With an overall score of 81%, Norway comes in at number one as the most retirement-friendly country on the list. Norway is at the top of this year's ranking for several reasons.
Cambodia. With no shortage of dazzling places to explore, Cambodia is a popular destination for Aussies to retire. Not only can you scoop up a bargain-priced property, but you'll love the friendly culture and delicious foods. Australian expats also appreciate the low-cost services they rarely used back home.
Panama. Not for the first time, Panama tops the list of the world's best places to retire. Located away from Central America's hurricane belt, its warm tropical climate is tempered by breezes from the Pacific Ocean on one coast and the Caribbean Sea on the other.
Australia has long been a popular retirement destination for the 'Poms'. In fact, the country is such a draw for pensioners that there are currently over 230,000 British expats claiming their state pension there.
If your payments can continue while you're outside Australia and you intend to be away for: less than 12 months, we'll continue to pay you every 2 weeks into your Australian bank account. more than 12 months, we'll pay you every 4 weeks into your Australian or overseas bank account.
If you're an Australian permanent resident or citizen heading overseas, your super remains subject to the same rules, even if you are leaving Australia permanently. This means your super must remain in your super fund/s until you reach preservation age and are eligible to access it.
Retiring to Australia
In order to retire to Australia, you must initially apply for a visa. If you have family ties to Australia, you could potentially apply for a Parent Visa, Age Dependent Resident Visa, Remaining Relative Visa, or a Carer Relative Visa.
Panama. Named to the top spot of "Best Places to Retire in 2022" on International Living's Annual Global Retirement Index, Panama has become a popular retirement destination.
Americans who retire overseas still have tax obligations. Typically, you will have to file a tax return with both the US government and your new host country. You may even have to file a tax return with the US state you used to live in.
Can I Collect Social Security if I Live Outside the U.S.? If you are a U.S. citizen and qualify for Social Security retirement, family, survivor or disability benefits, you can receive your payments while living in most other countries.
Age Pension Portability
The full amount of age pension that a person is eligible for is payable while overseas for 26 weeks.
The good news is you should be able to access your Age Pension while living overseas.
Mexico is the top destination for Americans moving abroad, followed by the U.K., Canada and Australia. So far in 2022, ~75% more Americans have moved to Mexico than Canada. Portugal has seen the biggest percentage increase in Americans moving in (+122% from 2019-2021)
If you move to Australia from the USA or another country and want to stay long-term or permanently, there are ways to apply for permanent residency. With a permanent residency visa, you can live, work, and study in Australia without any restrictions. You are still a citizen of your country of origin.
US citizens can retire in Europe if they meet the eligibility criteria for retirement. Once the criteria are met, you need to apply for a long-stay visa to be allowed to stay in the country of your choice for a long-term period.