8 Places to Retire in Europe: The Basics

Buying property: Foreigners can buy real estate. The Golden Visa program allows anyone who buys property worth more than 250,000 euros to apply for residency without having to come to Greece first.

Health care: Foreign workers who pay social insurance contributions can join the public health care system, but as a retiree, you’ll need to purchase private coverage.

Ireland

Many Americans feel an ancestral connection, but the Emerald Isle’s picturesque rural villages, spectacular rugged coasts and deep musical and literary traditions are draws no matter your heritage.

Residency: Ireland has financial requirements for people who want to settle there, to ensure they’ll be able to support themselves. You must provide documentation, certified by an Irish accounting firm, that shows an individual income of at least 50,000 euros per year and access to additional emergency savings, generally at least 100,000 euros.

Retirees should apply for a Stamp 0 visa. The Irish Immigration Service website has details on visa terms and procedures.

Buying property: Americans retiring to Ireland can buy property with no restrictions.

Health care: Americans who become residents are entitled to get care from Ireland’s public health system, or they can opt for private insurance.

Italy

Stylish cities, rustic villages and (of course) great food and wine are part of Italy’s charm.

Residency: Apply in person at one of the Italian consulates in the U.S. for an Elective Residency Visa. You’ll need to provide proof of annual income of at least 31,000 euros from Social Security, savings, investments, a pension or annuity, as well as a lease or rental contract for a place to live.

Buying property: Americans can buy property without restrictions in Italy.

Health care: U.S. retirees who live in Italy on an Elective Residency Visa aren’t eligible for coverage under the Italian public health system, says Arturo Grasso, an attorney based in Rome. You’ll need to obtain private insurance, which is a requirement of the visa.

Malta

Situated on islands in the southern Mediterranean, Malta’s scenery includes ancient fortresses and gorgeous beaches, but this tiny nation also offers a vibrant urban lifestyle.

Residency: Malta aims to attract older adults from other countries with its Malta Retirement Programme, provided that they have Social Security or another type of foreign pension and own or rent property.

You can also apply for permanent residency, which must be renewed every five years. There’s a special program, the Malta Permanent Residence Programme, that allows you to stay indefinitely if you have at least 500,000 euros in assets and are willing to rent or buy a property and meet other conditions.

Buying property: Foreigners can buy property in Malta by obtaining an Acquisition of Immovable Property permit, though you’re limited to buying a primary residence. 

Health care: Maltese and European Union citizens and asylum seekers are eligible for free care from Maltese public health centers and clinics, but Americans must obtain private insurance

Portugal

Cosmopolitan cities, long sandy beaches, a pleasant climate and a low cost of living have made Portugal one of Europe’s most heralded retirement destinations.

Residency: Americans must apply for a residence visa to retire in Portugal, according to Gizane Campos, public relations and brand manager for Global Citizen Solutions, a U.K.-based investment and relocation firm.

The D7 visa is for retirees who can live off their savings and retirement income; the current minimum amount is 8,460 euros a year for an individual. (If you’re moving with a spouse, he or she must have an annual income of at least 4,230 euros.)

There’s also a Golden Visa program for those who want to make a large commercial investment in Portugal (generally at least 500,000 euros). A national law that took effect in 2023 eliminated real estate investment as a route to residency.

Buying property: Foreigners can buy property at lower prices than in other parts of Europe and the U.S., Campos says. Purchases include a property transfer tax and plenty of other fees.

Health care: You must have proof of private insurance to apply for residency, but once you obtain it, you can register for Portugal’s national health care system, the Serviço Nacional de Saúde, according to Global Citizen Solutions. There’s also the option of sticking with private coverage.

Spain

Spain is renowned for its sun-drenched beaches, historic cathedrals, distinct regional cultures and cities bursting with nightlife.

Residency: Apply for a nonworking resident visa, which allows you to live in Spain as long as you can demonstrate that you have the means to support yourself for the initial year of residence (or that you have a regular source of income) and possess health insurance from an entity authorized to operate in the country, among other requirements.

Buying property: Foreigners buy a lot of Spanish real estate. To make a purchase, it’s necessary to apply for a document called a Foreigner Identification Number (Número de Identificación del Extranjero, or NIE) and pay taxes and other fees on the transaction, according to Properstar.

Health care: Initially, you’ll need private insurance. Once you’ve lived in Spain for a year and can provide proof of that residency, you can apply to join Spain’s national health insurance system through an arrangement called the Convenio Especial. You’ll pay monthly premiums, and the rates are higher if you are over 65.

Switzerland

Low taxes and excellent health care complement beautiful mountains and lakes to make Switzerland an attractive retirement destination, despite a high cost of living, according to Expatica.

Residency: You have to obtain both a Swiss visa and a residence permit from the immigration office in one of Switzerland’s 26 cantons.

Buying property: You do not need government authorization to buy a home you will live in, so long as you have a valid residence permit. If you buy undeveloped land, you must build a house on it within one year. Government permission is required to buy a second home or a vacation property you plan to rent out.

Health care: You’ll need to buy private insurance. Switzerland requires most residents to obtain coverage from a list of authorized Swiss insurance companies.