The Best Countries In Europe For Retirees

Many retirees dream of spending their golden years in a far-flung European paradise, enjoying the slower pace of life and characteristic joie de vivre. The Old Country — celebrated for its kaleidoscope of landscapes, cultures, and cuisines compacted in the second-smallest continent on Earth – offers a variety of backdrops for retirement. Whether looking for forest-blanketed mountains, crystal blue Mediterranean coasts, or vivacious cities, Europe offers something for every retiree. With 38% of expats who retire outside the country choosing to go across the pond, the draw is undeniable.

Faced with 44 different countries, people looking to retire in Europe can feel overwhelmed by the spectrum of options. Unfortunately, this leaves many seasoned couples assuming the dream of retiring in Europe cannot be realized. In reality, spending your golden years in Europe can be simpler and more affordable than you might think. Many countries have the infrastructure to accommodate foreign retirees with specific visa programs, generous healthcare systems, affordable living expenses, favorable economies, and more. Looking at the growing trend of retiring in Europe and some of the best countries to target can make this pipe dream seem more attainable.

When considering a move abroad in your golden years, it's important to keep a few factors in mind: living costs, visa situation, tax status, healthcare availability, language barriers, and overall lifestyle. Given those criteria, let's look at some of the best countries in Europe for retirees.

Portugal is consistently ranked among the best countries to retire in Europe by both expats and experts, even topping International Living's Annual Global Retirement Index for several years running. Continental Europe's westernmost nation charms with its dramatic cliffside coasts, seaside cities, and rolling inland hills, but the real pull for retirees comes from the country's ideal balance between affordability and quality of life.

Rental prices are nearly 40% cheaper in Portugal than in the U.S. For reference, a retired couple can live comfortably for as little as $2,500 per month outside of larger cities like Lisbon or Porto. Overall, your dollar goes 32% further in Portugal across all major spending areas. That relative affordability is matched by a high standard of living. Also, Portugal's generous public healthcare system ranks 11th globally for quality, and polls place the country 12th for overall quality of life.

Portugal's D7 visa allows foreigners with a passive income stream — such as Social Security benefits, a pension, or even investment returns — to live in the country for as long as they can demonstrate proof of funds. The passive income visa only requires $1,017 per month. That figure goes up by 50 percent if you're supporting a spouse and 30 percent more for every dependent that tags along. At first, the D7 visa is valid for two years, which you can follow up with a three-year renewal. Once you hit the five-year mark, you're eligible for permanent residency or even Portuguese citizenship. This represents one of the fastest timelines from foreigner to citizen in Europe, although authorities are considering expanding it to 10 years.

France is the most visited nation on the planet, bringing in nearly 90 million tourists annually — more than the country's population. While the dazzling Eiffel Tower, the iconic Louvre, and the winding Seine River may convince you to visit for a week or even a month, it's France's first-class living standards that will keep you for the long haul. The country's nationalized healthcare system offers virtually free coverage to all citizens, residents, and some visa holders. It's ranked 17th in the world, according to the World Health Organization (WHO), leading in low costs and diversity of choice for patients.

Furthermore, the country routinely ranks high in the United Nations' World Happiness Report, signaling contentment among people who live there. Affordability is a matter of location in France. Paris's sparkling lights can distract from other equally enticing and much cheaper places throughout Europe's third-largest country. For reference, a Parisian one-bedroom costs roughly $1,624 per month, while the same apartment in the smaller eastern town of Strasbourg would only run $928 monthly. Overall, real estate in France is 34% cheaper than in the U.S. Outside of the capital is where France makes the best case for retirees: quiet towns, affordable houses, universal healthcare, and a slow pace of life.

Americans seeking retirement overseas in France often target the long-stay visa, which permits a year-long stay before converting into a residence permit if extended. This long-term visa is a catch-all program provided to foreigners for a variety of reasons, including work, investing, studying, or private purposes. Authorities want to see a minimum monthly income of $2,101, which can come from any number of retirement sources. Providing you can demonstrate financial means, health insurance coverage, and other basic requirements, the process is fairly straightforward. As with other countries, France allows Americans to renew residence permits for a few years before becoming eligible for permanent residency, and then, citizenship.

Attracting 83 million people every year according to the World Population Review, Spain is the second-most-visited European destination, taking a backseat to France only. Recently, this popularity among tourists has started to capture the attention of retirees looking for the quintessential Mediterranean lifestyle, married with the high standard of Western Europe. Spain comprises the majority of the Iberian Peninsula, flanked by the Atlantic to the north and the Mediterranean to the southeast. This large, vivacious country is home to an array of landscapes, including arid deserts, lush forests, rolling plains, tall mountains, and miles upon miles of sandy beachfront.

