Before you start packing, there's the small matter of visas when you’re retiring abroad.
Some countries roll out the welcome mat for British retirees, while others make it more difficult. And it’s not always obvious which will be which.
If you thought Europe was out of bounds since Brexit but our Australian cousins would welcome us with open arms, think again.
Two main EU visa options
Passive income visa
The most obvious visa for retirees in European Union countries – and the easiest to acquire – will normally be the “passive income” visa. To get this visa, you generally only need to show three things:
That you have sufficient pension, investment or other passive income – or savings – to prove you won’t be a burden on the state
That you’re of good character, which generally comes down to never having served a custodial sentence.
That you have health insurance. Such visas are normally initially for a year or two, but you can renew them and after five years claim permanent residency.
“Digital nomad” visas
“Digital nomad” visas can be excellent options for those looking at semi-retirement – still keeping in touch with the office or doing some consultancy work, perhaps. Spain, Portugal and Italy all offer these options.
Get a currency conversion quote
Send money overseas quickly, securely and efficiently.
Country-specific visas
Let's explore some of the main retirement visas and highlight destinations where retiring abroad is relatively straightforward.
Portugal: D7 visa
Portugal has become a hotspot for retirees, and it's not just because of the custard tarts.
The D7 visa is designed for those with a steady income from pensions or investments. To qualify, you need to show a monthly income of at least €820.
Once approved, you're on a pathway to residency and can enjoy Portugal's affordable living and pleasant climate. This visa is popular because you don’t even necessarily have to stay in Portugal.
Spain: Non-lucrative visa (NLV)
Spain offers the non-lucrative visa for non-EU retirees. To be eligible, you must demonstrate an annual income of around €30,000, plus extra if you have a spouse.
Italy: elective residency visa
Italy's elective residency visa has an annual income requirement of €31,000 for an individual or €38,000 for a couple.
Greece: financially independent person visa
Greece offers a visa for financially independent individuals, requiring proof of a stable income, typically €2,000 per month.
Thailand: retirement visa
For those drawn to Asia, Thailand's retirement visa is an option.
Applicants must be at least 50 years old and show either a monthly income of THB 65,000 (approximately £1,500) or a bank deposit of THB 800,000 (about £18,500).
Costa Rica: pensionado visa
Costa Rica is a popular choice among US and Canadian retirees, but Brits can go to Central America's greenest country too. The pensionado visa is tailored for retirees with a lifetime pension.
The requirement is a monthly income of at least $1,000. This visa provides discounts on various services and access to Costa Rica's affordable healthcare system.
Ireland: no visa required for UK citizens
For British retirees, Ireland is the easiest option. Thanks to the Common Travel Area agreement, UK citizens don't need a visa or residency permit to live in Ireland. It's close to home, English-speaking, and offers a familiar culture, albeit with a bit more rain.
Australia and New Zealand
Australia and New Zealand have pretty much pulled up the drawbridge on permanent retirement from the UK, unless you can go for a “family reunion” style visa.
Canada and the USA
Canada and the USA offer “investor visas” for those with a lot of money to invest; $800,000 at least for the USA.
Is the ‘golden visa’ still a thing?
Some countries still offer residence by investment visas, known as the “golden visa”.
Sometimes you can buy a property for as little as £250,000 for the visa – Greece and Malta, for example – but that option has now been phased out in most countries, including Portugal and Spain.
There may be other investment options though, such as government bonds, or commercial property, so it’s worth making enquiries if you’re set on retiring abroad to one of these countries.
Is retiring abroad worth it?
Navigating visa requirements is a crucial step in retiring abroad, there’s no two ways about it.
And retiring abroad can be a rewarding adventure, offering new experiences and potentially a better quality of life.
It's essential to research thoroughly, understand the financial commitments and consider factors like healthcare access and cultural differences.
Consulting with immigration experts or legal advisors can also provide clarity and ensure a smoother transition to your chosen retirement haven.
Find a property overseas
Thinking about buying a holiday home abroad - or going the whole hog and living overseas? We've got property listings from around the world right here, just choose your destination.
