With fewer responsibilities in retirement, good healthcare systems around the world and cheaper airfare, more retirees than ever are seeking fulfillment through travel in the next exciting stage of life.
Taking example from the 3 most popular places for UK retirees, here’s what to expect if you were to take the leap and change up your life today.
Portugal is a very popular location for retiring UK nationals and this can be attributed to the agreeable climate, relatively cheap standards of living and excellent healthcare system. At the present, both the UK and Portugal are in the EU, which means that UK nationals are entitled to retire in Portugal, and eventually apply for permanent residency.
Portugal’s government also supports foreign retirees with their Non-Habitual Residency programme. Meaning that you won’t pay tax on most income sources including your pension for 10 years if you gain residency and spend at least 183 days of the year there.
An added benefit here is that Portugal’s healthcare system, leading in terms of world standards, is also very accessible for UK nationals as part of the National Health Service. So you’re health will be looked after at a time where it’s becoming more important than ever.
As another EU nation, France is also a particularly popular place for UK retirees as your don’t need a visa to retire there while the UK remains within the EU. However, there are other things to consider like registering your residence, which the French government does provide information about.
The costs of living are somewhat high, but you can often find everything you need relatively comfortably. When it comes to spending in France, the only accepted currency is the euro, so you’ll need to open a French bank account if you’re coming from the UK, and transfer your funds (including your pension) with a trusted provider like OFX.
Up until the UK leaves the EU, you can also expect to be charged in full for any care provided without a European Health Insurance Card (EHIC), so it’s common for expats to secure health or travel insurance before setting off to France.
Mexico is a very popular location for expats from all around the world, with sun, sandy beaches and a relaxed lifestyle key draw points for many, especially those from the sun-scarce UK.
Immigration rules in Mexico have seen some dramatic changes in recent years, but there are options for UK nationals seeking a visa. This includes a visiting visa (for trips of less than 180 days), working visa if you have an employer in Mexico, or permanent residency for those who’ve decided to make Mexico the new home.
The quality of healthcare in Mexico is also high, and relatively inexpensive. Retired expats can have access the the ‘Seguro Popular’ as part of the wider healthcare system in Mexico. However, given that the public hospital system can often be overcrowded many also opt for the choice of investing in health insurance while in Mexico.
Wherever you decide to go, you’ll need a secure and simple way to move your funds across the world, whether this be your savings, or your pension. With OFX, you can rest assured that your money is in safe hands with 24/7 support over the phone, so you can talk to a real person to sort out your transfer needs.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.