Best Places to Retire in Europe: The Ultimate Guide by Experts (2024)

With today’s globalization, there are plenty of options for you to plan and secure your retirement in a place that will offer you the highest standard of living and the best level of comfort. The question is, where would that ideal place be? This list of the best places to retire in Europe is just a starting point.

Why Retire Abroad

When planning for retirement, you have to consider all aspects that influence your quality of life. Things including health care, climate, taxation, and accessibility. Every nation across the world provides its citizens with its own list of benefits, however, not all lists are equally the same. Depending on a nation’s political stability, geographical positioning, and global alliances, its list of benefits may be more favorable and expansive – which is why many individuals tend to retire abroad.

The Best Places to Retire in Europe

Many European countries would make an ideal place for retirement, which is one of the reasons why foreign investors apply for their Golden Visas. They all provide their residents with freedom of movement, social benefits, equal rights, affordable healthcare, among other things. What truly sets one apart as the most favorable choice ultimately depends on your financial goals and lifestyle preferences.

With that being said, some of the best places to retire in Europe are also the best places to retire in Europe on a budget. These include Portugal, Spain, Malta, Greece, and Turkey.

How to Retire in Portugal

There are two ways non-EU citizens can retire in Portugal, either through the retirement visa, or the Golden Visa. Both options provide individuals with residency rights in Portugal and can eventually lead to Portuguese citizenship. The main difference between the two is that Portugal’s Golden Visa has the added benefit of giving you a return on your investment, since it requires you to place one.

Apply for a D7 visa

The Portuguese retirement visa, D7, grants residency rights in Portugal to non-EU, non-EEA, and non-Swiss nationals who have reasonable passive income to sustain their stay. It launched in 2007 as an affordable Portugal immigration visa, and is geared toward pensioners, retirees, self-employed individuals, digital entrepreneurs, and other expats who have a recognized stable income.

Qualifying for the D7 visa is plain and simple – you just have to prove you earn the minimum wage set by the Portuguese government, and meet other eligibility criteria. The application process is also easy. First, you apply at the Portuguese Embassy or Consulate in your home country for a temporary D7 visa which lasts for four months, then you attend an appointment with the Portuguese Immigration and Borders Service in Portugal, and they should approve your residence permit.

Portugal Golden Visa

Portugal’s Golden Visa is a residency-by-investment program that grants residency rights in Portugal to qualifying individuals and their immediate family members, in exchange for a substantial financial investment – usually made in real estate.

It is perfectly suited for anyone considering buying property in Portugal and planning for their retirement, as they can do it through the Portugal Golden Visa €280,000 real estate option, get a return on their investment, and fully reap the rewards of their lifelong labor.

Of course, as an investor immigration program, the scheme has more qualification requirements than the D7 visa. However, the application process is quite straightforward, and the program provides you with the same renewable permit that can eventually lead you to citizenship.

Healthcare in Portugal

Portugal has universal healthcare coverage that provides the same services to foreigners and residents alike. It is free for Portuguese citizens, and mostly free for residents as they have to pay a small fee every time they get a consultation or a test. However, emergency care is free, as is health care provided in vital situations.

While having access to the state’s free healthcare system can reduce the cost of living in Portugal, the public sector may not always provide you with an immediate appointment, and the quality of care provided may not always meet your standards, especially if you are used to getting treatment through the private sector. You can easily overcome this hurdle by getting private healthcare for foreigners in Portugal.

The Best Cities to Retire in Portugal

Different cities across Portugal cater to different lifestyles, which means the best city for you depends on your personal preferences. You could live in a metropolis full of restaurants and entertainment in cities like Porto and Lisbon; enjoy a calmer pace of life in the Portuguese Riviera; or a more authentic feel for Portuguese culture in the calmer Central Region of Portugal, and the Silver Coast.

