5 Countries To Retire for Best Quality of Life — Are They Cost-Efficient in Today’s Economy?
Written by
Andrew Lisa
Edited by
Zuri Anderson
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Anyone considering retiring abroad should review the Global Citizen Solutions 2025 Global Retirement Report, an exhaustive analysis of the countries best suited for seniors to live overseas — and to bring their nest eggs with them.
The report concentrates on the factors that matter most to retirees considering spending their golden years outside of the U.S., including visa processes and accessibility, citizenship status, living costs, income requirements, taxes, life quality, health care and safety.
Five countries stood out in checking the greatest number of those boxes, but are they really cost-effective for today’s American retirees? For many — even with relatively modest incomes — they can be.
Portugal
Portugal’s status as one of the safest countries in the world, along with its exceptionally high quality of life, earns it the No. 1 spot on the list. The path to citizenship takes five years and dual citizenship is allowed. The minimum monthly income requirement is 870 euros, equivalent to approximately $1,000.
International Living reports that Portugal is the least expensive country in Western Europe, and a couple can “live nicely” on $2,500 to $3,000 per month outside of major cities.
Mauritius
Unlike Portugal, the African nation of Mauritius does not tax foreign-sourced income. That, along with its excellent safety rating and streamlined citizenship process, earns it the No. 2 spot from Global Citizens Solution, which cites a minimum monthly income requirement of $1,500.
Forbes reports that $1,400 is enough to buy you a decent life in the subtropical country, which is known for stunning beaches and a diverse but largely English-speaking population. With $3,500, you can live in relative luxury.
Spain
Spain boasts the No. 2 best visa and citizenship procedures, the No. 6 highest safety rating the best overall quality of life in the world.
However, taxes in the Western European country are higher and more numerous than in the other top retirement hotspots and the minimum income is the equivalent of $2,756. Kiplinger roughly backs up that number, citing the minimum as $2,600.
Uruguay
There’s no wealth, inheritance or foreign income tax in the South American country of Uruguay. It has the simplest residence and immigration procedures on the list — residency is based on income and works on an ultra-fast one-month processing timeline.
The minimum monthly income requirement is $2,000, although the residence and citizenship firm Golden Harbors writes that $800 is enough for a minimalist lifestyle, as living costs in Uruguay — one of the safest countries in Latin America — are 30% lower than in the U.S.
Austria
The safest country on the list, the European nation of Austria, also boasts the No. 4 highest quality of life. Residence permits are issued based on means, but the path to citizenship takes a full 10 years.
There’s no wealth or inheritance tax, but Austria does tax foreign-earned income. The minimum income requirement is $2,525, and Expatica reports that even in major cities like Vienna, living costs are 10% to 30% lower than in neighboring countries such as France and Germany.
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