Where Are The Best Places For Expats To Retire In Southern Europe? part 2 – Part one is here.

11 Best Places for Expats to Retire in Southern Europe

Europe is a place with diverse cultures, history, and society. What makes an expat want to retire in Europe? It could be the lifestyle they want, climate, or simply historical sites they can visit. While all of those listed have something to offer every expat, here are the best places for expats to retire in southern Europe.

1.    Portugal

Portugal is very popular among European expats, especially retirees. It’s the right place to settle down in with an exotic touch of Portuguese culture and lifestyle at a low cost of living (another main reason it’s popular). For example, shopping can be done on street markets or depachika-like stores, which are very reasonable.

For retirees, Portugal is very safe, and the crime rate is low (there are no muggers or pickpockets like in big cities like London). It has a good healthcare system for expats with affordable cost of healthcare. What’s more important, there are lots of great resorts to try; places like the Algarve, Cascais, Estoril and Costa Vicentina.

2.    Malta

Malta is a place for expats who loves historical sites. You can see hundreds of ancient temples from various Greek civilizations, Phoenicians to the Romans. The weather in Malta is also very temperate with the Mediterranean climate, so it’s great to visit even in winter. Besides its rich history, it’s also the place to be for retirees with affordable healthcare prices.

3.    Croatia

Croatia also has a wonderful cultural blend from the Romans, Hungarians, Venetians, and Austrians, so it’s not difficult to find places with European flair. The cost of living is very affordable, as well as the property prices (for those who want to buy a house).

It isn’t swarming with expats, but you can find a couple in the coastal cities. One great thing about Croatia is that it has the best scenery in Europe; if you look around, there are mountains beside the seaside. You can even climb some mountains for a beautiful view of the country.

4.    Spain

Spain has a beautiful coastline and great weather throughout the year, which is one of the main reasons why most expats choose to live there. Barcelona is already popular from time to many westerners, from students to working-class people, so it’s not a challenge to find a place to live.

The cost of living index is low compared to other parts of Europe; you can easily rent a place or buy a house for your family. Spain isn’t just about the sun and sea; many museums and castles will be great for expats who like art and culture.

5.    Cyprus

In Cyprus, there are many restaurants and bars, which is a great way to socialize with fellow ex-pats. The cost of living index as well as property prices are reasonable, as well as the weather throughout the year. In addition, it’s very close to other parts of Europe, so your friends can always come by for a visit.

One of the disadvantages in Cyprus is that there aren’t many job opportunities and it’s very small (a country where you can ride a bike from one end to another).

6.    France

France has many great things to offer every expat, not only for retirees but also for families. It has all seasons; summer, fall, winter, and spring. It’s a country of great food and wine and rich history and culture.

Another main reason why France is one of the best places to retire in southern Europe; it has a great healthcare system with affordable cost (much better than the US) as well as top-notch universities for those who choose to study in this part of Europe.

7.    Italy

Italy is a great place for retirees who want to taste authentic Italian culture and cuisine. There are lots of ancient buildings and historical sites that will make your tour in Italy worthwhile. You can ride a bike around the city and enjoy the view of the Italian coastline.

It also has great weather throughout the year, perfect for those who want to go sightseeing. However, Italy is not a place for expats who wants to make their fortune (the cost of living index and property prices are quite high), but it’s a good choice if you want to have a family since it’s very safe.

8.    Slovenia

Slovenia is a small country in Europe, but it’s growing quickly to become one of the best places to live and retire. It has an affordable cost of living and good weather, which is perfect for retirees and tourists who want to enjoy nature and outdoor activities.

Even though it’s very small, you won’t get bored with all its beautiful mountains and rivers. The healthcare system in Slovenia is also sound, but the availability of jobs is not that great.

9.    Montenegro

Montenegro has beautiful mountains, rivers, and beaches. It’s also blessed with great weather throughout the year so that you can travel here any time of the year. Montenegro is one of those places in Europe that still have an old-fashioned vibe

This makes it a perfect place for expats who want to experience culture shock. The cost of living index is relatively low, making it one of the best places for retirement in southern Europe. It also has an excellent healthcare system with affordable costs.

10. Belgium

Belgium is one of the best places to retire in southern Europe. It has a great climate and a safe environment, perfect for expats with families. The cost of living index is quite low, allowing you to have a decent life in Belgium without spending too much money. However, there aren’t that many opportunities in the job market as well as an affordable healthcare system.

11. San Marino

San Marino has a beautiful view of the mountains and hills. It also has perfect weather all year long, which is great for retirees who want to experience different seasons without traveling too far away from their place.

