Overseas Property Articles
Retiring Abroad
Traditionally British retirees have left the UK to bask in the sun drenched southern European coasts such as Costa del Sol, the Algarve. Tuscany, Cyprus and Malta have also been firm, familiar favourites. It is estimated that some 900,000 British pensioners live abroad. Today some young people in their fifties and sixties want to explore unfamiliar territories. A sense of adventure, coupled with the attraction of cheap flights and property is drawing them to Thailand and Goa. Meanwhile, American retirees are flocking to Belize, Mexico and Panama.
Why are they moving abroad?
The obvious reasons:
- A better climate, with guaranteed warm weather.
- Improved health.
- Lower cost of living.
- Wider range of leisure activities golf, walking, cycling etc.
The novel reasons:
- Learn a new language.
- Learn about a new culture.
- The opportunity to travel that they may not have had in their teens and twenties.
Deciding on a country, points to consider.
- Cost of living.
- Standard of healthcare.
- Availability of leisure activities.
- Language barriers.
- How easily you can fly back and forward from your “home” country?
- Climate in mid-winter and high-summer.
- Residence permit requirements.
- Property prices and maintenance costs.
How will you afford to live there?
You will need to calculate your incomings. Your main source of income may be your state pension. You will need to arrange to have this paid into a foreign bank account, which means it will be affected by exchange rate fluctuations. With regards to investments and savings, you need to seek expert advice in order to ensure maximum return from your investments. Off shore banking is popular with retirees as they offer tax-free, high-interest accounts and no withholding tax. However, they often have high minimum amounts and strict penalty clauses.
Preparing Yourself to Live in a New Country
- Do lots of research to find all the information you need. Try the expats forums on the internets, books, magazines.
- Make a will in your “home” country and another one for the assets in your new country.
- Visit the country at different times of the year.
- Perhaps, rent there before you decide to buy to decide if life there really is for you.
- Learn to speak the language of the country.
- Plan your finances carefully and be realistic about your budget.
- Be prepared to give it time. You won’t know instantly if you have made the right decision. To an extent, most people experience some culture shock. Some people may drift in and out of phases. To begin with you are on holiday and you go through a honeymoon period, next comes the settling in period which involves the realisation of the major upheaval that you are going through. This is often followed by a ‘flight’ stage where you just want to escape back home to your familiar surroundings and your current life can actually feel quite stressful. Some people adjust after six months, whereas some people don’t feel settled until they have been living in a country for two years.
- Have a back up plan in case it doesn’t work out.
Written by
Susan Pedalino
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