The 7 Most LGBTQ-Friendly Countries for Retirement

Our world is getting more broad-minded and tolerant of diversity but before making a life-changing decision to retire abroad, it’s crucial to be 100% sure that the country provides support and respect for your identity.

There are many countries to retire in, but for LGBTQ+ people, choosing the right destination is a tough grind. The quest gets even more difficult when you’re a high-net-worth individual.

It comes down to two questions: what are the most LGBTQ-friendly countries in the world? And where should I retire if I have more than US$1 million in my bank account?

Let’s break down the answers to these questions. 

The Most LGBTQ-Friendly Countries in the World

Here’s our list of the most LGBTQ-friendly countries where you can retire without worries for yourself or your assets.

1. Spain

Spain is one of the most LGBTQ-friendly countries in the world and leads our list for a couple of reasons.

It was one of the first countries to legalise same-sex marriage in 2005, and since then, it has been actively supporting the LGBTQ+ community. Furthermore, Spanish people are open-minded and tolerant, respecting other people’s right to self-identity.

In fact, the biggest pride parade in the world is held in Madrid. But the Spanish capital is not the only place where LGBTQ people feel they belong. Other Spanish cities, like Barcelona, Sitges, Ibiza and Benidorm have a welcoming atmosphere and are very LGBTQ-friendly.

LGBTQ Rights

In Spain, same-sex relationships have been legal since 2005 and LGBTQ discrimination is punished by law. The Spanish government has also actively supported the LGBTQ+ community and approved a new bill on the rights of transgenders as of June 2022.

Multiple LGBTQ-inclusive laws aim to represent the community better and ensure equal treatment in many fields − employment, education, access to goods and housing services.

Cost of Living

Spain is a beloved destination for retirees. Warm weather, delicious paella and low cost of living. What else do you need for a perfect place to live?

In terms of cost of living, you’ll indeed spend less than in the U.S., Canada or Australia, but the overall sum will depend on your lifestyle. You could technically live on US$1,000 per month, but you’ll certainly want to spend more to enjoy what Spain has to offer.

You can further expect to save on healthcare costs, as you’ll have access to free public healthcare once you become a resident.

Of course, for those who prefer private treatment, Spain has multiple options to offer.

Business Environment

We know your ultimate goal is to retire. But we assume that as a high-net-worth individual, you still want your money to work to your benefit. That’s why Spain could be an excellent destination for this purpose.

Spain actively encourages foreign investment and possesses a well-rounded economy, a large domestic market and liberal capital movement policies. These factors contribute to Spain’s position as the third-largest market in the EU for investment opportunities.

If you want to retire in Spain, the best option might be to get Spanish residency through a Non-Lucrative Visa.

2. The Netherlands

The Netherlands stands as a global leader in LGBTQ+ rights, having been the first country in the world to legalise same-sex marriage in 2001. 

This progressive stance extends even to the Dutch monarch,as they have the right to marry a person of the same sex without renouncing the throne.

The capital, Amsterdam, has a lively gay scene. You’ll never feel alone with an abundance of gay bars, a vast Pride Parade celebration and an active queer community.

People in the Netherlands support the LGBTQ community. In fact, according to research, the Netherlands is in the world’s top five most accepting countries.

LGBTQ Rights

Everybody should have a right to be themselves. That’s the official position of the Dutch government, which we believe tells a lot about the political environment and safety in the country.

The Netherlands law prohibits discrimination based on sexual orientation, making it one of the safest countries for LGBTQ people to live in. Recently, the Dutch Parliament also proposed a bill to ban conversion therapy.

Cost of Living

With its picturesque canals, diverse multicultural community and rich history – the Netherlands is a great place to retire. 

It may not be the cheapest country in Europe, but it will still be affordable if you move from the U.S.

You can expect to live comfortably on around €1,900 per month, covering accommodation, food and other expenses. This works out to about half of what you’d need to live the same quality lifestyle in New York. 

