Global Retirement Report: Full Report

Life expectancy has increased dramatically worldwide over the past several decades, a trend attributable to substantial advances in healthcare, nutrition, and overall living conditions. According to United Nations data, global longevity gains have been both significant and widespread, with a baby born in 2021 expected to live, on average, more than 25 years longer than one born in 1950. In parallel, an era of unprecedented international mobility has redefined the concept of retirement, transforming it from a domestic milestone into an increasingly global journey. The pursuit of a fulfilling, secure, and well-connected retirement is now a key driver of emerging migration trends, influencing how individuals approach aging and opportunity in later life.

The Global Retirement Report 2025 provides a comprehensive benchmark for understanding the evolving landscape of international retirement migration (IRM). Drawing on robust data sources, the report systematically evaluates 44 passive income and retirement visa programs across 44 countries, each offering distinct possibilities for retirees seeking new experiences and security abroad. The findings reveal a dynamic and increasingly inclusive landscape, with the Americas and Europe accounting for more than two-thirds of all programs, while an expanding range of attractive options in Asia and Africa signals a new era of global choice and diversity.

Quality of life emerges as a central theme, with over 70% of programs scoring above average in healthcare, environmental quality, and overall well-being. Long-term security and integration have also become priorities, as 93% of countries now offer clear pathways to citizenship and nearly all permit dual nationality, enabling retirees to establish new roots while maintaining their original identities. Family reunification is a prominent feature, with the majority of programs welcoming children and a growing number embracing multi-generational living.

For high-net-worth individuals and those prioritizing financial efficiency, the report finds that 61% of countries offer tailored tax benefits for retirees. At the same time, 61% of programs maintain low income requirements, and 68% feature affordable application costs, supporting broader accessibility to international retirement. Additionally, more than 60% of countries score highly in safety, social integration, and cultural openness, underscoring the comprehensive appeal of top destinations.

The 2025 ranking is led by Portugal, Mauritius, Spain, Uruguay, and Austria—countries that excel across six analytical sub-indexes and serve as models for international retirement migration. The Global Retirement Report 2025 offers data-driven insights and practical guidance for retirees, family members, advisors, and policymakers navigating the diverse opportunities and challenges presented by cross-border retirement in a rapidly changing world.

The Global Retirement Report 2025 delivers the most comprehensive, data-driven analysis of retirement migration pathways for passive income and retirement visa holders worldwide. Covering 44 passive income visa options across 44 countries, the report offers a multidimensional assessment of the most relevant destinations for retirees, using 20 targeted indicators grouped into six thematic sub-indexes: Procedure, Citizenship and Mobility, Economics, Taxes, Quality of Life, and Safety and Integration.

Key Findings

• Global Reach, Regional Leaders:

Passive income and retirement visa opportunities span every continent, but the Americas (36%) and Europe (32%) lead in program availability. Asia and Africa, though smaller in representation, still offer a range of attractive options, ensuring retirees have diverse pathways worldwide.

• Quality of Life as a Core Value:

Over 70% of programs (more than 30 out of 44 countries) offer above-average scores in healthcare, environmental quality, and overall living conditions, with Europe leading but strong showings from the Americas, Asia, and Africa as well.

• Pathways to Citizenship and Integration:

Approximately 93% of countries not only provide a clear path to citizenship but also allow dual citizenship, reflecting global momentum toward more inclusive migration policies for retirees. Half of the programs offer citizenship in five years or less, and 34% have a five-year pathway as standard.

• Family Reunification:

About 93% of programs allow retirees to bring their children, and 34% extend this right to parents or dependent parents, making family unity a defining feature. Less than 10% have unclear or restrictive policies.

• Tax Benefits and Optimization:

Around 61% of programs offer explicit, legally defined tax benefits for retirees, including flat tax rates and exemptions for foreign-sourced pensions. For high-net-worth individuals, 50% of countries use territorial or zero tax systems, and another 50% have no wealth or inheritance tax for new residents, creating optimal conditions for portfolio and legacy planning.

• Safety, Integration, and Accessibility:

More than 60% of countries score above average for safety and ease of integration, including migrant acceptance and English proficiency. European destinations are among the safest, with strong showings from the Americas and Africa as well.

• Financial Accessibility:

61% of programs require a monthly income of €2,000 or less, and 68% have application costs of €2,000 or less, ensuring that global retirement migration is not limited to the wealthy but is accessible to a broad range of retirees.

Regional Highlights

• Europe excels in quality of life, healthcare, mobility, and family inclusion, with Southern Europe offering special tax regimes and Western Europe leading in healthcare quality.
• The Americas are strongest for tax efficiency, cost of living, and fast-track permanent residency, with the Caribbean and Central America noted for immediate tax relief.
• Asia offers flexible entry, warm climates, and affordable living.
• Africa stands out for simple taxation, integration, and multicultural environments.

Top 5 Countries

1. Portugal
2. Mauritius
3. Spain
4. Uruguay
5. Austria

These countries scored highest across all dimensions, making them the most attractive global destinations for retirees in 2025.

The Global Retirement Report evaluates and ranks 44 countries worldwide that offer passive income visas or retirement residence permits, providing a comprehensive assessment of the best destinations for retirees seeking to live abroad. The analysis utilizes a total of 20 distinct indicators, systematically grouped into six sub-indexes and one final overall index designed to identify the optimal country for retirement.

By employing this structured and systematic approach, the Global Retirement Report delivers an objective, multi-dimensional evaluation of jurisdictions for retirement abroad. The methodology ensures all aspects crucial to retirees (from practical requirements to lifestyle and integration considerations) are incorporated, allowing for an informed and well-rounded decision-making process for those seeking the best place to retire globally.

Indicator Selection and Sub-Index Structure

Each of the 20 indicators was selected to capture a critical aspect of the retirement experience. Indicators are grouped into one overall and six core sub-indexes as follows:

Overall Index

The Overall Retirement Index was constructed as a composite measure, synthesizing the results from all six sub-indexes to deliver a balanced and multidimensional ranking of the best countries for retirement. Each sub-index was assigned a weight according to its relative importance to the retirement experience, ensuring that no single aspect disproportionately influences the final score. By integrating indicators related to procedure, citizenship and mobility, economics, taxes, quality of life, and safety and integration, the overall index provides a robust and objective comparison of retirement destinations, empowering retirees to make well-informed, holistic decisions about where to spend their next chapter abroad.

Sub-indexes

• Procedure Index: Encompasses processing times, family member inclusion, visa duration, and renewability.
• Citizenship and Mobility Index: Covers path to citizenship, dual citizenship allowed, and passport strength (mobility).
• Economics Index: Includes income requirements, visa application costs, and cost of living.
• Tax Optimization Index: Assesses the national tax system, applicable tax rates, and tax benefits for retirees.
• Quality of Life Index: Evaluates healthcare quality, climate/weather, and environmental quality.
• Safety and Integration Index: Measures security, migrants’ acceptance, English proficiency, and broader aspects of safety and integration.

Each sub-index is designed to provide a focused comparison of countries on specific dimensions most relevant to retirement migration.

Scoring and Normalization

To ensure comparability across countries and indicators, all data points were standardized using the Min-Max Normalization formula, rescaling each feature within the [0, 1] interval. This process ensures that no single indicator disproportionately influences the overall results and allows for a fair, balanced comparison.

Special Scoring Adjustments

For taxes, the higher range of applicable tax rates was used and normalized so that a lower tax rate yielded a higher score (“lower is better”). The same logic was applied to visa application costs and income requirements.

In the procedure sub-index, higher values were given for longer visa durations and greater renewability, as well as more inclusive family member policies.

For citizenship and mobility, the highest scores were assigned to countries offering direct access to citizenship, allowance of dual citizenship, and strong passport strength.

For quality of life and safety and integration, higher values were assigned to better outcomes in healthcare, environmental quality, security, and inclusiveness.

Index Construction

After normalization, each indicator contributed equally to its respective sub-index, and sub-indexes were aggregated to generate the final Overall Retirement Index Score for each country. This index enables direct cross-country comparisons and highlights the most attractive destinations based on a holistic set of criteria.

Analysis of sub-indexes

Procedure Index

The Procedure Index evaluates the practical aspects of securing a passive income or retirement visa in each country. This sub-index encompasses processing times, family member inclusion, visa duration, and renewability. Data was meticulously collected from national legislations and official regulations to analyze how streamlined the application process is and to assess the benefits not only for the primary applicant but also for accompanying family members. A smoother, more inclusive process with longer and renewable visa durations scores higher, reflecting greater flexibility and security for retirees and their families.

Citizenship and Mobility

This sub-index covers the long-term migration potential and travel freedom retirees gain after relocating. It includes the path to citizenship, whether dual citizenship is permitted, and the strength of the passport in terms of global mobility. Information was sourced from national laws and regulations, while passport strength data was derived from the Global Citizen Solutions Global Passport Index (GPI), focusing specifically on the enhanced mobility dimension. Higher scores are awarded to countries that offer a clear, attainable route to citizenship, allow dual nationality, and provide strong international travel rights.

Economics Index

The Economics Index captures the financial accessibility and day-to-day affordability for retirees. It comprises income requirements, visa application costs, and the local cost of living. Income and cost data were gathered from official sources and national regulations, while cost of living was sourced from Numbeo, ensuring a realistic comparison of everyday expenses across countries. Countries with lower barriers to entry and a more affordable lifestyle perform better in this sub-index, making them especially attractive for retirees on fixed incomes.

Tax Optimization Index

This sub-index assesses the tax environment relevant to new residents and retirees, including the national tax system, applicable tax rates, and specific tax benefits for retirees. All data was extracted from national legislation and up-to-date regulations. The analysis rewards jurisdictions with lower tax burdens and targeted tax incentives for retirees, as these can have a significant impact on net income and financial well-being during retirement.

Quality of Life Index

The Quality of Life Index considers three core dimensions: healthcare quality, climate and weather, and environmental quality. Quality of life data was sourced from the Global Passport Index (quality of life dimension), healthcare and weather information from Numbeo, and environmental quality scores from the Yale Environmental Performance Index. This multi-source approach provides a holistic perspective on the living standards retirees can expect, with higher scores reflecting healthier, more pleasant, and environmentally sustainable environments.

Safety and Integration

The Safety and Integration sub-index evaluates personal security, migrant acceptance, English proficiency, and broader integration prospects. Security was assessed using data from the Global Peace Index, while migrants’ acceptance was measured via the Gallup Migrant Acceptance Index. English proficiency scores were taken from the EF English Proficiency Index. This sub-index recognizes destinations where retirees are likely to feel safe, welcomed, and able to communicate and integrate with ease.

Introduction

International retirement migration (IRM) has become an increasingly important phenomenon in the fields of migration studies, gerontology, and global economics over the last two decades. IRM refers to the movement of retirees across national borders, typically motivated by a combination of lifestyle aspirations, financial optimization, and social considerations.¹ King, R., Warnes, A. M., & Williams, A. M. (2000). Sunset lives: British retirement migration to the Mediterranean. Berg Publishers. In their work, King, Warnes, and Williams provide a comprehensive analysis of British retirement migration to Mediterranean countries, highlighting that the primary motivations for these migrants include the pursuit of a warmer climate, improved lifestyle, and lower living costs. The typical migrants were middle-class retirees with sufficient pension income and a preference for coastal settlements where established expatriate communities offer familiar social networks and support.  The study also emphasizes the challenges faced as these migrants age, particularly regarding access to healthcare and social services in foreign settings. According to these early studies, such patterns were often explained through the lens of “amenity migration”, the pursuit of a more comfortable, desirable and cost effective environment for later life.²Williams, A. M., King, R., Warnes, A. M., & Patterson, G. (1997). Tourism and international retirement migration: New forms of an old relationship in southern Europe. Tourism Geographies, 1(1), 28–49. https://doi.org/10.1080/14616689908721293

Recent scholarship has moved beyond these binary frameworks, recognizing the growing complexity and diversity of retirement migration flows. Today, retirees migrate to destinations across Europe, Latin America, Asia, and Africa, with an increasingly global pool of origin countries. IRM is now recognized as both a personal strategy for life optimization and a significant driver of local and national economies, particularly in countries that have developed targeted visa programs and tax incentives for foreign retirees.³Hardill, I. (2012). Retirement Migration: Paradoxes of Ageing. London: Routledge and Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475.

Theoretical approaches to IRM have evolved as well, moving from economic rationality and lifestyle models to include concepts from transnationalism and social capital theory. These frameworks emphasize not only economic motives, but also the importance of networks, social integration, and transnational ties.⁴Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. The literature also highlights the duality of IRM: while it can provide personal well-being and local development, it can also present challenges related to integration, health care provision, and social sustainability in host communities.⁵Casado-Díaz, M. A., Kaiser, C., & Warnes, A. M. (2004). Northern European retired residents in nine Southern European areas: Characteristics, motivations and adjustment. Ageing & Society, 24(3), 353–381.

