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What factors should I consider when choosing a retirement country as a Briton?

When choosing a retirement country as a Briton, there are crucial factors to consider, including visa requirements, cost of living, cultural fit, and healthcare access. Recent research highlights Ireland, Spain, Portugal, and Turkey as the most favourable options for British retirees, each with unique benefits. Ireland tops the list with no visa requirements, making it the easiest destination for British nationals.

In terms of cost, while Spain has the highest minimum annual income requirement at around £23,000, Portugal is much more affordable with a requirement of less than €8,500, which could be a significant deciding factor. Turkey, known for its exceptionally low living costs, also offers viable retirement options, especially for those prioritising affordability.

Cultural familiarity is another important aspect. Allowing retirees to integrate smoothly into their new environments can lead to a more enjoyable retirement experience. Each of these destinations boasts rich cultural heritage, friendly communities, and a strong expat presence, making it easier to connect with others.

Moreover, healthcare services should not be overlooked—investing in a country with robust healthcare is essential for your peace of mind. Each of these recommended countries provides healthcare systems that cater specifically to retirees.

Ultimately, ensuring that the chosen location aligns with your personal lifestyle preferences is paramount. For a deeper dive into property options that match your needs, contact us today and let us guide you through the process!

Tuesday, 21 May 2024 - News
What factors should I consider when choosing a retirement country as a Briton?

For many Britons, retirement means moving somewhere new.

New analysis from relocation experts Property Guides has found the easiest locations for retirees, taking into account culture, visa requirements, cost and more. 

Landing in the number one spot is Ireland, with a lack of visa requirements, English-speaking residents and relatively "safe and happy" environment.

Spain, Portugal and Cyprus claim the next three spots on the list.

However, Spain is high on the minimum annual income requirement.

"Spain's is one of the most expensive. It is currently around €27,000 (£23,000) per year for the first applicant. Just over the border in Portugal, it is less than €8,500 per year. Turkey's is the cheapest, working out at a little over £5,000, while Italy requires over €30,000," Property Guides says.

Turkey also came out well for the low cost of living - unlike New Zealand.

 

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European countries in general offer visas aimed specifically at those receiving pensions or investment incomes, according to Property Guides.

Commonwealth countries such as Australia and Canada, however, actively restrict those over 55 from moving there, even if they have a high passive income (income such as pensions, that doesn't require a job). 

It becomes easier if retirees have children who are already legal residents.

"Golden visas", which encourage wealthy people to invest in a country, are becoming less common. 

"Most countries are now cancelling their residential investment option, including Cyprus and Portugal, and Spain will soon be closing its own. However, for now, you can still get one in Spain, Greece and Turkey, for as little as a €250,000 property, and these we have judged the easiest to retire to."

Property Guides also looked at health services. They took rankings from a Legatum Prosperity Index. 

"Top scorers were Germany, Italy and France, in that order. Bottom of the pile was the USA."

The research noted that state pensions are not uprated for retirees in Canada, New Zealand and Australia.

It also factored in "sunshine hours", with the top three being Cyprus, Portugal and the US. Ireland came last here.

 

Source: https://news.sky.com/story/money-news-latest-inflation-sky-news-blog-13040934?postid=7706934#liveblog-body

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