Life in the Netherlands has many advantages, and a high-class healthcare system is one of them. The Dutch government spends 10% of its GDP on healthcare to ensure access for everybody.

Remember that you must obtain healthcare insurance if you move to the Netherlands. A premium insurance package will cost you €120 per month.

Business Environment

The Netherlands also has one thing we value at Nomad Capitalist – the entrepreneurial spirit.

With its strategic location for foreign investors, the Netherlands is a ‘gateway to Europe’. And the fact that it’s an English-speaking country (well, as a strong second language) makes it easy to manage business deals and network.

The only tricky part is getting the actual residency. You must invest at least US$1.25 million in a Dutch company or a government-approved fund. An additional requirement is that your investment should create ten job opportunities in the next five years.

Once you sign up for that, you get a three-year residence permit. But considering that the Netherlands has one of the highest taxes, we would think twice before making this decision. 

If you want to learn more, we have a detailed article about how to get a second residency in the Netherlands.

3. Sweden

Another place that you could consider for your retirement is Sweden. Over the decades, this country has put a lot of effort into ensuring that the LGBTQ community has the same rights as everyone else. 

Same-sex couples are now free to marry, adopt kids and live a happy and fulfilled life in Sweden. Swedish society is open and inclusive, allowing LGBTQ people to cherish the freedom to be who they really are.

In the past few years, Sweden has also excelled at promoting LGBTQ tourism. Many people come to Sweden from abroad to participate in the world’s largest Nordic Pride Parade and explore famous gay scenes.

In 2019, this destination was so popular among tourists that Sweden earned recognition as the most LGBTQ-friendly country in the world.

LGBTQ Rights

Sweden’s commitment to LGBTQ+ rights goes beyond legal protections. As we already mentioned, same-sex marriage is legal in Sweden, but the government keeps actively fighting for equality while challenging discrimination, particularly advocating for transgender rights.

And you can see the government’s clear position on that matter in its actions. The Swedish Prime Minister annually attends pride parades to assure support to the LGBTQ community, while in 2021, the Swedish government proudly appointed the first transgender minister.

Furthermore, Sweden allows people to change their legal gender without requiring gender reassignment surgery, recognising the importance of self-determination and bodily autonomy.

Cost of Living

Retiring in Sweden has plenty of perks. The Swedish healthcare system is great and ensures timely access to medical treatments. We guess that’s why people in Sweden live up to 82 years.

Yes, it is quite expensive to live there, but the quality of life you may have is one of the highest worldwide. And the cost of living in Sweden is still almost 9% lower than in the US, so you don’t need to break the bank to move there.

Business Environment

Sweden is a fantastic place to invest your hard-earned money. Just look at the data – Sweden is Europe’s fourth most attractive market for foreign direct investments. In 2021 alone, foreign investments increased by 25% compared to the previous year. Not bad, right? 

Besides, if you decide to take Swedish citizenship one day, you’ll win a lucky ticket. According to our Nomad Passport Index, a Swedish passport has a first-class reputation worldwide.

4. Switzerland

For a long time, Switzerland was falling short in terms of LGBTQ rights compared to its European partners. But tremendous progress was achieved in July 2022 when Switzerland leg​​alised same-sex marriage. Fast forward a few years and same-sex couples can even adopt kids.

Switzerland may be a newbie from the legislative point of view but don’t be misled by that. According to the LGBTQ Equality Index, Switzerland proudly ranks high as one of the most LGBTQ-friendly countries globally. And if you take a look at the Swiss capital, it makes sense why.

Zurich has been an LGBTQ+ hub for many years, providing a safe environment for gay people. It has multiple LGBTQ+ events, gay bars and restaurants where queer communities gather together.

As of 2024, Zurich’s annual pride parade has been attended by more than 100,000 people, turning up to celebrate love and bring more attention to transgender rights.

LGBTQ Rights

The decision to legalise same-sex marriage was long-awaited, even though romantic attraction to a person of a different sex has been allowed since 1991.