Motivations for International Retirement Migration

A core motivation for IRM is the pursuit of an enhanced lifestyle and improved quality of life. Research demonstrates that many retirees are motivated by the prospect of better weather, access to leisure activities, and an overall more pleasant environment.⁶Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. Quality of life, as a concept, often encompasses climate, health care accessibility, pollution levels, and opportunities for social engagement. Destinations with robust healthcare systems, clean environments, and cultural amenities are particularly in countries that have developed targeted visa programs and tax incentives for foreign retirees.⁷Williams, A. M., & Patterson, G. (1998). An empire lost but a province gained: A cohort analysis of British international retirement in the Algarve. International Journal of Population Geography, 4(2), 135–155. https://doi.org/10.1002/(SICI)1099-1220(199806)4:2<135::AID-IJPG94>3.0.CO;2-F

Climate remains a central factor, as warmer and sunnier environments are associated with improved mood, greater outdoor activity, and fewer weather-related health risks.⁸Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. Longitudinal research has demonstrated that moderate climates are linked to reduced mortality rates and enhanced well-being among older populations.⁹Lawton, M. P. (1990). Residential environment and self-directedness among older people. American Psychologist, 45(5), 638–640. Lower pollution levels and abundant green spaces further contribute to both physical and psychological health, as demonstrated by Maas et al., who found a significant correlation between access to green spaces and lower mortality rates among the elderly.¹⁰Maas, J., Verheij, R. A., de Vries, S., Spreeuwenberg, P., Schellevis, F. G., & Groenewegen, P. P. (2006). Morbidity is related to a green living environment. Journal of Epidemiology & Community Health, 60(7), 587–592.

Social connectedness is another key component of both quality of life and longevity. Retirees who establish strong social networks, either through expatriate communities or integration with local populations, report higher life satisfaction, lower rates of depression, and even greater longevity.¹¹Litwin, H., & Shiovitz-Ezra, S. (2011). Social Network Type and Mortality Risk in Later Life. Gerontologist, 51(5), 736–743. Accordingly, a longitudinal study by Holt-Lunstad et al.¹²Holt-Lunstad, J., Smith, T. B., & Layton, J. B. (2010). Social Relationships and Mortality Risk: A Meta-analytic Review. PLoS Medicine, 7(7), e1000316. revealed that robust social relationships can increase survival rates by up to 50%, underscoring the protective effect of social engagement.

Cultural experiences and opportunities for self-actualization also motivate IRM. Retirees worldwide frequently cite the desire to immerse themselves in new languages, cuisines, and cultural traditions, framing retirement as a time for growth, learning, and exploration.¹³O’Reilly, K. (2000). The British on the Costa del Sol: Transnational identities and local communities. Routledge. Access to cultural amenities, leisure activities, and lifelong learning are increasingly valued among today’s retirees.¹⁴Benson, M., & O’Reilly, K. (2009). Lifestyle migration: Expectations, aspirations and experiences. In M. Benson & K. O’Reilly (Eds.), Lifestyle migration: Expectations, aspirations and experiences (pp. 1–13). Ashgate and Williams, A. M., & Patterson, G. (1998). An empire lost but a province gained: A cohort analysis of British international retirement in the Algarve. International Journal of Population Geography, 4(2), 135–155. https://doi.org/10.1002/(SICI)1099-1220(199806)4:2<135::AID-IJPG94>3.0.CO;2-F Participation in recreational and cultural activities has been linked to cognitive resilience and better mental health, with studies showing that engagement in meaningful leisure pursuits is associated with increased happiness and reduced risk of cognitive decline.¹⁵Adams, K. B., Leibbrandt, S., & Moon, H. (2011). A critical review of the literature on social and leisure activity and wellbeing in later life. Ageing & Society, 31(4), 683–712 and Oliver, C. (2017). Retirement migration: Paradoxes of ageing. Routledge.

Family considerations, including the ability to bring dependent relatives or to remain connected with children and grandchildren, further shape destination choices. Visa policies that support family reunification are viewed favourably.¹⁶Benson, M., & O’Reilly, K. (2009). Lifestyle migration: Expectations, aspirations and experiences. In M. Benson & K. O’Reilly (Eds.), Lifestyle migration: Expectations, aspirations and experiences (pp. 1–13). Ashgate. In sum, all these elements that enhance quality of live and longevity are factored by retirees when analysing options of international relocation.

However, migration is not solely influenced by attractive features of the host country; there are also push factors in the country of origin that drive individuals to relocate. Among these, the cost of living stands out as a particularly powerful motivator. Many retirees look for destinations where their pensions and savings will go further, enabling them to enjoy a higher standard of living or maintain their usual lifestyle on a more modest budget.

The UN Department of Economic and Social Affairs (UNDESA) has reported on the increasing trend of retirement migration, with a notable shift from high-cost, high-inflation countries to destinations offering more affordable living and healthcare.¹⁷United Nations, Department of Economic and Social Affairs, Population Division. (2023). World social report 2023: Leaving no one behind in an ageing world (ST/ESA/381). United Nations. https://www.un.org/development/desa/pd/sites/www.un.org.development.desa.pd/files/undesa_pd_2023_wsr-fullreport.pdf This trend is driven by factors like the desire for a more active lifestyle, lower cost of living, and access to better healthcare services in retirement destinations.

For HNWIs, asset protection and financial optimization have become increasingly important priorities in recent years. Countries experiencing rising tax burdens, such as the United Kingdom¹⁸Advani, A., Bangham, G., & Leslie, J. (2023). The UK’s non-dom regime: Who benefits, what cost? LSE International Inequalities Institute Working Paper 91., often see an outflow of investors and affluent residents seeking more favorable fiscal environments. Conversely, destinations offering territorial tax systems, zero or low income taxes for retirees, and no wealth or inheritance taxes have become especially attractive to HNWIs aiming to preserve their assets and maximize retirement income.¹⁹Dwyer, P. (2015). Welfare, work and well-being: Towards a new agenda for welfare to work policy and practice. Journal of Social Policy, 44(1), 55–74. https://doi.org/10.1017/S0047279414000550

As asset protection grows more complex, financial optimization has become a top priority for HNWIs seeking to preserve and grow their wealth in a changing landscape. Increasingly, HNWIs are employing advanced strategies, such as global portfolio diversification, sophisticated tax planning, and cross-border investments, to both enhance returns and minimize liabilities. This includes investing across asset classes and jurisdictions to mitigate risk, leveraging double tax treaties, and participating in tax-efficient residency or citizenship programs.²⁰Global Citizen Solutions. (2024). The power of global wealth mobility in an unstable world: Avoiding risks and protecting assets. Retrieved from https://www.globalcitizensolutions.com/intelligence-unit/briefings/the-power-of-global-wealth-mobility-in-an-unstable-world/:contentReference[oaicite:3]{index=3}

However, countries once considered prime wealth havens, like the United Kingdom, are now raising tax rates on capital gains and dividends, restricting benefits for non-domiciled residents, and introducing stricter anti-avoidance rules. In 2024, the United Kingdom announced the abolition of its long-standing non-domiciled (“non-dom”) tax regime, a move designed to address concerns over tax fairness and increase fiscal revenues. For decades, the non-dom regime allowed wealthy foreign residents to protect offshore income from UK taxation, making London a magnet for global HNWIs. Notably, for high-net-worth individuals, asset protection and financial optimization often tip the scales, especially as fiscal landscapes shift and new regulations alter the attractiveness of traditional wealth havens.

According to research by Advani, Bangham, and Leslie²¹ Advani, A., Bangham, G., & Leslie, J. (2023). The UK’s non-dom regime: Who benefits, what cost? LSE International Inequalities Institute Working Paper 91., the presence of the non-dom regime had a substantial effect on attracting and retaining HNWIs in the UK, especially among those with highly mobile capital. Their study, published by the London School of Economics, found that eliminating the regime could lead to significant outflows of both capital and individuals, with the wealthiest non-doms most likely to relocate to more tax-friendly jurisdictions such as the Caribbean or jurisdictions in Africa and Asia.

Equally important are the less tangible drivers: the quest for personal security, political stability, and a sense of social belonging, which gain particular prominence for those leaving behind conflict, social unrest, or political dissatisfaction. As recent research and global surveys demonstrate, retirees employ a logic of “welfare maximization,” navigating both push and pull factors to identify countries that best align with their unique constellation of needs and aspirations.²²Calzada, I., Otero, J., & Miyar-Busto, M. (2023). The best welfare deal: Retirement migrants as welfare maximizers. Societies, 13(3), 78. https://doi.org/10.3390/soc13030078

In an unstable world, safety and stability are  decisive considerations for retirees choosing a destination abroad, particularly for those leaving regions marked by conflict, high crime, or political upheaval. As King, Warnes, and Williams, “political stability and the peaceful nature of Mediterranean countries” were repeatedly highlighted as “critical in the decision-making process” of British retirees relocating to the region.²³King, R., Warnes, A. M., & Williams, A. M. (2000). Sunset lives: British retirement migration to the Mediterranean. Berg Publishers. p. 57 Similarly, Williams and Patterson found that “low crime rates and a feeling of personal safety” were among the most frequently cited reasons British retirees selected the Algarve in Portugal.²⁴Williams, A. M., & Patterson, G. (1998). An empire lost but a province gained: A cohort analysis of British international retirement in the Algarve. International Journal of Population Geography, 4(2), 135–155. https://doi.org/10.1002/(SICI)1099-1220(199806)4:2<135::AID-IJPG94>3.0.CO;2-F. p. 142 These findings are echoed by Gustafson, who notes that “retirees consistently prioritize safety and effective local governance” when evaluating migration options .²⁵Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. https://doi.org/10.1080/01419870701492000. p. 462

On a global scale, the United Nations’ International Migration Report identifies “political stability and public safety” as top pull factors, concluding that retirees from high-risk countries “tend to migrate to countries offering a greater sense of security and predictability”.²⁶United Nations, Department of Economic and Social Affairs, Population Division. (2020). International migration 2020 highlights (ST/ESA/SER.A/452). https://www.un.org/development/desa/pd/sites/www.un.org.development.desa.pd/files/files/documents/2020/Jan/un_2020_internationalmigration_highlights.pdf. p. 11 Thus, a broad body of research affirms that security and stability are not simply desirable amenities but fundamental drivers in the international retirement migration landscape.

Furthermore, recent research shous that political dissatisfaction in the country of origin is also a significant “push factor” influencing the relocation decisions of Americans, especially among retirees and affluent individuals.²⁷Global Citizen Solutions. (2024, March 15). 2024: The most notable election year to date. Global Intelligence Unit. https://www.globalcitizensolutions.com/intelligence-unit/briefings/2024-the-most-notable-election-year-to-date/:contentReference[oaicite:3]{index=3} As Dwyer & Papadopoulos argue, frustration with political developments, perceived social decline, or a sense of exclusion from public life often motivates people to seek a fresh start abroad.²⁸Dwyer, P., & Papadopoulos, T. (2019). Welfare states and retirement migration: The case of older Britons in Spain. Journal of European Social Policy, 29(2), 196–208. https://doi.org/10.1177/0958928718770036

In the United States, survey data demonstrate that ideological dissatisfaction with government policies is a leading reason Americans express a desire to emigrate, a sentiment that has fluctuated markedly in response to changes in presidential leadership.²⁹Jones, J. M. (2019, January 4). Record numbers of Americans want to leave the U.S. Gallup. https://news.gallup.com/poll/245789/record-numbers-americans-leave.aspx Notably, the early years of Donald Trump’s presidency saw a pronounced increase in the desire to relocate compared to the terms of George W. Bush and Barack Obama, with the Gallup poll showing that 16% of Americans wished to leave the country, up from 10% under Obama and 11% under Bush. This effect was particularly evident among women under 30, where the proportion expressing a desire to emigrate soared to 40% under Trump, versus just 10–11% under his predecessors, suggesting that policy changes and heightened social polarization significantly impact younger and more vulnerable groups.

In conclusion, the decision to relocate in retirement is rarely the result of a single motivation; rather, it emerges from a dynamic interplay of diverse factors that together shape the preferences and priorities of today’s retirees. Quality of life considerations (ranging from favorable climate and environmental quality to robust healthcare and vibrant social opportunities) are central, yet these are consistently weighed against practical realities such as cost of living, tax structures, and access to public services. Ultimately, the growing accessibility of global mobility options enables retirees to pursue not only a more comfortable and fulfilling lifestyle, but also the peace of mind and security they seek in an increasingly unpredictable world.

