Portugal’s Algarve region tops list of world’s best retirement spots

Forget Victoria, B.C. or even sunny Florida. When it comes to the best places in the world to retire, Canadians may want to go further afield to destinations in Europe, South America and Asia.

These are among the top global regions to kick back in your golden years, according to the annual Retire Overseas Index.

At the top of the list is the beachfront Algarve region of Portugal, according to the rankings from Live and Invest Overseas, which is run by a couple considered experts in overseas retirement.

“It’s the most affordable option in Europe,” said Kathleen Peddicord, author and publisher of Live and Invest Overseas, who runs the index with her husband Lief Simon. “Nowhere in the world could you embrace better overall being-retired experience than in Portugal’s Algarve.”

According to Peddicord, retirees can live in the old-world culture on a budget of as little as US$1,500 a month, near some of the best beaches in Europe and blessed with some great weather. The region is home to more than 100,000 resident and expat retirees, Peddicord says.

She also says its property market is undervalued and that it’s now easier than ever to become a resident of Portugal.

“[It’s] the best place in the world to retire that nobody’s taking about.”

Until now, of course.

Six destinations that the index ranked behind the Algarve region of Portugal, and reasons why, include:

• Cuenca, Ecuador – Beautiful climate, affordable and expat community

• George Town, Malaysia – Budget living, low taxes, good weather, expats speak English

• Chiang Mai, Thailand – Inexpensive, expats, weather and good health care

• Dumaguete, Philippines - Affordable, great beaches, expats, balmy climate, good health care

• Pau, France – Old World lifestyle, low crime and good health care

• Medellin, Colombia - City living on a budget, health care

The 2014 Retire Overseas Index included a total of 14 destinations. The remainder, grouped by region, includes:

• Americas: Ambergris Caye, Belize; Buenos Aires, Argentina; Cayo, Belize; City Beaches, Panama; Granada, Nicaragua; La Serena, Chile; Mendoza, Argentina; Puerto Vallarta, Mexico and Samana, Dominican Republic

• Europe: Abruzzo, Italy; Barcelona, Spain and Istria, Croatia

• Asia: Istanbul, Turkey and Nha Trang, Vietnam

The locations were ranked based on cost of living, access to doctors and hospitals, reliability of infrastructure such as roads and power lines, airport access, cell phone service, arts and culture, safety, taxes and of course, weather. The survey is said to include data from the CIA World Factbook, the World Health Organization, the International Monetary Fund and WorldPopulationReview.com.

“These are the world’s most affordable, most welcoming, friendliest, safest retirement choices right now,” says Peddicord. Still, she acknowledges there’s “no one place is right for everyone.”

The Live and Invest Overseas folks also decided to follow up their best retirement locations list with “11 Places Not To Retire Overseas in 2014.”

This list explains why some cities were chosen over others in certain countries (for example, if the cost of living is too high), and talked about why certain countries were excluded entirely, such as Brazil, Costa Rica and New Zealand.

High crime rates in Brazil kept it off the list, while New Zealand is a tough place to establish residency, according to Peddicord.

“This is not to say, in any case, that these would be ‘bad’ places to live or retire,” she writes.
“Simply that they do not count among the world’s best today.”