The best countries to retire in has been shared as more people look abroad for their next chapter in life.
As the cost of living crisis continues, more people than ever are looking at alternative living arrangements as energy hikes and the economy impact the quality of living in the UK.
Following research from Penfold, financial experts have shared the that Ireland, Spain and Croatia are the best locations to retire in after comparing 12 key lifestyle factors including the current exchange rate, healthcare costs, average flight cost from the UK and the amount of money required to apply for a Visa.
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With 21 per cent of its population over 65-years, Croatia bagged first place. Other countries included in the list include Italy, Greece, France and Dubai. Countries with a combination of an above adequate standard of living and reasonably priced healthcare provide a balanced, superior quality of life when people move abroad in their old age.
While Ireland has some of the best healthcare facilities in the world, ranking more highly than the UK, the cost of said healthcare is also one of the highest. Equally, the Philippines has the lowest costs within the countries listed, yet the worst quality of facilities. Countries such as Spain can offer a combination of good healthcare, at a moderate cost, with facilities ranking number 24 in the world for their quality of care.
Croatia
Croatia tops the list of the best countries to retire in. The top benefit of moving to Croatia in retirement is a much better cost of living, inclusive of rent, when compared to staying put in the UK.
Croatia scores 28.47 within the Cost of Living Index, compared to the UK’s 46.42, meaning that rent costs and the price of day-to-day living is nearly half of that of living in the UK.
Croatia also scores highly due to the fact that it only takes an average of two hours and five minutes to get there from the UK, with relatively cheap average flight costs. Friends and family can visit with ease, and flying home to visit is also made convenient.
Additionally, financial worries can be eased if any issues relating to healthcare emerge, and it also has one of the lowest bank balance requirements for those who wish to apply for a visa in order to relocate (the Krona equivalent of £2,839 is needed to apply).
Spain
Spain is already well known as one of the most popular countries for British expats to retire in. While retirees from the UK choose Spain for its laid back lifestyle, hot weather, and beautiful beaches, the climate isn’t the only factor that influences retirees to settle in their golden years.
With cheap flight costs and a relatively short flight time to get there, Spain is one of the most ideal destinations to retire in. Spain also ranks highly in terms of happiness, scoring highly on happiness surveys while also being one of the safest countries in the world to settle in, with a score of 83 out of 100 on the World Safety Index.
Republic of Ireland
The third best country to retire in for Brits might be somewhat surprising. What Ireland lacks in its moderate climate, it makes up for in its phenomenal healthcare, bountiful green spaces and its close proximity to the UK.
Ireland is also one of the happiest and safest countries to settle in. To relocate to Ireland, pensioners will only require the equivalent of €7000 in their bank accounts, meaning that this country opens up its green gates to a much wider range of people, regardless of their financial position.
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