What are the best countries for UK retirees to move to?
Fed up with the UK or just want an adventure? Or maybe you fancy a slower pace of life. Whichever retirement plan floats your boat, where to choose is a big question.
Whilst lifestyle is usually the most important consideration for those looking to retire abroad, you probably want to make your hard-earned pensions and savings go as far as possible, so cost of living and tax incentives might also play their part.
Visa requirements and healthcare are also things to consider, as is climate change.
Here we look at the “Big Four” favourite retirement destinations and why they are popular.
Is Spain a good place to retire from the UK?
Offering sun, affordable property and Anglo-friendly seaside resorts, Spain remains the top retirement choice for the British.
Property prices are rising across Spain, so the upside is that there’s a good chance your property will increase in value, but your money still goes a long way in locations such as Alicante, Valencia, Murcia, Almeria and the Canaries.
You can get a townhouse for £100k in many locations close to the coast, and a villa with a pool from £250,000-£300,000. Budget for 10-14% buying costs. Inland, rural properties might be as low as £50k.
Spain does not offer tax perks for retirees, but a lower cost of living, low annual property taxation and affordable property are factors that make your pounds go further. The S1 Certificate saves money on healthcare.
The Non-Lucrative Visa has been the route that non-working Britons use to move to Spain. The income requirement per year is mid-range: €28,800 per year (or €36,000 per couple).
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Is Portugal a good place to retire from the UK?
Sunshine, a relaxed lifestyle and a low cost of living all draw retirees to Portugal.
It’s a small country, and interest is still mostly focused on the Algarve, which offers the best climate, expat communities and a laid-back feel.
Property prices in Portugal have risen but are still affordable compared to the UK: on the Algarve, you’ll now need at least €200,000 for a small apartment near the coast. Living inland from the coast in towns or villages can be better for full-time residents, with lower prices too.
The cost of living in Portugal is 37% lower than the UK, and like Spain, healthcare is a big draw, with many English-speaking doctors. Access to state healthcare is via the S1 Certificate for UK pensioners.
The Portuguese D7 visa is very affordable: you need to show income of at least €11,040 per year for a single person, or €16,560 for a married couple.
Portugal has ended its tax-friendly scheme for retirees, but inheritance and gift tax have been abolished in Portugal.
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Is Cyprus a good place to retire from the UK?
Offering the warmest winter weather in the Mediterranean, Cyprus has long been a popular retirement location for the British, with the Commonwealth island offering familiarity and safety. English is widely spoken and cars drive on the left.
Property is affordable: you can find second-hand two-bed villas for £200k around Paphos, or a three-bedroom villa from around £230k around Protaras/Famagusta.
The tax benefits of Cyprus have also become a pull factor. Retirees can choose between a flat rate of 5% tax on pension income (above a tax-exempt allowance of €5,000), or they can be taxed at normal tax rates (after a €22,000 personal allowance).
The island makes it relatively easy for retirees to move over. Most retirees will apply for a Pink Slip, a temporary residence permit renewable every year. You must show that you have €10,000 in a bank account and enough income to cover living expenses.
Alternatively, you can purchase a new-build property for at least €300,000 + VAT, but you must show an income of €50,000 per year for the main applicant and another €15,000 for the spouse.
The cost of living is 16% lower than the UK, though rents are much lower, as are annual council taxes and water bills. Healthcare access is via the S1 Certificate, as per Spain and Portugal.
There is no inheritance, wealth or gift tax in Cyprus.
FIND OUT MORE ABOUT RETIRING TO CYPRUS
Is France a good place to retire from the UK?
Offering a high quality of life and affordable properties, a French retirement remains a popular dream.
Easy journeys back to the UK by car (with the dog) make the top half of France especially practical. The Dordogne, Charente, Brittany and Normandy are popular.
You can find plenty of charming houses for less than £100k, or a manor house or small château for less than £400k in many places. Areas such as the Limousin or Auvergne are very affordable indeed, but don’t bank on high capital appreciation. Some retirees buy a gîte to top up their pension.
Retirees in France typically apply for a long-stay visa valid as a residence permit, a VLS-TS.
The cost of the visa is low: you need to show you have financial resources of a joint gross annual income of €30,000, or €22,000 for a single person.
France does not offer specific tax benefits for retirees, and income tax bands are similar to those of the UK. Good-quality state healthcare is an attraction, even though it is not completely free: the S1 covers most costs, but many people opt for a top-up private health policy (mutuelle) to cover shortfalls, around €60-€100 per month for under-75s.
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Ready to explore your retirement options abroad?
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