There are other suitable places to retire in Portugal as well, such as Tavira, Cascais, and Estoril. However, the best place to retire in Portugal by far is the Algarve, as it has some of the best beaches in Portugal, pleasant weather all year-round, and a large English-speaking community.

How to Retire in Spain

There are two primary ways non-EU citizens can retire in Spain, either by acquiring the Spain Retirement Visa, or the Spanish Golden Visa. Both options provide you with the same rights for residency in Spain, and can lead you toward permanent residency after five years, and even citizenship after ten years of living in the nation.

The main difference between the two is that the Golden Visa requires a financial investment in the country in exchange for your residency permit, while the retirement visa only requires you to show proof of sufficient funds to maintain you stay in Spain, specifically at least €30,000 in your bank account.

Spain Golden Visa

Golden Visa Spain is an incredible route for retirement, especially for those who are considering buying property in Spain. It grants the primary visa applicants residency permits in the nation, and extends those rights to their entire immediate family members, thereby permitting them all the right to live, work and study there as well. To qualify for the program through an investment in real estate, you must purchase a property worth at least €500,000.

Healthcare in Spain

Spain has one of the best healthcare systems in the world, where both the private and public sectors are equally equipped to provide top-tier services. While public healthcare is entirely free and accessible for all Spanish residents, private healthcare may be a better option for many retirees, as it provides faster access to certain treatments and a lot more coverage in events of illness or serious health conditions.

The Best Cities to Retire in Spain

The natural versatility and low cost of living in Spain make practically any city in the nation great for retirement. Yet, the best cities to retire in are probably the best cities to live in Spain. Madrid and Barcelona are some of the larger cities that offer a dynamic and diverse lifestyle, cultural activities all year long, and high quality restaurants and cafes. They are also the easiest to navigate around, as they have excellent infrastructure and reliable transportation systems.

Valencia, Malaga, and Seville are some of the smaller cities that are more packed with nature, and therefore, offer a more relaxed atmosphere. They are very pedestrian-friendly and have a wide range of restaurants to choose from at a more affordable price. Menorca, Mallorca, and Tenerife on the other hand offer an even more relaxed lifestyle, as they are small villages and beach towns with breathtaking coastal views and a slower pace of living.

How to Retire in Malta

Any non-EU, non-EEA or non-Swiss national planning on retiring in Malta can do so under the government’s residency and citizenship programs to gain the most out of their retirement. In fact, Malta’s residency and citizenship schemes act as a path for you into the EU where there is the lowest enforced tax, and provide you with the chance at family reunification, as they both enable you to extend those residency rights to your entire immediate family.

Malta Citizenship by Investment Program

Malta has a citizenship by naturalization scheme that is a promising prospect for anyone with enough financial means who is planning for retirement in Europe. Commonly inaccurately referred to as the Malta citizenship by investment program, the Maltese Citizenship Act Granting of Citizenship for Exceptional Services Regulations (CES) provides qualifying individuals with permanent residency rights, as well as a Malta passport in as little as 12 to 36 months, depending on their investment. With the nation being a member state of the European Union, this scheme is advantageous over its counterparts.

Malta Golden Visa

Residency by investment in Malta is another great path to take if you’re considering buying property in Malta. It is actually an affordable retirement option, as a minimum investment of €110,000 can qualify you for permanent residence rights in as little as 12 months, and provide you with freedom of movement across the EU, among a magnitude of tax benefits.

Healthcare in Malta

One of the greater advantages of retiring in Malta, aside from its incredible list of tax exemptions, is that it offers one of the best healthcare services in the world. In fact, both Malta’s private and public healthcare systems are well equipped to treat you, and for a relatively low cost, which contributes to the overall low cost of living in Malta. The difference between both sectors is that the private sector provides you with faster access to treatment.

The Best Cities to Retire in Malta

Malta comprises three islands, Malta, Gozo and Comino. Each of which caters to a different lifestyle and can be suitable for retirement. Valletta, the capital city, and St. Paul’s Bay are where you’ll find the largest expat communities, and the most outdoor activities to engage in. Birgu is where you’ll get a more rural and traditional sense of the nation, whereas Sliema and Gzira are where you’ll have a taste at a combination of modern city life and tranquility, much like in Victoria in Gozo.

