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RETIRING ABROAD Retiring Abroad
Realising the dream of retiring overseas takes a considerable amount of planning. Overseas retirement is a complex business and there are several matters that should be considered, we have tried to explain a few:
- Retirement Income & Living Abroad
- Taxation & Living Abroad
- Health Care & Living Abroad
Retirement Income & Living Abroad
Obviously, retirement income is rather important! After all, without those pennies you can't live let alone enjoy your overseas retirement. When retiring abroad you must have sufficient retirement income to take care of day-to-day expenses and incidentals.
Careful forward planning of your investments is essential to give you a sufficient retirement income. For instance, if you are planning retiring overseas over the next five years, you should really start switching your offshore funds now. Several providers offer collective investment funds offshore giving you a great opportunity to reorganize your portfolio to meet your changing needs.
Taxation & Living Abroad
It is important to consider a number of tax implications when retiring overseas. Many wrongly assume that they will not pay taxes once they have moved abroad. If only this were true! Tax laws vary considerably from country to country and may also apply to any world-wide assets in addition to those in the country of residence - it is important that you learn these things before you consider which Country to move to. National laws that govern inheritance and gifts tax may vary and may be payable on transfers between spouses and for worldwide assets.
Here at Offshore Boffin we have catalogued a list of tax havens to enable you to find the best one to suit your needs. However, we would also recommend that you find a competent financial advisor and discuss this with him/her before retiring abroad.
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Health Insurance & Living Abroad
Most UK nationals who are living abroad in another country are not entitled to free NHS health care, so you are not advised to return home for the purpose of obtaining treatment, as you would normally be charged for the privilege. Make enquiries before retiring overseas as to the various benefits you are entitled to.
Many expats opt for health insurance, with the most expensive, comprehensive policies costing up to £3,000 per couple in Europe. A couple retiring to the USA would expect to pay at least twice that amount for the most comprehensive policy.
A couple over age 65 retiring to the Usa or Canada could pay up to £10,000 for fully comprehensive health insurance. It is important to shop around to ensure that you get the best deal.
On top of health insurance you will need to budget for dental insurance. Some dental insurance can be added to International Medical Cover.
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