Demographic Patterns

Demographic research on IRM reveals a predominance of retirees from developed countries in the Global North, such as the United States, United Kingdom, Germany, Canada, and Scandinavian nations.³⁰King, R., Warnes, A. M., & Williams, A. M. (2000). Sunset lives: British retirement migration to the Mediterranean. Berg Publishers and Benson, M., & O’Reilly, K. (2009). Lifestyle migration: Expectations, aspirations and experiences. In M. Benson & K. O’Reilly (Eds.), Lifestyle migration: Expectations, aspirations and experiences (pp. 1–13). Ashgate. However, there is increasing diversification, with growing numbers of retirees migrating from countries in Latin America, Asia, and even Africa, reflecting broader patterns of globalization and increased international mobility.³¹Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. https://doi.org/10.1080/01419870701492000

For instence, recent years have witnessed a notable migration of wealthy individuals from Venezuela to Spain and from Brazil to Portugal, driven by both push and pull factors including economic instability, political turmoil, and the appeal of shared language and cultural ties. In the case of Venezuela, economic collapse, hyperinflation, and deteriorating security have spurred HNWIs to seek stability and asset protection in Spain, a destination favored for its robust legal system, established Venezuelan expatriate communities, and attractive investor visa programs. According to Migration Policy Institute research, Spain’s Golden Visa and residency pathways have become popular among Venezuelan elites since 2015, with the Venezuelan-born population in Spain surpassing 400,000 by 2023.³²Migration Policy Institute. (2017). Chinese Migration to the United States. https://www.migrationpolicy.org/article/chinese-immigrants-united-states-2017 Many of these expats are retirees of people seeking early retirement and investment diversification in Spain.³³El País. (2023, February 5). La colonia venezolana en España bate récords. https://elpais.com/espana/2023-02-05/la-colonia-venezolana-en-espana-bate-records.html and Migration Policy Institute. (2023). Latin American migration to Spain: A growing trend. https://www.migrationpolicy.org/article/latin-american-migration-spainda Similarly, Portugal has emerged as a prime destination for affluent Brazilians, with its language, legal familiarity, and favorable investment climate serving as strong incentives. The rise in crime and political uncertainty in Brazil, coupled with Portugal’s D7  program,  flexible Golden Visa and high quality of life, has fuelled a steady increase in Brazilian investment, residency, and property purchases. According to Portugal’s Migration and Asilum Integration Agency (AIMA), Brazilians have become the largest group of foreign residents in Portugal, with over 400,000 registered in 2023, many drawn by investment migration routes and the ease of integration.³⁴Agência para a Integração, Migrações e Asilo. (n.d.). Relatórios de migrações e asilo. https://aima.gov.pt/pt/a-aima/relatorios-de-migracoes-e-asilo

Notably, Chinese high-net-worth individuals have engaged in large-scale investment migration to Australia, Canada, and the United States, drawn by stable economies, quality education, and pathways to permanent residency or citizenship.³⁵Deloitte. (2019). Chinese Investment in Australia: Recent Trends and the Path Ahead. https://www2.deloitte.com and Migration Policy Institute. (2017). Chinese Migration to the United States. https://www.migrationpolicy.org/article/chinese-immigrants-united-states-2017 Similarly, Russian HNWIs have sought out destinations such as Cyprus, Malta, the United Arab Emirates and even Argentina, often motivated by favorable tax regimes, business-friendly environments, and, more recently, the search for political neutrality and asset safety following international sanctions.³⁶The Economist. (2022). Russian wealth flees to Cyprus and the UAE. https://www.economist.com South Africans with significant means have increasingly relocated to Mauritius, the UK, and Australia, seeking personal security, better educational opportunities for their children, and robust legal protections.³⁷AfrAsia Bank. (2023). Global Wealth Migration Review. https://www.afrasiabank.com/en/about/newsroom/global-wealth-migration-review Meanwhile, Indian entrepreneurs and wealthy families have demonstrated a strong preference for the UK, UAE, and Portugal, attracted by residency and Golden Visa programs, as well as by more favorable business climates.³⁸Knight Frank. (2024). The Wealth Report. https://www.knightfrank.com/wealthreport

Across these movements, common drivers include not only the desire for financial optimization and asset protection but also concerns over domestic instability, restrictive capital controls, and a wish for global mobility and lifestyle enhancement.³⁹Global Citizen Solutions. (2024). The power of global wealth mobility in an unstable world. https://www.globalcitizensolutions.com/intelligence-unit/briefings/the-power-of-global-wealth-mobility-in-an-unstable-world/ and United Nations, Department of Economic and Social Affairs (UN DESA). (2020). International migration 2020 highlights. These patterns underline the increasingly transnational strategies of the world’s wealthy, who leverage global citizenship and residency options to secure their families’ futures in a rapidly changing world.

In fact, retirees are often relatively affluent compared to local populations, though there is wide variation in income and wealth. A research conducted in Portugal reveals that international retirees generally exhibit a higher socioeconomic status compared to both local retirees and other migrant groups. Most are recipients of stable pensions or have significant investment income, often originating from wealthier nations in Western Europe and North America. This affluence enables them to participate actively in the real estate market, support local economies, and enjoy a standard of living that is frequently superior to what would have been possible in their countries of origin. As Botterill  observes, “retirement migrants are typically relatively affluent and can exercise considerable agency in selecting destinations that maximize their quality of life and financial advantage”.⁴⁰Botterill, K. (2016). (Re)configuring retirement and care: Older migrants and new geographies of care. In M. Walsh (Ed.), Transnational migration and home in older age (p. 28). Routledge. This economic selectivity is further enhanced by Portugal’s welcoming visa policies and, until recently, its Non-Habitual Resident (NHR) tax regime, both of which have made the country especially attractive to high-net-worth individuals and middle-class retirees seeking to optimize their resources in retirement.⁴¹Global Citizen Solutions. (2024, June 24). Portugal NHR tax regime: The ultimate guide. Retrieved June 25, 2025, from https://www.globalcitizensolutions.com/nhr-portugal-tax-regime/

Regargind gender dynamics in IRM, the reality have evolved considerably over recent decades. While early literature predominantly portrayed IRM as a male-led phenomenon (where men were the primary decision-makers, often relocating with their wives as dependents) emerging research reveals a more nuanced reality. Increasingly, independent female retirees are shaping migration flows, motivated by factors such as financial autonomy, personal fulfillment, and social networks abroad.⁴²Benson, M. (2011). The British in rural France: Lifestyle migration and the ongoing quest for a better way of life. Manchester University Press. Calzada et al.  found that women now constitute a substantial and growing segment of retirees moving internationally, both as single migrants and as part of diverse family structures.⁴³Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033

Recent studies further highlight the visibility of same-sex couples in IRM, challenging heteronormative assumptions and reflecting broader changes in social acceptance and legal rights in destination countries.⁴⁴Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033 Countries such as Canada, Australia, New Zealand, Costa Rica, Mexico, Thailand, South Africa, Sweden, Spain, France, and Uruguay stand out for their progressive policies, community support, and social acceptance of LGBTQ+ individuals. Canada, for instance, offers universal healthcare and established LGBTQ+-friendly housing, particularly in cities like Toronto and Vancouver, while Australia and New Zealand provide legal protections and pioneering retirement communities such as Melbourne’s Linton Estate.⁴⁵AARP. (2023). The best places for LGBTQ+ retirement in the world. https://www.aarp.org/home-family/friends-family/info-2023/lgbtq-friendly-retirement.html Latin American nations like Uruguay and Costa Rica are increasingly recognized for their welcoming climates, legal recognition of same-sex marriage, and vibrant LGBTQ+ communities, with Uruguay noted for its early adoption of equal rights legislation and high levels of social acceptance.⁴⁶Rainbow Railroad. (2024). Global LGBTQ+ index: Rights and protections. https://www.rainbowrailroad.org/global-lgbtq-index/ European countries, notably Sweden, Spain, and France, have pioneered dedicated LGBTQ+ senior living spaces, directly addressing the risks of social isolation and discrimination among older LGBTQ+ adults.⁴⁷Euronews. (2023, July 2). Scared of being pushed back into the closet? Europe’s new LGBTQ+ retirement communities. https://www.euronews.com/2023/07/02/scared-of-being-pushed-back-into-the-closet-europes-new-lgbqt-retirement-communities In Asia and Africa, Thailand and South Africa offer affordable living, robust expat networks, and legal protections for same-sex couples, especially in cities such as Cape Town and Bangkok. Collectively, these countries exemplify how comprehensive legal frameworks, inclusive healthcare, and visible LGBTQ+ communities can create affirming and secure environments for retirees seeking dignity and belonging in their later years. These developments suggest that IRM is no longer a predominantly male or heterosexual endeavor, but rather a multidimensional process reflecting shifting gender roles, life course patterns, and greater inclusivity in migration trends.

Age is another crucial factor shaping IRM patterns, with most retirees relocating abroad in their early to mid-60s, typically following the attainment of pension eligibility.⁴⁸Williams, A. M., King, R., Warnes, T., & Patterson, G. (2000). Tourism and International Retirement Migration: New Forms of an Old Relationship in Southern Europe. Tourism Geographies, 2(1), 28–49. Recent trends, however, point to increasing diversity among IRM populations, as “early retirees” (those under 60) and “active agers” (retirees seeking purposeful engagement in later life) become more prevalent.⁴⁹Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033 and King, R., Warnes, T., & Williams, A. M. (2017). International Retirement Migration in Europe. International Journal of Population Geography, 6(1), 89-104. According to Eurostat (2023), the average age of international retirees moving within Europe is approximately 64 years, though a notable minority migrates between ages 55 and 60, drawn by lower living costs, better healthcare, and enhanced quality of life abroad.⁵⁰Eurostat. (2023). Statistics on the international mobility of older adults in the EU. https://ec.europa.eu/eurostat The rise of active aging frameworks has also influenced IRM, as many retirees seek destinations offering opportunities for volunteering, cultural participation, and continued learning.⁵¹Rodríguez, V., Casado-Díaz, M. A., & Huber, A. (2023). Active Ageing and International Retirement Migration: New Approaches to Later-Life Mobility. Ageing & Society, 43(2), 335-354.

Last but not least, international retirement migrants typically possess high levels of education, with a significant proportion holding university degrees and extensive prior experience living or working abroad. These characteristics are strongly linked to greater geographic mobility and adaptability, enabling retirees to navigate new social and institutional environments with relative ease.⁵²O’Reilly, K. (2000). The British on the Costa del Sol: Transnational Identities and Local Communities. London: Routledge. Language proficiency is another key determinant, shaping both destination preferences and the integration trajectory of retirees. While English-speaking countries such as Canada, Australia, and New Zealand remain popular among Anglophone retirees, many migrants overcome language barriers elsewhere by joining robust expatriate communities or relying on widely spoken lingua francas, such as English, in tourist-oriented or cosmopolitan destinations.⁵³Oliver, C. (2017). Retirement Migration, the ‘Other’ Story: Caring for British Retirees in Spain. Ageing and Society, 37(3), 562-584. Moreover, contemporary retirement migrants frequently adopt transnational lifestyles, maintaining residences, familial relationships, or business interests across borders. This transnationalism is increasingly facilitated by affordable air travel, digital communication platforms, and remote financial management tools, allowing retirees to sustain regular ties with their country of origin while enjoying the benefits of life abroad.⁵⁴Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451-475 and King, R., Warnes, A. M., & Williams, A. M. (2000). Sunset Lives: British Retirement Migration to the Mediterranean. Oxford: Berg. Collectively, these factors underscore the complexity and dynamism of modern international retirement migration, highlighting the role of social, linguistic, and technological capital in enabling cross-border aging.

Foreign Direct Investment (FDI) Through Passive Income Visas: The Economic Impact of International Retirees

Looking forward, countries that actively attract retirement migrants are increasingly designing investment-friendly policies, including streamlined visa processing, property ownership rights, and favorable tax regimes.⁵⁵Dwyer, P. (2015). Welfare, work and well-being: Towards a new agenda for welfare to work policy and practice. Journal of Social Policy, 44(1), 55–74. https://doi.org/10.1017/S0047279414000550 and Botterill, K. (2016). (Re)configuring retirement and care: Older migrants and new geographies of care. In M. Walsh (Ed.), Transnational migration and home in older age (pp. 23–40). Routledge. Beyond personal well-being and lifestyle changes, these retirees play an underappreciated role as agents of foreign direct investment (FDI) in destination countries. As governments introduce or revise passive income and retiree visa programs, the movement and settlement of retirees are reshaping real estate markets, local economies, and even national policy. This article synthesizes current academic research and the latest data to examine how international retirees act as a substantial and stable source of FDI in Southern Europe, Latin America, Asia-Pacific, and beyond.

