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Top 10 countries to retire abroad

Living in a place where the lifestyle and cost of living matches your financial situation

Are you ready to spend your golden years in comfort, style, and maybe even a bit of luxury? As a retiree, you’ll want to be able to live in a place where the lifestyle and cost of living matches your financial situation.

It goes without saying that before retiring in another country you need to thoroughly do your research. You need to know what it is like living there and how much it will cost. Do they have all your creature comforts and favourite products you want? Are there theatres, entertainment, sports, activities, and more? Is the healthcare system good? Getting older means more healthcare needs. Is the healthcare system affordable, or would you need to take out private health insurance?

It’s important to understand how your pensions might be affected. Will your pensions be payable into a local bank account? Can you move your pension overseas? Also don’t forget to look at the tax implications of living in another country other than your home country.

You’ll also need to consider what is the visa application and residency process for moving to this country? Make a thorough budget of your expected monthly living expenses to see if it is financially viable to relocate. Remember to factor in airfare costs for visits to family back home.

Many people dream of retiring abroad or travelling long term. We’ve provided a list of 10 destinations to consider for your golden years.

Portugal

While not yet quite as popular as its Iberian neighbour, Portugal is increasingly being seen as one of the premier retirement locations in Europe. Retiring in Portugal is, without doubt, the best choice if you’re not cut out for life in the developing world or the tropics.

It enjoys one of the most stable climates in the world and 3,300 hours of sunshine per year. This means sunnier days than almost anywhere else in Europe. Portugal’s Algarve region has 100 miles of Atlantic coastline, punctuated by jagged rock formations, lagoons, and extensive sandy beaches, many awarded coveted Blue Flags from the European Blue Flag Association.

Recent legislation allows resident foreign retirees to receive pension income in the country tax-free. The law also provides for reduced taxation on wages, intellectual property, interest, dividends, and capital gains under certain circumstances.

Mexico

Retiring in Mexico has always been a top choice for many Britons looking to escape the cold winters, stretch their retirement budgets, or seeking out an adventure. For many, Mexico offers many of the benefits of back home, without much of the hassle.

In the big cities, major expat and tourist areas most people speak English. If you move here you can get by without learning Spanish and be comfortable. If you move outside of these areas, you will find that most people speak only Spanish.

The Mexico health care system provides both public and private options. You can find at least one hospital in every mid-sized and large city. Plus, it is simple and straightforward to buy property in Mexico for foreigners. Yet, you need to do your due diligence and hire professional advice which is a must.

Italy

Italy is experiencing another renaissance and is one of the best places to retire in the world. But it’s not only retirees looking to move to Italy.

Certain corners of Italy can be among Europe’s best bargains. If you are looking for old world charm at an affordable price, Italy should be at the top of your list. About a third of Italians speak English. Italy’s health care is ranked one of the highest in the world. Citizens and residents have access to their National Health Service for free or at a low rate.

Italy is a cradle of Western civilization. It has more UNESCO World Heritage sites than anywhere else in the world. And what about the food? Italy is definitely the best place to retire for any food lover. The cuisine is world-famous, and each region has signature dishes and its own style of cooking.

France

Carefully planning your finances and retirement pension will enable you to make the most of living in France when you retire. With France’s climate, excellent food, wine and laid-back lifestyle, not to mention the excellent health care system, value-for-money properties and the fact that older people are really respected, France remains high on the list of dream destinations for expat retirees.

You’ll have to prove to the French authorities that you have a pension or other means of financial support, as well as a health plan to meet the cost of healthcare.

If you have a UK state pension, you can currently claim it in France and have it paid directly into a French bank account in euros without incurring any transfer fees or bank charges. Private pensions are normally paid in sterling into a UK bank account and you have to convert and transfer it into your French account.

Thailand

Considering it’s a diverse culture and geography, Thailand is one of the best places to retire in Asia. Thousands of expats from across the globe settle here each year. The diverse geography ranges from cool, misty mountains, to white-sand beaches. You can live in bustling, modern, super-cities or enjoy the slow pace of life in a small town.

