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UK expat pensioners flock to Spain over last decade
| Published: | 20 Sep at 6 PM |
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Official statistics have revealed the number of British retirees in Spain has doubled since 2007.
According to the Office for National Statistics, the total number of British pensioners choosing to spend their retirement years in Spain is now 121,000. The majority of new expat arrivals in the country are over 65 years of age, with official figures showing a corresponding increase in the number of British state pensions being paid to banks in Spain.
In spite of the threat of a hard Brexit, the exodus of the UK’s elderly looks as if it’s continuing, making good news for property development companies across the popular coastal areas. Several are seeing a noticeable growth in enquiries from potential expats planning on relocating as soon as they reach the magical retirement age of 65 years, with double the numbers compared to a decade ago.
The one positive piece of Brexit news released so far, in that annual pension increases will still be paid post-Brexit, is expected to generate even more business for real estate developers and agents. Contrasting with the bad news several days ago that a hard Brexit may result in personal pension holders not being able to receive their regular payments due to the passporting problem, it seems that, as regards living expenses, even the meanness of the UK state pension is better than receiving nothing.
With no comments being made as yet by the British government on the question of payment of personal pensions, those in receipt of regular payments as well as the insurers themselves are left wondering how long it will take Theresa May’s government to realise the enormity of the problem. Pensioners who rely on their personal pensions to supplement the state’s less-than generous offering or who have contracted out of the state scheme could see their carefully planned retirements take a very different financial turn and be forced to return to the UK.
According to the Office for National Statistics, the total number of British pensioners choosing to spend their retirement years in Spain is now 121,000. The majority of new expat arrivals in the country are over 65 years of age, with official figures showing a corresponding increase in the number of British state pensions being paid to banks in Spain.
In spite of the threat of a hard Brexit, the exodus of the UK’s elderly looks as if it’s continuing, making good news for property development companies across the popular coastal areas. Several are seeing a noticeable growth in enquiries from potential expats planning on relocating as soon as they reach the magical retirement age of 65 years, with double the numbers compared to a decade ago.
The one positive piece of Brexit news released so far, in that annual pension increases will still be paid post-Brexit, is expected to generate even more business for real estate developers and agents. Contrasting with the bad news several days ago that a hard Brexit may result in personal pension holders not being able to receive their regular payments due to the passporting problem, it seems that, as regards living expenses, even the meanness of the UK state pension is better than receiving nothing.
With no comments being made as yet by the British government on the question of payment of personal pensions, those in receipt of regular payments as well as the insurers themselves are left wondering how long it will take Theresa May’s government to realise the enormity of the problem. Pensioners who rely on their personal pensions to supplement the state’s less-than generous offering or who have contracted out of the state scheme could see their carefully planned retirements take a very different financial turn and be forced to return to the UK.
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