Real estate acquisition is the primary channel through which retirees contribute to FDI. Academic studies have long identified British, German, Scandinavian, and North American retirees as major foreign buyers in Mediterranean and Latin American property markets.⁵⁶King, R., Warnes, A. M., & Williams, A. M. (2000). Sunset lives: British retirement migration to the Mediterranean. Berg Publishers and Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475. https://doi.org/10.1080/01419870701492000 For instance, between 2016 and 2022, foreign retirees invested an estimated €1.6 to €2.5 billion per year in Spanish residential real estate, representing more than 20% of all property purchases in some regions.⁵⁷Idealista. (2024). 2023 was the year foreigners fell for housing in Spain. https://www.idealista.com/en/news/property-for-sale-in-spain/2024/01/18/165447-2023-was-the-year-foreigners-fell-for-housing-in-spain In Portugal, retirees accounted for €1.1 billion in residential property purchases in 2023 alone, with the Algarve and Lisbon as leading destinations.⁵⁸ Idealista.pt. (2024). Foreigners bought record number of properties in Portugal in 2023. https://www.idealista.pt/news/imobiliario/internacional/2024/01/16/66429-foreigners-bought-record-number-of-properties-in-portugal-in-2023 Similarly, France, Italy, and Greece have each seen hundreds of millions of euros in annual real estate FDI from retiree populations, revitalizing rural and coastal communities. This influx of capital supports construction, property management, and ancillary services, contributing directly to job creation and regional development.⁵⁹France4U. (2024). The role of foreign buyers in the French property market. France4U. https://www.france4u.eu/article-i-id-i-80193-i-foreign-buyers.html

While international retirees and other expats are frequently accused of fueling housing price increases (particularly in high-demand regions of Portugal, Spain, and similar destinations) the relationship is more complex than often portrayed. Real estate acquisition is indeed the primary channel through which retirees contribute to FDI, as demonstrated by the billions of euros invested annually in residential property. However, recent academic and policy analyses identify several structural factors that have played an even greater role in driving housing inflation in these markets. First, chronic underinvestment in new housing supply, especially affordable and rental units, has created persistent shortages in urban and tourist areas.⁶⁰OECD. (2023). International Migration Outlook 2023. Second, the rapid expansion of short-term rental platforms has diverted housing stock away from long-term residents, exacerbating affordability challenges for locals. Third, domestic speculative investment, fuelled by historically low interest rates and global capital flows, has intensified competition for prime real estate, pushing up prices across all segments (Reuters, 2024).⁶¹Reuters. (2024). Spain scuppers golden visas for foreign real estate investors. https://www.reuters.com/world/europe/spain-scupper-golden-visas-foreign-real-estate-investors-2024-04-08/ While expat retirees represent a visible and sometimes politically contentious group of buyers, the evidence suggests that housing affordability crises in Portugal, Spain, and elsewhere result from a convergence of global, national, and local dynamics, of which retirement migration is only one part.⁶²Global Citizen Solutions. (2024, January 16). Why the Golden Visa presents an opportunity to solve the housing crisis in Spain and Portugal. https://www.globalcitizensolutions.com/intelligence-unit/briefings/why-the-golden-visa-presents-an-opportunity-to-solve-the-housing-crisis-in-spain-and-portugal/

In the end of the day, the economic impact of retirees extends far beyond property transactions. Once settled, international retirees channel consistent income streams into host economies through the transfer and expenditure of foreign pensions, savings, and investment returns. In Mexico, Costa Rica, Thailand, and Uruguay foreign retirees are estimated to spend between $300 million and $1 billion per year on housing, healthcare, and local goods and services.⁶³La Nacion. (2023). Pensionados extranjeros invierten millones en Costa Rica. https://www.nacion.com/economia/negocios/pensionados-extranjeros-invierten-millones-en-costa-rica; Bank of Thailand. (2023). Foreigners in the Thai property market and Notaires de France. (2023). Foreign buyers in the French property market. These flows sustain employment in healthcare, hospitality, and retail sectors, and support public finances through taxes and indirect multiplier effects. Academic literature confirms that retirees’ ongoing spending contributes to the economic stability of host regions, especially in areas suffering from depopulation or economic decline.⁶⁴Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033

As of 2024, over 40 countries now offer dedicated retiree or passive income visa options, including Portugal’s D7 visa, Thailand’s Retirement Visa, Costa Rica’s Pensionado program, and similar schemes in Spain, Italy, Greece, Malta, Australia, and New Zealand. These policies are designed to attract retirees by offering residency rights in exchange for proof of stable income or assets.

International retirees now represent a significant and stable source of foreign direct investment across multiple continents. Through real estate purchases, pension transfers, and daily expenditures, they collectively inject billions of euros, dollars, and other currencies annually into host economies. Academic and policy research converge in recognizing the vital role of IRM in supporting real estate markets, job creation, and economic diversification, while also acknowledging the social and policy challenges that arise.

The Globalization of Early Retirement: Investors, FIRE, and New Mobility Strategies

Early retirement, once a privilege reserved for the ultra-wealthy, is now within reach for a broader segment of the global population. This shift has been propelled by innovative savings strategies, digital access to global markets, growing international mobility, and evolving cultural attitudes toward work and consumption. Central to this phenomenon is the Financial Independence, Retire Early (FIRE) movement, which encourages individuals to aggressively save and invest in pursuit of financial autonomy well before the conventional retirement age. The rapid expansion of FIRE is not just altering personal financial trajectories; it is also influencing migration flows and reshaping the landscape of global retirement.

While the concept of early retirement is not new, for much of the twentieth century it was largely confined to elites, high-ranking public servants, or successful entrepreneurs. The postwar boom in social security and employer-sponsored pensions established a “normal” retirement age around 60 to 65⁶⁵Clark, R. L. (2000). Retirement systems in the developed world: Reform and trends. World Bank; Costa, D. L. (1998). The evolution of retirement: An American economic history, 1880–1990. University of Chicago Press and OECD. (2023). Pensions at a glance 2023: OECD and G20 indicators. OECD Publishing. https://doi.org/10.1787/b6d3dcfc-en, reinforcing a linear work-life pattern. Yet, recent data reveal that FIRE has struck a chord with younger generations. According to a Forbes survey, the movement has gained considerable traction, especially among millennials and Generation X, who seek “freedom over their time, rather than simply the absence of work.”⁶⁶Forbes Finance Council. (2022, November 15). 12 finance pros’ tips for successfully achieving early retirement. Forbes. https://www.forbes.com/councils/forbesfinancecouncil/2022/11/15/12-finance-pros-tips-for-successfully-achieving-early-retirement/ The survey shows that nearly 10% of young professionals in the US and Europe are actively pursuing FIRE or related strategies.

Multiple factors underpin this shift: digital investment platforms have democratized access to diversified portfolios; changing work norms increasingly value autonomy and purpose over job tenure; and trends such as “quiet quitting” reflect widespread dissatisfaction with traditional employment models.⁶⁷Gallup. (2021). State of the Global Workplace: 2021 Report. Gallup Press. https://www.gallup.com/workplace/349484/state-of-the-global-workplace.aspx Meanwhile, the expansion of international residency and passive income visa options has made relocating for a better quality of life a tangible possibility for early retirees.⁶⁸Global Citizen Solutions. (2025). Global residency and citizenship by investment report 2025. https://www.globalcitizensolutions.com/intelligence-unit/reports/global-rcbi-report/

The appeal of early retirement is also driven by dissatisfaction with traditional employment structures. Research increasingly demonstrates that real-life fulfillment in early retirement depends on a complex interplay of psychological, social, and community factors. Autonomy, a sense of purpose, and engagement in meaningful activities have been identified as core drivers of life satisfaction among retirees, with studies indicating that those who pursue passions, entrepreneurial projects, or community involvement report higher well-being (Duffy et al., 2016; Allan et al., 2019).⁶⁹Allan, B. A., Dexter, C., Kinsey, R., & Parker, S. (2019). Meaningful work and mental health: Job satisfaction as a moderator. Journal of Mental Health, 28(1), 71–77. https://doi.org/10.1080/09638237.2017.1385749 and Duffy, R. D., Allan, B. A., Autin, K. L., & Douglass, R. P. (2016). Living a calling and work well-being: A longitudinal study. Journal of Counseling Psychology, 63(1), 53–62. https://doi.org/10.1037/cou0000113 However, scholars caution that the transition to early retirement can also bring challenges related to social integration and the loss of work-related identity, particularly if not planned holistically. In this sense, expatriate networks and local communities abroad are therefore crucial, facilitating adaptation and providing emotional and practical support for early retirees.

When it comes to investment, academic studies highlight the role of passive investing in this process. Leveraging low-cost index funds, Exchange-Traded Fund (ETFs), and the power of compounding enables adherents to build portfolios intended to last decades. ⁷⁰Lowry, B., & Wentz, D. (2020). The Simple Path to Wealth: Your road map to financial independence and a rich, free life. This mirrors the findings of international organizations like the OECD, which notes a global shift toward “defined contribution” pension systems and individual investment responsibility.⁷¹OECD. (2023). Pensions at a glance 2023: OECD and G20 indicators.

The FIRE methodology is built upon several key principles that set it apart from traditional retirement planning. Practitioners commonly target savings rates of 50–70% of their annual income, often adopting radical frugality to accelerate wealth accumulation.⁷²Robin, V., & Dominguez, J. (1992). Your Money or Your Life. Central to the movement is the use of low-cost index funds and ETFs for passive investing, capitalizing on long-term market growth while minimizing fees.⁷³Lowry, B., & Wentz, D. (2020). The Simple Path to Wealth: Your road map to financial independence and a rich, free life. A widely cited rule within the FIRE community is the “25x rule,” which recommends retiring once one’s portfolio is at least 25 times annual living expenses, based on the assumption of a sustainable 4% withdrawal rate.

However, this principle has drawn significant criticism from financial planners and academics, who question the realism of a fixed “safe withdrawal rate” and the expectation of stable investment returns over potentially several decades. Financial planners and academics have pointed out that these projections may be overly optimistic, especially in light of historical market volatility, inflation risk, rising healthcare costs, and periods of economic downturn.⁷⁴Pfau, W. D. (2010). An international perspective on safe withdrawal rates from retirement savings: The Demise of the 4 Percent Rule? Journal of Financial Planning, 23(12), 52–61 and Finke, M. S., Wade, D., & Blanchett, D. (2013). The 4 percent rule is not safe in a low-yield world. Journal of Financial Planning, 26(6), 46–55. The so-called “sequence-of-returns risk” (the danger of experiencing poor investment returns early in retirement) poses a significant threat to long-term portfolio sustainability, especially for those retiring in their 30s or 40s and potentially facing 50+ years of withdrawals. Additionally, some critics claim that the extreme frugality sometimes advocated by FIRE proponents could negatively impact quality of life, social engagement, or mental health if not balanced with personal fulfilment.⁷⁵Morrissey, M. (2020). A review of the FIRE (Financial Independence, Retire Early) movement: Risks and realities. Economic Policy Institute Briefing Paper, 545, 1–14. https://www.epi.org/publication/a-review-of-the-fire-financial-independence-retire-early-movement-risks-and-realities/

In fact, early retirement brings distinct longevity challenges, as individuals may need to fund their living expenses for five decades or more, making them particularly vulnerable to market volatility and the sequence-of-returns risk. To address these uncertainties, alternative early retirement strategies are emerging alongside FIRE, particularly among high-net-worth investors. Many pursue “Barista FIRE” (part-time work after financial independence), “Fat FIRE” (luxury retirement), or “Geoarbitrage” (relocating to lower-cost countries to maximize purchasing power).

Geoarbitrage, the strategy of relocating to regions with lower living costs to maximize investment income, has become central to the FIRE movement. Since Tim Ferriss popularized the concept in The 4-Hour Workweek, geoarbitrage has empowered FIRE adherents to take advantage of international cost-of-living disparities among countries, often cutting core expenses by 30–50% and lowering the nest egg required for early retirement.⁷⁶Ferriss, T. (2007). The 4-hour workweek: Escape 9-5, live anywhere, and join the new rich. Crown Publishers. This approach is gaining traction: up to 10% of young professionals in the US and Europe are now pursuing FIRE or similar paths, with countries like Portugal, Mexico, Thailand, and Costa Rica attracting early retirees thanks to affordable living, quality healthcare, and thriving expat networks.⁷⁷Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033 Financial benefits such as territorial taxation or exemptions on foreign income further stretch retirement savings, helping retirees reduce the portfolio withdrawal risks often debated in classic FIRE discussions.⁷⁸Dwyer, R. (2015). The allure of foreign retirement: Risks and rewards. Journal of International Retirement Planning, 9(2), 43–58.

