The best value destinations for Brits retiring abroad

Playa de Las Teresitas in Tenerife / Canary Islands and Santa Cruz in the background.
Playa de Las Teresitas in Tenerife / Canary Islands and Santa Cruz in the background.

Brexit hasn't killed off our desire to retire overseas. The draw of better weather - combined with a lower cost of living and a slower pace of life - means we're as keen to retire in the sun as ever. A new study has revealed the best value for money destinations for Brits looking for an overseas retirement.

See also: Brexit expat pensioners to cost NHS £500m more a year

See also: Labour backs fight against state pension freezes faced by some expats

The study, by International Currency Exchange found that the most common reason for wanting to retire overseas is for better weather. Some 76% of people listed this as a major motivation. It's hardly surprising given that there were just 1,432 hours of sunshine recorded in the UK in 2016 - and average temperatures of 9 degrees.

Money matters came next on our list of priorities, with 74% of people mentioning cheaper living expenses, and 68% saying they were attracted by better value for money on property. The rest of the top five was rounded out by a slower pace of life and better health.

If you're after a value-for-money destination, the study revealed the top ten best destinations:

1. Tenerife (Santa Cruz). The large expat community, year round good weather, and affordable housing, makes this a popular spot.

2. Lanzarote (Arrecife). The attractions of Arrecife mean there will be plenty of other British expats to socialise with - while you enjoy the cheaper lifestyle and more affordable housing

3. Portugal (Lisbon). This offers some incredible weather, in the heart of an international city. The housing is affordable, and you can choose to throw yourself into Portuguese life, or track down the expatriate community.

4. Panama (City). More adventurous retirees can enjoy a much lower cost of living, and around 1,000 Brits currently do. Much of the country is bi-lingual, offering an alternative to the traditional retirement destination, without being too much of a culture shock.

5. Greece (Corfu). The weather, the expat community, and the idea of living a holiday lifestyle all year round is appealing. The more affordable lifestyle is also a big draw - despite the fall in the value of the pound.

6. Malta (Valletta). The weather is a major attraction here, and the towns around Valetta offer affordable living, cheap property, and a slower pace of life

7. Spain (Madrid). There is a big and busy international population in Madrid. Property prices have fallen to represent great value, and although the cost of living has gone up as the value of the pound has fallen, those who want a buzzing retirement will feel very at home.

8. France (Paris). Anyone who has ever visited Paris will know that affordability isn't always the city's strong point. But if you're after a lively international crowd, it has an enormous amount to offer

9. United States of America (Orlando). The combination of the weather, cheap housing, and the fact that the English language makes life a doddle, are all big draws. It's worth getting to grips with the impact of state pensions regulation before you consider the US, however, as your state pension will be frozen on the day you retire overseas.

10. Australia (Sydney). The weather and the cultural attractions are major draws - despite the fact that housing is incredibly expensive, life isn't all that cheap, and your pension will be frozen. However a city on the beach with fantastic weather will have plenty of expat fans who are happy to pay the price.