Top 10 countries to retire abroad for Americans in 2023 (2024)

In the United States, seniors are increasingly finding innovative and creative ways to enjoy retirement on their own terms. This has led to an exodus of senior US expats moving abroad in search of a better life and affordable cost of living. Countries are catching on quickly, with many nations attracting US retirees with enticing retirement plans. As more Americans move, many are searching for the top 10 countries to retire abroad in 2023.

This article looks at what the top ten countries for Americans to retire in 2023 are, as well as examining the ways US expats can take a leap forward and embrace a peaceful and equally exciting life abroad.

The Top 10 Countries to Retire Abroad: An Overview

According to a study released by International Living in January 2023, Americans are moving abroad to pursue healthier and happier lives, spend less money, and maximize their retirement goals that they wouldn’t ordinarily achieve in their home country. An extensive survey was conducted, where a pool of US expats ranked the top countries to retire in. As such, a list of the top ten countries for Americans to retire abroad was born.

American retirees living overseas ranked their experience across ten categories:

• Housing
• Benefits and low-cost perks
• Visas and residence ease
• Cost of living
• Cultural assimilation and entertainment
• Quality and accessibility of healthcare
• Development
• Climate
• Government stability
• Opportunity to semi-retire

Each category scored up to 100 points, with sub-categories enabling expats to rank each country better. For example, the housing category looks at the value of real estate, cost of rehabilitation, property taxes, and money loans. Each country then gets an overall score out of 100. All countries on the list were selected after the end of the COVID-19 pandemic.

Starting from the top, here are the top 10 countries to retire in the world.

Portugal is well renowned for its welcoming environment for US expats, with many Americans already living as retirees in cities like Porto, Lisbon, Cascais, and in the southern region, the Algarve. With its world-class beaches, beautiful stretch of Atlantic coastline, sunny and warm weather, and excellent records for safety and stability, it’s no wonder why Americans are making the move.

Benefits of Americans retiring in Portugal

There are many benefits of Americans retiring in Portugal. These include:

How are Americans retiring in Portugal?

Thanks to Portugal’s attractive Golden Visa Program, American expats can get a temporary residence permit, provided that they make a qualifying investment.

The easiest way to invest is to buy a property worth at least €500,000 in Portugal, maintain the investment for five years, and then apply for Portuguese citizenship. Key Portugal Golden Visa benefits included free movement within Europe’s Schengen Zone, affordable investment options with high return potential, and the opportunity to live as a resident in Portugal.

Learn more about this option in our ultimate guide for the Portugal Golden Visa Program.

Another way Americans are retiring in Portugal is that they can also apply for Portugal’s D7 Visa program. The D7 Visa allows foreign citizens who wish to retire and live in Portugal to do so, provided that they live on their own income or pension.

Mexico has a big community of American expats already. After all, the US has by far the largest population of the Mexican diaspora in the world. This makes Mexicano culture easier to assimilate into. To top it off, its vibrant life and culture produce the optimal environment for an enjoyable social life. Its warm climate, natural landscape, and low cost of living also attract many retiring Americans.

Furthermore, with it being on the border of the United States, you can enjoy the benefits of a low cost of living while staying within touching distance of your loved ones.

Check out our guide, Permanent Residency Mexico: Your Ultimate Guide.

In Panama, American retirees can easily get by on $1,130 per month ($1,810 for two people), according to Numbeo.com, taking into account rent, groceries, utilities, and entertainment. This makes Panama one of the cheapest countries to live in for retirement. Additionally, Panama boasts an affordable and quality healthcare system, with a doctor visit costing roughly between $20-$60. To top it off, the closest flight to the US is a mere three hours by plane.

Let’s not forget about the weather. Tropical temperatures nearly every day of the year, and due to Panama’s geographical location, there is no threat of hurricanes or any weather adverse enough to put your property at risk, making it the ideal tropical country to invest in real estate and retire comfortably.

Although a small country on the Pacific coast in Latin America, Ecuador more than deserves its place on the list of best expat countries to retire to, for a number of reasons. An abundance of World Heritage Sites and national parks, a wonderful stable climate, and the most biodiversity of any country of its size ensures an adventure-filled life, long into retirement.

Perhaps the principal benefit that attracts many Americans to Ecuador for retirement is access to attractive senior discounts that are unmatched by any other country in the world. Half-price air deals to the United States mean that a quick trip to visit loved ones is perfectly plausible.

