If you are thinking of retiring abroad then look no further; I am going to supply you with all the important retiring information you need before you take that next step and retire overseas.
There is so much information you need to consider when retiring abroad and Regency FX has everything you need when it comes to retiring abroad information.
In this section we cover a wealth of information for retiring overseas including healthcare, Brexit, pension implications, your new home, exchanging your money and so much more. Talk to Regency FX for all the retiring abroad information you need.
As a result of the UK leaving the EU, the new healthcare is with the Global Health Insurance Card (GHIC), this is remarkably like the previous method which was the European Health Insurance Card.
If you already have a European card, then you are still permitted to use it until it expires. These cards give you access to state healthcare, it gives you the same access as the locals get.
Private healthcare is suggested in some countries.
Brexit has changed a lot of things and retiring abroad is one of them. It has now made it harder for Brits to be able to retire in different countries as you now require a visa and in many other ways.
You can go aboard for 90 days at a time with a 180-day gap in-between without a visa; if you want to stay longer or become a permanent resident of that country then you will need to do a residency application.
Do not worry about your pension because it is safe!
A lot of people that are retiring depend on either their private pension or their UK state pension. If you have paid the right amount of National Insurance in the UK, then you will be able to claim your UK state pension when you are in a different country.
Every year your UK state pension increases like how it does in the UK; this is only if you live in the EU or countries that have a social security agreement with the UK. Therefore, for some other countries that are not in this sector, you will not get a yearly increase with your pension.
For a private pension, you can leave it in the UK. You can take some of your pension as cash, use income drawdown, buy an annuity, or do a mix between these options it is up to you.
Finding a suitable home can be tricky, it is best to go over to the country you desire and stay there for a little while to scope out the area and see if there are any suitable places for you to live over there.
The popular destinations for UK retirees are Spain, Portugal, and France, this is because of how close all these countries are to the UK, which makes it easy for family to come and visit or for you to go and visit family or friends. There is also great links for transport from these countries to the UK, the flights are very consistent between these countries and there is a big range of choice with the airline you pick.
Other popular areas for UK retirees are countries that primarily speak English as this makes it easier for the UK retirees instead of them trying to learn a new language as that can be tricky!
Some countries do not sell property to anyone outside their own country even if you obtain a residency permit, so you need to watch out for that before you plan your retirement.
An additional factor you need to consider is what type of life do you want. You need to think about whether you want an active lifestyle or a relaxed, chilled out lifestyle. As well as this, you need to think whether you want hot weather, cold weather or anything in between!
There are a few different ways to exchange your money over to your new currency when you move however some are a lot more costly than others. You need to ensure that you get the best price for the conversion before going through with it as you could save thousands of Pounds by doing so!
The banks are the ones who usually charge the highest prices and they take the longest to get the money over! As well as this, their expertise does not lie within this sector of business as they are specialised in savings accounts and mortgages. They do not offer competitive rates when it comes to currency exchange.
The best option is to use a company like ourselves at RegencyFX, we can offer extremely competitive exchange rates and will not charge you all those hidden expensive fees! We can provide you with A* customer service and will help you every step of the way.
Regency FX are a UK based independent currency broker, specialising in high volume transfers.
We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.
All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.
The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.
They can often refer to the rates that banks exchange at rather than what is available to you, the customer.
Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.
We can monitor the market on your behalf enabling you to budget more effectively.
As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.
Get a quote and see how we stack up.
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