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AMERICANS CHOOSE SPAIN AND PORTUGAL FOR THEIR RETIREMENT

More and more Americans are choosing to retire outside their home country. According to the United States Social Security Administration, the number of citizens receiving benefits abroad has increased from 413,000 to 760,000 in just three years, with 38% of these retirees moving to Europe. This trend reflects the desire of many Americans to find destinations with a better quality of life, health and safety.

Spain and Portugal, favorite destinations

According to a report by Global Citizen Solutions, Spain and Portugal stand out as the most popular retirement destinations for older American citizens. Spain obtained a perfect score of 100 out of 100 in quality of life, evaluated based on factors such as the health system, climate and air accessibility. "With a public health system and affordable private insurance options, Spain prioritizes the well-being of its residents, which attracts retirees," said Laura Madrid, research leader at Global Citizen Solutions.

Economic and tax benefits

Portugal closely follows Spain in the rankings, with 99.79 points in the general ranking. Both countries offer a lower cost of living compared to other European countries and the United States. In addition, there are special tax regimes for expatriates during their first years of residence, which makes the Iberian Peninsula even more attractive for retirees. These economic and tax incentives play a crucial role in the decision of many Americans to move to Spain or Portugal.

Other notable destinations

Although Spain and Portugal are the most popular destinations, Costa Rica, Uruguay and Mexico also stand out in the overall ranking of retirement destinations. Costa Rica occupies third place, while Uruguay and Mexico are in fourth and fifth place respectively. In terms of quality of life, Mexico ranks second, followed by Portugal in third. Malaysia, for its part, leads the economic category, thanks to financial incentives such as tax exemption on foreign income. Likewise, New Zealand stands out in social factors, being the main destination for the acceptance and integration of migrants.

 

 
Published: 02 Jul 2024

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