While heavy discounts on utilities and reductions in IVA (value-added) tax prove that Ecuador is one of the best tax-free retirement countries, the Ecuadorian government and its institutions work hard to ensure that its foreign retirees feel most welcome.

Among Americans already retired in Costa Rica, the country is seen as a haven for those who crave a more simple and peaceful lifestyle. Paired with great waves and picturesque beaches with the Pacific Ocean on the west coast and the Caribbean Sea on the east, an amazing tropical climate, and a culture built on community, this central American nation is a true gem to behold. Many expats looking to retire abroad come and spend a week in there and then decide they want to make the move from the US permanent. When you get your hands on residency, you are eligible for the socialized medicine program for a 7-11 percent fee from your monthly income.

The good thing about retiring in Costa Rica is that it’s already one of the more popular retirement destinations among American retirees. So, although you’re immersed in an entirely new culture, you’re never too far from familiar faces.

Living in Spain as a retiree has countless perks. From fine dining and entertainment at an affordable cost to a lively culture and cheap medical services, compared to the United States, Spain is a great option for retirement.

Spain also has several islands, such as Ibiza in the Mediterranean sea and Gran Canaria in the Atlantic ocean, which are home to a large amount of US expats of retirement age due to the warm weather and island life, coupled with great infrastructure.

Benefits of Americans retiring in Spain

One of the key benefits of Americans retiring in Spain is the rich quality of life it offers.

How are Americans retiring in Spain?

If you want to retire in Spain, Spain’s Golden Visa Program is an excellent option. The program invites non-EU citizens to apply for the program and obtain residency permits in a short timeframe in exchange for a qualifying investment.

The most typical way to get a Golden Visa is to make a real estate investment of at least €500,000. This will secure you your own property along with a Spanish residency permit. It includes the option of buying a multi-unit property, in which you can rent out the additional units for extra income or to pay off your initial investment. You can then get permanent residency after five years or Spanish citizenship after ten years (providing you meet certain conditions).

For more information, take a look at our Ultimate Guide to the Spain Golden Visa.

One of the smaller European countries, but with profound historical significance, it should come as no surprise that Greece features on this list. In addition to it’s profound history, the country comprises three island groups made up of stunning islands that offer a laid-back island lifestyle but with top city infrastructure and amenities.

Being part of the Golden Visa program, Greece is the ideal country for American expats looking for tax-free retirement countries to invest in abroad while receiving residency in return.

You can consult our article on the Greece Golden Visa for more information.

In France, a slower pace of life is the norm. Rich European culture, world-famous art, theatre, and museums ensure expats never get bored. On top of this, the country has excellent wine, cheese, and gastronomy, so it’s no surprise that many American expats choose to set up homes for retirement in France.

If you come from a big city and would rather maintain the swift pace of life they offer, then Paris is the city for you, while regions like Provence and the French Riviera provide an environment and lifestyle that most retirees dream of having.

Regions like Emilia-Romagna in Italy are fantastic for American retirees since the cheap cost of living, excellent cuisine, and temperate climate make every day of retirement an experience. Every region of Italy has something to offer based on your preferences. Tuscany offers the most traditional and classical Italian experience, Abruzzo provides an unspoiled feel for American retirees looking for a quiet and off-the-beaten-path life, while Sardinia transports you to the Caribbean, with its white-sand beaches and azure-colored waters.

Italy is amongst the easiest countries to retire to as well, with multiple options for residency available, like the Golden Visa through a qualifying investment. While the Italy Elective Residence Visa can easily be obtained, provided that you can present proof of €31,000 ($33,770) in annual income from the US Social Security.

You can read more in our article on the Italian Golden Visa.

Living expenses are extremely cheap and affordable for US retirees in Thailand. For just $765 per month, you can get a premium apartment for rent in bustling cities like Bangkok and Chiang Mai, with utilities, gourmet restaurant meals, and transport being very cheap. Living among Thai people is a dream, too, as they’re known to be very welcoming as well as respectful of the privacy of foreign residents. This makes it one of the best retirement destinations for expats who want a quiet life.

Thailand is also an excellent base for travel, sporting a diverse ecosystem, tropical climate and consisting of many islands with unique landscapes and features. Being so close to the rest of Asia, flights to neighboring countries like Vietnam, Malaysia, and Singapore can be found for as little as $40.

Frequently asked questions about the top 10 countries to retire in the world