However, while geoarbitrage can enhance financial security and a sense of autonomy, it also introduces challenges, like securing reliable healthcare, navigating tax laws, and integrating into new cultures. Expat networks, online FIRE communities and the evolution of international services industry can ease the transition, providing both practical tips and a sense of belonging. Notably, recent studies reveal a rise in “return migration,” with many early retirees splitting their time between new destinations and their home countries, maintaining family and social ties while enjoying the benefits of transnational living.⁷⁹Gustafson, P. (2008). Transnationalism in retirement migration: The case of North European retirees in Spain. Ethnic and Racial Studies, 31(3), 451–475 and Calzada, I., Legido-Quigley, H., & Rodríguez, V. (2023). The Best Welfare Deal: Retirement Migrants as Welfare Maximizers. Societies, 13(2), 33. https://doi.org/10.3390/soc13020033 In all, the synergy between geoarbitrage and FIRE is reshaping what it means to retire, blending smart financial planning with the freedom to design a life across borders.

Despite critics, the FIRE movement has fundamentally reshaped conversations around retirement, investment, and wealth, inspiring individuals to challenge conventional notions of work and aging by prioritizing intentionality, autonomy, and strategic financial planning. Central to FIRE’s enduring appeal is its encouragement of proactive wealth-building, radical savings, and diversified investing, principles that have prompted a new generation to explore early retirement as a viable and desirable goal. Geoarbitrage, as an extension of these ideas, offers retirees the opportunity to amplify their financial independence by leveraging global cost-of-living differences and relocating to more advantageous destinations. One of the most effective ways to mitigate the risks inherent in early retirement is through geographic diversification of assets, which reduces exposure to local shocks, currency volatility, and regulatory changes, while affording the practical benefit of mobility should living conditions shift.

As technological innovation and remote work continue to expand possibilities, and as international migration policies evolve, FIRE, geoarbitrage, and cross-border planning will remain at the forefront of the global conversation about retirement. Together, these strategies are not only transforming individual lives but are also reshaping the broader landscape of personal finance, mobility, and the future of aging in a rapidly changing world.

The globalization of retirement is an undeniable trend in the twenty-first century, driven by growing financial mobility, internationalization of pension systems, international tax agreements and the desire for better quality of life abroad. As increasing numbers of retirees and passive income earners consider international relocation, the challenge is to identify destinations that combine administrative efficiency, favorable residency-to-citizenship trajectories, economic rationality, tax efficiency, high living standards, and a welcoming social environment.

The Global Retirement Report (GRR) conducts a comprehensive analysis of 44 visa programs across 44 countries, offering a robust, data-driven perspective on retirement destinations worldwide. To ensure clarity and depth, the GRR evaluates each country using six analytically rigorous sub-indexes: Procedure, Citizenship and Mobility, Economics, Tax Optimization, Quality of Life, and Safety and Integration. This methodology enables a multidimensional assessment, helping readers identify the best destinations for retirement based on the factors that matter most.

Visa procedures can be a decisive factor in retirement migration decisions, often shaping the attractiveness and accessibility of a destination for prospective retirees. Straightforward application processes, reasonable processing times, and the ability to include family members can significantly enhance a country’s appeal. Conversely, complex bureaucratic requirements, lengthy wait times, and restrictive policies may deter retirees from choosing certain countries, regardless of their other advantages. As a result, destinations that offer clear, efficient, and inclusive visa procedures tend to stand out in the competitive landscape of global retirement options, facilitating a smoother transition and greater peace of mind for those seeking to relocate abroad.

However, choosing the ideal destination for retirement abroad involves far more than securing a visa; it requires a careful analysis of diverse factors that influence both daily life and long-term prospects. The GRR recognizes this complexity by evaluating retirement destinations through  the above mentioned sub-indexes. Each of those elements reflects a crucial aspect of the expat experience, shaping retirees’ security, financial health, and overall well-being.

Citizenship and Mobility determine the opportunities for long-term settlement, dual citizenship, and the freedom to travel globally. Features that are highly valued by internationally minded retirees.

Economics encompasses not only the local cost of living but also minimum income requirements, application fees, and the affordability of everyday life, which together define the sustainability of a retiree’s chosen lifestyle.

Tax Optimization plays a pivotal role in international retirement planning, as favorable tax regimes, transparent rules on foreign-sourced income, and targeted incentives for retirees can substantially boost financial security. In the GRR, we pay particular attention to visa options that offer clear tax benefits for retirees, as well as those jurisdictions with territorial or zero-tax systems, features that are especially attractive to retirees with assets held abroad.

Last but not least, Quality of Life encompasses far more than just financial metrics; it captures critical elements such as access to high-quality healthcare, environmental standards, climate comfort, and the vibrancy of local culture. These factors are fundamental to daily satisfaction and long-term well-being in retirement. Equally important, the Safety and Integration sub-index delves into both objective measures (like personal security and political stability) and softer elements such as social acceptance, inclusivity, and the practical ease with which retirees can build a fulfilling life in their new community. Together, these dimensions ensure that a destination is not only affordable and tax-efficient but also genuinely livable, welcoming, and secure for retirees seeking a fresh start abroad.

This holistic approach is precisely why the GRR is the most comprehensive, data-driven, and in-depth index and report available on international retirement migration. By rigorously analyzing and weighting these five pillars, the GRR empowers retirees and their families to make fully informed decisions, taking into account not just bureaucratic requirements but the true lived experience and enduring appeal of each destination.

Ultimately, the decision to retire abroad is about more than just relocating, it’s about investing in a new chapter of life that offers security, opportunity, and personal fulfillment. The GRR rises to meet the complexity of this decision by delivering a multidimensional, data-driven analysis that goes far beyond simple rankings or anecdotes.

The Evolution of Passive Income and Retirement Visas: A Global Perspective

Over the past five decades, passive income and retirement visa programs have emerged as important migration pathways, shaping international retirement trends and global mobility. Initially developed by a handful of destination countries in Latin America and Southeast Asia, these programs have since proliferated across the world, attracting retirees and individuals with stable incomes who seek new lifestyles abroad. The primary motivation for launching these visas has been the desire to attract foreign capital, stimulate property markets, and drive economic diversification, particularly in countries with favorable climates and lower costs of living.⁸⁰Ono, M., & Sanders, J. (2012). Retirement Migration: Paradoxes of Ageing in Place in Rural Spain. Population, Space and Place, 18(2), 120–134.

The foundational phase of passive income and retirement visas began in the latter half of the 20th century. Early adopters included Costa Rica, which introduced its Pensionado program in 1971, and the Philippines, which established the Special Resident Retiree’s Visa in 1985. Panama followed with its own Pensionado program in 1987. The chief objective during this period was to appeal to North American and European retirees, leveraging local cost advantages, healthcare accessibility, and welcoming residency policies.⁸¹Croucher, S. (2012). Privileged Mobility: Retired Migrants from Northern Europe. Journal of Ethnic and Migration Studies, 38(2), 293–310. These pioneering programs recognized that retirees represented a low-risk, stable, and long-term source of foreign income, capable of boosting local economies without placing undue burden on social services.

A dramatic shift occurred after 2000, as new retirement and passive income visa programs were introduced in greater numbers and in more diverse regions. This period of expansion was driven by changing demographics, economic crises, and increasing competition among destination countries for global retirees. In Europe, for example, Portugal modernized its D7 visa in 2007, Spain launched its Non-Lucrative Visa in 2011, and Malta created the Malta Retirement Programme in 2012. African and Asian countries also entered the field, with Mauritius and Malaysia launching their own retirement schemes in 2006 and 2002, respectively. These new initiatives often included updated eligibility criteria, expanded family inclusion, and attractive tax incentives.

Statistical analysis of the historical trajectory underscores this evolution: approximately 25% of current programs were created before 2000, while 75% were introduced after the turn of the millennium (table below). This boom reflects not only the increased economic significance of globally mobile retirees, but also the rise of policy competition as countries sought to emulate the successes of early adopters.⁸²King, R., Warnes, A. M., & Williams, A. (2000). Sunset Lives: British Retirement Migration to the Mediterranean. Oxford: Berg. In many cases, the surge in new visa launches coincided with broader efforts to recover from economic downturns (such as the 2008 financial crisis) or to counteract challenges related to population aging and rural depopulation.⁸³Global Citizen Solutions. (2024). How immigration is revitalizing Portugal’s economy and addressing the public deficit. https://www.globalcitizensolutions.com/intelligence-unit/briefings/how-immigration-is-revitalizing-portugals-economy-and-addressing-the-public-deficit/

Motivations for the expansion of passive income and retirement visas have grown more complex in recent decades. Beyond direct economic incentives, governments now recognize that these programs help attract skilled or entrepreneurial retirees, promote foreign direct investment in real estate, and strengthen international networks. The rise of digital nomadism and flexible residency further reflects a global shift toward lifestyle-driven migration, with retirees seeking destinations that offer both financial accessibility and a high quality of life.

Today, the vast majority of countries offering these visas also provide robust infrastructure for retirees, including healthcare, secure environments, and a variety of social benefits. The widespread adoption of these programs has made international retirement migration more accessible than ever before, democratizing what was once seen as a niche reserved for the wealthy. As new forms of passive income and digital work continue to reshape the landscape, the next phase of evolution is likely to prioritize even greater flexibility and global connectivity.

The economic impact of passive income and retirement visas extends far beyond individual households, with significant inflows of  FDI documented in several destination countries. For example, Portugal’s Golden Visa and D7 programs have collectively generated over €7 billion in FDI since their inception, much of it channeled directly into the real estate sector.⁸⁴Agência para a Integração, Migrações e Asilo. (2024). Relatório de Imigração, Fronteiras e Asilo 2023 [Immigration, Borders and Asylum Report 2023]. https://www.acm.gov.pt/documents/20181/255199/Relatorio_IFA_2023.pdf In Spain, the Non-Lucrative and Golden Visa schemes have attracted more than €4.5 billion in foreign investment between 2014 and 2023.⁸⁵Ministerio de Inclusión, Seguridad Social y Migraciones. (2024). Informe sobre la Contribución de los Programas de Residencia para Inversores. In Latin America, Panama’s Pensionado program has played a key role in fueling property sales, with retirees accounting for more than 15% of high-end real estate transactions in the last decade, contributing hundreds of millions in annual FDI inflows.⁸⁶World Bank. (2022). Migration and Remittances Factbook 2022. Similarly, Malaysia’s “My Second Home” (MM2H) visa has brought in over $2.4 billion USD in FDI since 2002, mainly through property purchases and long-term deposits.⁸⁷Malaysia Tourism Promotion Board. (2023). Malaysia My Second Home (MM2H) Programme Statistics. These figures highlight not only the individual benefits for retirees but also the macroeconomic significance of retirement migration, as governments continue to leverage these programs to drive sustainable investment, stimulate the housing market, and support broader economic development goals.

Comparative analysis

Passive income visa programs, designed to welcome financially independent individuals who can demonstrate regular income from abroad, have proliferated across continents, reflecting a global shift in the way retirement is imagined and experienced. For many, the right program not only opens the door to residency but also to a higher quality of life, tax advantages, greater personal security, and vibrant cultural integration.

The chart below illustrates the distribution of passive income visa programs worldwide, based on a review of 44 leading destinations.

The Americas lead the way, with 16 countries (36%) offering passive income visas. The region’s appeal lies in its diverse options: from the welcoming climates and moderate living costs of Central and South America (such as Mexico, Panama, Costa Rica, and Uruguay), to Caribbean nations renowned for their ease of integration and English-speaking communities. Many Latin American countries offer straightforward application processes, relatively low minimum income requirements, and attractive tax policies, including territorial taxation and generous exemptions for foreign retirement income. Safety and integration levels vary, but established expat communities and lower barriers to social inclusion often make these destinations particularly appealing to North American and European retirees.

Europe is not far behind, with 14 programs (32%) reflecting its reputation as a magnet for global retirees. Southern Europe (Portugal’s D7, Spain’s Passive Income Visa, Italy, and Greece) stands out for its exceptional quality of life: top-notch healthcare systems, mild climates, rich culture, and excellent public safety. European destinations are often praised for their social infrastructure and the high acceptance of international residents, with many countries offering clear paths to long-term residency or even citizenship. While some countries levy global taxes, others (like Italy and Malta) provide special regimes or exemptions for new residents and retirees, enhancing the region’s tax competitiveness. The cost of living varies widely, with attractive options available both in the Mediterranean and Central/Eastern Europe.

