Retiring Abroad

Many people are now choosing to retire abroad to many different countries and this can be a tempting option. But of course there are a lot of things to think about before you pack up your bags and head off to sunny climates.

The most obvious one is probably where can you move?! As a UK national you have the right to live in any country within the European Union. If you want to move to a county that is not within the EU however, the first thing to do is to talk to the British consul in that country, and then to the foreign equivalent here in the UK. The majority of British people who decide to retire abroad tend to choose France as their destination, as it is close to Britain if they ever need to return and the climate is still a lot warmer than Britain but not too hot that it becomes unbeareable. There is also the Euro Tunnel and dover ferry crossings to transport your household belongings. Try the following sites for information regarding ferry prices, duration and routes;

Cross Channel Ferry Tickets (Dover)

Cross Channel Ferries (Check all destinations)

Euro Tunnel (dates and times)

Dover Tickets (Check Prices)

The next issue to address is that of your financial future, including tax, pension and any benefits. You first need to obtain a pensions forecast and this can be done by obtaining a form from either the jobcentre of HM revenue & customs. You will then need to ask revenue & customs about any tax implications that may arise from anything over your UK allowance. This will vary depending on your destination country. It is wise to seek independent tax advice about offshore banking if your plan is to retire abroad. The benefit of this is that it could reduce your tax liability (again depending on where you will be living). Finally, you need to inform your local social security office, national insurance contributions office and the department for work and pensions.

It is also very important to think about how moving abroad may impact on your health, especially if you are of retirement age. Are there any welfare rights issues you need to think about? Some of these are only payable within the UK. An obvious one is to think about the cost of healthcare in your destination country. You are also advised to take out medical and dental insurance in case you require private treatment or need to return to the UK for treatment. Finally, you need to inform your doctor, dentist and any other health professionals.

Your home and your family are probably the most important things you will consider from a personal point of view. If you intend to keep your UK home and rent it out you will need to let mortgage lenders and insurers know. You will also need to notify the local council and any providers of electricity, gas etc.

Finally, it is obviously very hard to leave family behind. Although in terms of travel, most destinations are only a plane ride away and in that respect the world has become a lot smaller, think about what you would do in times of emergency, such as the illness or death or a loved one. That said, if you are of retirement age you also need to consider your own health when deciding whether or not to make such a move.

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