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As the cost of living in the U.S. continues to rise, more Americans are seeking an easier lifestyle overseas. Of the 5.5 million Americans living abroad, 23% are retired, according to a report from Get Golden Visa.
Some seek a laid-back lifestyle, while others leave for better healthcare, financial security and lower costs. But where are the best countries to enjoy a frugal lifestyle in retirement? Options span the globe, with destinations from Central America to Europe topping the list.
Several retirement and relocation experts cited Portugal as the top destination for American retirees.
Retirees can secure a D7 visa if they are willing to deposit roughly $12,000 in a Portuguese bank and can generate roughly $1,000 in passive income, said Expatsi co-founder Jen Barnett.
“A couple can live on $2,000 a month,” she said.
Luther Yeates, mortgage advisor and founder of UK Expat Mortgage, agreed that the country has become popular for retirees over the past decade.
“The cost of living is substantially lower than the U.S., it offers excellent public healthcare that’s accessible to legal residents and there’s already an established expat community which makes the transition smoother,” Yeates said.
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Barnett suggested Mexico for retirees seeking a more affordable lifestyle, peaceful beaches and vibrant cities.
“Mexico has exceptional private healthcare and affordable private insurance,” she noted.
The cost of living can be as low as $1,500 per month for a couple, Barnett said, but you’ll need to show at least $7,322 per month in income or a savings or investment account with at least $292,859 in it to qualify for a permanent visa.
Greece has emerged as a popular retirement destination in recent years, culminating in an award for “Best Place to Retire in 2026” by International Living.
“Beyond the beautiful coast and welcoming people, it offers favorable immigration routes, competitive tax incentives and low cost of living,” said Federica Grazi, founder and managing director of Mitos Relocation Solutions.
Like Greece, Italy also has a low cost of living and favorable tax codes.
“Similar to Greece, the cost of living often stays below $2,000 per month,” Grazi said.
Many U.S. expats move to Italy to take advantage of a 7% flat tax on foreign-sourced pensions and income for 10 years, which helps stretch retirement savings.
“You also get excellent healthcare, great weather, food and culture, and a safe, stable environment,” Yeates noted.