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Brexit chaos ruining would-be British expat retirement plans
| Published: | 22 Aug at 6 PM |
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Tagged: Moving, France, Spain, Immigration, UK, Canada, Citizenship, Cyprus, Italy, Euro, Exchange Rates, Pension Transfer, England
A recent survey suggests Brexit is wrecking overseas retirement plans for British citizens.
The survey was carried out by Canada Life and involved 1,006 Britons over the age of 50 who were considering moving overseas after retirement. The results weren’t encouraging, as almost half of respondents who’d been planning to retire overseas were now reconsidering and resigning themselves to staying in the UK. Others believe the threat of Brexit and the difficulties of retiring in Europe without freedom of movement is causing them to reconsider their chosen retirement destinations.
Although it seems reciprocal social security payments may still be adhered to, with the UK also stating it will continue to uprate the British state pension in the relevant countries, the possible effects of a no deal Brexit on the sterling exchange rate are causing even more uncertainty. One surprise was the lack of awareness amongst respondents about which countries were eligible as regards state pension uprates, with some not even aware of the issue. At the present time, it’s not even certain if existing reciprocal social security agreements will still be in place should a no deal Brexit be the final result.
As with most surveys, the British weather was one of the main reasons for UK citizens becoming expats in one of the popular southern European states, with cheaper living costs and more enjoyable lifestyles also quoted as reasons for leaving the UK. Italy, Portugal, France and long-term favourite Spain were high on the list of possible locations, with Cyprus and Greece also being considered. All, of course, will be affected by Brexit, to the extent that new immigration requirements may ban all but wealthy Britons from entry, thus ruining the retirement plans of millions and leaving them struggling to manage in the UK on the inadequate British state pension.
The survey was carried out by Canada Life and involved 1,006 Britons over the age of 50 who were considering moving overseas after retirement. The results weren’t encouraging, as almost half of respondents who’d been planning to retire overseas were now reconsidering and resigning themselves to staying in the UK. Others believe the threat of Brexit and the difficulties of retiring in Europe without freedom of movement is causing them to reconsider their chosen retirement destinations.
Although it seems reciprocal social security payments may still be adhered to, with the UK also stating it will continue to uprate the British state pension in the relevant countries, the possible effects of a no deal Brexit on the sterling exchange rate are causing even more uncertainty. One surprise was the lack of awareness amongst respondents about which countries were eligible as regards state pension uprates, with some not even aware of the issue. At the present time, it’s not even certain if existing reciprocal social security agreements will still be in place should a no deal Brexit be the final result.
As with most surveys, the British weather was one of the main reasons for UK citizens becoming expats in one of the popular southern European states, with cheaper living costs and more enjoyable lifestyles also quoted as reasons for leaving the UK. Italy, Portugal, France and long-term favourite Spain were high on the list of possible locations, with Cyprus and Greece also being considered. All, of course, will be affected by Brexit, to the extent that new immigration requirements may ban all but wealthy Britons from entry, thus ruining the retirement plans of millions and leaving them struggling to manage in the UK on the inadequate British state pension.
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