23 Oct, 2015 @ 11:20
1 min read

Over half of wealthiest Brits go abroad during retirement

Expat pensioners on beach e

Expat pensioners on beachMORE than half of the wealthiest people in Britain retire abroad.

A total of 55% of pensioners with an annual income above £60,000 (€81,000) plan to spend time abroad during their retirement, according to financial adviser Old Mutual Wealth.

Of those better-off pensioners, 40% plan to buy abroad while retaining property in the UK.

The leading destinations include France (19%), Spain (18%) and the US (16%).

Rob Horgan

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  1. What an opportunity for Spain. There are so many ‘no go’ countries in the world now, Spain could clean up but only if they make it more attractive for these people to invest. Get rid of asset declaration for foreigners, reduce property taxes and for God’s sake sort out the property laws once and for all. Spain, this is a second chance, don’t blow it this time.

  2. Oh dear Jane,
    asset declaration is normal in a country that pretends to tax, according to ability to pay. Residential property should carry heavy capital gains tax – it stops the carpetbaggers from profiting and keeps the price of residential property at rational prices – just wait until the insane UK property market implodes, it will make Ireland and Spain’s experience look like a damp squid.

  3. Most of the wealthy retired Britons I’ve met here over the years have left Spain out of pocket. Spain can do that to you; it saps your energy and beats you down with bureaucracy and ridiculous laws and procedures. It’s a trap designed to fleece you basically. To enjoy Spain, don’t reside here and don’t get into their legal and tax systems. That would be advice to retirees.

  4. Totally agree with Fred.Having resided in Spain and became a part of the ‘system’,it has taken me several years to get out,and back into the UK fiscally.Having tried to be a law abiding tax payer,all they seem to do is fine you for every slight misdemeanour,and having sold a property over a year ago,I have just received my retention,with of course deductions,for so called late payments many years ago.An amazing country in so many ways,just backwards in its beaurocracy.

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