01

PORTUGAL · WESTERN EUROPE

Lisbon

Lisbon has quietly become the world’s most desirable retirement destination — and the secret is finally out. Portugal’s capital combines the culture, architecture, and cuisine of a major Western European city with a cost of living that remains significantly lower than London, Paris, or Amsterdam. The weather is outstanding: 300 days of sunshine a year, mild winters, and a proximity to the Atlantic that keeps summers bearable. The healthcare system — both public and private — is excellent and inexpensive by Western standards. The NHR (Non-Habitual Resident) tax regime, while recently adjusted, still offers meaningful advantages for foreign pension income. And the city itself is beautiful in a faded, unhurried way: yellow trams climbing cobbled hills, the Tagus glittering below, neighbourhood bakeries producing the world’s finest pastel de nata at 90 cents apiece.

Best neighbourhoods: Príncipe Real for culture, Alfama for character, Cascais (nearby) for a quieter coastal lifestyle.

02

MALAYSIA · SOUTHEAST ASIA

Kuala Lumpur

Kuala Lumpur has topped International Living’s retirement index for years, and the reasons are hard to argue with. Malaysia’s MM2H (Malaysia My Second Home) programme is one of the world’s most accessible and generous long-term residency visas for retirees, offering a 10-year renewable stay with relatively straightforward financial requirements. The cost of living is extraordinary: a comfortable two-bedroom apartment in a good neighbourhood costs a fraction of what the same would in Sydney, London, or Toronto. The healthcare system — particularly the private sector — is world-class and dramatically cheaper than Western equivalents, attracting medical tourists from across the region. The city itself is a glorious culinary collision of Malay, Chinese, and Indian cultures producing a food scene of remarkable variety and quality. English is widely spoken. The infrastructure is modern. And the weather — hot, tropical, reliably sunny — suits those who have spent enough winters shivering.

Best neighbourhoods: Mont Kiara for expat community, Bangsar for food and cafés, Damansara Heights for a quieter pace.

03

SPAIN · SOUTHERN EUROPE

Valencia

While Barcelona and Madrid get the headlines, Valencia quietly delivers the better retirement proposition. Spain’s third city has all the cultural richness, cuisine, and Mediterranean lifestyle of its more famous siblings at a substantially lower cost. The city invented paella, and eating the real thing — rice cooked in a wide pan over orange wood, the socarrat crust forming at the bottom — in a restaurant by the Albufera lagoon is one of Europe’s great simple pleasures. The old town is beautiful. The City of Arts and Sciences — Calatrava’s futuristic complex along the old riverbed — is one of Europe’s most extraordinary architectural achievements. The climate is enviable: warm, sunny, and reliably pleasant for most of the year. Spain’s Non-Lucrative Visa offers a clear residency pathway, and the country’s public healthcare system — once residency is established — is genuinely excellent.

Best neighbourhoods: Ruzafa for culture and cafés, El Carmen for history, Patacona beach area for coastal living.

04

PANAMA · CENTRAL AMERICA

Panama City

Panama City is the retirement destination that surprises people — and then converts them. The city looks nothing like what most people expect of Central America: a gleaming, modern skyline above a Pacific bay, a sophisticated food scene, first-world infrastructure, and a dollarised economy that removes all currency risk for those living on US dollar income or pensions. Panama’s Pensionado programme is one of the world’s most generous retirement visa schemes, offering substantial discounts on healthcare, entertainment, restaurants, hotels, and transport to qualifying retirees. The healthcare system — particularly the private sector — is excellent and a fraction of US costs. The country’s geography provides remarkable variety: a two-hour drive from the city puts you in cloud forest, Pacific beaches, or Caribbean coastline. The Canal, the old colonial Casco Viejo neighbourhood, and one of the hemisphere’s most walkable waterfronts complete a picture that rewards long-term living.

Best neighbourhoods: Casco Viejo for charm and culture, El Cangrejo for convenience, Coronado beach town for a coastal pace.

05

THAILAND · SOUTHEAST ASIA

Chiang Mai

Chiang Mai has been one of the world’s most popular expat and retirement destinations for two decades, and the fundamentals that put it there remain as strong as ever. The cost of living is remarkably low: a comfortable, furnished apartment in a good neighbourhood, regular restaurant meals, local transport, and healthcare can cost a fraction of what the equivalent would in Australia, the UK, or North America. The city is surrounded by mountains and jungle, temple-studded and culturally rich, with a night market culture, café scene, and craft food movement that give it a lively, sophisticated texture far beyond a typical provincial city. The climate is Thailand’s best: warm and dry for much of the year, cooler than Bangkok, and with a genuine winter season from November to February when temperatures drop to a pleasant 15–20°C. Thailand’s Retirement Visa (Non-Immigrant O-A) is straightforward for those over 50. Private healthcare is excellent and inexpensive.

Best neighbourhoods: Nimman for cafés and culture, Old City for temples and character, Hang Dong for quieter suburban living.