You can be sure that wherever you choose to retire in Thailand, there will already be a few expats there to welcome you. One of the best reasons to choose retirement in Thailand is that you can get a retirement visa. Other types of expats will have to show proof of employment in the country or make repeated visa runs to stay.

If you meet certain income and requirements, you can apply for a retirement visa. This will take out some of these steps for you.

Spain

Spain remains well within the budget of many retirees and is one of the most popular retirement destinations, given its temperate climate, laid-back lifestyle and coastal attractions. It’s also a relatively easy place to settle, given the large English-speaking population.

It has incredibly diverse regional cuisine and you’ll be sure to find plenty to keep you active. There are many great benefits for expats retiring there such as a low cost of living and excellent affordable healthcare.

While private healthcare is popular among expat retirees in Spain, due to the often long waiting lists and high demands of services, the country does have a comprehensive and well-developed national healthcare system.

Malta

Malta is an increasingly sought-after retirement destination among expats these days and it’s no surprise why. Situated just 100 miles south of Sicily, the Mediterranean island offers an incredible charm, from its crystal-clear aquamarine waters to it’s stunning historic cities.

Malta, a string of three small islands in the southern Mediterranean, is one of the most affordable and historic places to retire in Europe. The country is home to some of the oldest human artifacts in the world and has been occupied by the Phoenicians, Byzantines, Ottomans and Knights Templar.

The language is English, crime rates are low and the health care is excellent. Malta does not offer a retiree visa, but its Global Residence Program amounts to one of the best residency opportunities in Europe. You can qualify simply by renting a place to live for as little as 800 euros per month.

The Dominican Republic

With an established expat community from across the world and a tropical climate, warm all year, the Dominican Republic is a place where you can enjoy the old town colonial living. In Santo Domingo, the city was originally founded by Columbus and is packed with centuries of rich history.

Today you can find a blend of European architecture and Latin lifestyle. This makes it one of the best places to retire anywhere in the world. The price of property in the Dominican Republic is still affordable and comes with some major benefits. The government is also investing in infrastructure within the country. Roads are improving all the time, while the Dominican Republic is also marketing itself as a medical and dental tourism location.

There is a generous residency program. The climate and beaches are one of the main attractions of living in the Dominican Republic. The white sand beaches are as good as you can find anywhere in the world. The waters are warm throughout the year, perfect for swimming, sailing and any number of other watersports.

Belize

Belize is a safe, welcoming, unassuming little country. The population values personal privacy, self-determination, and freedom, making it one of the best places to retire in Central America.

As well as a reef, ruins, rivers, and rainforest, Belize offers easy residency and tax-free living. It’s an English-speaking safe haven for both you and your money.

Belize is also a banking haven, one of the few remaining in the world. Every bank must maintain a minimum of 24% liquidity at all times, and its bankers respect bank secrecy. It’s one of the easiest places in the world to open an offshore account. This is yet one more reason to consider Belize for retirement.

Panama

Modern living, beautiful weather and friendly people sees Panama becoming increasingly popular amongst retirees. Many expats who are already there find themselves significantly happier and healthier after moving to Panama.

In particular they say the great food, slower lifestyle and luscious tropical landscapes allow them to easily escape the worries of the wider world.

Panama, of course, has one other major draw, you will not be taxed on foreign earnings while living there. This means you can collect your full UK pension without paying any income tax.

Congratulations are definitely in order

If you’re close to retirement and you’ve worked hard, done well for yourself and managed to build a sizeable nest egg, congratulations are definitely in order. The world is literally at your feet. To find out more, please contact Reeves Financial on 01403 333145 or email areeves@reevesfinancial.co.uk.

This is for your general information and use only and is not intended to address your particular requirements. The content should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. For Reeves Financial, published by Goldmine Media Limited, Basepoint Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire LU2 8DL Content copyright protected by Goldmine Media Limited 2017. Unauthorised duplication or distribution is strictly forbidden.

 

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

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Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex

Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

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Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

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