In this article, we will take a look at the 15 most luxurious places to retire abroad if you have a budget over $15,000 a month. If you would like to skip our discussion on the important factors to consider while retiring abroad, you can go to the 5 Most Luxurious Places To Retire Abroad if You Have a Budget Over $15,000 a Month.
Retiring abroad with a budget of over $15,000 per month can offer a luxurious lifestyle and a range of possibilities across the globe. From the sunny beaches of the Caribbean to the cultural richness of European cities and the serene landscapes of Asia, there are many appealing destinations for high-net-worth individuals to consider. However, careful planning is necessary to ensure a comfortable retirement abroad. Real estate is one of the important factors to consider when relocating. The global real estate market is diverse and offers a wide range of options, from secluded beachfront villas to luxurious high-rise apartments in the city. For affluent retirees, luxury is not just about the property itself but also the location, amenities, and lifestyle it affords. Hence, choosing the right real estate property is important for a comfortable and enjoyable retirement abroad.
According to Knight Frank's Wealth Report, prime property prices in Monaco, the world’s most expensive real estate market, can exceed €54,000 per square meter. In contrast, luxury properties in places like Phuket, Thailand, offer more value for money while still providing an extravagant lifestyle, with prime property prices around €2,900 per square meter. Renowned real estate agencies CBRE Group, Inc. (NYSE:CBRE) cater to high-net-worth individuals looking for luxury properties in prime retirement destinations worldwide. An alternative choice is Jones Lang LaSalle Incorporated (NYSE:JLL). JLL is a professional firm that provides services in real estate and investment management. The company operates in over 80 countries and provides services ranging from property investment to management. Jones Lang LaSalle Incorporated (NYSE:JLL) can offer valuable insights for those considering luxury property purchases abroad, not just for residence but as an investment in the local real estate market.
Prioritizing Quality Healthcare in Retirement
Quality healthcare is another important factor to consider for a stress-free and comfortable retirement. The excellence and accessibility of healthcare services are top considerations for retirees. Countries like France, consistently ranking high in the World Health Organization's healthcare system evaluations, are known for providing excellent care. However, beyond healthcare quality, it's essential to consider the accessibility for expatriates as well. International health insurance providers, such as The Cigna Group (NYSE:CI), offer plans specifically designed for expatriates, ensuring comprehensive healthcare coverage worldwide. The Cigna Group (NYSE:CI) offers health, pharmacy, dental, supplemental insurance, and Medicare plans to individuals, families, and businesses. The cost of these plans can vary significantly based on coverage, but for a luxurious level of care, premiums can range from $4,000 to over $8,000 annually.
Here's what Davis Funds said about The Cigna Group (NYSE:CI) in its Q3 2023 investor letter:
“In the attractive healthcare sector, we look beyond the obvious to identify businesses that simultaneously have exposure to this growth industry and also trade at low prices. We’re especially drawn to companies like Cigna Group, whose products or services play a part in helping to mitigate healthcare’s constantly rising costs. The healthcare industry has been a growing part of the U.S. economy for decades. As a result, many companies in this sector trade at high valuations reflecting their robust but well-known reputation for growth. For value-conscious investors like us, investing in healthcare requires looking beyond the obvious to identify businesses that have exposure to this growth industry but which trade at low prices. Furthermore, recognizing that the constantly rising cost of healthcare cannot go on forever, we have been particularly drawn to companies whose products or services play some role in managing or reducing the cost of care. As a result, we have positions in Cigna Group, a well-regarded provider of managed care.
In addition to real estate and healthcare, it's also important to consider factors such as the cultural and social richness of the best expat retirement countries. A lively expatriate community can provide a sense of belonging and ease the transition into a new country. For example, Spain boasts a rich history and a diverse culture, along with a warm climate, making it a popular choice for retirement among British expatriates. Spain is home to one of the largest British expatriate communities in the world, with over 300,000 UK citizens living there.
Alternatively, Malaysia's My Second Home (MM2H) program has attracted over 40,000 expatriates since its inception, thanks to the country's multicultural environment, low cost of living, and high-quality healthcare. Meanwhile, countries like Monaco are known for their favorable tax regime and zero income taxes for residents, making them financially viable for retirement despite high costs. You can also check out the 20 Best Cities to Retire on $10,000 a Month Anywhere in the World here.
15 Most Luxurious Places To Retire Abroad if You Have a Budget Over $15,000 a Month
An elderly couple smiling as they review their retirement accounts, representing the trust that clients have in the bank.
Our Methodology
To shortlist the 15 most luxurious places to retire abroad with a budget of over $15,000 per month, we consulted various sources like GoBankingRates, International Living, Cato Institute, and Living Cost. Our selection process involved evaluating the cost-of-living index, quality-of-life scores, health standards, and freedom rankings to select countries offering an exceptional quality of life. The freedom ranking is based on a country's economic, social, and political freedoms. We utilized Cato for the 2023 human freedom index data, International Living and Living Cost for the quality of life scores, and the per-person monthly cost-of-living data. We assigned an equal weightage to each factor to derive a unique Insider Monkey score for each country. The top 15 retirement destinations suitable for a $15,000 budget have been ranked in ascending order of their scores. We have also shared information regarding the most luxurious cities or neighborhoods within these countries.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
15 Most Luxurious Places To Retire Abroad if You Have a Budget Over $15,000 a Month
15. South Korea
Insider Monkey Score: 76Most Luxurious Place to Live: Gangnam District, Seoul
Monthly Cost of Living = $1140
Quality of Life = 87
South Korea is known for its modern and technologically advanced urban lifestyle. It offers exceptional healthcare services and has a well-developed infrastructure. South Korea ranks 28th on the human freedom index. Seoul holds the title of the priciest city in South Korea. The average cost of an apartment in Seoul was approximately 12.6 million won as of November 2023, which is three times higher than the national average. Gangnam, situated within Seoul, is one of the most luxurious districts in the country, offering residents a wide range of facilities.
