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With around half a million UK nationals retiring in the EU in the post-Brexit world, understanding the security of future pension income, taxation rates, and possibilities for cross border transfers is a crucial requirement.
Pension income is an essential part of planning for retirement, wherever you plan to relocate in Europe and whether you anticipate retiring in a few years or exploring your relocation opportunities now.
Chase Buchanan has created our FREE Guide to Retiring in the EU for British Expats to explore a wide range of factors to help you make confident, informed decisions about your retirement plans.
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Download your free copy of our Guide today to understand:
- Access to UK State Pensions for expats in Europe.
- How different pension scheme types impact your decisions.
- Advantages to consolidating multiple pensions.
- The pros and cons of lump-sum pension withdrawals.
- How pension earnings tax varies across EU countries.
- Why currency fluctuations are a significant consideration.
- The Overseas Transfer Charge – and where it applies.
- How pension wealth is treated for succession planning.
The Chase Buchanan FREE Guide to Retiring in the EU for British Expats has been created by our expert consultants to ensure you have all the vital information required to evaluate your range of retirement planning choices.
Every EU country has its own rules about pension transfers, taxes charged, and what sorts of revenue are considered taxable as income.
Therefore, it is impossible to decide the most beneficial route to European retirement without evaluating the regulations in your specific destination.
Many expats are keen to enjoy the climate and lifestyle in popular destinations such as Spain, Portugal or Cyprus. Still, they remain concerned about how Brexit may have changed their rights, future income, and, therefore, retirement aspirations.
The good news is that there are multiple opportunities available, from blended strategies to international transfers, lump sum drawdowns through to consolidation – all of which we explore in our Guide.
Our series of complimentary downloadable resources aims to shed light on the intricacies of sound retirement planning and ensure each client has the necessary knowledge about the various influential factors to understand each option’s advantages and potential pitfalls.
About Chase Buchanan
Chase Buchanan is a market-leading wealth management expert, supporting clients from our offices in Cyprus, Spain, Portugal, Canada, Belgium, the USA, the Isle of Man and our Administration Centre in the UK.
We have years of experience working with expats throughout Europe and our international offices position us ideally to offer current, accurate and reliable financial recommendations.
From investment strategies to retirement plans, and pension transfers to budgeting, Chase Buchanan consultants are on hand to ensure your lifestyle offers everything you hope for.
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Factors to Consider When Comparing Retirement Destinations in Europe
Thousands aspire to retire in Europe, looking for countries with a rich history and culture, fantastic golf courses, beautiful beaches, delicious cuisine and a relaxed lifestyle.
Alongside selecting locations with ideal year-round weather, it is important to define your priorities and expectations to ensure you have full oversight of what to expect and how aspects such as your tax exposure or ability to purchase a home will affect your financial planning.
Many professionals may have already lived in some of the best European countries for retirees and have been planning their retirement for several years – whereas others are unsure of the countries within the European Union that offer a ‘golden visa’ or retirement visa that will allow them to relocate.
Southern European countries are undoubtedly considered among the best places to retire globally, with family-friendly communities, breathtaking scenery and some of the highest life expectancy rates globally.
However, wherever you choose to make your home country, we recommend conducting thorough research around the practicalities, from the cost of private health insurance and housing to taking advantage of tax benefits to preserve and protect your retirement wealth.
Eligibility for European Retirement Visas and Golden Visas
Verifying the eligibility criteria for a retirement visa or establishing whether you have the financial means to apply for a golden visa, offering expats the ability to invest overseas in a property and secure permanent residence status, will avoid disappointment.
While many European countries have accessible visa rules and provide foreign nationals with beneficial tax treatments to attract affluent retirees, the terms and criteria will naturally vary. You may also wish to compare the timescales for visa processing, where some of the best places to retire take several months to issue new visas due to demand.
If your ideal retirement destination offers expedited visa processing or a lucrative residency by investment solution, we’d also advise an analysis of your expected tax residency position. Tax residency is a different prospect from permanent residency, whereby you will normally be considered a tax resident based on the proportion of the year you spend in your new place of residence.
Non-tax residents may simultaneously hold a valid visa, but this can affect your exposure to taxation in the UK, as well as the tax rates imposed on your pension and other income overseas, so is a matter best discussed with your wealth manager or financial manager to provide clarity.
More information about the differences between tax residency and permanent residency is detailed within our comprehensive guide.
Applying for Visas, Residence Permits or Permanent Residency Ahead of a Peaceful European Retirement
Before you evaluate your finances, pension products, savings and investments, you may need to decide which European countries are most suitable for your planned retirement based on the availability of visas.
Finding a wonderful home nestled next to the Mediterranean Sea and with an array of outdoor activities may be the ultimate goal. Still, you may also require an affordable retirement option.
Chase Buchanan has developed a series of country residency guides which are free to download which will give more information on residency.
The Importance of Robust Healthcare and Insurance Coverage When Retiring Abroad
Most European destinations offering retirement visas will require any expat to provide evidence of private healthcare insurance. Public healthcare may be available to permanent residents, but the waiting times and standards of care in public hospitals can vary.
English is widely spoken across much of Europe, meaning retirees can register with a local physician and transfer their health care records when they move – but holding reliable insurance coverage is an invaluable safeguard. Should you become unwell, you can rely on your insurance to provide excellent care solutions via the best private clinics at a low cost.
Structuring Your Assets, Investment Portfolio and Income Before Retiring in Europe
Living costs within the European Union can differ significantly, from affordable housing in beautiful village settings to purchasing a luxury apartment or townhouse in one of the big cities, from the bright lights of the fashion world in Madrid or Paris to a stunning coastal villa in Cyprus.
