in the Uffizi Gallery in Florence, Italy promises a deep dive into art, music, and history. Not to mention, Italian cuisine, with its pizzas, pastas, wines, and gelatos, ensures that your palate is as content as your soul.

Retiring in Italy is like embracing ‘la dolce vita’ or ‘the sweet life’. With its perfect blend of history, culture, scenic beauty, and modern amenities, Italy beckons retirees to live life at its fullest and richest.

#9 Greece

Aegean Allure

Greece, renowned as the birthplace of democracy and the Olympic Games, offers retirees a blend of ancient history and stunning Mediterranean landscapes. With its azure seas, white-washed buildings, and sun-drenched islands, Greece is a dream destination for many looking to enjoy a laid-back retirement.

Greece’s pension system extends a helping hand to its seniors. Residents who have dedicated 15 or more years of their life to the country become eligible for a national old-age pension when they reach 67. This provides a financial cushion for retirees, allowing them to revel in the country’s beauty without undue financial worries.

The allure of Greece goes beyond its sunsets over Santorini or the iconic Parthenon in Athens. The cost of living here provides a pleasant surprise to many. While the healthcare system in Greece is more affordable than in some Western nations, it doesn’t compromise on quality. This ensures that retirees can receive good medical care without significant expenses.

While Greece’s economy has faced challenges in recent years, it doesn’t overshadow the country’s appeal as a retirement destination. The slower pace of life on islands like Crete, Rhodes, or Corfu offers a tranquil escape from the hustle and bustle. Moreover, the rich tapestry of Greek culture, with its music, dance, and legendary hospitality, ensures a vibrant social life.

One of the undeniable highlights of retiring in Greece is its cuisine. Olive groves, fresh seafood, and local produce result in a Mediterranean diet celebrated for its flavours and health benefits. Enjoying a meal in a seaside taverna, accompanied by traditional music and perhaps a glass of ouzo, encapsulates the Greek approach to life: simple, joyous, and fulfilling.

With a storied past, from ancient myths to Byzantine churches, Greece is one destination that means history enthusiasts will never run out of places to explore and stories to uncover. Combine this with the warm, hospitable nature of the Greeks, and it’s clear why many view this nation as an idyllic retirement haven.

Greece offers retirees the opportunity to immerse themselves in a world where the past harmoniously melds with the present, all set against the backdrop of the sparkling Aegean Sea.

#10 Denmark

Embracing the Hygge Lifestyle in Retirement

Denmark, known for its rich history, cycling culture, and the epitome of Scandinavian design, offers an unparalleled quality of life that draws many to its shores. For retirees seeking a blend of modern urban living and idyllic countryside charm, Denmark delivers in spades.

A highlight of Denmark’s retirement system is its comprehensive social security benefits. For those who’ve embedded themselves in the Danish way of life, having lived in the country for at least 40 years between the ages of 15 and 65, they can expect full social security benefits. And for those who’ve spent less time in Denmark, there’s still provision: they receive 1/40 of the full amount for each year of residency within that age bracket. Such a system ensures that retirees can comfortably enjoy the Danish lifestyle without major financial anxieties.

However, the allure of Denmark extends far beyond its financial safety nets. A central tenet of Danish life is the concept of ‘hygge’ – a unique blend of cosiness, comfort, and contentment. Whether it’s curling up with a book by the fireplace, enjoying an intimate dinner with friends, or just basking in the simplicity of everyday moments, hygge embodies the Danish pursuit of happiness.

Healthcare in Denmark is of top-notch quality and is universally accessible. The decentralised healthcare system ensures that all residents, irrespective of where they reside, can avail themselves of medical services without undue hassles. The peace of mind that comes with knowing one’s health is in good hands is priceless, especially in retirement.

Copenhagen, the capital, brims with history and modernity. With its cobbled streets, historic buildings, and plethora of green spaces, it’s a city that beckons exploration. But Denmark is not just about urban allure. The countryside, with its rolling hills, dense forests, and serene beaches, offers a tranquil retreat from city life.

Additionally, Denmark places a significant emphasis on sustainability and the environment. For retirees who value green living, Denmark’s commitment to renewable energy and conservation is a significant draw.

Denmark provides an enviable mix of social security, high-quality healthcare, a rich cultural tapestry, and natural beauty. It’s a place where retirees can truly embrace the essence of hygge, finding happiness in the little moments and the bigger picture alike.

Help Choosing The Best Country To Retire In

Our exploration of the top ten countries for retirement in 2023 offers diverse options and presents unparalleled opportunities for those in their golden years. Each destination has its unique charm, but the true measure of a perfect retirement haven rests in the alignment with your personal desires, financial landscape, and long-term aspirations.

Navigating the complex landscape of international retirement is no small feat. It’s more than just choosing a beautiful locale—it’s ensuring your finances are optimally positioned to support your dream retirement. At Blacktower, we specialise in helping you get the best from your retirement savings. By understanding where your current retirement pot can take you and crafting a tailored plan, we ensure your retirement nest egg not only sustains but thrives wherever you choose to call home.

Get in touch today, and let’s map out a retirement journey that aligns seamlessly with your aspirations and financial potential.