No matter what kind of environment you're looking to spend your golden years in, Spain can provide it. It's the third-most-affordable country in Western Europe, giving individuals and couples those sought-after living conditions at a discount. For reference, a standard one-bedroom apartment runs $1,745 per month in major cities and around 33% cheaper in less-popular areas. It's a small price to pay for getting access to the world's seventh-highest-ranked healthcare system, which translates into one of the highest life expectancies in the European Union.

Most people target Spain's non-working residence visa as the smoothest launching point to retiring in the country. Candidates must show sufficient savings or retirement income equal to 400% of the country's Public Multiple Effects Income Indicator (IPREM), which is roughly $32,669 annually. Every additional applicant, such as a spouse or child, adds 100% to this number. The source of these funds is flexible so long as you're not gainfully employed. The government officially mentions pension programs and life annuities as possible benefits.

Germany is routinely overlooked as one of the best places to retire in Europe due to some common misconceptions. While more expensive than other European nations, the cost of living, including rent, is actually 12% more affordable in Germany than in the U.S. Of course, you'll spend more in the country's most popular cities — such as Berlin, Munich, and Hamburg — but several equally enticing cities and towns offer Germany's characteristic order, efficiency, and quality in all aspects of daily life: Dresden, Leipzig, and Magdeburg, just to name a few. A toxic work culture is another misnomer about Germany that may scare retirees looking for a place to unwind and enjoy a slower pace of life. Europe's most powerful economy maintains a lower average hourly work week compared to the region's standard. Furthermore, Germany's unique hybrid healthcare system that blends both private and public options ranks fourth in the world.

Do not let the infamous wall of German bureaucracy block you from considering this wonderful place as your adopted home, either. While German paperwork is overkill, the country's pünktlichkeit (punctuality) makes up for its love of details. The visa process is straightforward, and the requirements are reasonable. Germany does not offer a personalized visa option, but Section 7 of the German Residence Act allows financially independent individuals or families to obtain a residence permit. You must show proof of funds — such as a savings account, investment funds, Social Security payouts, or pensions — that are at least double the country's average salary, or about $140,000 per year. Germany also requires adequate healthcare coverage throughout the length of stay. Once approved, a residence permit lasts for one year and is renewable every year. By the fifth year, you could qualify for a settlement permit.

Austria, often viewed as Germany's little brother, offers many of the same perks as its larger counterpart: strong economic foundations, a stable political system, excellent healthcare coverage, low crime, and elevated general welfare. Despite being equivalent in size to Maine, Austria features various landscapes from rolling hills and grassy plains to towering mountains and river-carved valleys, giving retirees several places to choose from. While the larger cities like Vienna or Salzburg might eat into seniors' tighter budgets, unless you're planning to retire rich, the mountain nation is dotted with small hamlets with a much more affordable cost of living. 

Austria's settlement visa is not designed specifically for retirement, but it's an ideal route for Americans. The process provides U.S. citizens with a residence title, allowing them to stay for longer than six months. The government requires applicants to have a consistent monthly income of $2,345 for couples, with an additional $230 for each dependent. You may apply for permanent residency in Austria after being in the country for five years legally.

Slovenia means "Land of the Slavs" in the local language, but this Balkan gem is extremely inviting to retirees looking to spend their golden years in Europe. Nestled between Italy, Austria, Hungary, and Croatia, this tiny nation is home to the captivating Julian Alps, snaking rivers, and sprawling forests throughout. This lesser-known diamond shines bright for retirees by offering Western European living standards with Eastern European costs.

If you're searching for bustling city life without spending too much, the quaint capital of Ljubljana is calling your name. Living in the historical capital is 47% more affordable than New York City, with rent clocking in at 74% cheaper, as per Conde Nast. The former Eastern bloc country also touts more affordable living than most of the European countries on this list. Slovenia consistently ranks high in healthcare and safety, ensuring seasoned individuals or couples can gracefully enter the autumn of their lives knowing their well-being is cared for.

Like many European countries, Slovenia does not offer a visa specifically for retirees, although several viable options exist. One of the easiest pathways is through a long-stay visa, which converts into a temporary residence permit, allowing holders to renew annually. If you hold the residence permit for five years, you qualify to become a permanent resident. Retirees who stay another five years in the "Land of the Slavs" under permanent residency are eligible for citizenship. As with other countries, you must show proof of funds, healthcare coverage, and legal documentation to obtain a long-stay visa in Slovenia.