Whether your idea of the best country for your retirement is a capital city, rustic rural region or adjacent to a famous UNESCO World Heritage Site, you should ensure you know how your finances, assets and investments will fund your retirement and provide a stable, sustained income to cover your planned expenditures, including a property purchase.
Financial requirements are unique to every retiree; some countries have property markets with affordable prices and a relatively low cost of living, and other European destinations command a considerably higher budget to provide a comfortable lifestyle.
Before you decide where to retire in Europe, it is essential you identify whether the best course of action is to reinvest or restructure pensions, savings and investments, how those assets will be subject to taxation in your new retirement home, and how that will impact your overall wealth.
Tax and finances are just as important as picking a retirement destination with gorgeous scenery, affordable cost of living and great food – ensuring retirees choose a long-term home that is within their financial means and will remain their place of residence for the duration of their retirement.
Getting Started With Your Plans for Retirement in Your Chosen European Country
Retiring abroad can offer lifestyle and social benefits, with many retirees warmly welcomed within expat communities, making friends with other foreign nationals within a similar age range, and finding that the pace of life against a backdrop of relaxing mountain landscapes is everything they had hoped for.
Investing the time in thorough planning and assessing your pension structure, finances, income sources, and tax status is the best way to ensure you achieve a healthy, happy retirement with the confidence that your wealth and financial affairs are well managed.
The Chase Buchanan Guide to Retiring in the EU for British Expats is a great place to begin, sharing insights and tips from our expert pension advisers, global financial consultants and in-house teams located across Europe.
Download Guides for UK Expats
View our range of complimentary download guides, created to support your UK expat lifestyle, wherever you live now or plan to in the future.
Expat Tax Guide - Italy
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This guide provides an overview of the Italian tax system, highlighting some of the most significant variances.
Expat Tax Guide - Belgium
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With a unique blend of geography, cultures, and an outstanding quality of living, Belgium remains one of the most appealing destinations for families, professionals, and retirees alike.
Expat Tax Guide - Cyprus
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Cyprus is a multi-faceted country, offering one of the finest climates in the Mediterranean as well as multiple employment opportunities, a safe and relaxed culture popular with families, and a peaceful way of life for retirees.
Expat Tax Guide - France
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France remains one of the most popular countries of choice, with UK nationals seeking to relocate or retire abroad.
Expat Tax Guide - Portugal
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Portugal offers many benefits to UK citizens looking for a new life experience, employment opportunities, warmer retirement climes or a new culture to enjoy.
Expat Tax Guide - Spain
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As more UK nationals look overseas for lucrative work opportunities and a relaxed retirement, Spain remains one of the most popular destinations. The scenery, climate, and pace of life are all compelling reasons to relocate.
Residency Guide - Cyprus
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Hundreds of thousands of British nationals enjoy life overseas, and it is essential to understand how your residency status will affect your tax liabilities over the long term.
Residency Guide - France
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From January 2021, the UK became an independent nation and is no longer part of the EU. British nationals living in France continue to cope with concerns amid much uncertainty about what the future will hold, with prospective expats unclear about what may have changed.
Residency Guide - Portugal
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While the UK has not been part of the EU since early 2021, many expats still feel a great deal of uncertainty about whether the prospect of relocating abroad remains viable and how their residency or tax position may change in the future.
Residency Guide - Spain
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For the millions of UK nationals living, working and studying in Spain, the UK’s departure from the EU in early 2021 gave rise to uncertainty and concern about how their position may change in terms of residency, taxation, and the right to relocate.
Irish Pension Transfers
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Retirement income and pensions are often among the most valuable assets we hold, they can dictate our future lifestyle, our comfort and our enjoyment throughout our retirement years.
International Pension Transfers
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Planning for retirement overseas can be such an exciting time with the opportunities to relax and travel the world, but for many people planning to spend their retirement abroad, understanding the rules and complexities of international pension transfers can be challenging.
Guide to Retiring in the EU
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With around half a million UK nationals retiring in the EU in the post-Brexit world, understanding the security of future pension income, taxation rates, and possibilities for cross border transfers is a crucial requirement.
Expats Guide to Brexit (Q4 2020)
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We have created our FREE downloadable guide – Expats Guide to Brexit – which explains what leaving the EU/EEA means for UK nationals in Europe along with all the essential information you need to know.
Education Fee Planning
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If you are considering different education options for yourself or your children, download our Guide to Private Education Planning to find out how you can manage your finances to ensure you get the education you want.
Health, Income & Life Protection
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While you accumulate your wealth, it's essential to ensure you properly protect it. Your health and life is vital to your earnings potential and the future of your family.
Investment Scams Guide
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In a world where financial fraud and investment scams are rife, every investor needs to understand the potential signs something is not as it should be.
Offshore Investment
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There are many financial benefits to being an expat and a whole host of offshore wealth management solutions that can help secure your financial well-being. Our guide below helps explore different options you could take in offshore investment.
Retirement Planning
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If you're thinking about your retirement plan, it's likely that you are considering whether a pension is the right thing to invest in.
SIPPs v QROPS
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SIPPs are personal pension wrappers that offer investors more freedom of choice than traditional personal pensions.
UK Lifetime Allowance Guide - 2023 Reforms
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Although the 2023 announcements around removing the LTA have been well-publicised, numerous other factors may still be unclear and advice is best sought. Download the latest LTA advice on how the 2023 Lifetime Allowance amendments may affect your retirement plan.
Expat Tax Guide - Malta
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Whether you’re planning your retirement on the beautiful Maltese islands, looking to purchase a property, invest, or relocate permanently to the Mediterranean coastline, protecting your wealth is important.