On a global scale, the new reform map has a European leader. According to the Global Retirement Report 2025, prepared by Global Citizen Solutions, Portugal comes first among 44 destinations with official visa programs for retirees, ahead of Mauritius and Spain, with Uruguay and Austria rounding out the top 5. The appeal combines cost of living, safety and health, reinforced by a residence visa designed for passive income.
How the ranking was made
The report scores each destination out of 100, considering factors such as ease of installation, costs, tax benefits, safety and quality of public services. According to the same source, 36% of visa opportunities for retirees are in the Americas and almost 32% in Europe, with programs also emerging in Asia and Africa.
The global picture is generous with positive indicators: more than 70% of the countries assessed offer above-average healthcare and high environmental standards. There are also clear paths to citizenship in 93% of cases, half of which allow naturalization in five years or less. Almost two-thirds (61%) provide specific tax schemes for pensioners, including Greece, Malta and Cyprus.
Portugal at the top: D7 and quality of life
“Portugal leads our Global Retirement Index 2025 because the D7 visa is one of the most sought after in Europe”, summarizes Adalberto Pucca, responsible for global mobility at Global Citizen Solutions. He explains that the combination of affordable entry requirements with the transition to permanent residency and then citizenship weighs heavily on the equation.
Added to this are fundamentals that count when choosing: cost of living below that of other capitals in Western Europe, solid healthcare network, credible tax planning, mild climate and safety ratings among the highest on the continent. For those who obtain residency in a Schengen country, short-stay mobility across 27 member states also facilitates integration and daily life.
Southern Europe on the rise
Spain is in third place and Austria in fifth. Euronews Business writes that the reference public health systems in France, Austria and Spain continue to anchor the preference for Western European destinations. At the same time, special tax regimes and Mediterranean lifestyles help explain the strength of southern Europe.
Researcher Laura Madrid, cited by the same publication, summarizes the trend: “retirement migration” is no longer a niche but is becoming “mainstream” among those who prioritize quality of life, security, accessibility and stability. In practical terms, mild climates, manageable costs and passive income visas act as a triangle of attraction.
Americas, Asia and Africa: alternatives with light taxes
Paraguay, Uruguay and Argentina quickly grant permanent residence. Panama, Belize, Costa Rica, El Salvador and Nicaragua offer immediate tax relief and exemptions on income from abroad. On average, the cost of living is lower than in Europe.
Thailand, Malaysia and the Philippines combine a warm climate, moderate income requirements and easy renovations. In Mauritius and Cape Verde, there are simple tax systems and explicit exemptions for foreign pensions, in a multicultural environment.
Economic impact and social costs
In Portugal, Golden Visa and D7 raised more than 7 billion euros, mainly in real estate. In Spain, similar programs totaled more than 4.5 billion between 2014 and 2023; The golden visa for housing has since been abolished. According to the report prepared by , the influx of expatriates with high purchasing power can put pressure on prices and make local life more expensive.
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