Tempted to spend your retirement somewhere warmer, cheaper and more exciting than the UK or more obvious European destinations? Each of these caters especially well for retired expats, so you may find yourself spoilt for choice…

Costa Rica

Gorgeous unspoilt beaches, lush volcanic rainforests and a year-round tropical climate are qualities that appeal to almost anyone of any age, but this friendly Central American country has other great benefits for foreign retirees looking for an exotic home.

First and foremost, you don’t need a huge income to be allowed to live amongst this eco-embracing nation. Under its ‘pensionado’ scheme, foreigners need to prove a monthly income of just $1,000 (approx £750) to be eligible for a renewable two-year residency visa. And spouses can be included on the same application.

Permanent residence permits can be applied for after five years. Excellent medical care, which includes a highly rated national healthcare system, available to all permanent residents and citizens, as well as private options is an important tick for expats too.

Malta

A rare fusion of stunning historic architecture, superb beaches and a noticeable British heritage makes Malta particularly popular with retirees from the UK. It offers the chance to live in or near its wondrous World Heritage Site capital city, Valletta, while enjoying its balmy year-round climate. There are more traditional resorts, such as Marsaskala, as well as modern, hip areas such as St Julian’s, or quiet rustic villages in the interior.

Malta has a first-rate healthcare service, world-class leisure facilities and amenities, and for many new arrivals, often favourable taxation. Two popular routes for British people to move to this sunny Mediterranean archipelago are the Malta Retirement Programme and Global Residence Programme, both of which come with tax benefits.

For the former, income must primarily be from a pension while for the latter the applicant must prove financial self sufficiency. For each, applicants must also purchase a property in Malta, with a minimum value of between €220,000 and €275,000 depending on where it is in the archipelago. Renting is also an option.

Panama

Equally as appealing as neighbouring Costa Rica, stunning flora and fauna feature heavily in this tropical nation, one that has plenty to offer the more adventurous retiree. Panama City is especially popular for its whizzy, metropolitan lifestyle with a strong American influence, but other slower-paced, more Hispanic feeling cities, such as Boquete and Coronado, are favourites with foreign expats too.

Panama’s ‘pensionado’ visa is even more inviting than Costa Rica’s. Also requiring a monthly income of only $1,000, it also entitles holders to a range of discounts and exemptions on daily life items, such as the import of household goods, utility and dental bills and even leisure services.

And if your monthly income or pension is between $750 and $999 all is not lost – you could still qualify by purchasing local property worth at least $100,000.

Thailand

No longer just a stop-over for young-at-heart travellers or gap-year students, the exotic and very affordable lifestyle in Thailand is increasingly attractive to free-spirited retirees. For more urban types, it offers exhilarating cities, such as Bangkok, Chiang Mai and Pattaya, while its famous islands, in particular Phuket, Koh Samui and Koh Phangan, are idyllic tropical beach destinations.

Amongst the more far-flung destinations preferred by retirees, Thailand is one of the most affordable. Stick to local markets and dine out on delicious street food and a monthly budget of $800-$1,200 should deliver a comfortable lifestyle including healthcare.

Thailand has a retirement visa for foreigners aged 50 or over. A key requirement is having THB 800,000 (approx. £18,000) in a Thai bank account or proof of a monthly income of 65,000 THB (approx £1,500), or a combination of the two.

Cyprus

Like Malta, this sunny island in the easternmost corner of the Med has an obvious colonial past, which has helped it remain a firm favourite with British retirees. Cyprus has everything you’d want from a beach island destination, from beautiful stretches of sand and friendly communities to traditional villages and that laid-back Cypriot lifestyle.

Now throw into the mix the legacies of its days under British rule, including English being widely spoken, driving on the left, English civil law and its easy to see why so many expats feel immediately at home there. Not forgetting it offers year-round sunshine.

The most affordable route to getting residency in Cyprus is through its renewable Category F visa, which does not allow you to work. Applicants need to show a yearly income (from abroad) of at least €9,568, plus €4,613 for each dependent person, and deposit €15,000-€20,000 in a Cypriot bank.

Typically, a Category F visa takes around a year to be processed, but often longer, after which you are granted permanent residency status. A more expensive but faster route to permanent residency is through the investment visa, which requires a higher income and requirement to invest in a property worth €300,000.

Cyprus also offers strong financial incentives to foreign pensioners, who can choose to have their pension income taxed at a fixed rate of just five per cent, with the first €3,420 (£2,923) completely tax free.