Finance

Best places to retire abroad

By: Alessandra P on January 10, 2013 @ 9:57 pm.

So, you have worked hard for over 30 years and are tired of doing the same things and seeing the same people

retire abroad

everyday. Have you ever considered retiring abroad?

According to the Institute for Public Policy Research, over 1 million British pensioners are currently living abroad and most of them do not intend to go back to their old life.

If the idea of retiring abroad appeals to you, there are a few factors you should consider before relocating, such as cost, climate, health care, retirement programmes, hospitality and lifestyle.

Countries like Spain, France, Italy and Greece have recently opened their doors to pensioners and offer various programmes aimed at helping them settle in their country.

Moreover, these countries are known for their fantastic food, fascinating history, breathtaking architecture, charming culture and sunny weather, which is probably why they figure at top of many people’ wish list.

The downside? Southern Europe has become very expensive in the last few years and, unless you can afford to pay over € 700.000 for a house in Tuscany, you had better consider less pricey retirement destinations, such as Portugal (the cheapest country in Western Europe), Panama, Belize, Thailand, Malaysia, Brazil, South Africa, Indonesia, Venezuela or Turkey.

If affordability is a major factor to you, the good news is that Panama offers an excellent retirement programme which allows pensioners to get by on around £ 70 a week. Not bad, huh?

Consider that wealthy countries usually require retirees to prove a monthly income of at least £ 1.500, while developing nations are less demanding.

USA, New Zealand and Canada, in particular, have enforced their immigration laws, making it nearly impossible for retirees to obtain a retirement visa, unless they have enough money to qualify for an investment-based visa.

Regardless of your final decision, it is very important that you do not relocate straight away. According to Ken Budd, travel editor of AARP, if you have a particular location in mind, you should spend some time there and see what it’s like to live like a local before you commit to relocation.

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