Canadians love to rave (politely) about their country, but with its harsh winter weather and relatively high cost of living, there are some who dream of retiring to a warmer, less expensive climate. Whether you’re thirsting for sun and surf, a lower cost of living or you’re just looking for a new adventure, there’s a plethora of destinations around the world that cater to retirees, each with its own blend of affordability, culture and amenities. Below, we explore 12 of the best places to retire in the world, highlighting what makes each country stand out for Canadian retirees.
Methodology
When determining the top 12 best places to retire in the world, we considered factors like the cost of living, political stability and infrastructure, healthcare quality, safety, things to do and see and proximity to Canada. We also looked at the ease and requirements involved in getting a retirement visa/long-stay visa. When doing our research, we consulted a variety of governmental sites, as well as local and international websites.
Panama
Panama is a wonderful place to retire, thanks to its unique combination of modern amenities, affordable cost of living, fascinating culture and tropical beauty. The country is especially attractive to those who prize an active lifestyle thanks to an abundance of outdoor activities ranging from hiking and birdwatching, to surfing and snorkeling along the coast. It’s also relatively close to Canada, so you can be back home in under six hours via direct flight. The country’s Pensionado Program is one of the world’s most generous retirement visas, offering a series of discounts on things such as doctor’s bills, hotels, entertainment and more. It also gives you residency and tax benefits. These benefits, as well as the country’s affordability, make it one of the best places to retire in the world on a budget.
Portugal
Portugal is a European destination that’s consistently ranked as the best place to retire in the world. The country boasts plenty of sunshine, affordable living costs and incredible cultural assets. The Algarve region, in particular, is popular with retirees for its beautiful beaches, charming towns and laid-back lifestyle. Portugal’s D7 visa makes it easy for retirees with a modest passive income to get residency. The country is also reputed to be safe, has good healthcare and is among the most affordable in Western Europe, especially if you stick to the smaller towns. With charming cobblestoned villages, acclaimed wine regions and five-star beach resorts, you’ll never get bored exploring what this country has to offer.
Thailand
Thailand is famous for its tropical beauty, fascinating culture, friendly locals and affordable living. Few can resist the destination’s beguiling mix of modern amenities and ancient attractions and traditions. The Non-Immigrant O-X visa allows those aged 50 and above to stay for up to 10 years (the visa grants holders an initial five-year period that can be renewed for another five years) as long as they meet requirements. Thailand is also among the most highly rated and inexpensive countries in Asia, with affordable housing, fabulous food (from Michelin-starred restaurants to ramshackle food stalls) and an endless array of attractions. With medical tourism being a big industry, the quality of healthcare is generally outstanding, with many English-speaking doctors and hospitals catering to international patients.
France
La vie est belle en France! The country has it all: a highly regarded food scene, ancient, atmospheric villages brimming with history, one of the most storied capital cities in the world and a never-ending selection of highly acclaimed museums and galleries to whittle away the hours. As if that weren’t enough, France also has a wealth of landscapes, including the fragrant lavender fields of Provence, the lauded vineyards of Bordeaux, the beaches of the French Riviera and the tranquil countryside of Normandy. Retirees are drawn to France’s excellent healthcare, rich cultural heritage, vibrant arts scene and the daily pleasures of markets, cafés and festivals. While Paris is expensive, life in rural villages is much more reasonable. There’s no specific retirement visa, unfortunately, but you can apply for a long stay visa and then apply for residency after five years.
Mexico
Thanks to its proximity to Canada, its temperate climate and its lower cost of living, Mexico is a top pick for Canadian citizens of retirement age. The country’s relatively accessible permanent resident visa, dynamic culture and thriving expat communities in places such as Puerto Vallarta, Lake Chapala and San Miguel de Allende make it especially appealing. Because it borders the United States and has a booming tourism industry, many of the locals speak English, which can help make integration easier. The cost of living, healthcare and food are all much lower than in Canada, and travel home is easy and affordable.
Malaysia
Malaysia’s My Second Home program is one of Asia’s most popular Golden Visas programs (where you gain residency by investing a set amount of funds in the country). It allows foreigners long-term residency in the country for five to 20 years depending on the tier chosen, and the visa is renewable. The cost of living is very low, healthcare is top notch and housing is affordable. You’ll never tire of discovering the country’s assets, whether it’s the frenetic energy and multicultural flair of Kuala Lumpur, the picture-perfect beaches of Langkawi or the rainforest and unique wildlife of Borneo.
