More than half of Britain’s over 50’s have considered a move abroad, new survey has found.
A survey carried out by deVere, the financial group revealed that just over 59 per cent of those surveyed have ‘seriously considered’, ‘are thinking about’, or ‘would be tempted’ to move abroad during retirement. The same poll was conducted last year and had a result of 49.5%, so an obvious 10% increase shows that more of the elderly are tempted to start a new life over seas.
The top five countries on the list are Spain, Australia, France, the US, and Thailand. And its easy to see why with the many pull factors each country has. With the cost of living in the UK rising, dull and gloomy weather always around the corner, and an increase in the threat of burglary, living abroad is starting to look like a more welcoming prospect.
Nigel Green, deVere Group founder and chief executive, said: “Financial factors are the main motivators.”
He added “The combination of the UK’s burgeoning pensions crisis, the looming care crisis, the UK’s cost of living, high taxes, low interest rates, and the scrapping of some age-related benefits are, say our respondents, the main ‘push factors.’” Reasons that people have had doubts whether to move abroad include health problems along with the standard of care for the elderly, quality of life, family commitments and crime concerns. “It seems that Britain’s baby-boomers judge that they might need to move overseas to maintain a comparable lifestyle throughout their retirement. As such, more and more are contemplating quitting the UK and relocating to countries where they can expect a high quality of life and standard of living, and typically better weather, for a fraction of the money.” continued Green.
In most cases, people will benefit from lower costs of living and lower taxes. Green pointed to specific expat-exclusive financial tools that can make them considerably better off than how they would live back in Britain if they were to move abroad. One of these tools is the HMRC-recognised QROPS (Qualifying Recognised Overseas Pension Scheme). This overseas pension allows expats to mitigate the 55% liabilities of inheritance tax, they can access flexible high-return investments, and have their pensions paid in the currency of their choice. Other benefits include securing a 30% as a cash free lump sum, amongst other considerable advantages.
The poll showed that although Spain and Australia topped the list, destinations such as France, New Zealand, Canada and Switzerland were also very popular. Always make sure to do your research before you make the decision to move abroad, check that the culture of the country is right for you, what the general cost of living is in the particular country and if you are ready to start a new life so far from home.