Top Countries to Retire in Europe

So, your retirement is drawing near, and you’re wondering where you should retire. As such, the thought of retiring in Europe might have crossed your mind. The problem is that there are over 40 countries in Europe, each with its own advantages, disadvantages. To retire in Europe, you may need some information about lifestyle, cost of living, healthcare etc. So, we prepared this guide to give a brief about best countries to retire in Europe.

Understandably, this can make it complicated to research, let alone choose. Fortunately, we’re here to help. In this post, we’ll look at the best countries for retiring in Europe.

Portugal

Portugal is one of the best choices if you want to enjoy your retirement in a country that offers an excellent, relaxing lifestyle but at a more affordable cost. This is simply because it offers the best balance between quality of living and living costs. It’s no wonder Portugal’s popularity as a retirement destination is growing at a rapid rate.

Let’s look at why you might choose Portugal as a retirement destination in Europe in more detail.

Cost of Living

Compared to the other countries on our list and the rest of Europe, a smaller income in Portugal goes a long way. In fact, many retirees are able to get by on less than €750 a month, and living in one of Portugal’s smaller cities costs about €1,600 a month for a couple.

For this amount, you can enjoy a comfortable lifestyle and afford to eat out and go on weekend trips. Keep in mind, however, that the closer you move to the capital, Lisbon, the more you will end up paying. And don’t forget, Portugal has a special regime for foreign retirees in terms whereof you only pay a flat rate of 10% tax for the first 10 years in the country.

Healthcare

Portugal offers an excellent healthcare system that is also affordable. It's important to remember, though, that there still are some costs you have to pay for healthcare when retiring in Portugal. For one, you need to have private medical insurance in order to get a residency.

Also, when you make use of Portugal's public health care program, you do need to pay a small fee for many appointments. In general, however, these costs are very affordable.

Housing

One of the major benefits of retiring in Portugal is that housing is exceptionally affordable. Here, smaller apartments away from the coast are available for less than €380 a month. In Lisbon, you can expect to pay about €950 for a small apartment and €1,725 for a large three-bedroom apartment.

When you choose to live in Porto, another popular destination, you can expect to pay €850 for a small apartment and about 1,400 Euro for a three-bedroom apartment. Keep in mind, however, that as Portugal's popularity increases, these prices will also increase.

Lifestyle

When it comes to lifestyle, Portugal really shines. With food, wine, dance, and music, it has a lot of cultural appeal, and when retiring in Portugal, you'll have the option to take short trips to explore other European countries.

Also, when it comes to lifestyle, Portugal's weather is also worth mentioning as it’s one of its major benefits. The country has more than 3,000 sunshine hours a year, pleasant temperatures in summer and moderate temperatures in winter.

Italy

Italy is well known for its cultural appeal and tourist destinations, but the country has a lot more to offer. This includes everything from food to amazing weather, and a wide variety of locations you can choose to retire in. Moreover, Italy is one of the European countries with the highest longevity scores, which means you'll be able to live a long, happy, and healthy life in Italy.

Let’s look at some reasons why you might consider Italy for your retirement.

Cost of Living

One of the drawbacks of Italy as a retirement destination is that its living costs tend to be higher than other European countries. However, like many other European countries, if you avoid the larger cities and popular tourist destinations it can be quite affordable.

For example, eating out in a larger city will cost you about the same as you'll pay for a meal in the United States, while, in a smaller town, you can get that same meal for far less. The same goes for entertainment and other living expenses. As such, you’ll be best served to consider a smaller to medium-sized town if you’re looking to retire in Italy.

Healthcare

Italy has an excellent healthcare system that is often regarded as one of the best in the world. The country offers a national healthcare plan, which gives you access to more affordable healthcare. In addition, you can also supplement the national plan with private healthcare insurance should you wish to.

Housing

In Italy, housing prices can vary significantly depending on the location you choose to live. For example, a one-bedroom apartment in expensive cities like Rome and Milan can cost you about €1,450 a month. Conversely, when you rent an apartment in a smaller town, you could pay as little as €580 per month.

So, if you'd prefer to stay in a medium-sized Italian city, expect to pay about €950 for a one-bedroom apartment.

Lifestyle

Italy prides itself on providing its residents with the very best life has to offer. As such, it offers art, culture, history, food, and fashion. More importantly, Italy offers a perfect work-life balance for those who work there and a relaxing lifestyle for those who retire there. It's no wonder expats are flocking to Italy.

Apart from everything mentioned above, Italy also offers some of the most beautiful countryside in Europe, and here areas like Tuscany and Sardinia immediately come to mind.

The Netherlands

The Netherlands consistently ranks as one of the best places to stay in Europe, which is excellent news if you want to consider retiring there. This small European country is known for its liberal social policies, its infamous battles to hold back the sea, its multiculturalism, and its diverse traditions and cultures.

Let's look at some of the reasons why you might choose the Netherlands as a retirement destination in Europe.

Cost of Living

While the cost of living in the Netherlands might be more expensive than in other European countries, it's still possible to live quite affordably. When you choose to live within the Randstad, which incorporates the country's four largest cities, the cost of living can be quite high. However, as you move away from these cities, prices tend to go down. As such, you’ll pay less for transport, food, and leisure activities.

So, when retiring in the Netherlands, you should budget about €300 to €500 euros per month for grocery shopping for your family, depending on the area you live in. On top of that, you should also factor in costs for transport and entertainment.