Property prices are affordable, making it one of the best expats to retire in southern Europe. San Marino is quite small, so you will get bored with it after a few days, so you may need to travel from time to time.

Factors to Consider When Retiring in Southern Europe

Retiring abroad is a choice that many make as they near or enter retirement; one of the most popular locations in Southern Europe. If you’re considering buying property in Southern Europe and retiring there, here are seven factors to consider.

• Currency Risks
• Health care costs and availability
• Local tax implications
• Availability of infrastructure
• Climate and weather conditions
• Cost of Living
• Standard of living

1.    Currency Risks

The most immediate risk is that of currency fluctuation. For example, the British pound has weakened against the Euro over the past year, meaning that £100,000 worth of Euros purchased today would be worth £8,849 less than a year ago. So if you are buying property in Southern Europe with US Dollars or British Pounds, be aware of the risks.

2.    Health Care Costs and Availability

If you are used to living in a developed country with good access to free or subsidized health care, this may not be possible abroad. As you will likely live in your new home for at least some years before becoming eligible for state health care, it is advisable to ensure that you can afford your own private medical insurance.

3.    Local Tax Implications

If you are a US citizen, the Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report all income from foreign sources on any US taxpayer who may be considered a ‘US person.’ The definition of a “US person” includes US citizens, resident aliens, and certain nonresident aliens if they meet a presence test.

 If an account isn’t reported, the taxpayer is subject to a withholding tax equal to 30 % of any payment from the foreign financial institution.

4.    Availability of Infrastructure

Most places in Southern Europe were built centuries ago, and while some parts have been modernized, others are still lagging. You should ensure that not only will you be able to get the services and amenities you need but also that these are maintained throughout your time there.

5.    Climate and Weather Conditions

Temperatures in these countries drop markedly once winter sets in, so while the summer may be hot, it can get very cold, and snow may fall. You should research this before moving to ensure that you will be able to cope with the climate as well as choose a location that is likely to see the conditions you desire throughout your time there.

6.    Cost of Living

You’ll need to consider both the median income in the country as well as how much that will get you. For example, while the median income of Germany may be quite high, it will not get you very far if prices are out of your budget. Moreover, it is advisable to consider the cost of living for a variety of items as well as take into account your personal needs.

7.    Standard Of Living

While you may be seeking a low-cost lifestyle, Southern Europe is home to some very developed countries and cities with high standards. You will need to consider how this standard fits into your own lifestyle as well as analyze the quality of life in different locations.

Frequently Asked Questions about Retirement

What do I have to do to retire?

It would help if you had two things to retire, financial independence and a plan for what you will do with your time after retiring. Retirement is very different from being unemployed because you no longer receive an income but instead draw on funds you have saved up during your working life.

How much do I need to save up to retire?

The amount of money you need varies depending on your health and your retirement plan. Still, as a general rule, if you want an annual income equal to 70% of your working life income, then you should have saved enough to maintain that level of spending. That savings should be spread across a range of types.

What kind of financial planning do I need?

You will want to start planning for retirement well in advance to make sure that you can save enough and that you set up the right investment plan. There are many different ways to invest money, and some will make more sense than others, depending on your circumstances.

Conclusion

As the global population of retirees continues to rise, so does awareness and demand for destinations that offer more than just a comfortable climate to live in. A retiree’s needs and desires often include cultural activities, opportunities abound, and locations where people can still communicate in their native tongue. Therefore, the above countries are the best places to retire in Southern Europe as an expat.

Where Are The Best Places For Expats To Retire In Southern Europe? part 1 – that will be the topic of today’s article.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Moving to a new country for retirement or relaxing can be intimidating, but it doesn’t have to be expensive. Many people are nervous about the financial implications of moving abroad, worried that their savings will dwindle too quickly.

While this is certainly a real concern, there are ways around it—and retiring in Southern Europe could provide a solution. With lower living costs, Europeans can stretch their savings and retire earlier. Many moves to countries like Spain, Portugal, France, or Greece where the cost of living is much less than in more expensive Western European countries like Germany and Switzerland is worth it.

The costs of renting an apartment, eating out, and even drinking a glass of wine are much lower than in northern Europe. With prices almost half what they would be in Germany, even people with only modest retirement savings can live the good life for longer. The climate is also an important factor.

Southern European countries offer much better weather; they are warmer and sunnier throughout the year, making them more pleasant places to enjoy an early retirement. Southern Europeans are also known for enjoying their lives—and this too contributes to the allure of retiring there.

