Retiring abroad is a dream for many people. The thought of an easier pace of living, better weather and potentially cheaper property than the UK can prove a strong draw. But without the right planning and advice you can quickly get caught out by the local tax laws. And that is before you even look at your pension and other financial arrangements.”
Here’s some Top tips to pass on to your clients who may consider retiring abroad:
- Get an estimate of your state pension herehttp://www.direct.gov.uk/en/Pensionsandretirementplanning/StatePension/StatePensionforecast/DG_10014008
- Seek independent financial advice (obviously)
- Ask HM Revenue and Customs for information about any UK tax liability you may have even though you are living overseas
- Check what reciprocal agreements are in place with the destination country regarding your UK state pension
- Find out about your welfare rights while abroad
- Check the cost of healthcare in the country you are thinking of moving to
- If you decide to keep your property in the UK you will need to let your mortgage provider and insurance company know if it will be rented or remain empty
- Do your homework on the cost of living in the country you want to move to
- Notify utility companies, financial institutions and your local council when you are leaving
- Contact the electoral register, and arrange for mail forwarding via the Post Office
Check out the Retirement blog on: http://www.mgmadvantage.co.uk/blog/retiring-abroad-thinking-of-retiring-abroad/
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