As the United Kingdom shackles its citizens with austerity measures and unwelcome cuts, those approaching retirement are continuing to seek an escape route as far away as possible.
Retiring abroad is a notion that seems to increase with in popularity each year, and now new research has revealed that expat retirees are also moving farther away to more exotic locations, places as far-removed from the UK as possible.
Despite finances in the UK being less than stable at the moment, the desire to retire in greener pastures has not abated, according to The Centre for Future Studies. They have discovered that one in eight Brits over the age of 55 still plan on leaving the UK come retirement.
As people start thinking about where to retire earlier, they also seem to be casting admiring looks to a new set of destinations. Places that have seen increased interest include tax havens such as Malaysia, Belize and Panama.
Another interesting factor could be dwindling property markets. As prices in foreign lands fall, expat numbers may grow, as foreigners will swoop in to claim devalued properties. However, finance experts have spoken of the importance of arranging pensions and other retirement plans when moving abroad: “Pension arrangements should come first. Individuals need to look at how their savings will be affected, they need to ensure existing assets (particularly if they are reinvesting income) fit into the tax regime of their chosen country. Inheritance tax and succession laws should be addressed from the outset,” said retirement specialist Marcus Carlton.