So, you’re thinking of leaving the UK to retire? A new life at a new pace. Sounds great.  But consider all the issues. The friends and family you’ll leave behind. The fact that no climate is ideal, no place perfect. The upheaval involved. The home comforts you’ll miss.

Still set on it? Well, this quick guide will help make sure you’ve got everything covered.

Choosing a place to live

If you’ve set your heart on a place to settle down, go and visit several times, at different times of the year. Get a feel for the place. And make sure you view the properties in person, not just over the internet.

Buying property overseas

Foreign exchanges companies, such as World First, can help you make the most of your money if you’re buying property abroad to retire, or want an overseas investment property.

They transfer money from your home bank account to your overseas account, and if you’re selling, they can send money in the other direction. It’s worth considering forward contracts where you can fix a rate for a point in the future or explore currency options that enable you to benefits from rate changes in your favour.

Your pension

If you qualify for a UK state pension, you can claim it wherever you live. The money can be paid into a UK bank or directly into an overseas account in the local currency.  Private pensions can be transferred from a home account to a foreign bank, and by using a broker you’ll tend to get a better rate, and save on fees.

Paying tax

If you move abroad for good, your income tax liability moves with you. But you may still have UK tax to pay on investment or rental income in the UK. Pension income is normally taxed in your country of residence. They are not taxed twice, but may push your other income into a higher overseas tax band.   Income from savings is generally taxable in your country of residence. Once you’re resident overseas, you’ll need to check whether you’re liable for capital gains tax.

Healthcare

This is an important consideration. You may get NHS-style free healthcare depending on where you retire, but in the United States, for example, medical insurance is essential. South Africa is another place where you’ll take to take out cover. Healthcare payments may also be required in France, Spain and Italy.

For more information about retiring in a new country, visit Retirement UK