Behind every decision to retire abroad there are differing reasons, it could be to realise a dream, seek a safe haven home, be closer to children and grandchildren, earn rental from property, or experience a new way of living. And illogically, the current economic downturn is making it easier for retirees to relocate as countries offer Golden VISA programs and tax incentives to attract retirees.

Simply, it is good business as retirees or near retirement individuals can financially contribute to the economy of their new country.

Can you retire abroad in 2023 amid the ongoing crises?
It’s hard to dream in disrupted 2023. With the war in Ukraine, high inflation, the cost of energy and economic uncertainty, the threat of a global recession, and purchasing power being squeezed everywhere, millions of people are in the process of reviewing their life plans.

However, one fact is certain. “ We will outlive our parents by 10 years and our children will outlive us by 20 years” As  shared by Lynda Graton author of the 100-year life, the age of longevity.

We are witnessing a surge in “getaway dreams!”  The mindset: “If I am to retire or consider a new occupation, let me do this on my terms, let me decide where I live! Let me choose how I will spend the next 20 to 30 years of my life?”

Take Britons who are moving abroad due to socio-political instability, the high cost of living and the desire to retire somewhere with better weather, a survey has shown. About 334 000 people left the UK in 2021.

It is now all about enjoying life precisely because the world is in crisis. This mindset allows us to stay dynamic, alive and be interesting! The end of responsibilities like parenthood and primary careers is also the beginning of a new life and the start of a new adventure abroad.

Benefits of retiring and living abroad
Why is there such a craze for retirement abroad? The main advantages lie in a better climate and a secure environment.

Retirement is no longer associated with the end of life. It is, on the contrary, identifying with a new life, longer and healthier for an increasing number of retirees. After one or more lives devoted to careers, work and children, retirement is a new beginning that makes one feel young again.

Many are embarking on a new life abroad more than ever before.

Abroad, retirees will have more time for themselves and for others. Retirees take on new hobbies, seek new leisure activities and socialise with the locals and other expats, many who are like minded.

What are the best countries to retire in?
Life expectancy, access to good healthcare, quality of life (environment, water, biodiversity, pollution, etc.), infrastructure and government policy on retirees and taxation incentives are among the filters used to rank these countries.

Future retirees abroad also consider time zones, customs, and language.

Many Europeans opt for Portugal, Spain, Cyprus, or Greece. These countries are also among the best destinations for retirement. The more adventurous look at  Morocco, Thailand, Malaysia, and Colombia. All these countries have one thing in common: the living environment (sun, beautiful landscapes) and the lower cost of living.

Inflation, economic crisis, uncertainty
Expat and retirement life is also about expenses. To boost their purchasing power, retirees often opt for countries where the cost of living is lower than theirs. For retirees with solid incomes from pension schemes, life insurance, real estate investments, and so on, there will be no problem. They will continue to have the necessary resources to live, even if their cost-of-living increases (food, energy, health costs, etc.).

One tip. Ensure you can use technology to stay in touch. Skype, facetime, zoom, Facebook and may other tools are at your fingertips.

More tips for planning your retirement overseas
With thanks

New life, new country: how to prepare for it? Here are some practical tips on how to enjoy retirement abroad.

Know your health requirements
Talk to your doctor about your moving abroad plan as soon as possible. If you are followed by several doctors, explain your project to each of them. Ask if they know colleagues in your host country. Check with your doctor to ensure your host country has the necessary infrastructure for your treatment. Inform your health insurance company as well of your moving abroad plans.

Is it necessary to learn your new country’s language?
It is often said that the ability to learn diminishes with age. But it is also true that there is no age limit to learning. Challenge yourself. Learning the language of your new country is an adventure in itself and an integral part of your new life abroad. There are countless articles extolling the virtues of a retirement in the sun, where you can take time for yourself, a great reward for the years spent at work or taking care of your loved ones. But this should not prevent you from reaching out to others. Learning the language will facilitate your integration with the locals. Avoid staying in an “expatriate bubble” and integrate into the local community.

Should you keep a foot in your home country?
It all depends on your plans and financial means. Do you plan to live abroad for a few years and then return to your home country (or move to another country)? Will you be a swallow and follow the seasons and the sun. Do you plan to stay in your new country for the rest of your life? Some people choose to sell all of their belongings to reinvest abroad. Others prefer to keep their home to earn rental income or to use it as a second home. Keeping a foot in the country of origin can indeed be advantageous. But beware of taxation. Seek guidance from your advisor and expatriation experts to choose the right solution for you.

Quality Group specialise in assisting individuals and families to invest in their dream plan, always taking into account each and every individuals differing circumstances. Golden VISA programs for Relocation and Retirement