People in these countries have a better grasp of what makes life worth living, and they know how to live well without spending too much money. However, we’ve got you covered today! We have come up with the best places for expats to retire in Southern Europe. There are lots more to what we have. Continue reading to get a glimpse of what it entails.

Why Retiring in Southern Europe

When it comes to retirement, the market for options outside of one’s home country expands every day. With more people looking for opportunities to travel and enjoy their retirement years, countries all over the world are reaping benefits. Several factors make retiring in Southern Europe a viable option.

Studies have also shown that Europeans strongly prefer to retire somewhere warm, with the Mediterranean climate being an enticing option. It is easy to see why this would be attractive to people who live in cold climates within Europe, where summer days can easily reach over 90 degrees Fahrenheit.

Have you ever considered living in Southern Europe? Maybe it’s due to an increased interest in the region, or perhaps it’s because you love spending time by the pool and eating Snickers bars for breakfast. Whatever your reason, here are the reasons why you should live in Southern Europe.

The Sun

This is a very obvious start; who doesn’t enjoy a good tan? The sun in Southern Europe is perfect for living the dream by the pool or at the beach. In fact, because of this, many people spend their time in the south of Europe during the spring and summer months.

You can join them or stick to your normal plan, which involves spending one week each year sunbathing half-naked on a beach, pretending you’re the only person there. Either way works for us.

The Food

Southern European food is rich and delicious. It’s not exactly the healthiest option, but we’re sure that if you exercise enough during your time here, then you can eat as much as you want. Some key ingredients of Southern European food are olives, fish, tomatoes, and aubergines. If this is music to your taste buds- fear not, many countries have variations on these ingredients.

For example, Italy has olive oil instead of the Spanish’s olive paste (known as ‘alioli’); Greece serves up tzatziki rather than the Italian bruschetta, and France offers up beurre blanc sauce or pistou in place of alioli. So, however, you travel to Southern Europe, you can sample different dishes that taste amazing.

The Nature

If the sight of lush green hills, deep blue seas, and beautiful beaches is not enough to convince you, then perhaps you’ll consider this: nature in Southern Europe has unrivaled beauty.

From snowy mountains in Austria to big cities like Barcelona and Madrid, from the glamorous Côte D’Azur to the sunny Greek isles, Southern Europe has a little bit of everything. So if you haven’t been convinced so far, then perhaps experiencing nature in its rawest form might be what does it for you.

The Nightlife

What’s better than being surrounded by friends or family while drinking a glass of red wine, or maybe even some Prosecco? Maybe you prefer gin & tonics on the beach with friends during sunset. If this sounds like your idea of heaven, then perhaps Southern Europe is where you need to be.

The People

The people are what truly make Southern Europe worth living in. They will make you feel like one of their own when you visit; they will smile and wave at you in the street if they know who you are, or they’ll simply ask your name and introduce themselves. You’ll never find such kind people anywhere else (except perhaps Asia, but Southern Europe wins hands down).

The Weather

This seems like a cop-out, but it’s not. Southern Europe has perfect weather all year round; there are no extremes of temperature or horrible conditions to put you off living here. You’ll experience extremely hot summers and warm winters, so if the decision is between this and one of the four seasons in North America or the UK, then we know which one we’d choose.

The History

Southern Europe is a melting pot of cultures and ethnicities, a perfect example being the beautiful city of Istanbul which was once the ancient capital of Byzantium and Constantinople.

Throughout history, many civilizations have ruled these lands, which means there’s a wealth of ancient architecture to visit in Southern Europe. This includes Roman ruins in Portugal, historical cities in Spain such as Toledo, and impressive buildings in France like Lourdes.

The Shopping

If you’re a shopaholic, then this is the perfect place for you. Whether you love to go on high street shopping sessions, designer clothing hunts, or bargain hunts in local markets and second-hand shops: whether it’s clothes or shoes or antiques, Southern Europe has it all. So if window shopping doesn’t cut it for you, then perhaps actually buying something will.

The Outdoors

Especially if you’re an outdoor person, but even if not, the great outdoors in Southern Europe are bound to make you feel alive. From mountain hikes in ski resorts to rock climbing adventures or kayaking down quiet rivers, trekking through wild jungles, or cycling along the endless beaches, Southern Europe has it all.

The Good Life

Above all else, this is what really matters to us: the good life. Whether people are living an idyllic life in Porto’s rural hinterland or laughing by the Mediterranean Sea in Spain, you might want to live vicariously through those who are living their dreams.

If this sounds like you, then Southern Europe is where you need to be. People worldwide hang on every word of those that live in these countries as they truly embody what it means to live life: and there’s no better place than Southern Europe for this kind of lifestyle.