06

MEXICO · NORTH AMERICA

Mexico City

Mexico City has undergone a remarkable reappraisal in the past decade — from a city that made international headlines for the wrong reasons to one that has become one of the world’s most talked-about destinations for food, culture, and quality of life. For retirees, particularly from the US and Canada, it offers an extraordinary combination: a world-class food and culture scene, first-rate private healthcare at a fraction of North American costs, a timezone that keeps you in sync with family back home, and a cost of living that allows comfortable, even generous living on a modest pension. The climate in the capital — sitting at 2,240m altitude — is an eternal spring: mild, temperate, never oppressively hot. The neighbourhood of Condesa and Roma Norte are among the most pleasant urban environments in the Americas, tree-lined and café-dotted and endlessly walkable.

Best neighbourhoods: Condesa for parks and café life, Roma Norte for food and galleries, Polanco for luxury and international community.

07

GREECE · SOUTHERN EUROPE

Athens

Athens is the retirement destination that serious Europe-lovers keep discovering and being surprised by. The Greek capital has long been underestimated — overshadowed by the islands, overlooked in favour of Lisbon or Barcelona — but it offers a compelling package for those who look closely. The cost of living is among the lowest in the Eurozone for a capital city. The food scene has undergone a genuine renaissance in the past decade, with a new generation of Greek chefs reimagining their country’s extraordinary culinary heritage. The climate is spectacular: long, warm summers and mild, mostly dry winters. The history — the Acropolis, the Agora, the National Archaeological Museum — is unmatched anywhere in the Western world. Greece’s recently improved Golden Visa and Digital Nomad Visa programmes have made residency pathways more accessible, and the country’s healthcare, while variable, offers strong private options at reasonable cost.

Best neighbourhoods: Kolonaki for culture and elegance, Koukaki for a local neighbourhood feel, Glyfada for coastal living close to the city.

08

VIETNAM · SOUTHEAST ASIA

Da Nang

Da Nang is Southeast Asia’s most underrated retirement city — a place that delivers beach living, modern infrastructure, and extraordinary food at a cost of living so low it still feels implausible to those arriving from the West. Vietnam’s third city sits between the South China Sea and mountains, with 30km of white sand beach at its doorstep, the ancient town of Hoi An 30 minutes to the south, and Hue’s imperial citadel an hour to the north. The food — central Vietnamese cuisine is arguably the country’s finest, distinct from both Hanoi and Saigon — is extraordinary and inexpensive. The city has invested heavily in modern infrastructure: roads, hospitals, and international schools reflect its rapid development. Vietnam’s E-visa and longer-stay options have improved significantly. For beach lovers and food devotees with an appetite for Southeast Asian life at its most comfortable and affordable, Da Nang deserves serious consideration.

Best neighbourhoods: My Khe beach strip for coastal living, An Thuong for expat dining scene, Son Tra peninsula for nature and quiet.

09

SOUTH AFRICA · SOUTHERN AFRICA

Cape Town

Cape Town is the wildcard on this list — and arguably its most spectacular entry. No city on Earth combines urban sophistication with natural drama quite like this: Table Mountain rising above the city bowl, two oceans meeting at the Cape, vineyards 30 minutes from the waterfront, and a Mediterranean climate that delivers long, warm summers and mild winters. The cost of living for those earning in US dollars, euros, or British pounds is extremely low, and the quality of what that money buys — restaurants, wine, property, domestic help — is extraordinary. The food and wine scene, centred on the Winelands towns of Stellenbosch and Franschhoek, is world-class. Private healthcare is excellent and affordable. The honest caveat is safety: Cape Town has significant inequality and crime requires awareness and sensible precautions. For those who engage with it openly and choose their neighbourhood carefully, it delivers a quality of life that is genuinely hard to find anywhere else at any price.

Best neighbourhoods: Atlantic Seaboard for ocean views, Southern Suburbs for lush green living, Stellenbosch for wine country retirement.

10

ITALY · SOUTHERN EUROPE

Bologna

Italy is the eternal retirement fantasy — and Bologna is where that fantasy becomes most practically achievable. The capital of Emilia-Romagna is widely regarded as having the best food of any city in the world’s greatest food country: this is the home of Parmigiano-Reggiano, prosciutto di Parma, mortadella, fresh egg pasta, and the original Bolognese ragù served the way it was meant to be — slow, rich, never on spaghetti. The city is beautiful, its medieval arcades sheltering walkers from rain and sun, its two towers leaning against a terracotta skyline. The university — Europe’s oldest — keeps it young and intellectually alive. The cost of living is meaningfully lower than Rome or Milan. Italy’s Elective Residency Visa and the flat-tax regime for high-net-worth individuals offer clear pathways. For those who want to wake up every morning in a country that has spent 3,000 years perfecting the art of living well, Bologna is the honest answer.

Best neighbourhoods: Centro Storico for the full medieval experience, Saragozza for elegant quieter living, San Lazzaro di Savena for suburban comfort.