As it does every year, the International Living portal releases its Global Retirement Index, which ranks the countries with the best conditions for a well-deserved retirement after a lifetime of work. Among the top positions are Portugal, Mexico and Panama, where factors such as climate, cost of living and the health system have been evaluated. Spain also features in the top 10 of the Global Retirement Index 2023 and is one of the best countries in the world to retire to. We have the details.
Global Retirement Index 2023
In this analysis of 16 countries, Spain is in sixth place, ahead of Greece and France, but behind Latin American countries such as Ecuador and Costa Rica. International Living's analysis is more focused on the US market, hence the number of countries from the American continent, but the countries of Southern Europe continue to attract attention, due to their climate, culture, lifestyle and good services.
Retiring in Spain
This is certainly the case when it comes to retiring in Spain, a popular option for many people, especially from Europe and North America thanks to the country's pleasant climate, high quality healthcare and an attractive lifestyle. Here are some things to consider if you are thinking about retiring in Spain:
Climate: Spain is known for its warm and sunny weather, especially along the Mediterranean coast. However, the climate can vary significantly depending on the region, so it's important to research and consider the climate of the specific area where you plan to retire.
Cost of living: The cost of living in Spain can be lower than in many other Western countries, although it does depend on the location. Coastal areas tend to be more expensive than rural areas, for example. Overall, though, it is possible to live quite comfortably on a modest retirement income, even with inflation and the 2023 cost of living crisis.
Healthcare: When it comes to healthcare in Spain, the country has a national healthcare system that is generally of high quality and affordable. As a retiree, you may be eligible for public health care, or you can opt to pay for private health insurance.
Language: While it's possible to get by with just English in some areas, Spanish is the primary language in Spain, and it can be difficult to navigate certain situations without at least some knowledge of the language.
Culture and lifestyle: Spain has a rich culture and history, and it can be a wonderful place to explore and experience new things. Retirees can enjoy a relaxed lifestyle, with long siestas and evening walks, but they should also be prepared for the different pace of life and the occasional bureaucracy.
Residency requirements: If you plan to stay in Spain for more than 90 days, you will need to apply for a residency permit if you are from outside the EU, including those from the United Kingdom. The process can be somewhat lengthy, and it's important to make sure you have all the necessary paperwork in order before you begin.
Overall, retiring in Spain can be a great choice for those who are looking for a warm climate, a relaxed lifestyle, and a lower cost of living. However, as with any major life decision, it's important to do your research and carefully consider all the factors before making a decision. For more details on retiring to Spain and the best places to retire in Spain in 2023, check out our guides.
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