A growing number of Britain’s over 50s are considering a new life abroad, a survey by independent financial advisory organisation deVere Group has revealed.
The latest poll, which surveyed 1,235 people, concludes that 59 per cent have ‘seriously considered’, ‘are thinking about’, or ‘would be tempted’ to live overseas during retirement. This is a jump of almost 10 percentage points (previously 49.5 per cent) compared with the same deVere poll last year.
Spain is still top of the list of countries considered as possible destinations for relocation in retirement, chosen by 15% of people surveyed. This country is followed in popularity by Australia (13%), US (11%), France (9%) and Thailand (6%).
Of the findings, deVere Group founder and chief executive, Nigel Green, said: “Financial factors are the main motivators.
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.’ Other reasons included standard of care for the elderly, quality of life, crime concerns and the weather.
He continued: “There is also growing awareness of the financial ‘pull factors’ amongst would-be British expatriates.
“Not only will expats, in most cases, benefit from lower costs of living and lower taxes, there are specific expat-exclusive financial solutions that can make them considerably better off than their contemporaries back in Britain.”
The group explains that among these tools are HMRC-recognised QROPS (Qualifying Recognised Overseas Pension Scheme), an overseas pension which allow expats to mitigate the 55 per cent liabilities of inheritance tax and to access flexible high-return investments, among other advantages.
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