Today, Swiss law prohibits any form of discrimination based on sexual orientation. In addition to same-sex marriage, gay people can serve openly in the army, and transgender people can easily change their names and sex in the documents.

Cost of Living

Switzerland may not be your ideal destination if you want to retire on a budget. But if your goal is to maintain the luxury lifestyle you’re used to, it might be where you are treated best. 

Accommodation is a significant expense, with monthly costs ranging from €800 for modest options to €4,000 or more for luxury apartments or villas. To maintain a comfortable lifestyle and enjoy the many luxuries Switzerland offers, expect to budget at least €3,500 per month.

However, the cost of living is balanced by the exceptional quality of life.

With world-class restaurants, exquisite housing and superb healthcare, high-net-worth individuals retire in Switzerland with great pleasure. That’s probably why 25% of people living in Switzerland are foreigners.

Business Environment

At Nomad Capitalist, we’ve been keeping a close eye on Switzerland for a long time. High-quality of life, an efficient banking sector and increasing interest in cryptocurrency make Switzerland a dream destination for retirees who still want to make a profit.

To top it all off, high-net-worth people can benefit from its favourable tax system. To learn more, read our article about taxes in Switzerland if you want to learn more.

5. Malta

Malta is another destination that is one of the most LGBTQ-friendly countries in Europe.

For a country with strong Catholic roots, it has a very progressive attitude toward gender identity, the LGBTQ+ community and same-sex marriage. For that reason, Malta has been leading the Rainbow Europe chart of the EU’s LGBTQ-friendly countries since 2016.

Maltese people are known for their hospitality and kindness, and with the diverse gay scene that Malta has to offer, you’ll feel welcomed regardless of your gender identity.

In addition, Malta has a robust non-governmental sector that actively promotes LGBTQ rights and brings LGBTQ people together.

LGBTQ Rights

Malta legalised same-sex marriage in 2017, granting same-sex couples the same rights as heterosexual couples, including the right to adopt children. 

Besides, Malta was the first European country to criminalise conversion therapy. It also has an anti-discrimination law prohibiting discrimination against gay men and queer communities.

Cost of Living

Malta is a great retirement destination. This peaceful Mediterranean island has everything you need to live a carefree life: low cost of living, beautiful nature, excellent healthcare and delicious cuisine.

If you decide to retire in Malta and want to maintain the same quality of life as in the US, you could do it on €1,500 per month. 

Business Environment

Malta may be a tiny island in Eastern Europe, but it has multiple privileges for high-net-worth individuals. 

It’s a politically and economically stable country that doesn’t tax foreign income and you can conduct business deals in English.

The country has a new Maltese Exceptional Investor Naturalisation (MEIN) that may appeal to you if you want to purchase real estate on the Mediterranean coast. Or, you can check out our guide on Malta residency here.

6. Argentina

So far, we’ve been talking mostly about Europe, but now let’s switch the focus to other parts of the world. If you’ve been dreaming of retiring in Latin America, then Argentina should be on your radar.

Argentina has been an LGBTQ advocate for a very long time. Despite being a religious country, same-sex relationships in Argentina had legal recognition already in 1887. And since the first gay pride in Buenos Aires in 1992, Argentina has successfully protected and expanded its LGBTQ community.

When you move abroad, it’s good to know that you can find like-minded people who share your values. And we’re pretty sure you won’t have any problem with that in Argentina.

Buenos Aires is a mecca for LGBTQ people, holding the biggest gay pride parade in Latin America every year. And its vibrant gay scene brings in people from all over the world.

LGBTQ Rights

Argentina is an LGBTQ-friendly country where you will feel comfortable regardless of your sexual orientation. It was the first country in South America to make same-sex marriage legal and to grant adoption rights to same-sex couples. 

