A beautiful European country has been named the best place for pensioners to retire. New research from Global Citizen Solutions, an investment migration consultancy firm, found that Spain is the best overseas retirement choice for US nationals.

The firm’s Global Intelligence Unit’s Retirement Index considers factors such as living expenses, healthcare and retirement visa options. Spain took the top spot, beating Portugal at number two, Costa Rica at number three, Uruguay at number four and Mexico at number five.

The country has long been popular among European expats due to its climate, strong community ties, low cost of living and vibrant culture.

The cost of living in the US is 75% higher than in Spain, according to the price comparison website Expatistan. The site says that Madrid is 67% cheaper than New York, 49% cheaper than San Francisco, 46% cheaper than Miami, and 39% cheaper than Los Angeles.

Spain came second in terms of healthcare, fifth for climate, and sixth for distance from the US. Despite the prevalence of pickpockets in Madrid and Barcelona, it came seventh in crime.

Global Citizen Solutions suggests that a single person can live in the capital for around £1,500 to £1,888 per month – the equivalent of €1,765 to €2,207.

It adds that you can rent a one-bedroom apartment in central Madrid for £998 per month.

Now that the Golden Visa is suspended, the only real option for pensioners who will not be working is to get a non-lucrative visa (NLV).

In order to be eligible, you need savings or a passive income of £24,700 per year or £30,900 for a couple. You also need to have private health insurance.

The number of American expats moving to Spain increased by 10,000 over two years, a 25% increase. Many credit recent moves to avoid Donald Trump’s presidency.

Americans moving to Spain will join the 285,000 British expats already living there, and the other 8.6 million foreign-born individuals who reside in the country.