Asia and Africa each account for 16% of the world’s passive income visa programs, with 7 countries in each region. In Asia, countries like Thailand, Malaysia, and Indonesia have positioned themselves as retiree havens thanks to affordable living costs, strong hospitality cultures, and vibrant urban and beach lifestyles. Thailand’s long-term “retirement visa,” for example, combines easy access to world-class healthcare with an active social scene. While some Asian nations maintain higher bureaucratic hurdles or stricter financial requirements, the low cost of living and the allure of exotic destinations continue to attract Western retirees. Africa, though still developing its retiree visa landscape, offers unique destinations like Mauritius. The has rapidly gained recognition as one of Africa’s most attractive destinations for retirees and passive income visa holders. The Mauritian government offers a Retired Non-Citizen Residence Permit, allowing foreign nationals over the age of 50 to reside in the country, provided they can demonstrate a monthly income.

Procedure

The Procedure Index serves as a comprehensive measure of the practical ease and inclusiveness associated with securing a passive income or retirement visa across countries. This index synthesizes key procedural elements, including application processing times, the scope of family member inclusion, and the duration and renewability of visas, into a unified metric.

Countries with faster processing times, broader eligibility for family inclusion, and provisions for longer and renewable visa durations achieve higher scores, thus signaling greater flexibility, security, and attractiveness to international retirees. As the ranking demonstrates, top-performing countries such as Uruguay, Spain, and Mauritius exemplify these characteristics, combining efficient and transparent administrative procedures with family-friendly policies and reliable pathways to extended residency. In contrast, lower-ranking countries typically exhibit one or more procedural shortcomings, be it restrictive family policies, limited visa duration, or protracted processing, thereby reducing their appeal to potential migrants. Ultimately, the Procedure Index highlights that the most competitive retirement migration destinations are those that not only facilitate the individual’s relocation but also support family unity and offer a stable, long-term legal status for retirees and their dependents.

A comprehensive review of passive income and retiree visa programs demonstrates substantial regional and categorical differences in family member inclusion policies (chart below). According to the data, approximately 37% of countries adopt the most inclusive approach, permitting applicants to bring their spouse or legal partner and dependent children; this group is predominantly represented by Latin American and African countries. Another 34% of countries allow for the inclusion of minor and, under certain conditions, adult children—often extending to dependent parents as well—reflecting a high level of family support seen primarily in Southern and Eastern Europe, and to a lesser extent in Latin America. Conversely, about 17% of countries restrict eligibility to a spouse or legal partner and minor children, while a small minority (about 6%) have no formal policy or explicitly exclude dependents altogether.

Notably, Southeast Asian countries exhibit the most restrictive approaches, with several jurisdictions either lacking formal inclusion frameworks or expressly prohibiting dependents. In contrast, Europe, particularly countries such as Portugal, Spain, Malta, and Slovenia, consistently offers the broadest pathways for family reunification, mirroring the region’s cultural and policy priorities. Overall, the majority of passive income and retiree visa programs worldwide are family-friendly, with more than two-thirds allowing for the inclusion of at least spouses and minor children, and a significant portion enabling more extended family members to join, thereby reinforcing the importance of familial cohesion in international retirement migration.

Regarding applications processing times, data reveals a significant variation in the efficiency with which different countries process migration requests. According to the collected data (table below), approximately 37% of countries offer a “very fast” processing category, with application times of up to two months. This high proportion underscores a strong trend toward administrative efficiency and responsiveness in nearly two-fifths of the surveyed destinations, offering substantial appeal to retirees seeking a swift transition. The majority, 46% of countries, fall into the “moderate” category, typically finalizing applications within three to four months. This represents a balanced approach, where countries may be able to combine thorough vetting with reasonable timelines, thus maintaining program integrity without causing undue delay to applicants. In contrast, a minority (17% of countries) exhibit “extended” application times, requiring five months or more for processing. These longer timeframes may reflect either more stringent regulatory requirements or less optimized administrative infrastructures, and may serve as a deterrent to prospective retirees prioritizing a prompt relocation.

While nearly half of countries achieve moderate efficiency and over a third deliver applications in an expedited manner, prolonged processing in certain jurisdictions signals a continued need for procedural reforms to remain competitive in the increasingly global market for retirement migration.

A cross-continental comparison of processing times for passive income and retiree visa applications reveals distinct patterns in administrative efficiency. In Europe, several countries stand out for their expedited procedures: Latvia boasts the fastest processing time with applications completed in just one month, while Portugal, France, Austria, Malta, and others routinely process visas within two to four months. Spain and Italy further reinforce Europe’s reputation for efficiency, with median processing times of three months. Latin America presents a similarly favorable landscape, particularly in Uruguay and Colombia, where procedures can be finalized in zero to one month, making these countries among the world’s swiftest for retiree migration. Other regional leaders include Paraguay and Ecuador, with processing times as short as one to two months. In Africa, Mauritius and Seychelles lead with streamlined three-month processes, while most other African countries average two to four months. Asia displays greater variability: Thailand, Malaysia, Laos, and Sri Lanka offer notably rapid processing—often within one month—contrasting with longer timeframes in countries such as Cambodia and Indonesia, where applications may take up to four months.

Overall, while administrative efficiency is not uniform across all jurisdictions, European and Latin American destinations generally provide the fastest pathways for retirees and passive income migrants, with several African and Asian countries also delivering competitive turnaround times, enhancing their attractiveness in the global retirement migration landscape.

Visa duration and the frequency of renewal also represent critical aspects for applicants evaluating passive income and retiree visa programs, shaping both the long-term security and the practical experience of residing abroad.

According to the compiled data, approximately 18% of countries offer permanent residency from the outset, an option found in destinations such as Latvia, Panama, Ecuador, Belize, Cape Verde, and several others. This model is particularly appealing as it removes the need for repeated renewals, thereby minimizing administrative burden, reducing cumulative costs, and all but eliminating the risk of inadvertent overstays due to bureaucratic delays. In contrast, about 52% of countries require annual renewals, typically offering initial visas of one year (as seen in Spain, Italy, Greece, Austria, Malta, and much of Latin America), which can result in ongoing expenses and recurrent interactions with immigration authorities. Around 21% of countries provide longer multi-year durations (such as Portugal’s two-year visa, Uruguay’s three-year visa, and Mauritius’s ten-year visa), often with straightforward paths to renewal or indefinite extension, striking a balance between flexibility and stability.

For retirees, fewer renewals are strongly preferred, as each renewal involves costs, potential legal risks, and the navigation of sometimes unfamiliar bureaucratic systems. Thus, programs with permanent residency or multi-year durations offer significant advantages in peace of mind and logistical simplicity, making them especially attractive in the competitive landscape of international retirement migration.

Data confirm that efficient processing times, inclusive family policies, and longer visa durations are key factors making certain countries more attractive to international retirees. Over two-thirds of programs allow spouses and minor children, with many European and Latin American destinations also excelling in fast approvals, often under two months. However, annual renewal remains common, adding costs and paperwork, while just 18% of countries offer immediate permanent residency. In sum, the Procedure Index shows that top destinations combine administrative efficiency, strong family inclusion, and lasting visa security, making them especially appealing for retirees seeking a smooth and stable transition abroad.

Citizenship and Mobility

For assessing long-term migration opportunities and travel freedoms available to retirees after relocating, we designed the Citizenship and Mobility Sub-Index. This metric considers the clarity and attainability of a country’s path to citizenship, its openness to dual nationality, and the global mobility afforded by its passport. Data for this sub-index are drawn from national laws and official regulations, with passport strength specifically measured by the Enhanced Mobility dimension of the Global Citizen Solutions Global Passport Index (GPI). Countries score higher when they combine a straightforward, accessible citizenship process, permission for dual citizenship, which allows retirees to maintain ties to their country of origin, and robust international travel rights that enable visa-free or visa-on-arrival access to a wide range of destinations. This sub-index highlights the strategic importance of choosing a destination that not only facilitates residency but also offers long-term integration and expanded mobility options, crucial for retirees seeking both security and global flexibility in their later years.

While most countries in the study offer a legal path to citizenship for retirees after a defined period of residency, some countries restrict or do not provide this option at all. Approximately 93% of the countries analyzed grant a clear path to citizenship, with eligibility typically ranging from two years (e.g., Argentina and Peru) up to ten or more years (e.g., Spain, Austria, Latvia, Slovenia and Malaysia).

However, a small group currently do not offer a pathway to citizenship for retirees under their passive income or retirement visa categories, while countries like Indonesia, the Philippines and Morocco,  impose significant restrictions, such as highly selective requirements or very long residency periods with additional bureaucratic hurdles.

These restrictive policies often reflect national priorities to preserve demographic composition, maintain strict control over naturalization, or address security concerns. For retirees, lack of a clear or attainable path to citizenship can be a significant disadvantage, as it limits long-term integration, political participation, and the full enjoyment of rights and social benefits in the destination country. As a result, programs with clear, attainable routes to citizenship are far more attractive and receive higher scores in the Citizenship and Mobility Sub-Index.

An analysis of years to citizenship across passive income and retiree visa destinations in 2025 (table below) reveals that five years is the most common requirement for applying for citizenship⁸⁸In some countries such as Austria, Namibia and Soth Africa, the years required for naturalization are calculated only after an applicant has secured permanent residency (PR), which itself can be a lengthy and complex process. The period needed to qualify for PR varies widely, ranging from immediate eligibility in some categories to many years, or even decades, in others. This layered approach often reflects a country’s desire to ensure long-term commitment and integration prior to granting the privileges of citizenship, but it can significantly prolong the overall pathway for those seeking naturalization., accounting for approximately 39% of countries in the dataset. This group includes a mix of European (Portugal, Italy, France, Malta), Latin American (Mexico, Ecuador, Colombia, Guatemala, Chile, Uruguay, El Salvador, Belize), African (Morocco, South Africa, Cape Verde), and Asian (Türkiye, Indonesia, Thailand) countries, illustrating a broadly international consensus on a five-year integration period. Shorter pathways are comparatively rare: only about 7% of countries offer citizenship in two years (Argentina, Peru, Dominican Republic), and another 5% in three years (Paraguay, Serbia). Brazil and Nicaragua (four years) represent about 5% of the sample as well. Longer requirements are seen in a smaller share: approximately 11% of countries require seven to eight years (Greece, Cyprus, Albania, Panama, Cambodia, Costa Rica, Mauritius, North Macedonia), while 18% set a ten-year threshold (Austria, Spain, Latvia, Slovenia, Zambia, Namibia, Malaysia, Philippines, Laos). Extreme outliers include Sri Lanka (eleven years, 2%) and Seychelles (15 years, 2%).

When it comes to dual citizenship policies among passive income and retiree visa destinations, data reveals a general openess to this possibility with 84% of the countries surveyed (37 out of 44) permiting dual citizenship (chart below), demonstrating a strong global trend toward accommodating international retirees and globally mobile individuals. Only 14% (6 countries) do not allow dual citizenship at all, requiring naturalized citizens to renounce their previous nationality, while one country allows dual citizenship only by descent, restricting the benefit to children of nationals rather than naturalized adults.

This openness is especially prevalent in Europe and Latin America, where nations such as Portugal, Spain, Italy, France, Malta, Turkey, Panama, Mexico, Brazil, Argentina, and many others allow naturalized citizens to retain their original nationality. In contrast, about 18% of countries (8 out of 44) either prohibit or significantly restrict dual citizenship, including Austria, El Salvador, Namibia, Zambia, Thailand, Malaysia, Laos, and the Philippines. Notably, Cambodia stands out as it only allows dual citizenship by descent, meaning the option is largely reserved for children of Cambodian nationals rather than naturalized adults. Countries with restrictive dual citizenship policies often cite reasons such as preserving national allegiance, minimizing legal conflicts, or controlling migration flows; however, such restrictions can deter retirees and investors who value the security and flexibility of maintaining more than one nationality. Overall, the widespread acceptance of dual citizenship remains a key factor boosting the attractiveness of the majority of retirement migration destinations worldwide.

Regional trends indicate that Latin America and Southern Europe tend to have shorter or moderate residency requirements and more openness to dual or multiple citizenship, reinforcing their attractiveness to retirees. In contrast, several African and Asian countries maintain more restrictive timelines and regulations prohibiting multiple nationalities, often reflecting a more cautious approach to naturalization.

Notably, many countries (particularly in Latin America) provide reduced residency requirements for naturalization to citizens of countries with which they maintain strong cultural or historical ties. This policy is common among states sharing language, colonial history, or regional blocs, and serves to facilitate integration for migrants who are deemed culturally proximate. For example, some South American countries grant expedited naturalization for citizens of other Spanish-speaking nations or within Mercosur, fostering greater regional mobility and reinforcing shared identity.

The predominance of five-year pathways demonstrates a general openness to integration, but notable regional disparities remain, with the quickest routes concentrated in Latin America and the slowest primarily in parts of Africa and Asia.

