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Where to Live in Retirement: A Comparative Analysis

Created14.08.2024, 17.35
Updated19.08.2024, 23.59

Moving to a new country to retire can be a fun and beneficial choice, bringing different experiences, cultures, and ways of living. It's important to pick the right place by looking at things like how much it costs to live, how good the life quality is, the healthcare available, and the laws there.

This guide compares four well-regarded places to retire: Spain, Turkey, Dubai, and North Cyprus. These locations are frequently listed among the best places for retirees to live due to their unique offerings.

Top Places for Retirees to Live

spaınChoosing the best place to retire depends on various factors such as cost of living, quality of healthcare, climate, recreational activities, and overall quality of life. Here are some top places that are often recommended for retirees:

Spain: Famous for its sunny weather, relaxed lifestyle, and excellent healthcare system. It's a favorite among retirees seeking a Mediterranean lifestyle and is often considered one of the best places to live for retirees. Among the best places to live in Spain for retirees, the Costa del Sol (Málaga, Marbella, Mijas, and Fuengirola) and the Costa Blanca (Alicante, Altea and Orihuela) are the best area of Spain to live.

ProsCons

Excellent healthcare system

High Taxation for non-residents

Beautiful weather and scenery

Bureaucratic red tape

Rich cultural life and cuisine

Language barrier in rural areas

Strong expat communities

Turkey: Known for its rich history, beautiful landscapes, and affordable cost of living. It offers a combination of modern amenities and traditional charm, making it one of the good retirement places to live. Retirees love places like Antalya, Muğla, Mersin, İzmir, and Trabzon in Turkey. These areas offer great city life, sea views, and comfortable retiring in Turkey.

ProsCons

Affordable cost of living and real estate

Language barrier outside tourist areas

Rich cultural heritage and history

Political instability in certain regions

Diverse landscapes and climates

Bureaucratic processes can be challenging

Growing expat communities

dubaıDubai: Dubai is a bustling, cosmopolitan city known for its luxurious living standards, world-class healthcare, and tax-free environment. However, the cost to live in Dubai is high, making living in Dubai an expensive proposition. For those considering retirement in Dubai, careful financial planning is essential due to the significant expenses involved.

ProsCons

Tax-free income

High cost of living and real estate

High standard of healthcare and amenities

Strict residency requirements

Safe and secure environment

Hot climate can be uncomfortable

Large, vibrant expat community

Cultural differences may require adjustment

North CyprusNorth Cyprus: Offers a low cost of living, beautiful beaches, and a peaceful environment. Home to marvelous cities that offer unique benefits for retirement in North Cyprus. Here are the top 4 places for living in North Cyprus as a foreign retiree: İskele, Lefkoşa, Girne, and Gazimağusa.

ProsCons

Very affordable cost of living and real estate

Basic healthcare facilities

Beautiful beaches and peaceful environment

Limited international flight options

Easy residency permits

Political situation affects property rights

English widely spoken in expat areas

Less developed infrastructure

Choosing the best retirement destination depends on individual preferences and priorities. Turkey and North Cyprus offer affordable living and beautiful environments, ideal for those seeking a budget-friendly retirement. Dubai provides luxurious living and excellent healthcare, appealing to those who prefer a high standard of living. Spain strikes a balance with its moderate cost, excellent healthcare, and vibrant culture, making it a popular choice among retirees.

Comparative Analysis of the Best Retirement Places to Live

Comparing Spain, Turkey, Dubai, and North Cyprus shows each has its own benefits and challenges, helping retirees choose the best fit for their needs.

Factors

Spain

TurkeyDubaiNorth Cyprus

Cost of Living*

711.4€/ month without rent.

549.4€/ month without rent.1,019.4€/ month without rent.862.2€/ month without rent.

Real Estate

Reasonable

AffordableLuxuryAffordable
Healthcare

High-quality and Affordable

Excellent and CheapHigh-qualityHigh-quality and Affordable
Climate

Mediterranean

MediterraneanDesertMediterranean
Visa/ Residency

EU/EEA/Swiss Citizen Residency

Golden Visa

Non-Lucrative Visa

Tourist short term residence permit (6 months)

Long-term residence permit by real estate investment.

Turkish Citizenship by Investment

UAE Retirement Visa

Dubai Golden Visa

Category F Visa for retirees

Long-term residence permit by real estate investment.

Taxation

Taxes on income earned within Spain

Taxes on income earned within Turkey

No income tax

Flat rate of 5% or,

The progressive tax rates (2023):

Income up to €19,500: 0%

Income from €19,501 to €28,000: 20%

Income from €28,001 to €36,300: 25%

Income from €36,301 to €60,000: 30%

Income over €60,000: 35%

Safety

Safe

SafeVery SafeVery Safe
Language

Spanish (English in tourist areas)

Turkish (English in tourist areas)English - ArabicTurkish- English

*According to Numbeo: Single person estimation including (food and groceries, transportation, utilities, leisure and entertainment, clothing and personal care). The specific items and amounts can vary widely based on personal habits, preferences, and the specific city or region.

Every place has its own advantages and things to think about, and what's best for you will vary based on what you like about spending money, healthcare, weather, and how you want to live.

Our company offers tailored solutions to meet your needs, ensuring a smooth and enjoyable transition to your new home. Contact us to learn more about how we can help you achieve your dream retirement abroad.



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