The 10 best European countries for retirement

The US is an expensive country to retire. Desirable places, be it big cities or the coast, cost a lot to live in. Retiring before being eligible for Medicare means healthcare costs can be astronomical, a particular worry for people marching toward old age.

Another option can be to jet away to Europe. The continent is extremely varied in both culture and language, making it an intriguing yet familiar place for Americans to travel. It is estimated that at least 443,000 American retirees are living abroad.

Moving to Spain, a company specialising in relocating people abroad, analysed European countries on factors including: ease of visa, cost of living, home prices, and safety to create a list of the most desirable countries to live.

As you may have noted, the top five nations on that list have much lower costs of living compared to the US. It is not really a surprise considering they are some of Europe’s poorest nations; Italians earn half what Americans do while Greeks just a quarter on average.

It is no wonder that Americans are being advised to live in places where they will be much richer than the locals.

Why are five of Europe’s poorest countries recommended?

All five of these countries have beautiful coastal towns and American retirees will have the funds to move without a problem. While ideal for retirees, the long-term consequences of this gentrification is worth considering.

It means the displacement of lower-income, long-term residents who can no longer afford to live in their own neighborhoods. Retirees moving in with much more money drive up property prices, forcing locals to move and removing the culture from the area.

In one British example, the seaside town of Salcombe saw house prices increase by 50 percent since 2021 as rich people moved in. Another example, this time for a place on the list, would be the Balearic islands in Spain. Due to soaring house prices on the Mediterranean islands, the president called for a ban on foreigners buying property to save the affordability for locals.

“Many European and other citizens can afford property at prices that are impossible for the citizens of these islands,” said President Francina Armengol earlier this year.

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The village of Deià in Mallorca, the largest of the islands, has 700 homes. 37% of all properties in the village foreign-owned and 200 are empty nearly all-year round. It is Spain’s second most-expensive place to live.

“Deià is one of the ghost villages because it has a high number of property owners who do not live there. But there are others,” Vice President Juan Pedro Yllanes said.

If this isn’t a problem for you then go ahead, but there will be locals left behind as their villages are snapped up from under them.