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Foreign Office urges research before choosing an overseas retirement destination
| Published: | 24 Oct at 6 PM |
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The UK’s Foreign and Commonwealth Office (FCO) is urging retirees heading for life overseas to look carefully and plan ahead before they leap.
Millions of UK nationals are now aiming to relocate or retire abroad, with the tempting prospect of warmer weather and a better lifestyle the main reason for the decision. However, it seems that not all prospective expats know exactly what they’re letting themselves in for as regards cultural differences and financial worries.
A recent survey confirmed that two-thirds of those planning to emigrate didn’t consider detailed research an important part of the process. Worse still, only one in every ten respondents had taken steps to ensure long-term financial planning according to their desired lifestyle.
The FCO is working together with ‘A Place in the Sun’ to promote a campaign stressing the importance of planning a new life with the long-term in mind. The campaign is especially aimed at those who’ve taken holidays in their preferred retirement hub, and will stress that living in a new country is very different from holidaying there.
It’s well known that expats who’ve been meticulous in their on and offline research make the least stressful and most successful transitions to their new lives overseas. Learning the local language is a spur to understanding an unfamiliar culture, and familiarising yourself with local laws is essential.
Obviously, putting in place a long-term financial strategy is crucial to a comfortable retirement, although it might be best to do this via a qualified, registered professional advisor before you leave your home country. The UK authority’s protection stops at its borders and expat financial advisors may not be working within the laws of their host country, leaving losers with very little legal redress.
Millions of UK nationals are now aiming to relocate or retire abroad, with the tempting prospect of warmer weather and a better lifestyle the main reason for the decision. However, it seems that not all prospective expats know exactly what they’re letting themselves in for as regards cultural differences and financial worries.
A recent survey confirmed that two-thirds of those planning to emigrate didn’t consider detailed research an important part of the process. Worse still, only one in every ten respondents had taken steps to ensure long-term financial planning according to their desired lifestyle.
The FCO is working together with ‘A Place in the Sun’ to promote a campaign stressing the importance of planning a new life with the long-term in mind. The campaign is especially aimed at those who’ve taken holidays in their preferred retirement hub, and will stress that living in a new country is very different from holidaying there.
It’s well known that expats who’ve been meticulous in their on and offline research make the least stressful and most successful transitions to their new lives overseas. Learning the local language is a spur to understanding an unfamiliar culture, and familiarising yourself with local laws is essential.
Obviously, putting in place a long-term financial strategy is crucial to a comfortable retirement, although it might be best to do this via a qualified, registered professional advisor before you leave your home country. The UK authority’s protection stops at its borders and expat financial advisors may not be working within the laws of their host country, leaving losers with very little legal redress.
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