How to Retire in Greece

There are two possible paths for individuals to plan for their retirement in Greece, and that’s either by applying to the Greek Golden Visa, or the Greek retirement visa – otherwise referred to as the Financially Independent Person (FIP) visa.

The Greek Golden Visa provides individuals with renewable residency permits in exchange for an investment in the nation’s economy, whereas the retirement visa asks that applicants show proof of their sufficient financial means to cover their intended stay in Greece. Each route caters to different financial objectives, however, both grant you the same right to living in Greece.

Greece Residency by Investment Program

Golden Visa Greece is suitable for any non-EU, non-EEA, or non-Swiss citizen interested in buying Greek property and retiring abroad. It’s a residency by investment program that grants qualifying individuals renewable residence permits in exchange for an investment in the Greek economy – usually in real estate. The current minimum threshold for a real estate property investment is €250,000, which grants you a five year renewable permit that can lead to citizenship in seven years.

Healthcare in Greece

Greek healthcare is one of the best in the world, and one of the more affordable for treatment. Usually, you are only required to pay a small amount when you get a consultation or a test, however, it is completely free in cases of medical emergency. Doctors in Greece are also very proficient in English, even in public hospitals, which means your needs will be understood.

The Best Cities to Retire in Greece

Some of the best cities to retire in Greece are where you will find most Americans living in Greece. Cities including Chania, Athens, Thessaloniki, and Corfu. The high expat communities, excellent healthcare facilities, rich histories, and overall lower cost of living of these cities make them excellent for retirement. Not to mention, they are also packed full of restaurants and activities, and have more than one World Heritage Site.

How to Retire in Turkey

There are two ways to retire in Turkey; either by applying for a residence visa and obtaining a short-term residence permit which can be renewed every two years, or by investing in the nation’s citizenship by investment program and directly obtaining Turkish citizenship. The latter choice is undoubtedly the most rewarding out of the two, albeit, it requires a higher financial investment.

Turkey Citizenship by Investment Program

Turkey’s investment citizenship program grants qualifying individuals and their immediate family members lifelong Turkish citizenship in as little as four months, in exchange for a financial contribution in the nation’s economy. It is perfectly suited for anyone considering buying property in Turkey worth at least $400,000, as that is the minimum qualifying investment threshold under the route of real estate.

Healthcare in Turkey

Healthcare in Turkey is covered by state healthcare services, private clinics and healthcare facilities, and is generally very affordable in comparison to healthcare provided in Europe and the USA. Hospitals have well-trained medical staff, and well-maintained, up-to-date equipment. Services are highly accessible to foreigners with private health insurance, and the low cost of treatment is just another contributor to the overall low cost of living in Turkey.

The Best Places to Retire in Turkey

There’s so much history and natural diversity in Turkey that any city would make a great place for a happy retirement. While your mind might immediately go to the capital city, Ankara, or to Istanbul and Antalya, there are other great cities to retire in Turkey. Bodrum, Fethiye, Alanya, and Kusadasi all boast dynamic lifestyles, rich histories, and mesmerizing architecture and would be equally suitable options for retirement.

Conclusion on Best Countries to Retire

The world has become increasingly more open, which has made international travel and retirement a lot more easy to plan for. Whether you’re interested in living by the sea, or in the depths of the woods, there are so many options available to you, especially once you consider the doors that a Golden Visa can open for you.

Regardless of whether you seek to invest in a nation to acquire a residency permit and qualify for citizenship, or are simply interested in applying for a retirement visa, the best country in Europe to retire would be the one that offers you the most benefits as a resident, and the best level of comfort, where English is also widely spoken.

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Frequently Asked Questions about the Best Places to Retire in Europe