Retiring abroad

Many retirees are drawn to countries like France, Spain, Dubai, and Mexico due to their lifestyles, different cultures and financial advantages.

France, Spain and Portugal, for instance, offer a high standard of living, excellent healthcare systems, and pleasant climates all year round. It’s also easy to get to the UK for family visits or to the rest of Europe.

The cost of living is often cheaper abroad which means your pension will go further, allowing you to enjoy life and try new experiences.

Additionally, you’ll make lots of new friends, both expatriates from all over the world and locals. There’ll always be something to do, from hiking in the countryside to wine-tasting courses**, you’ll never be bored.

Further afield are destinations such as Dubai and Mexico, which also appeal to retirees.

Dubai offers a modern lifestyle with luxurious amenities, state-of-the-art healthcare, and a tax-free environment. The choice of property is vast, from city apartments to gated communities. Dubai’s cosmopolitan atmosphere and safe environment where crime rates are low further enhance its appeal.

On the other hand, Mexico is known for its warm climate, affordable cost of living, and proximity to the United States. If you are looking for an affordable and exciting retirement life abroad that’s beyond Europe Mexico is a great choice.

You’ve decided you wish to escape your home country in search of a little more adventure when you retire. Where will you settle? Here’s a brief description of some of the countries iad Overseas can help you move to and their pros and cons.

Spain has been a popular retirement destination for many years. With its sunny weather, cheap cost of living, and laid-back lifestyle, this vast country has plenty of areas to choose from.

If you’re searching for an authentic Spanish lifestyle one of the many inland villages will suit you. However, if you’d prefer to live amongst other expats the coastal areas of south and east Spain are ideal.

The Golden Visa scheme for property purchases is due to end in 2024. However, an alternative option to get Spanish residency is the non-lucrative visa, for which you must demonstrate an income of at least £23,609.04 (€28,000) for yourself and £6,070.90 ( €7,200) for each additional family member.

Spain can be very hot and humid in the summer, especially in the south. Staying indoors, taking a dip and following the Spanish custom of an afternoon siesta makes the heat bearable. Plus, the warm Spanish evenings when you can sit outside until the early hours are a pleasant relief from the high temperatures in the day.

Retiring in Cyprus offers numerous advantages, including a lower cost of living compared to the UK, a warm Mediterranean climate and a relaxed lifestyle. The country also has a large expatriate community and excellent healthcare.

If you wish to apply for a Golden Visa to live in Cyprus you will need to invest £252,954 (€300,000) via property or shares. You also need to prove an annual income of a minimum of £42,159.

Some drawbacks include the language barrier, especially in remote areas and the slow bureaucratic processes, which can be frustrating.

Dubai offers the benefits of a tax-free environment, a modern infrastructure and a high standard of living, making it ideal if you’re seeking a luxurious lifestyle. The city is highly cosmopolitan, with a diverse expatriate community and plenty to see and do. The healthcare system is known for being top-class and most staff speak English.

If you don´t quality for Dubai residency you can apply for a Golden Visa if you purchase property of at least £407,000 (2 millions AED).

However, the extreme heat and cultural differences may require some adjustment for retirees unfamiliar with this part of the world.

Retiring to France provides an excellent quality of life, and the opportunity to explore a very diverse country. From the cooler north with its wild coastline to the luxury of the French Riviera or the lakes and mountains of the Alps and the Pyrenees, France has many landscapes.

Add to this the delicious cuisine and fresh food at local markets, castles and landmarks to explore and retiring to France is an appealing option.

Healthcare is reputed to be good quality in France, with the OECD reporting that spending is above the EU average. If you pay taxes in France you will be entitled to public healthcare, otherwise you will need to take out private cover.

One negative might be that French bureaucracy can be slow, but accepting this makes it less frustrating. Neither does France offer the Golden Visa scheme.

Retiring to Greece offers a low cost of living, beautiful countryside and a great choice of properties. Whether you want to live your dream on the coast or inland in a little stone house with an olive grove, Greece has a unique charm. With the Mediterranean diet, good weather and outdoor lifestyle and retirement to Greece is tempting.

You can apply to become resident in Greece through the Golden Visa process, by investing in a property between £337,272 (€400,000) and £674,544 (€800,000), depending on where you want to invest. In 2024, the €800,000 minimum applies to the regions of Attica, Mykonos, Santorini, Thessaloniki and islands with a population of over 3,100, while the minimum of £337,272 (€400,000) applies to the rest of Greece.

A concern may be the language barrier, as Greek can be difficult to learn. However, you can use an interpreter for any official processes. The healthcare system can also be frustrating, with public spending being 19% below the EU average, meaning long waiting times and fewer facilities.

Imagine strolling through vineyards, visiting historical monuments and taking a dip in the warm Mediterranean Sea as often as you want. Italy has it all – culture, countryside and fantastic fresh food. With the options to visit Rome, Pisa, and Pompeii and explore the country’s history, retiring to Italy could be your dream come true.

Plus, you have easy access to the Alps if you love to ski or walk in the mountains.

If you pay tax in Italy and become a resident you will have access to the public health system or you may wish to opt for private health cover.

You can apply for a Golden Visa to give you residence in Italy though investment. There is currently no way to apply for an Italian Golden Visa via property purchase.

The downside? All that gelato and pizza may make you put on weight!

Retiring to Mexico offers significant cost savings, a warm climate and a lively cultural scene, making it an appealing destination for retirees. If you want a comfortable lifestyle near the beach or inland, Mexico offers plenty of choices. From the Riviera Maya with its breathtaking beaches to the jungles of Tulum or the fast pace of Mexico City, this is a country just waiting to be explored.

Mexico is a long way from the UK, so if you prefer to be near family it might not be the ideal location. However, living in such an exotic place means you’ll get plenty of visitors! It’s also important to be aware that the Mexican healthcare system lacks resources and those who can afford it choose private cover.

Portugal is home to a large number of British expatriates and a great retirement destination due to its affordable cost of living, pleasant climate and friendly expatriate community. The country offers beautiful coastlines, historic cities, and a laid-back lifestyle.

The Portuguese Golden Visa scheme was updated in 2024 and you can no longer buy property to obtain residency. However, a route to residency is by investing in Portugal for a minimum of £210,795 ( €250,000).

However, the language barrier could be an issue, although English is widely spoken in tourist areas. Also, while healthcare is generally good, it may be less accessible in rural regions.

Your money doesn’t just go further on day-to-day living, but on property too in many locations abroad, as you can see below.

In addition, taking into account eating out, food, utilities and rent, it is cheaper to live in most of the countries iad Overseas has a presence in than in the UK, except Dubai, which is only marginally more expensive than the UK.

When it comes to retiring, whether you want to slow down or explore the world, living abroad could be the perfect way to enjoy the next chapter of your life.

Not sure if retiring abroad is for you or not? Get in touch with an iad Overseas consultant to find out more about which country might suit you.

** Alcohol abuse is dangerous. Drink in moderation.