There is a growing trend involving British retirees and their fantasy of emigrating to foreign soil. It may have always been the dream to spend your last remaining years on a sun-soaked beach after a life time of work but many more Brits are making that dream a reality than ever before.
Some of the more popular destinations are, in ascending order: Spain, France, Australia, Ireland and Cyprus. These locations are all perfect for those awaiting a more pleasing climate as well as, in most cases, a more forgiving housing market.
There are some pitfalls though, that could turn the dream scenario into a nightmare. Here are some of the top tips to follow if you are thinking of retiring abroad:
Get an estimate of just how much you should expect from your retirement settlement, whether it be private or state, you can do this by visiting the directgov website.
Speak with a financial advisor who will explain clearly the best options for your retirement abroad and make sure you visit My Pension Expert online for extra advice.
Check with the Inland Revenue as to what UK tax liability if any, there will be on you migrating.
Prepare you budget for the healthcare systems in pace in the location of your choosing.
If you are looking to keep your home in the UK after moving abroad there are a few things you must do, if you are renting it out or if it will be standing empty make sure you contact:
- The Post Office with a redirection address
- Utility companies with the name of the new renters
- Local Council for council tax reasons
Make sure that if you are relying on a state pension your country of choice has a mutual agreement with the UK as moving to some countries, such as Canada and Australia, can result in you having your pension frozen or lost completely.