With the right planning and research, retirement can be a breeze, but choosing where to retire? Now that can be a bit trickier. If you’re lucky enough to have the entire planet as a potential destination to live out your retirement years, it might help to have some information to narrow your options down.

If retiring abroad is on the cards in your future, here are the 5 best places to retire in 2023:

5. Thailand

Thailand has been slowly rising higher in many ‘top places to retire’ lists – with very good reason. Retiring in Thailand will bring you a future filled with delicious cuisine, a warm climate, quality medical care and world-class beaches. Culturally, Thai people focus greatly on ‘sanuk’ or ‘fun’ which is apparent in all aspects of the lifestyle in Thailand. Not to mention the scenery is stunning. You can make the most of your retirement funds as the cost of living is much less than in the UK and Europe.

To retire in Thailand, you’ll need a retirement visa. To qualify, you will need a monthly income of around £1,500 (THB ฿65,000) or a bank account with a minimum of £20,000. This can be a combination of savings and pension income. You’ll also need, a valid passport, to pass a criminal background check and health insurance.

4. Costa Rica

As well as efficient public transport and a great healthcare system, Costa Rica offers retirees a relaxed and peaceful lifestyle alongside modern infrastructure dotted with lush greenery, endless golden beaches, and lots of attractions to keep you busy in your retirement years. Rent is reasonable averaging at around $500 per month for a one-bedroom apartment. You’ll pay more to live in the capital of San José although due to the small-ish size of Costa Rica, you can get anywhere in less than 6 hours. The food markets are famous for fresh and plentiful fruit and vegetables and the welcoming locals will help you settle into your new home.

For Americans, retiring to Costa Rica is extremely easy, but for international retirees, the process is a little more complex. Costa Rica offers several different visa options, but the Pensionado Program is the option designed for retirees. To qualify, you must earn at least $1,000 per month from your pension, and it must be transferred to a Costa Rican bank account.

3. Spain

The hot summers and mild winters have drawn many people to Spain for holidays and in later life, to retire here. The amazing food, exciting culture and easy access to many other European countries mean Spain has made it to the top three on our list. Spain is a popular place for retirees, especially the British. According to the ONS, the number of British people retiring to Spain has more than doubled in 10 years.

To retire in Spain, you need to apply for a non-lucrative visa. You cannot work at all with this visa, so you will need to provide proof of sufficient income to be accepted. Since Brexit, the amount you need to prove you have increased from € 5538 to € 27,792 per year. If you have more than this, you will have a higher chance of being accepted as different districts require different amounts. The Costa Del Sol is a popular area for expats but many areas of Spain would make a great retirement destination.

2. Panama

You may be surprised to see Panama at number 2 on the list, but it is truly one of Central America’s most developed and cosmopolitan countries. Panama is blessed with stretches of Caribbean beaches lined with palm trees and valleys and greenery seemingly untouched by man. Retirees and expats live alongside locals in cities, rural towns, or even private luxury communities. In the city, the average cost of a beer is $2 and you can travel on public transport for less than $1. If you move out to the suburbs life is even cheaper. While that may all sound too good to be true, this small and welcoming country is showing itself to be a real gem for retirees from all over the world.

To retire in Panama, you’ll need to apply for retiree residence status. This includes showing that you have an income of at least $1,000 per month. Along with many other requirements, you’ll have to pass health and criminal screenings, have a valid passport, provide references, and pay a Panamanian attorney to process your application.

1. Portugal

Last but certainly not least the number one spot for best places to retire in 2023 goes to Portugal. Portugal is a popular place for retirees and is one of the most attractive spots to enjoy retirement. The climate is pleasant for much of the year and the summer sun is not too overbearing (but you’ll be able to keep your tan topped up easily). Although you may be getting older, the beautiful views of the serene coastlines and dramatic landscapes never will. House prices remain fairly low compared to the overall European market and you can find excellent value for money whether you want to lounge around by the sea or live in the heart of a Portuguese city.

If you’re in the EU or EFTA, it’s fairly straightforward to retire in Portugal. The popular Golden Visa programme has helped many expats move to Portugal in recent years. You’ll need to get started by applying for a Servico de Estrangeiros e Fronteiras (SEF), and then after five years, you can apply for permanent residence. If you’re from a different part of the world, you’ll need to start by completing a residence permit at the Portuguese consulate in your home country.

Moving Currency can handle all your currency exchange needs, including your pension or retirement funds. Get in touch today to find out how we can save you time, effort, and money.