Economics

Financial considerations are central to the decision-making process for retirees contemplating a move abroad, making the Economics Index a vital tool for objectively comparing destinations. This index evaluates three main pillars: income requirements, application costs, and local cost of living, each carrying significant weight in determining the overall financial accessibility and sustainability for retirees. By combining official data on visa costs and minimum income thresholds with real-world cost of living estimates from Numbeo, the index enables a nuanced assessment of which countries present the lowest barriers and most affordable environments for individuals on fixed incomes.

Application costs represent an immediate, often overlooked hurdle in the retirement migration journey. Countries that rank highest in the index (such as Panama, El Salvador, Serbia, Albania, Laos, Namibia, and Uruguay) offer exceptionally low or efficient application and renewal fees. These financial savings, when compounded over time, can be especially meaningful for retirees who are budget-conscious or wary of administrative red tape. In contrast, some countries (like Belize, France, and Latvia) register lower scores due to comparatively higher government fees, which may dissuade more cost-sensitive applicants from considering them as viable long-term options.

However, the most decisive factor in the Economics Index is the income requirement for visa eligibility. This component, which accounts for half of the total score, reflects how accessible a program is to the typical retiree. Leading countries like North Macedonia, Nicaragua, the Philippines, Panama, and Turkiye maintain low or flexible income thresholds, allowing retirees with modest pensions or limited savings to qualify. By contrast, nations such as Spain, Italy, Austria, and Malaysia set significantly higher minimum income bars, effectively narrowing their pool of potential applicants to those with considerable financial resources. These thresholds not only influence initial eligibility but can also affect a retiree’s long-term sense of financial security.

The charts on income requirements (below) provide a clear window into which countries truly welcome retirees of varying means, and which cater better to the global elite. The line chart reveals a dramatic spread: while nations like North Macedonia and Nicaragua set the bar low at just €500 per month, some destinations, most notably Malaysia, set eye-watering thresholds of €8,500 per month, making them a realistic option only for the wealthiest. This striking difference instantly shows how a retiree’s options can expand—or shrink—depending on the income rules set by each country.

The table brings these contrasts into sharper focus. Half of all surveyed countries have low income requirements (up to €1,200 per month), opening their doors to a wide spectrum of retirees, including those relying on modest pensions or fixed incomes. Another 39% fall into a moderate bracket (€1,201–€2,500), balancing accessibility with a certain level of selectivity. Only 11% of countries expect retirees to show proof of incomes above €2,500 per month, effectively placing these destinations out of reach for most.

For retirees exploring where their savings and pensions will go furthest, these numbers matter. The welcoming stance of countries with lower thresholds, like North Macedonia, Nicaragua, or the Philippines, means that a comfortable, secure life abroad is a realistic prospect for many more people. Meanwhile, the highest-threshold countries often become aspirational rather than practical choices, reserved for the affluent few. Ultimately, as the Economics Index demonstrates, income requirements shape not only who can migrate but also who can thrive, making them a key pillar in planning a rewarding retirement overseas.

Cost of living is the final, but no less important, element of the index, shaping the day-to-day realities of expat retirees. The most cost-effective destinations, such as North Macedonia, Nicaragua, the Philippines, Panama, and several others, offer affordable housing, services, and consumer goods, allowing fixed incomes to stretch further and providing a higher standard of living relative to costs. In contrast, Western European nations like France, Austria, and even Italy, despite their cultural and lifestyle attractions, score lower in affordability due to elevated everyday expenses. This underscores that, for many retirees, the dream of Western European living must be balanced against hard economic realities. Portugal, Spain, and Greece continue to stand out as affordable European destinations, offering not only a lower cost of living compared to their Western European counterparts but also an exceptional quality of life, diverse cultural experiences, and a high degree of security, making them especially attractive for retirees seeking both value and lifestyle.

When all factors are considered, North Macedonia, Nicaragua, the Philippines, and Panama stand out as the most financially accessible options for international retirees, offering a rare combination of low entry barriers, modest application fees, and a highly affordable cost of living. Their overall index scores reflect environments where retirees can both qualify for residence and enjoy a comfortable lifestyle without the stress of excessive financial strain. At the other end of the spectrum, destinations like France, Austria, Spain, and Italy require careful budgeting and are more suitable for retirees with substantial private resources. Ultimately, the Economics Index highlights that the best destinations for retirees are those that align policy with affordability, ensuring that a fulfilling retirement abroad remains a realistic goal for individuals from a wide range of financial backgrounds.

Tax Optimization

As the prospect of retirement abroad becomes increasingly attractive to individuals worldwide, the tax systems of potential host countries have taken center stage in shaping retirement migration. While climate, culture, and healthcare have traditionally topped the list of motivating factors, the reality is that the way a country treats foreign-sourced pensions and retirement income can dramatically influence a retiree’s quality of life. For many, the ability to maximize pension income and minimize tax liability is now as important as finding sunny weather or a vibrant expat community.

The Tax Optimization Index provides a systematic evaluation of the fiscal environment that awaits new residents and retirees in prospective destination countries. By examining the national tax system (whether worldwide, territorial, or remittance-based) as well as prevailing tax rates and any special incentives or exemptions for retirees, this sub-index captures the real impact of taxation on retirement income and wealth preservation.

All information was sourced directly from national legislation and the most current regulatory frameworks, ensuring reliability and comparability across countries. Jurisdictions that offer lower overall tax burdens and targeted benefits for retirees score highest, reflecting their ability to maximize net disposable income and promote financial security throughout retirement.

Taxation frameworks for residents fall broadly into two categories: worldwide and territorial systems. In countries employing a worldwide tax system, residents are taxed on their global income, encompassing both locally earned and foreign-sourced funds. This is the standard approach in much of Europe, including nations like Spain, France, Austria, and Portugal. Conversely, territorial tax systems, which are prevalent in parts of Latin America, Africa, and Southeast Asia, generally impose taxes only on income generated within the country’s borders. For retirees whose main source of income comes from foreign pensions, the distinction is crucial and can make the difference between a comfortable and a constrained retirement.

Europe, with its established infrastructure and high standard of living, is known for relatively high tax rates. Countries such as Austria, France, and Slovenia have top marginal rates soaring to 45 percent and beyond. Yet, several European countries are actively seeking to attract retirees through special incentives. Italy and Greece, for instance, offer a 7 percent flat tax on foreign pensions for qualifying retirees, Italy’s program is limited to certain southern municipalities and lasts for nine years, while Greece’s regime applies for up to fifteen years. Malta provides another example, applying a 15 percent flat tax to foreign income if and only if it is remitted to the country, making it particularly appealing for retirees able to structure their finances accordingly. Cyprus also deserves mention, as it taxes foreign pension income at just 5 percent above a modest annual threshold, further underlining the diversity of approaches within Europe.

Portugal has long stood out in Europe thanks to its Non-Habitual Resident (NHR) regime, which allowed new residents to benefit from a flat 10 percent tax on foreign pensions for a decade. This regime, widely considered one of the most competitive for international retirees, has recently undergone significant change: the NHR is now closed to new applicants as of 2024, though existing beneficiaries retain their entitlements for the duration of their term.  This policy shift has increased attention on countries with ongoing or newly introduced tax incentives, emphasizing the fluidity and competitiveness of the European retiree tax landscape.

Beyond Europe, the most straightforward and attractive options for retirees often lie in countries with territorial taxation. In Latin America, Africa, and parts of Asia, countries such as Panama, Costa Rica, Uruguay, Malaysia, Mauritius, and Belize simply do not tax foreign-sourced pensions at all. Retirees who draw their income from abroad can enjoy a virtually tax-free existence, provided they meet the residency requirements of their chosen destination. This approach is especially beneficial for those with substantial foreign pensions, offering both financial predictability and administrative simplicity.

Other jurisdictions employ hybrid models that add an extra layer of planning flexibility for retirees. In places like Thailand, Indonesia, and Sri Lanka, foreign income is only taxed if remitted within the same calendar year. This system enables retirees to manage their tax liabilities by controlling the timing of fund transfers. Malta and Seychelles offer a similar remittance-based framework, typically applying a flat tax to funds brought into the country, thus allowing strategic retirees to optimize their tax situation further.

However, not all destinations are equally advantageous for retirees with foreign pensions. In countries lacking territorial systems or specific retiree incentives, high personal income tax rates on global income can erode the benefits of an overseas pension. Spain, France, Austria, South Africa, and several others retain traditional worldwide taxation frameworks and impose high rates, making them less appealing from a purely tax perspective. Recent policy changes (such as the closure of Portugal’s NHR to new applicants) underscore the necessity for retirees to stay informed and seek professional advice, as tax regimes can and do evolve.

The most favorable environments for those with foreign pensions remain countries with territorial systems or clear, attractive flat-tax incentives. Southern Italy, Greece, Malta, and Cyprus stand out within Europe for their retiree-focused regimes, while Panama, Malaysia, and Uruguay offer some of the simplest and most beneficial approaches elsewhere. With tax systems in constant flux, informed research and expert consultation are essential to ensure that the dream of an international retirement translates into lasting financial security and peace of mind.

The table below presents a comparative overview of countries’ tax systems, applicable tax rates, and specific benefits available to retirees:

Quality of Life

The Quality of Life Index offers a comprehensive measure of the living standards that retirees can expect across a diverse range of destinations, drawing on multiple, independently sourced indicators. This index incorporates three primary dimensions: healthcare quality, climate and weather conditions, and environmental quality, each of which plays a critical role in shaping retirees’ day-to-day well-being. Quality of life data was drawn from the Global Passport Index (quality of life dimension), while healthcare and weather data were sourced from Numbeo, and environmental quality was assessed using the Yale Environmental Performance Index. This integrative, multi-source approach allows for a robust and holistic evaluation of the real-world conditions that influence retirement satisfaction.

The results reveal clear geographic and policy-driven distinctions. Top-performing countries, including Spain, Portugal, France, Austria, and Argentina, consistently deliver high scores across all dimensions, with standout strengths in healthcare, pleasant climates, and environmental sustainability. Notably, Spain leads the index, achieving near-maximum scores for both healthcare and weather, as well as high marks for environmental quality. Portugal and France follow closely, demonstrating that southern European nations tend to offer both the tangible (high-quality healthcare) and intangible (pleasant climates) attributes most sought after by retirees.

Interestingly, the data reveal that, among the 44 countries studied, those with the highest quality of life scores according to Numbeo are often the very same countries with the lowest cost of living. This finding challenges the widespread assumption that superior quality of life necessarily comes at a higher financial cost. Numbeo’s quality of life index incorporates multiple dimensions (including pollution levels, crime rates, healthcare quality, and traffic or commute times) all of which directly impact daily well-being and satisfaction. The negative correlation observed in the chart suggests that many destinations excel in these metrics while maintaining affordability, debunking the notion that retirees must sacrifice financial accessibility for a higher standard of living. For retirees, this is especially significant, as most are living on fixed or passive incomes and must carefully balance their desire for comfort, health, and security with long-term budget considerations. The ability to access a high quality of life without incurring excessive living costs not only preserves retirement savings but also provides peace of mind and enhances overall well-being during later life.

The second chart shows a positive correlation between quality of life and healthcare standards. Countries with higher-quality healthcare systems are strongly associated with higher overall quality of life. This relationship underscores the importance of robust healthcare infrastructure in retirement migration decision-making. For retirees, access to affordable, reliable, and high-quality healthcare services is often a non-negotiable criterion, influencing both short-term satisfaction and long-term well-being in a new country. The data suggest that improvements in healthcare provision can substantially enhance a country’s attractiveness as a retirement destination.

The third chart highlights a positive relationship between quality of life and passport strength, as measured by the Enhanced Mobility Index of the Global Passport Index. Countries that provide greater global mobility (enabling visa-free or simplified access to desirable destinations) also tend to deliver higher quality of life. For internationally mobile retirees, a strong passport not only facilitates seamless travel and family visits but also offers greater freedom and security. This finding affirms the value of evaluating both personal well-being and cross-border mobility when comparing international retirement options.

The positive relationship observed between quality of life and passport strength, as measured by the Enhanced Mobility Index of the Global Passport Index, suggests that countries offering greater global mobility often also provide superior living standards for their residents. There are several underlying factors that help explain this connection. First, countries with strong passports are typically characterized by stable governance, robust economies, and effective diplomatic relations, attributes that also support high levels of public safety, healthcare, and infrastructure. These are the same foundational elements that contribute to an elevated quality of life.

Additionally, governments that prioritize global mobility for their citizens often invest in openness, international cooperation, and the protection of individual freedoms. Such priorities tend to correlate with progressive social policies, efficient public services, and a commitment to personal security and well-being. For residents, holding a strong passport not only makes international travel easier and more accessible, but also reflects the overall desirability and reputation of their country on the world stage. For retirees in particular, this means they can enjoy both the daily benefits of high living standards and the freedom to visit, relocate, or connect with family in other countries without bureaucratic obstacles. In sum, strong passport mobility is both a marker and an outcome of the social and economic conditions that define high quality of life.