Healthcare

The Netherlands has an exceptional Healthcare system, which is funded by a compulsory insurance scheme. As such, you’ll be required by law to take out Dutch health insurance, which includes basic insurance for standard medical care and longer-term insurance for long-term nursing care.

The costs for these packages vary, with prices for basic health insurance starting at about €120 a month. For this, you’ll get free or subsidised healthcare, which includes the cost of prescription medicines.

Housing

Housing is one of the major living costs expats will have in the Netherlands. Because there's a high demand for properties, especially in the larger cities, housing tends to cost more. In addition, due to its popularity as an expat destination, housing prices have increased significantly in recent years. As a result, it's often a challenge to find affordable accommodation in Dutch cities.

For example, you can expect to pay anything between €1,000 and €1,900 a month for a one-bedroom apartment in Amsterdam, while a three-bedroom apartment can start at about €2100 per month. Fortunately, these costs are lower in other Dutch cities like Utrecht, Haarlem, and Rotterdam.

Lifestyle

The Dutch are known to be friendly, and they always take the time to welcome people into their lives. Fortunately, they are also very accepting of foreigners, so you can expect to be welcomed in the Netherlands. The Dutch place an increased emphasis on integrity, respect, acceptance, perseverance, reliability, and self-discipline.

One particular quirk of the Netherlands is that everything starts on time and is planned to the minutest detail, whether it’s a weekend away or a large business project. Moreover, the country has one of the lowest crime rates in Europe.

Spain

Spain has a lot to offer from incredible food to exciting nightlife, architecture, arts, culture, and high quality of life. In addition, the country boasts a lovely climate, excellent healthcare, and a wealth of places to explore. It's no wonder that about 6% of Spain's population are expats. This also makes it the perfect destination for your retirement.

Let's look at some of the reasons you might consider Spain as a retirement destination in Europe.

Cost of Living

One of the major advantages of retiring in Spain is that the country offers an affordable cost of living. Simply put, if you want to retire in Western Europe, Spain is probably one of the cheapest places you could choose.

If you're used to prices in other countries in Europe or even the United States, you'll find that groceries and food are very affordable in Spain. This is also the case with entertainment. Keep in mind, though, that prices might increase slightly the closer you stay to the larger cities and popular tourist destinations like Barcelona, Ibiza, and Madrid.

Healthcare

Spain has an excellent universal healthcare system that provides both basic and preventative care. It's funded by Social Security payments and is available to foreign retirees. The comprehensive system covers the cost of almost all medical procedures and hospital visits.

However, because waiting times tend to be longer for specialist appointments, many expats prefer a combination of public healthcare with private health insurance.

Housing

As with all the other countries on this list, the cost of housing in Spain depends on where you choose to live. Housing costs tend to be higher in the larger cities like Madrid and Barcelona, while it's lower in smaller cities. For example, one and two-bedroom apartments in large cities can be had for about €700 per month, while similar accommodation in smaller towns cost about €450 per month.

As you can see, despite the larger cities being more expensive, they’re still cheaper than many other European cities.

Lifestyle

Spain has a lot to offer when it comes to lifestyle. For one, with the workday starting at 10 a.m. and a daily siesta between 2 p.m. and 4 p.m., the Spaniards are all about a relaxed lifestyle.

In addition, the country boasts a vibrant nightlife, tons of entertainment, cultural activities, and the possibility of exploring incredible places including The Alhambra, the Balearic Islands, and a variety of cathedrals, museums, opera houses, and more.

Switzerland

When thinking of Switzerland, the first things you’ll often think about are cheese, chocolates, and mountains. However, Switzerland has far more to offer than this, including diverse cultures, beautiful natural landscapes, extraordinary cuisine, and rich history.

Let's look at some of the reasons you might look out when considering retiring in Switzerland.

Cost of Living

It's no secret that Switzerland offers probably some of the highest quality of living in Europe. However, this comes at a price as the cost of living in Switzerland is exceptionally high. In fact, three cities in Switzerland feature in the list of cities with the highest cost of living.

This is, in part, because of the generally higher remuneration paid to Swiss workers and the exceptionally high living standards that Switzerland offers.

Healthcare

In Switzerland, it's compulsory to have basic health care insurance and this can be expensive as the average health insurance premium is about CHF 315 per month. However, in return, you'll get access to one of the best Healthcare systems in the world.

Housing

Under 40% of the Swiss population own their own property. This makes it difficult to find affordable rental properties. As a result of this, rental prices are high, and you can expect to pay between CHF 1,500 and CHF 1,600 per month for an apartment in Zurich and between CHF 1,600 and CHF 6,000 per month for an apartment in Geneva.

Buying property is also expensive and, for example, in Zurich, you can expect to pay CHF 12,250 per square metre. Keep in mind however that prices are higher the closer you stay to the large and popular cities, and you can find cheaper accommodation outside the city centres.

Lifestyle

When retiring in Switzerland, there will be no end to the mountains, lakes, towns, and villages you can explore. In addition, there are several other noteworthy places to visit including the Jungfraujoch, Lugano, Schweizerischer Nationalpark, and many more.

The country has a continental climate, which experiences mild summers and often long and cold winters. Keep in mind, however, that due to Switzerland’s diverse landscape, the climate can vary from location to location.

In Closing

Hopefully, this post helped illustrate the best countries for retiring in Europe in more detail. For more information about moving overseas, getting residency, real estate, and more, have a look at our other resources.