Retiring Overseas

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Retiring Overseas

Before you decide to move permanently to your overseas property do some research and plan carefully to ensure that you get the most out of your move.

A wonderful summer resort may not be so appealing out of season so make sure you know what to expect during the long winter months by spending time there before you move.

How fluent are you in the local language? If you are moving to a country where English is not the first language, start learning the language before you go.

Dealing with local tradesmen; going to the doctor; sorting out your finances and making friends with your new neighbours all require at least a basic knowledge of the local language.

However, if you are living in an area where there are a large number of other expats, you may find organisations which have been specifically set up to help non-nationals settle in.

Make sure you are fully aware of the local tax and inheritance laws. How you are taxed will depend on where you declare yourself to be resident and inheritance tax and laws are very different in other countries. For example, inheritance tax in the UK is not applied to the transfer of property between a husband and wife but this may not be true elsewhere. And, some European countries do not allow you to leave your property only to your spouse.

Resident in another country?

If you are resident in another country you will not continue to be entitled to free health care under the NHS so check the local healthcare costs and how they will be covered.

If you are receiving a UK pension this can normally continue to be paid but you should check whether your pension will be subject to tax both in the UK and the country you will be living in. Most other benefits (such as pension credit, income support, housing or travel benefits) will not continue if you live outside the UK.