Greece is the fourth best country to live as a retiree! Portugal is first, Spain and Italy are tied for second place, followed by Greece, Bulgaria, France, Slovenia and Croatia.
This was recorded by a new report Moving to Spain, which revealed the best and worst European countries for retirees based on the following criteria: population, life expectancy, cost of living, housing prices, visa, security, beaches, and healthcare.
#1 best country in Europe to retire: Portugal
Retirement Rating: 7.83
As CNBC reports, it is one of the most affordable European countries due to its low cost of living. On average, the cost of living, excluding rent, is nearly 29 per cent lower than in the U.S., according to SmartAsset.
To retire in Portugal, US citizens must apply for a residency visa. Global Citizens Solutions says the process is relatively simple and requires applicants to provide a valid passport, proof of income, health insurance and a criminal record check.
Portugal is best known for its wine. Two of Portugal's oldest wine-growing regions, the Alto Douro region and Pico Island in the Azores, are UNESCO World Heritage Sites.
The ten best countries in Europe for retirement:
- Spain and Italy (draw)
- Spain and Italy (draw)
Two countries tied for second place. According to the report, Spain and Italy have a retirement score 7.31.
The cost of living in Spain, excluding rent, is almost 34% lower than in the US. And the country offers its residents access to the public health care program.
To start the retirement process in Spain, those interested should consider obtaining a long-stay or residence visa.
Spain is known for its fantastic culture and architecture in cities like Madrid, Barcelona, and Valencia.
According to Club Med, Barcelona, Spain, has even been named the happiest holiday destination in Europe for 2023.
While the United States has a life expectancy of 76 years, according to the World Bank, Italy's life expectancy will reach 83 years as of 2021.
The Moving to Spain report states that Italy has a higher proportion of people aged 65 and over than any other European country.
Rent in Italy is nearly 55.3% lower than in the US, and the total cost of living, excluding rent, is 14.7% lower.
The World Health Organization ranks Italy's healthcare system as the second best in the world. You must be a resident to benefit from the country's public healthcare.
Italy offers plenty of great food and has a vast history. It hosts iconic sights such as the Colosseum, Leaning Tower of Pisa, Pantheon, Trevi Fountain and more.
READ MORE: The best places in Greece for a happy retirement.