6. Spain

Sunny weather all year, a welcoming culture, an incredibly relaxed lifestyle, and a relatively low cost of living. These are just a few of the things that Spain offers, writes IL correspondent Sally Pederson.

All of the above comes at a relatively low-price tag. The cost of living in Spain has increased in the past year and continues to be relatively low. Depending on location, Spain can either be one of the cheapest or priciest locations on the Mediterranean. As of 2022, you can live very comfortably on roughly $2,000 to $2,500 a month, or about $28,000 a year. As with every other country on earth, the price tag depends on location—the closer to the capital and the famous destinations, the more expensive. If you choose a quieter small-town retirement, you can live on $1,900 a month, which totals about $23,000 a year.

Perhaps you love the big city and considering Madrid or Barcelona, the rent could be almost half your monthly pension for just a one-bedroom apartment. They are the two most expensive cities in Spain. Outside these cities, finding a one-bedroom home for only about $800 a month is fairly easy.

The freshness and low prices of food are another key part of the lower living cost. For a fraction of the cost in the U.S., the fruits and vegetables that make up the healthy Mediterranean diet are available all year. The cost of restaurant meals is surprisingly low. A three-course lunch can be found all over Spain for $16 to $20, and even cheaper lunchtime offers are common. A glass of wine or a beer is about $3.50, and there is no local culture of tipping.

Generally, the south is cheaper than the north. Some ex-pats who retire in Spain choose to buy a home—which can be had for as little as $2,000 per square meter in lower-cost areas such as Andalucia, especially outside the city centers, while being more than double that price in Madrid and Barcelona.

As a retired expat, you’ll initially use Spain’s private healthcare system. Both the public and private systems are excellent by European and American standards. As an ex-pat using the non-lucrative visa or the “golden visa,” you’ll be required to buy private health insurance for at least the first year. The private options are far easier, more efficient, and surprisingly affordable by U.S. standards. Even in the year 2022, private medical insurance can cost as little as $100 a month, making Spain an ideal place for retirement. After five years, you become a permanent resident and automatically enter the public system.

There are two main visas for North American retirees: the non-lucrative and the golden visa. The former is a simple visa for those who have the economic means to stay in Spain but have no local income there. As of this year, the non-lucrative visa requires a documented income from being self-employed, pensions, or investments of at least $2,400 a month. To get the golden visa you must buy property in Spain valued at approximately $520,000.

Proof of private health insurance in Spain, a clean criminal record with fingerprints, and a doctor’s statement are also required.

Spain is one of the safest places in Europe. The only widespread crime is pickpocketing in the major cities. Apart from that, crime is nearly non-existent and unseen by expats. Almost no one owns deadly weapons.

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