Approximately 38% of Americans decide to retire in Europe, per a recent survey. This move was made for a number of reasons, including affordability, stable economic conditions, and sound financial planning.
Given these, many people may find retirement in Europe, with its rich history, to be alluring. But Americans need to understand that choosing a European retirement destination can be a draining experience. To spend their golden years, they must evaluate the cost of living, health insurance benefits, visa choices, crime rates, quality of life, and even outdoor activities.
As a result, this post will list the simplest and most economical retirement destinations in Europe.
What to Consider When Choosing the Right Country for Retirement
With 44 European nations, it can be difficult for Americans to decide which one to retire to. However, before choosing your new plan "B" destination, there are a few important factors to take into account.
Portugal for Retirees: An Overview
Portugal, a country in Southern Europe, is ranked fifth in terms of European safety. It is a desirable retirement destination in the EU since it provides American seniors with a low cost of living and a great quality of life simultaneously.
According to AIMA's 2025 interim assessment, foreign nationals presently make about 15% of the population. The number of American investors applying for the Portugal Residency by Investment Program, Portugal Golden Visa rose by 162.5% in 2023, which is consistent with this trend. What, then, makes Portugal so alluring to retirement communities?
A family of four may initially cover their essential costs with a monthly salary of 2,416.3€, not including rent. A lunch for two usually costs between €30 and €60, so dining out is still reasonably priced. Basic utilities cost between €80 and €130, and monthly pass tickets cost €40.
Benefits related to healthcare are still another allure. You will have access to the excellent and reasonably priced public healthcare system if you decide to live in Portugal. In addition, private health insurance is accessible and frequently chosen due to its shorter wait times.
It is also a desirable location within the European Union due to its climate and natural surroundings. The nation provides a year-round active, outdoor-friendly way of life. You can join retirement communities and partake in sports like cycling, hiking, golfing, and sailing while you're in Portugal.
How to Retire in Portugal with the D7 Visa
You can enter Portugal as an American retiree and remain for up to 90 days without a visa. However, a temporary residency permit is required if your stay is more than ninety days. Portugal provides a D7 Visa, commonly known as a Passive Income Visa, for this purpose. For US retirees who have a steady income from investments, social security, or pensions, it is perfect.
Applicants must keep a clean criminal record, show proof of housing within Portugal, and show a minimum monthly income of €820 in order to be eligible for the D7 visa. As an alternative, the Portugal Golden Visa provides a route to residency by qualified investment capital, with a €500,000 minimum commitment. According to the information sourced from Get Golden Visa, although this five-year regulation may alter, all visa categories allow for the admission of family members and can result in permanent residency and eventual citizenship after five years.
How to Retire in Spain?
With its rich cultural heritage, Spain, which is situated on the Iberian Peninsula of Europe, is generally regarded as a secure country. For this reason, it has grown in popularity among American retirees. Spain has about 8 million foreign-born citizens, or 16.71% of the total population. More than 41,000 of them are Americans who have decided to start a new chapter in their lives in Spain.
Make sure the expense of living in Spain is within your means if you intend to retire there. on rent excluded, a family of four can typically make ends meet on about €2,552.30 per month. The cost of housing varies by location. A three-bedroom apartment in a city, for example, costs about €1,437.29.
Additionally, you should be aware that eating out is reasonably priced, with dinners for two costing between €35 and €80. A monthly ticket for public transportation costs about €30, and it is both economical and efficient. The monthly cost of basic utilities varies from €80 to €218 based on usage and location.
Another crucial factor to take into account is the public healthcare system. After registering with the Social Security system or through private health insurance, you can frequently utilize it if you become a legal resident. The Mediterranean shore has several advantages when it comes to outdoor activities and lifestyle. You may explore the streets of the old city and go hiking in the Pyrenees. Additionally, national parks, beaches, wine areas, and golf courses are all conveniently located.
Retirement Visa in Spain
The Spain Non-Lucrative Visa, which allows for long-term residency without the ability to work in Spain, is a good choice for retirees who have enough passive income from investments or pensions. In order to be eligible, candidates need to show that they make at least €2,400 per month, have no criminal records, and have private health insurance. Although family members may be listed on the application, each dependent must earn an extra €600 per month.
Retiring in Greece
Greece, which is in Southeastern Europe, is regarded as a safe place for retirees. Serious crime is uncommon in tourist regions, but petty crime can occur. As a result, you can enjoy swimming, strolling, going to local markets, and spending time outside when you live in Greece. In addition, there are plenty of islands and historical sites to discover.
Greece is among the most reasonably priced nations in Europe for retirees. Without considering rent, a family of four may make ends meet on €2,756.3 per month. The cost of a two-person lunch ranges from €35 to €80. Basic utilities cost between €120 and €311. In the heart of the city, a three-bedroom apartment costs about €781.44.
Furthermore, Greece offers both public and private healthcare. For quicker treatment, you can now use private health insurance. Particularly in large cities, medical care is typically both reasonably priced and of high quality.
Greece Retirement Visa
You will require a resident visa in order to retire to Greece. Greece does not have a specific retirement visa, although there are other alternatives, such the Greece Golden Visa or the Financially Independent Person (FIP) visa.
You must demonstrate a monthly income of €2,500 in order to be eligible for a FIP Visa; this amount rises by 20% for spouses and 15% for children. The Greece Golden Visa, on the other hand, will enable you to obtain your residency permission and purchase real estate. This is the only Golden Visa program in Europe that permits real estate investment, with a minimum investment of €250,000.
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