Entering your twilight years in a northern Baltic country may be a chilly thought, but Latvia's architectural beauty, robust medical system, relative affordability, and human development standards could warm up the proposition. Sandwiched between Estonia, Lithuania, and Russia, Latvia is tucked away in a region Americans rarely visit. The summers are mild and the winters are active, yet expats rave about the business-friendly tax climate, reasonably priced healthcare, mature economy, and political stability. The average rent for a one-bedroom apartment in the city ranges between $290 and $760 per month, according to Numbeo. In the heavily forested and coastal countryside, the average rent falls between $230 and $530. Overall, monthly living expenses in Latvia hover between $1,700 for an individual and $3,500 for couples, on the cheaper side in Europe and much more affordable than major U.S. cities.

Expats 65 years or older can apply for the country's fast-tracked residency permit, which allows foreigners with proof of stable passive income to live in the country for five years from the get-go. The only requirements are proof of at least $1,183 per month in pension payouts or a bank account showing equivalent savings. A spouse raises that monthly requirement to $866, although savings with those annualized figures will suffice. Applicants also need to have insurance coverage and a place to stay before applying. Once approved, you can live in Latvia for half a decade. So long as you continue meeting the requirements, renewing it for another five years should be a cinch. After that, you're on your way to becoming a Latvian citizen. The best part is that this application only takes around 10 days to get approved.

If you love the idea of retiring in Greece but want something a little more off the beaten path, consider making a retirement retreat to the picturesque island of Cyprus. Despite being the Mediterranean's third-most-populous and third-largest island by landmass, Cyprus falls under the radar for most American travelers and retirees. Described as a "gold-green leaf thrown into the Sea" by a Greek Cypriot poet, the island nation is celebrated for its captivating cliffside coastline, ancient ruins, year-round summer weather, sky-blue waters, and relaxing pace of life. In short, this Mediterranean island offers the coastal beauty of its larger mainland cousin with a more affordable price tag.

Cyprus is well-known among international investors for having one of the more affordable residence-by-investment programs in Europe. This "golden visa" grants automatic permanent residence in exchange for an investment of at least $351,390, according to Henley Global. Retirees can put this money towards real estate, investment funds, or even a business. Beyond that, you need to demonstrate an annual income of $58,565 or higher if you're including a spouse on the application. The process only takes a few months, but it offers permanent residency right away. Do not worry if that type of investment is out of the question. Cyprus offers a much more attainable alternative in its "Pink Slip" visa. Also known as a freelance visa, this setup permits retirees with about $11,659 in annual income to live for one year in the country. The visa can be renewed five times, after which holders are eligible for permanent residency.

Europe's southernmost island is a hidden gem both for temporary vagabonds and retirees with longer time horizons. The small nation packs a competitive punch in terms of retirement goodies, putting it above its weight class when fighting for your golden years. The average individual spends around $1,660 monthly, including rent in Malta. That figure slightly more than doubles to $3,812 for a family of four, according to the organization Living Cost. Whether you're retiring solo or sailing into your golden years with the whole family, this island getaway offers an affordable European escape.

As a resident, you'll have access to the country's leading national health care system, which constantly outpaces the U.S., the United Kingdom, and Australia in global rankings. The World Bank routinely ranks this Mediterranean island as one of the least corrupt and most politically stable nations, ensuring your advancing years are uninterrupted. In stark contrast to many European countries on this list, English is one of Malta's official languages since the island was part of the British Empire for decades.

The Malta Retirement Program (MRP) is specifically intended for older foreigners who want to retire in the seaside nation. Candidates only have to be 55 years old, opening up the program to those who retire early by U.S. standards. 75 percent of your gross income must be from retirement income such as investments, pensions, or Social Security disbursements. You're also required to own Maltese property valued between $256,500 and $320,701 or pay rent up to $11,195 annually. Qualifying retirees are granted a five-year residence permit, which can be renewed until eligible for permanent residence and even citizenship.

Retiring in Europe does not have to pigeonhole your golden years into a single destination. The continent's uniquely concentrated geography grants you a front row seat to a potpourri of diverse locations. Although it takes roughly 30 hours to drive from London, England, to Riga, Latvia, that relatively small geographical region contains up to 200 different languages, hundreds of cuisines, 11 different biogeographical regions, and an untold number of experiences awaiting you. No matter which country in Europe you retire to, a completely different world is never more than a short train, bus, car, plane, or ferry ride away.

Toss away all those concerns about visas, paperwork, passports, and other bureaucratic red tape, too. Like the U.S., most European countries can be traversed without crossing internal borders. The Schengen Zone is a collection of 29 countries that have agreed to dissolve border checks between member states, giving retirees in any of the several dozen nations free rein. All countries mentioned in this article — except for Cyprus — are members of this borderless union. That means you could officially live in one country, complete all required paperwork, and make essential retirement investments, while still exploring Europe freely throughout your golden years.