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Where U.S. Retirees Are Choosing to Live – And What’s Driving the Decision
Hoxton Blog • Where U.S. Retirees Are Choosing to Live – And What’s Driving the Decision
For many high-net-worth Americans, retirement is no longer defined by a single location.
With careers behind them and global mobility firmly within reach, the question is no longer whether to move abroad, but where life will work best in the years ahead.
Hoxton Wealth’s U.S. Retirement Destinations report examines this shift through the lens of executive-level U.S. retirees – typically former CEOs, senior partners, and business owners with investable assets exceeding $1 million.
Rather than focusing purely on affordability or lifestyle appeal, the report looks at the practical realities that shape long-term liveability overseas.
The findings reveal a clear change in how retirement decisions are being made.
Retirement Abroad Has Become a Governance Choice
Climate, culture, and scenery still matter, but they are no longer decisive on their own. Today’s retirees are approaching relocation with the same discipline they once applied to complex professional decisions.
Across the highest-ranking destinations, three priorities consistently stand out:
- Predictable legal and regulatory frameworks
- Reliable access to high-quality healthcare
- Political and economic stability that supports long-term planning
This helps explain why well-governed, institutionally strong countries continue to score highly, even when costs are higher or visa routes are more restrictive. For retirees used to operating in structured environments, predictability often outweighs short-term savings.
English-speaking destinations such as Australia and New Zealand continue to appeal for this reason. While geographically distant and not always inexpensive, they offer strong rule of law, low crime, familiar legal systems, and seamless day-to-day integration.
Europe Remains Attractive With More Complexity Than Before
Southern Europe continues to feature prominently in retirement conversations, with Portugal, Spain, and Italy all scoring highly for lifestyle, healthcare, and safety. However, the report highlights that these destinations now require a more nuanced assessment than in the past.
Portugal, long viewed as a straightforward retirement solution, remains highly liveable and affordable by Western European standards.
Yet recent changes to its tax regime mean it no longer offers universal advantages, particularly for pension income. Bureaucracy and documentation requirements can also be more demanding than many retirees expect.
Spain delivers excellent healthcare, a relaxed pace of life, and strong travel connectivity, but wealth and inheritance taxes vary significantly by region.
Italy offers compelling flat-tax regimes for foreign residents and retirees, alongside rich culture and lower costs in certain regions, though administrative processes can be slow and fragmented.
The message is not that Europe has lost its appeal, but that successful moves now depend on aligning residency, taxation, and estate planning well in advance.
Low-Tax Destinations Still Attract – With Clear Trade-Offs
For retirees placing tax efficiency at the centre of their decision, jurisdictions such as Dubai, Singapore, and Monaco remain compelling.
Dubai stands out for its absence of income, capital gains, and inheritance taxes, combined with world-class private healthcare, infrastructure, and safety.
Residency pathways are clear, English is widely used, and daily life is designed around expatriates. The trade-offs are well known: extreme summer heat, no pathway to citizenship, and a lifestyle that may not suit everyone long-term.
Singapore offers similar strengths in governance, safety, and infrastructure, alongside a highly favourable tax environment for foreign income.
However, housing costs are high, residency routes are limited for retirees, and the city-state’s intensity can be a drawback for those seeking a slower pace.
These destinations work best when retirees are comfortable with the cultural environment and view tax efficiency as a primary objective rather than a secondary benefit.
Familiarity Still Matters – Even Without Tax Advantages
Despite lacking a dedicated retirement visa, the United Kingdom continues to attract U.S. retirees seeking cultural familiarity, strong institutions, and global connectivity.
Shared language, legal transparency, and access to world-class services offset higher living costs and increased tax complexity for some.
Switzerland occupies a similar space. It offers exceptional safety, healthcare, and political neutrality, alongside sophisticated financial infrastructure. However, high costs, discretionary residency processes, and wealth taxes mean it is best suited to retirees who prioritise stability and certainty over affordability.
In both cases, the appeal lies less in tax efficiency and more in institutional confidence.
The Bigger Insight: Retirement Is a Strategic Project
A consistent theme runs throughout the report: successful retirement relocation is rarely driven by a single factor.
The highest-ranked destinations balance lifestyle with institutional strength, flexibility with predictability, and personal preferences with long-term planning considerations.
Visa access, healthcare eligibility, taxation, and estate planning all interact in ways that can either simplify life or create ongoing complexity.
For U.S. retirees in particular, global moves must also sit alongside continuing IRS obligations, FATCA and FBAR reporting, and cross-border estate considerations. These issues do not disappear at retirement – they often become more important.
Aligning With Lifestyle
Retiring abroad is no longer a lifestyle experiment. For today’s globally minded American retirees, it is a long-term governance decision that deserves careful, structured planning.
The right destination is not simply the most affordable or the most fashionable. It is the one that aligns with how you want to live, how your wealth is structured, and how confidently you can navigate the system once you arrive.
You can download the full report here.
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