Cyprus is one of the top 10 retirement destinations in the world

According to a research released on Wednesday by one of the UK's major life insurance brokers, Reassured, Cyprus is among the top ten nations for individuals to retire to, with a focus on cost.

The study considered a number of critical characteristics, including the country's yearly level of sunshine, average life expectancy, the related country's cost of living index, and the average cost of lodging.

Other considerations include the average cost of transportation in each country and the percentage of the overall population over the age of 65.

The study assigned a score to each of these six essential characteristics, combined them, and then ranked all countries from top to lowest, with the countries with the highest scores being best suited for an economic retirement.

Cyprus came in seventh place, ahead of Japan (8), Romania (19), Poland (23), Estonia (26), and Turkey (28).

“If sun is what you’re after in your retirement, then Cyprus is the destination for you,” the study noted.

“With a whopping 3,314.1 hours of sun annually, it’s practically summer all year round, and combining this with a reasonable cost of living index at 55.9, Cyprus is certainly cheaper than other Mediterranean locations,” it added.

However, the company noted that “Cyprus has a relatively low population percentage over 65, being just 14 per cent, and has a high accommodation cost of £598.78 on average per month.

“However, with a good life expectancy, these are small prices to pay for such a brilliant destination,” the study said.

Greece had the highest score, followed by Portugal, Malta, Italy, Spain, and Cuba, who rounded out the top six.

“Taking our number one spot is the birthplace of democracy,” the study said.

“Greece is already a popular retirement destination, so it’s no surprise that it came very high on our list,” it added.

Furthermore, with 2,773 annual hours of sunlight and the third-largest global population proportion over the age of 65, retirees would have little trouble finding decent company, according to the report.

“Greece is also home to snow-capped mountains, great food, and ancient history, giving you more than enough to explore now that you’re living a life of leisure,” the study noted.

“What’s more, with the average cost of public transport being £26.68 per month, you’ll be doing it on the cheap as well,” it added.

The research hailed second-placed Portugal as a classic location for both expats and seniors, with a plethora of retirement-friendly activities.

“Whether that’s taking your time practising on the golf course or unwinding with a glass of the Algarve’s best red, there’s always something to do on a sunny day,” the study said.

Finally, the survey found that Portugal ranks ninth in terms of yearly sunshine hours, with 2,806 total, making it one of the sunniest countries in Europe, trailing only Cyprus and Malta.

By fLEXI tEAM