14. Germany
Insider Monkey Score: 77Most Luxurious Place to Live: Munich
Monthly Cost of Living = $1578
Quality of Life = 92
Germany is a good option for retirees due to its decent cost of living, efficient public services, and high-quality healthcare. The country ranks 21st on Cato's human freedom index, making it an attractive destination for those who value personal freedom. Urban cities like Munich are known to offer the most luxurious lifestyle and a vibrant cultural scene for those with a plush budget.
13. Japan
Insider Monkey Score: 77.5Most Luxurious Place to Live: Minato Ward, Tokyo
Monthly Cost of Living = $1,105
Quality of Life = 91
Retiring in Japan can be a great option due to its unique blend of ancient tradition and modern amenities. Japan has a high quality of life score of 91 out of 100, and its monthly cost of living for one person is around $1,105, making it a good choice for retirement abroad. Additionally, the country's rich culture offers many opportunities for expats to explore and enjoy during their retirement. Minato Ward is known as Tokyo's most luxurious residential district. A significant number of Japan's wealthiest individuals, such as Masayoshi Son, SoftBank's CEO, and Tadashi Yanai, Fast Retailing's founder, live here.
12. Canada
Insider Monkey Score: 78Most Luxurious Place to Live: Bridle Path, Toronto
Monthly Cost of Living = $2,062
Quality of Life = 91
Canada has a strong economy and is a popular choice for retirement. It ranks 13th on the human freedom index. Its proximity to the US makes it easy for expats to keep in touch. Canada has a lot to offer, from natural landscapes to modern cities. Furthermore, the quality of life is high, and healthcare is top-notch, making the country secure the 12th position on our list of the most luxurious places to retire abroad if you have a budget over $15,000 a month. The Bridle Path, located in Ontario, is a residential neighborhood recognized for its expansive multimillion-dollar mansions and affluent lifestyles.
11. Finland
Insider Monkey Score: 79Most Luxurious Place to Live: Helsinki
Monthly Cost of Living = $1529
Quality of Life = 91
Finland is a great place to retire, thanks to its high happiness index and beautiful natural scenery. Helsinki is considered amongst the most luxurious places in the country, offering an exceptional quality of life with excellent public services and safety. With a 9th place ranking on the freedom index, Finland offers many benefits, especially if you're looking for a luxurious retirement experience.
10. New Zealand
Insider Monkey Score: 80Most Luxurious Place to Live: Bay of Plenty
Monthly Cost of Living = $2010
Quality of Life = 89
New Zealand is at the tenth position on our list of the most luxurious places to retire abroad if you have a budget over $15,000 a month. The country is known for its beautiful scenery and welcoming people. Maintaining strong finances in the country is advisable, given the monthly cost of living, which is around $2010. The Bay of Plenty region is one of the most luxurious places to live in the country. The rental prices in the Bay of Plenty have experienced an 11.7% increase compared to the previous year.
9. Australia
Insider Monkey Score: 81.5Most Luxurious Place to Live: The Rose by Moran, Wahroonga
Monthly Cost of Living = $2305
Quality of Life = 94
Australia is another good option for retirees, offering a diverse range of experiences from vibrant cities like Sydney to peaceful natural landscapes. While the cost of living is generally high, particularly in prime locations, residents benefit from high-quality healthcare services and an overall high standard of living. The Rose by Moran in Wahroonga comprises 33 premium residences with two and three bedrooms. This development offers many communal amenities, such as a concierge service, library, club room, music room, spa, cinema, gym, and wine cellar.
8. Netherlands
Insider Monkey Score: 82Most Luxurious Place to Live: Vogelwijk, Hague
Monthly Cost of Living = $1920
Quality of Life = 93
The Netherlands is a great place for retirees due to its inclusive and open-minded culture. While the Netherlands may be on the pricier side, the country's healthcare system and public facilities are praiseworthy. The country ranks 11th on the freedom index and has a quality-of-life score of 93 out of 100. Vogelwijk is amongst the most affluent neighborhoods in the country, offering spacious homes and communal facilities.
7. Iceland
Insider Monkey Score: 83Most Luxurious Place to Live: Gareab?r
Monthly Cost of Living = $2525
Quality of Life = 92
Iceland is a beautiful and safe country that offers a peaceful environment for anyone looking to get away from the hustle and bustle of everyday life. While cities like Reykjavik may come with a higher price tag, the quality of life in Iceland is exceptional, with excellent healthcare and public services. Gareab?r is situated within the capital region of Iceland. It is known for its lavish homes and is the residence of some of the wealthiest individuals in Iceland.
6. Sweden
Insider Monkey Score: 86Most Luxurious Place to Live: Stockholm
Monthly Cost of Living = $1544
Quality of Life = 92
Sweden is among the top ten countries with the highest quality of life and ranks 6th on the freedom index. The country is an attractive option for retirees due to its inclusive society, beautiful landscapes, and high standard of living. Stockholm, the multicultural capital city of Sweden, stands out as one of the ideal retirement destinations for expats.