Italy
Italy has always captivated the imagination with its rich history, astonishing museums and iconic architecture. It also offers an enviable mix of culture, awe-inspiring landscapes and affordability. The elective residence visa is available as long as you can prove you have the qualifying financial resources. While major cities can be costly, smaller rural areas are less expensive to live in, and housing in particular can be surprisingly cheap, with some small towns making headlines for offering houses at rock-bottom prices to attract foreign residents. Italy’s relaxed pace of life, passion for family and food and deep sense of community are big draws for retirees.
Costa Rica
It’s hard to resist the call of Costa Rica’s "pura vida.” Literally translated to mean “pure life,” the country’s national motto embodies its optimistic spirit and appreciation for the simple pleasures in life. The country is well-known for its unparalleled natural beauty that showcases white-sand beaches, verdant rainforests, jaw-dropping volcanoes and acclaimed national parks. It also has a reasonable cost of living, a stable democracy and a reputation as one of the safest countries in Latin America, making it among the best places to retire in the world. The Costa Rica Retirement Visa (Pensionado program) only requires a monthly income of about $1,400 Canadian to qualify.
Spain
While not generally as inexpensive as Greece and Portugal (especially in the main cities), Spain wins over retirees with its delightful Mediterranean climate, beautiful historic towns, mouth-watering cuisine and low-stress lifestyle. The Non-Lucrative Visa allows Canadians to live in Spain with proof of a sufficient income of at least $3,589, monthly. Initially valid for one year, it can be renewed for two-year periods, with permanent residency possible after five years. (Note that Spain’s Golden Visa program, which allowed Spanish residency through real estate purchases or other qualifying investments, has been cancelled as of April 2025.) The Andalusian coast, Costa Blanca and smaller towns in the south are especially popular with expats.
Greece
Over the last few years, Greece has emerged as one of the best places to retire in the world on a budget. Here you can spend your days exploring ancient ruins, savouring fresh seafood in a seaside taverna or island hopping with friends. Retirees also appreciate the country’s low cost of living, abundance of idyllic islands and the relaxed pace of life. The country offers a Golden Visa program for those who are willing to invest in Greece’s real estate market. Alternatively, the Financially Independent Person (FIP) Visa, which is valid for three years at a time, is tailored to those with a stable passive income.
Switzerland
While Switzerland is not ideal for a retiree on a budget, it’s renowned as one of Western European’s great gems. Boasting one of the highest standards of living in the world, it gets top marks for to-die-for landscapes that range from legendary mountains (such as the Matterhorn) to piercingly clear lakes, charming medieval towns and captivating cities such as Zurich and Geneva. It’s also incredibly safe, clean and has a stable, highly ranked public transportation system, a well-developed economy and superior infrastructure. The country is centrally located for travel throughout Europe. Switzerland has a retirement visa, but you’ll need to have substantial assets and show a connection to the country via something like frequent visits or property ownership, among other qualifications.
Ecuador
This South American spot may not be on most people’s radar as a retirement haven, but it should be. The beautiful country boasts some of the most singular and breathtaking landscapes in the world, including Galapagos, a world UNESCO site. There’s also the snow-capped Andes, lush Amazon rainforest and stunning Pacific coastline with pristine beaches. Highland cities like Cuenca enjoy spring-like weather year-round, while the capital city of Quito is a modern metropolis packed with culture, bustling markets and endless amenities. The country’s retirement visa (also known as the Jubilado or 60-III Pensioner Visa) is relatively easy to obtain by showing an income of as little as $2,000 Canadian per month and will get you access to national healthcare, tax benefits and more.
FAQs
What is the cheapest and safest country to retire in?
Portugal, Costa Rica, Panama and Malaysia are regarded as generally safe and among the best places to retire in the world on a budget.
What is the best country to retire to from Canada?
The best place to retire will depend on what you prioritize, whether that be affordability, a temperate climate or quality healthcare. In general, Panama is making its way to the top of the list because of its agreeable weather, low cost of living and its Pensionado Program, which provides generous retiree discounts and an easy path to residency. Portugal, Mexico, Spain and Costa Rica are also popular for their accessible visas, thriving expat communities, quality healthcare and lower living costs compared to Canada.
Is Canada a good place to retire?
Canada is a great place to retire if you value a high quality of life, astonishing natural beauty, excellent health care and a welcoming, multicultural society. The country is consistently ranked as being among the safest countries in the world. It’s not all a bed of roses, however, as winters can be harsh, there’s a shortage of affordable housing and the overall cost of living is high especially in major urban centres.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
