The Land of Smiles is the perfect place to spend your golden years. The Expatriate Group, an international insurance provider, ranked Thailand as the second-best country in the world for people retiring overseas in its annual Retirement Abroad Index.

The London-based insurance company said the Kingdom was an attractive destination for retirees because of its healthcare system, accessibility to insurance, and affordable cost of living. Thailand ranked well ahead of every European country including popular retirement destinations, such as Portugal, Spain and France.

"Thailand's healthcare system is one of its greatest strengths," Expatriate Group writes. "The country offers access to internationally recognized private hospitals, particularly in Bangkok, Chiang Mai, and Phuket. These facilities are renowned for their high clinical standards. Although healthcare quality can be less consistent in rural areas, retirees based in the country's main cities have access to some of the best private healthcare in Asia."

The ranking came as no surprise to expatriates already living in the Kingdom or to the Thai media.

"For anyone already living in Thailand or considering the move, the ranking confirms what many long-term expats have been saying for years: the combination of high-quality private healthcare, manageable living costs, and an established expatriate community is difficult to match elsewhere," The Thaiger wrote in its report on the rankings.

The Expatriate Group evaluated 20 countries in compiling this year's Index. The Philippines took the top spot, edging out Thailand by a single point because of its simpler visa procedures and the wider use of English.

Nonetheless, Thailand earned 77 out of 100 points in the Index's scoring system. Healthcare was the Kingdom's strongest category, earning a perfect 20 out of 20 points  for its accessibility, quality and affordability.