Spain named best place to retire where the cost of living is much less

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Retiring overseas has never been more popular and people don’t have to wait until they have reached state pension age and getting their state pension. Moving abroad in later life is easier than ever with more employers offering remote working opportunities. While many people are drawn to other countries because of the warmer weather, it’s also advisable to check how far one’s money will stretch – especially when relying on the state pension.

When it comes to retiring abroad it’s southern Europe that ticks most peoples’ boxes, according to new data from Your Overseas Home.

It found that instead of a tropical beach, a desert island or somewhere in the Caribbean, four in ten survey respondents named Spain as their dream retirement location.

Italy came a respectable second followed by France, Cyprus and then Portugal.

Christopher Nye, senior content editor at Your Overseas Home said: “Retiring overseas has never been more popular.”

He continued: “As 65 has become the new 50, people are realising that a move to a warmer, more relaxed lifestyle in the sun is an incredible opportunity for fun and adventure in later life.

“Post-Brexit procedures have been simplified, making a move abroad easy and cost-effective and a UK pension goes a lot further in most of our favourite overseas locations.

“So we decided to see where exactly people were dreaming – or even planning – to move to in their retirement. Spain came out on top as the number one choice for 41 percent of respondents.

“It shows that exotic isn’t the biggest selling point. Spain has all the advantages of warmth, sunshine and lower cost of living, but it’s easy to reach all year and has an amazing social life waiting for you too, in its friendly expat communities.”

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The average cost of living in Spain is 37 percent less expensive than in the United Kingdom according to

The biggest differences in cost are rent, utility bills and childcare meaning it’s much cheaper for working people and retired pensioners.

Britons who move to Spain will see their state pension rise annually, as it is within the European Economic Area (EEA).

But it isn’t just Spain that is drawing expats to its shores, other countries also made the list.

The top five dream retirement locations around the world according to Your Home Overseas:

  1. Spain (including Balearic and Canary Islands) – 41 percent

  2. Italy – 16 percent

  3. France – 13 percent

  4. Cyprus – 11 percent

  5. Portugal – 3 percent

Meanwhile, Malaysia, Vietnam and India are among the best locations to live and work because they have the best access to co-working spaces, a reasonable cost of living and good internet speeds.

The best locations to work as a freelancer, according to Craft:

1. Penang, Malaysia

2. Ho Chi Minh, Vietnam

3. Bangalore, India

4. Chiang Mai, Thailand

5. Buenos Aires, Argentina

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