People in Argentina are tolerant toward the LGBTQ community, and poll results reveal that pretty clearly. According to the data, 82% of respondents support same-sex marriage, and 73% believe that same-sex couples should have a right to adopt kids.

Cost of Living

Argentina is a popular retirement destination due to how it combines a great European-like lifestyle and a low cost of living. 

With its warm climate, excellent healthcare‌ and delicious cuisine, Argentina serves as an attractive setting for retirement.

Considering that accommodation and food in Argentina are not expensive, you can live with US$1,000 per month, even in the multicultural and buzzing capital of Buenos Aires.

Business Environment

We’ll be honest with you – from a business perspective, Argentina is not the best option. High inflation and economic uncertainty don’t create a fertile ground for investments.

However, we should admit that its banking system is pretty resilient and sound. What you should keep in mind is that opening an offshore banking account in Argentina comes with plenty of obstacles. You’ll have to pay high taxes to the government and banks, and exchange rates aren’t the best.

The good news is that obtaining a retiree visa in Argentina is a piece of cake. You just need to prove that you receive US$260 each month, and you get a one-year visa with the possibility to renew it for two more years.

7. South Africa

And the last country on our Nomad Capitalist list of LGBT-friendly countries is South Africa. It may be surprising, but this country has a very progressive approach toward LGBTQ rights. And, actually, always had.

In 1996, South Africa did something unbelievable that nobody had ever done before. It made amendments in the Constitution to prohibit discrimination based on sexual orientation and became the leading country in the world to guarantee equal rights to gay and lesbian people.

And if you look at the LGBT Equality Index, you can see how much South Africa has achieved since then. Same-sex marriage is legal, non-binary gender is recognised and housing discrimination is prohibited.

South Africa proudly holds the 27th position as the most LGBTQ-friendly country in the world, trespassing many other Western countries like Portugal and Italy.

In addition to LGBTQ rights, South Africa also has a plethora of gay scenes where you can be yourself.

LGBTQ Rights

South Africa is the only African country that decided to legalise same-sex marriage, and in terms of legal rights, it’s a great place for LGBTQ+ people. In big cities like Cape Town, you can feel safe and enjoy your freedom to be your true self.

Cost of Living

South Africa may be a unique and even extraordinary place to spend your retirement. Its nature is terrific, and its traditional cuisine is insanely delicious. The country’s cost of living is half the sum you would pay in Chicago, for example. So, there is no reason to say a clear no to all that.

But we wouldn’t recommend settling down there. The weak economic environment and poor healthcare accessibility don’t make it a perfect retirement destination.

What you can do is spend several months enjoying everything this country has to offer, but putting down roots is probably not the best idea.

Business Environment

South African passport is in the top 10 most powerful African passports, but its business environment is not the best for planting flags.

Yes, it’s an English-speaking country with an important geographical location, and many entrepreneurs move their business there. But there is always the nasty ‘but’.

The political environment in South Africa is unstable; opening a bank account is extremely difficult and interest rates are insanely high.      

A Note on Cape Town

It’s worth highlighting Cape Town specifically as a potential haven within South Africa. 

Its strong local government actively combats corruption and violence, creating a safer and more stable environment than other areas of the country. 

Furthermore, it is praised for its stunning natural beauty, cleanliness and high quality of life, which is why it consistently ranks among the most beautiful cities in the world. 

These factors make it a highly attractive option for LGBTQ people seeking a welcoming and secure place to retire and do business.     

Find the Best Country to Retire

As you can see, many countries on different continents can become your new home. And we hope that with our list of the most LGBTQ-friendly countries, you can make the right decision.

Retiring abroad is a significant decision that requires a holistic plan. This plan should encompass everything from securing residency or citizenship and dealing with tax implications to finding suitable housing and healthcare options.

Here at Nomad Capitalist, we help high-net-worth individuals to retire abroad absolutely worry-free. You tell us what you want, and we will find what works best for you. So, feel free to reach out to us, and we’ll make sure that your retirement abroad exceeds your expectations.