The pursuit of a high quality of life is at the heart of retirement migration, but what the data makes clear is that retirees need not choose between comfort, health, and affordability. The most attractive destinations are those that combine robust healthcare, favorable climates, and strong environmental standards with accessible living costs and progressive public policies.

The interplay between quality of life, cost efficiency, and global mobility underscores a crucial point: countries that offer superior living standards are often the very same countries that enable their residents to remain globally connected and secure, thanks to strong passport privileges and effective governance. For retirees, this holistic alignment means it is possible to enjoy a vibrant, fulfilling lifestyle while maintaining financial stability and the freedom to explore the world, visit loved ones, or seek new opportunities. Ultimately, the best retirement destinations are defined not only by their tangible amenities but also by the peace of mind and sense of possibility they offer to those embarking on this important chapter of life.

Safety and Integration

The Safety and Integration sub-index evaluates personal security, migrant acceptance, English proficiency, and broader integration prospects. Security was assessed using data from the Global Peace Index, while migrants’ acceptance was measured via the Gallup Migrant Acceptance Index. English proficiency scores were taken from the EF English Proficiency Index. This sub-index recognizes destinations where retirees are likely to feel safe, welcomed, and able to communicate and integrate with ease.

Examining the data, clear regional patterns emerge. In Western and Southern Europe, Portugal, Spain, and Greece score highly across multiple indicators, offering a unique blend of security and integration. Portugal, for example, reports a Global Peace Index security score among the best in the dataset alongside a migrant acceptance score and an English proficiency rating. Spain demonstrates similarly strong performance, with a slightly higher security score, greater migrant acceptance. Greece, while not matching the same level of migrant acceptance, stands out for its safety and English proficiency. These figures confirm that Southern Europe is particularly attractive for retirees seeking both peace of mind and the possibility of genuine integration into local society.

In contrast, Central and Eastern European countries such as and present a mixed picture: high security and English skills but often lower levels of migrant acceptance. Meanwhile, Latin American countries, such as Uruguay, Argentina, and Costa Rica, are notable for combining moderate-to-high safety levels with strong social openness. Uruguay and Costa Rica, in particular, stand out for their positive attitudes toward migrants and relative safety, making them top choices for North American and European retirees seeking familiar social climates and high levels of acceptance.

Asia and Africa reveal more diversity and complexity. Thailand, for example, boasts a security score and an English proficiency, but with a migrant acceptance rating indicating some social barriers. Malaysia, with moderate security, high migrant acceptance, but lower English proficiency, represents another mixed case.

African nations like Mauritius and South Africa show that while some countries offer impressive English language environments and moderate openness, others struggle with safety and social integration.

Overall, the data highlight that the most attractive retirement destinations are those where retirees can expect high personal safety, supportive local attitudes, and the ability to communicate and participate fully in daily life. Portugal, Spain, Greece, Uruguay, and Costa Rica consistently rise to the top as balanced leaders in these respects, reflecting broader global trends toward greater integration, security, and inclusion for internationally mobile retirees.

In sum, the evolution and proliferation of passive income and retiree visa programs have transformed international retirement from a privilege for the few into a realistic and attractive option for a growing segment of the global population. The GRR’s multidimensional analysis demonstrates that the most successful destinations are those that balance procedural efficiency, accessible citizenship pathways, favorable economic and tax conditions, high quality of life, and a safe, welcoming environment for newcomers.

Regional leaders such as Portugal, Spain, Uruguay, and Mauritius showcase how combining policy innovation with inclusivity can attract substantial foreign investment and enrich local communities. As more retirees and financially independent individuals seek out these opportunities, both individuals and host countries stand to benefit, from enhanced security and well-being for retirees, to sustainable economic growth and greater global connectivity for destination countries. The continuing rise of these programs, that have proliferated and expanded in rights and benefits after the 2000’s, signals a future in which international retirement migration will play a central role in shaping economic, demographic, and cultural landscapes worldwide.

For applicants:

• Applicants should carefully evaluate passive income visa programs for their transparency, stability, and family inclusion policies.
• Prioritize countries that provide clear residency pathways, reasonable renewal requirements, and options to bring spouses and dependents.
• Programs offering an eventual path to permanent residency or citizenship, dual nationality, and established healthcare and social support systems will offer greater security and ease of integration.
• Focus in Europe for straightforward application processes, family inclusion, and the possibility of transitioning to permanent residency or citizenship. In Latin America, Panama’s Pensionado Visa, Uruguay’s Retirement Residency and Costa Rica’s Pensionado are recognized for their tax benefits and user-friendly processes and inclusiveness.
• Retirees should target destinations with low or territorial taxation of foreign pensions, special tax exemptions, and low minimum income requirements. Consulting a tax professional with international expertise is essential to maximize pension transfer efficiency, avoid double taxation, and protect assets.
• Panama’s Pensionado Visais a model, with low monthly income requirements and exemption of foreign income from local tax. Mauritius Retired Non-Citizen Residence Permit and Uruguay’s Retirement Visa both offer zero tax on foreign pensions and low administrative costs. In Southeast Asia, Thailand’s Retirement Visa and Philippines’ Special Resident Retiree’s Visa (SRRV) have modest income and deposit requirements and no tax on foreign pensions remitted from abroad.
• Beyond administrative criteria, compare real-world cost of living, healthcare access, safety, and ease of communication. Numbeo and international indexes show that countries like Portugal, Spain, Uruguay, Costa Rica,and Thailand offer high standards of living and quality healthcare with relatively low day-to-day expenses, an ideal combination for retirees on fixed incomes.

Regional overview:

Europe: Benchmark for Quality of Life and Global Mobility

• Europe continues to set the standard for retirees prioritizing high quality of life, robust healthcare, and environmental sustainability.
• The region’s passive income visas often provide visa-free travel throughout Schengen and access to some of the world’s strongest passports.
• Southern Europe (Portugal, Italy, Greece) stands out for innovative tax incentives—such as flat-rate taxes or NHR regimes—attracting high-net-worth individuals seeking both lifestyle and fiscal optimization.
• Western European countries (France, Austria, Spain) are global leaders in public healthcare, offering retirees comprehensive coverage and peace of mind for long-term health needs.
• Family reunification and clear, attainable citizenship pathways are much more prevalent here than in other regions.

Americas: Champions of Tax Efficiency and Affordability

• The Americas, especially Panama, Costa Rica, Uruguay, and Paraguay, excel at offering territorial taxation and generous exemptions for foreign-sourced income.
• Retirees benefit from generally lower living costs, meaning fixed incomes go further.
• Latin America is notable for offering fast-tracked or even immediate permanent residency, giving retirees long-term security and flexibility with minimal bureaucratic hassle.
• Caribbean and Central American programs (Panama, Belize, Nicaragua, etc.) are especially appealing for those wanting immediate tax relief and minimal taxation on global assets.

Asia: Flexible Entry and Year-Round Warmth

• Destinations like Thailand, Malaysia, and the Philippines appeal for their low financial entry barriers, straightforward renewal processes, and attractive climates.
• While they may offer fewer mobility or citizenship perks than Europe, these countries are especially suited to retirees seeking a relaxed, affordable, and warm retirement setting.

Africa: Simple Taxation and Welcoming Integration

• Countries such as Mauritius and Cape Verde attract retirees with transparent, territorial tax systems and explicit exemptions for foreign pensions.
• These destinations score high for migrant acceptance and integration support, often boasting a multicultural, English-speaking environment that eases the transition for newcomers.

For countries:

• Design Competitive and Inclusive Visa Frameworks: Countries should streamline application processes, shorten approval times, and expand eligibility for family reunification. Programs that offer multi-year visas, clear citizenship pathways, and dual nationality permission are more attractive to globally mobile retirees.
• Expand and Promote Targeted Tax Incentives: Introducing or enhancing special tax regimes for retirees (such as flat-rate taxation of pensions, territorial tax systems, or remittance exemptions) will increase international competitiveness. Regular reviews and transparent communication of these policies are critical for maintaining investor confidence.
• Ensure Healthcare and Integration Infrastructure
  Developing high-quality, accessible healthcare services (and a combination of reliable public healthcare and affordable private insurances) and integration support (such as language classes, cultural mediation, and expat resource centers) will increase both the attractiveness and sustainability of retirement migration flows.
• Channel FDI into Productive Local Sectors: Policymakers should create incentives for retirees’ investment beyond real estate, such as in local businesses, startups, healthcare innovation, tourism, and community development projects. Linking FDI eligibility to investment in underserved or rural areas can help address demographic challenges and regional inequalities.
• Develop Public-Private Partnerships (PPPs): Establishing PPPs between government, local authorities, and private sector actors can ensure that FDI from retirees is directed into sustainable housing, infrastructure, and social integration initiatives. Examples include affordable housing projects, health and wellness hubs, and cultural exchange programs.
• Monitor Social and Economic Impacts
  Active monitoring and transparent reporting on the effects of retirement migration (on housing affordability, labor markets, and community cohesion) will help policymakers adjust strategies, avoid negative externalities, and maintain broad public support for these programs.
• Promote Long-Term Integration and Civic Engagement
  Countries should support language learning, civic orientation programs, and platforms for intergenerational and intercultural exchange, transforming retirees from economic contributors into active, integrated members of local communities. Involving retirees in volunteering, mentorship, and local governance can maximize their positive impact.

The 2025 Global Retirement Report underscores how international retirement migration, once a privilege of the few, is now a mainstream, strategic choice for individuals and families around the world. As global life expectancy rises and personal mobility increases, retirees are increasingly empowered to shape their own destinies, seeking out countries that offer not just better climates, but also robust healthcare, inclusive communities, and real financial advantages. This year’s analysis of 44 passive income and retirement visa programs across as many countries demonstrates that a growing diversity of destinations are competing on these criteria, delivering flexible pathways to residence, citizenship, and integration that address the wide-ranging priorities of today’s retirees.

Crucially, the democratization of global retirement is matched by new levels of accessibility and transparency in visa policy. Most programs now combine family reunification rights, clear routes to citizenship, and dual nationality, features that allow retirees to establish new roots while maintaining ties to their countries of origin. The report’s sub-index analysis shows that more than 70% of programs achieve above-average scores for quality of life, safety, and healthcare, while over 60% offer straightforward access to residency with affordable income and cost thresholds. Regional leaders like Portugal, Spain, Italy, Uruguay, Costa Rica and Mauritius stand out for combining path to citizenship, long-term security, cost effectivenes and vibrant expat communities. At the same time, the rise of competitive tax regimes (especially territorial and remittance-based systems in Latin America, Southeast Asia, and Africa) has expanded the universe of financially sustainable options for both modest-income retirees and high-net-worth individuals seeking asset protection and optimization.

The economic and social impacts of international retirees extend far beyond the direct inflows of FDI through real estate and pension transfers. Retirees have emerged as stable, long-term contributors to host economies, generating jobs in healthcare, construction, and services, and providing vital support for regions facing depopulation or economic stagnation. Countries like Panama, Costa Rica, Thailand, and Portugal have leveraged retiree migration to revitalize rural areas, stimulate local entrepreneurship, and diversify their economies. Yet, the report also highlights the importance of responsible management: inflows of retirees must be balanced against pressures on housing and local infrastructure, with targeted policies to ensure that benefits are widely shared. Innovative approaches, such as linking FDI eligibility to investments in local businesses or community projects, and fostering public-private partnerships, can maximize positive impacts and support inclusive, sustainable growth.

Nonetheless, as international retirement migration proliferates, it brings both opportunities and challenges for integration, social cohesion, and policy adaptation. Retirees, for their part, are advised to move beyond headline visa features and assess destinations holistically, taking into account not just tax or cost, but the quality of healthcare, support for family inclusion, and opportunities for social and cultural participation. Successful integration depends on active engagement with local communities, through language learning, volunteering, and participation in expat networks. Meanwhile, governments must continuously invest in healthcare infrastructure, integration programs, and transparent information to remain competitive, while monitoring and managing the impacts on local communities.

Looking to the future, international retirement migration will remain a key driver of demographic, economic, and social transformation. As populations age and expectations for active, meaningful retirement evolve, cooperation between countries, regional organizations, and international bodies will be critical. Harmonizing pension portability, healthcare access, and information standards can help unlock the full potential of retirement migration as a force for well-being and inclusive development. The findings of the 2025 Global Retirement Report confirm that when policymakers, retirees, and local communities work together, international retirement can deliver lasting benefits: revitalizing economies, strengthening cross-border ties, and enabling retirees to lead secure, purposeful, and globally connected lives.