American eyes are smiling on Ireland as a retirement destination.
The super strong dollar coupled with a post-pandemic relaxation of travel restrictions has a record number of Americans traveling to Europe, and Ireland in particular. And it looks as if a number of those visitors are buying one-way tickets with the idea of retiring in Ireland.
Based on the latest statistics, they won’t be alone. Ireland is welcoming foreign nationals by the boatload (planeload, too) and already boasts more than 10,000 Americans currently in full-time residence.
InvestmentNews caught up with Joanna Murphy, co-founder and CEO of Reside in Ireland, to talk about why Americans may choose to retire in the Emerald Island.
InvestmentNews: Why would Americans want to retire in Ireland?
Joanna Murphy: Ireland marries a combination of a highly educated population with economic opportunity and open, inquisitive people, which has resulted in the country being ranked as one of the best places to live in the world. The United Nations Human Development Index ranks Ireland second in the world for overall standard of living out of 189 countries; Bloomberg’s Covid Resilience Ranking positions Ireland as the No. 1 place to live in a post-Covid world; and The Economist Intelligence Unit positions Ireland at the very top of the Worldwide Quality-of-Life Index, stating that it 'successfully combines the most desirable elements of the new — material well-being, low unemployment rates, political liberties — with the preservation of certain life satisfaction-enhancing elements of the old, such as stable family life and the avoidance of the breakdown of community.'
We would argue that much of this quality of life comes not just from economic prosperity but also from our love of music, sports, art, hospitality, drama, literature, poetry, great food and a culture that feeds the soul and energizes our senses. We enjoy nothing more than ‘having the Craic’ with friends over a good meal or a pint of Guinness!
IN: Yes, Irish people are well known to be welcoming and wonderful, but what about the weather? Retirees generally prefer warmer climates.
JM: Ireland is known for its temperate climate — yes, we get some rain, but that’s what makes our landscape so green and lush — and the reason why we’re known as the Emerald Isle. Ireland is known for fairly mild winters — we rarely have very low temperatures and our summers are warm without becoming unbearably hot. Yes, you may experience four seasons in one day, but that’s what layers are for!
IN: What does it take financially to retire comfortably in Ireland? Is there a magic number?
JM: As a country with an excellent health care and public services infrastructure, Ireland can be surprisingly good value for those Americans wishing to retire and enjoy the quality of life as well as the beautiful environment. With short flights to anywhere in Europe for as little as $10, it is entirely possible to see the best of Europe on a low budget. Irish government advice is that for someone to retire very comfortably in Ireland, a couple would probably need to budget for €50,000 (US $51,611) per annum.
IN: How are the medical facilities? What is the quality of private health care?
JM: Ireland’s public health system provides health and social services for those ‘ordinarily resident in Ireland’ with many public health services free of charge and others with very reasonable fees, although there can be long waiting lists. Private health insurance is very affordable compared to the U.S. and provides speedy access to top-class facilities and services. The average cost of private health care for a retired couple is less than €2,000 per year.
IN: What are the residency requirements?
JM: Under the Stamp 4 permanent residency permission that applicants receive via the Immigrant Investor Programme, the full residency status is retained by only visiting Ireland for one day per calendar year. This minimal requirement allows mobile couples to travel freely and not be constrained by having to spend months of the year in the country. For those, however, who choose to actually relocate to Ireland, it is possible to apply for Irish citizenship after five years under the Stamp 4 permit.
IN: What are the chances an American retiree in Ireland gets to meet Bono? What about the Edge?
JM: If you live in Ireland, the chances of at least seeing any of the U2 bandmates in their local pub or out and about are very high! Many celebrities make Ireland their home as they are free to live their lives here, undisturbed by paparazzi for the most part; and while we like to make people welcome, we generally don’t treat famous people differently.
[More: 10 best places to retire abroad]
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