Things to consider when retiring abroad
Moving abroad is an exciting and fulfilling time that many dream of. While a permanent move can be a fresh start, it can also be stressful if not properly prepared for. Here are a few things that you should carefully consider before starting your new adventure overseas.
Nobody enjoys paperwork, but having it all in order is a necessary part of moving. Every country has different visa requirements, and as such you will need to research your destination’s policies thoroughly. This will help you decide whether it is suited to your retirement plan.
Some countries, such as Australia and Ireland, offer retirement visas which factor in aspects such as your means to live, health and language ability as eligibility criteria. These are well worth considering, as they may offer a much easier means of being able to reside in the country you move to.
Once your documentation is in order, you should start to think about how to move your finances abroad with you. You will probably want to exchange money, and many people find banks to be an expensive means of doing so. There are now a veritable selection of online services available, in some cases up to 80% cheaper than banks, and as such can save you a lot of money. Be sure to have a look around to see what’s on offer and do your research before committing.
When looking for your new place of residence, you would do well to bear in mind that property/rent prices will probably be very different compared to what you’re used to, and you could get more/less for your money depending on where you move.
It might be worth checking home ownership rates vs renting rates of any given country (83.2% of Spanish people owned their homes in 2004), as this could give a good idea of the value and availability of property. Make sure you have a clear idea of what you are looking for, and research the market accordingly.
Finally, you should consider the culture change which comes with moving to any country. For many, this is one of the most thrilling aspects of emigrating, but you should always know what you are getting yourself in for. You should, for example, look at how important learning the language is, and what the local laws and customs are. Maybe you're wondering: are you ever too old to learn a language? But older people have their own set of advantages when learning a new language, and where there's a will, there's a way.
This will give you an idea of what to expect when you eventually move, and set you up to adapt and thrive in your new country. If you have never visited before, it might be worth going for a few weeks to see how well you would settle in.
Ultimately, preparation is key to ensuring your transition into a new life is as smooth and simple as possible. Do ample research and consider everything which you will have to cater for before making, what will likely be, the most significant move of your life.