The 10 best foreign countries for a comfortable retirement, ranked

Luxembourg rounded out the top 10 for best countries to retire in, while barely making the top 30 in the overall ranking.

It made top-20 appearances for quality of life and social purpose, at 17th and 16th, respectively, but was not seen in many other categories.

In Luxembourg, whether you’re a native or not, in order to claim a pension from the government, you must contribute to the old-age pension fund for at least 10 years.

Sweden fell two spots on the best countries to retire in since last year, even though it ranks fairly high in some of the subcategories. Sweden is second in both quality of life and social purpose but ranks 20th in adventure — which has factors like friendly people and a pleasant climate.

A visit to a Swedish consulate or embassy is required to apply for a residence permit, which will allow you to stay in Sweden for more than 90 days.

The Netherlands missed out on the top 10 for the overall ranking, but found a spot near the top as one of the best countries to retire in.

With its iconic and scenic landscape, it also grabbed the ninth spot for the best countries to travel alone in, making it a nice place to spend your time not working. It also finished in the top 10, at eighth, in the social purpose rankings.

Like a lot of European countries, if you’re not an EU citizen, you’ll need to apply for a visa and residency permit before making your move.

Denmark has the best quality of life and social purpose out of the 89 nations participating in the survey but doesn’t rank as high when it comes to retiring.

The Scandinavian country ranks seventh, which is still an improvement from the previous year, where it landed at the ninth spot.

Denmark does not offer a retirement visa, so if you’re a US citizen and plan on staying for more than 90 days, you’ll need a long-term visa.

Some US citizens have considered moving north for a more relaxed retirement, and judging by Canada’s place on the list, they might get just that.

Canada, which clinched fourth on the overall best countries list, landed only two spots lower as a comfortable place to retire. It also finished in the top five for social purpose, quality of life, and agility, which all could contribute to a retiree’s comfortability. There is no visa specifically for retirement in Canada, but if you have a child or grandchild, you can apply for a super visa, which will grant you the ability to visit them for five years at a time.

Spain maintained its fifth-place spot from last year, as rents and property taxes are lower overall than in the US. Data from Expatistan estimated that a single person living in Spain needs $1,913 a month to live comfortably, and the country has low-cost public healthcare.

Spain recently ended its Golden Visa program, which granted residency through investments, though it offers a Non-Lucrative Visa for non-EU nationals, allowing retirees to stay for up to three years. Spanish residents can apply for a pension at 65.

Australia ranked fourth this year, down from third last year. The country offers an Investor Retirement visa for self-funded retirees with no dependents, which allows them to live in Australia for four years. Most residents can receive their pension starting at 67.

Australia’s largest cities have lower rents than large US cities such as New York or San Francisco, though home prices have shot up in the last few years. Australia also has universal healthcare but allows residents to select private health insurance.

Portugal, which ranked second last year, fell one spot to third. Non-EU citizens can get citizenship through the Portugal D7 Retirement visa, which requires proof of stable income like a pension and is often considered easier to acquire than in other EU countries. Portugal also has a golden visa allowing non-EU residents to become permanent residents by purchasing higher-cost real estate or investing heavily in scientific research.

According to recent Numbeo data, the cost of living in Portugal is about a third lower than in the US, with rent over 40% lower. Residents can comfortably live on $1,500 to $2,000 in income each month.

New Zealand rose two spots from last year to second. The country has a temporary retirement visitor visa for those 66 and older that requires foreigners to maintain some investments in the country. New Zealand also has a parent retirement resident visa for wealthier retirees.

The country’s cost of living is somewhat lower than the US, driven by lower rent expenses, and New Zealand also gives residents free or subsidized public healthcare.

Switzerland maintained its top spot due to its top-tier healthcare system and low taxes — though Switzerland is among the most expensive countries for retirement. Switzerland offers a type D visa for those not seeking employment in Switzerland who have health insurance and the finances to support themselves.

Swiss retirees will need upward of $3,500 a month to live comfortably, particularly in larger cities. However, the country is considered a tax haven for wealthier residents. The country has a three-pillar pension system for residents who have hit the retirement age of 65 for men and 64 for women.