As the long Nordic winter draws closer, it’s easy to look out the window and dream of trading that damp bike commute for an endless summer. For many, the transition to retirement is also a time to consider a major change of scenery—one that involves a little more sunshine and a lot less snow.
A new report from Global Citizen Solutions is guiding that dream, revealing the top destinations for retirees looking to take their pension abroad.
Portugal Crowned the Retirement Champion
Global Citizen Solutions, an advisory firm specializing in international investment and relocation, analysed 44 countries based on crucial factors for a comfortable retirement. These included:
- Financial & Legal: Visa options, tax conditions, and cost of living.
- Welfare & Security: Healthcare quality and general safety.
- Environment: Weather and overall quality of life.
The clear winner, scoring a decisive 92.61 points, is Portugal. It’s followed by the island paradise of Mauritius and then fellow European favourite, Spain.
Adalberto Pucca, head of global mobility at Global Citizen Solutions, explains Portugal’s dominant score to Euronews:
“Portugal comes out on top because it has the best opportunities to obtain a visa as a retiree… In addition, Portugal offers significantly lower living costs compared to other Western European countries, an excellent healthcare system, a credible tax system and a mild climate with one of Europe’s best scores for safety and quality of life.”
In general, European nations excelled in health and safety, while countries on the other side of the Atlantic often scored well due to tax benefits.
The Scandinavian Question: Is Denmark Overlooked?
Notably absent from Global Citizen Solutions’ analysis were Denmark, the other Scandinavian countries, and the Netherlands. This is a point of contention for Mads Moberg Reumert, chief economist at Danica.
Reumert points out that in other international studies, Denmark consistently ranks among the best countries for pensioners. He argues that while the weather may not be a selling point, the country’s social and financial systems are:
“We have one of the best pension systems, and many pensioners have good conditions and good opportunities to work on the side. At the same time, we have a welfare system that you have access to if you get sick. And that creates security for many pensioners.”
While acknowledging the financial benefits of moving abroad—such as generally lower costs for groceries and living expenses—Reumert maintains that the quality of medical care and general service is often superior in Denmark compared to many of the popular retirement destinations.
Despite the appeal of sunnier locales and lower expenses, the number of Danica customers who choose to retire permanently abroad remains stable, suggesting the value of Denmark’s welfare and security systems continues to hold strong for many retirees.
For Nordic readers dreaming of a change, does the high score of countries like Portugal sway you, or does the security of the Danish welfare model keep you grounded?
Swedish people currently have their own retirement direction.
The retirement destinations of Swedish people can be divided into two main categories: those most popular by sheer numbers (often due to historical migration) and the traditional sunny “dream” destinations.
Based on data from the Swedish Pensions Agency (Pensionsmyndigheten) on where Swedes receiving a pension are living, the top countries are:
Top Destinations by Number of Pensioners
1. Finland
2. Germany
3. Norway
4. Denmark
5. USA
6. Spain
7. Greece
8. France
9. Great Britain
10. Italy
Note on Finland: The high number of Swedish pensioners in Finland is largely attributed to the heavy labour immigration in the 1960s and 1970s. Many of these individuals were originally from Finland, worked in Sweden for a period, and later returned to their home country to retire while still drawing a Swedish pension.
Traditional “Sunny” Retirement Hotspots
Ignoring the historically high numbers in neighbouring countries, the most common countries Swedes move to specifically for retirement and a warmer climate include:
- Spain: A long-time favourite due to its warm weather, established expat community, and relatively low cost of living compared to Sweden.
- Thailand: A popular destination, particularly for those seeking a much lower cost of living and a tropical climate outside of Europe.
- Portugal: Increasingly popular, similar to other European countries, due to favourable tax conditions for foreign residents (though this has changed over time), a mild climate, and high safety rankings.
- Greece and France are also strong contenders for Swedes seeking a Mediterranean lifestyle.
In summary, while Finland tops the list numerically, sunny destinations like Spain and Thailand are often the top choices for Swedes actively seeking a warmer retirement abroad.