The dream of many people is to live in warmer and sunnier climates, places with a better standard of life and where you are able to afford a great house without having to pay a fortune for it. How many of us have come back from a holiday thinking, “I wish I could live there”; but have you considered what you need to do to live there? Probably the answer is yes as there are more people moving abroad, many of them without having a basic knowledge of the language and still manage to survive there without any problem; wonderful isn’t it? However, it is highly recommended to study before leaving your native country; being able to communicate will allow you to integrate with the local community.

Costa del Sol in Andalusia

Although the first thing that comes to everyone mind is where can I retire; it is also important to think about all the variables involved (other than the good weather) that will help you to make a final decision and take the big steps of a happy retirement in a place that offers you more for your money and makes you feel more comfortable in terms of security, friendliness of the community, less stress and traffic. Sounds ideal but it is not an easy task; sometimes our preferred option is not the most adequate for the money you posses or it is too far from our family and friends. Plan your retirement carefully if you want your dream to come true.


Financial Considerations when Moving Abroad

Health Care

Different countries have different policies and depending on your nationality you might have to pay astronomic sums of money to be covered by a health provider; not all countries offer free health services to foreigners or in many cases, not even to their citizens; research about state health systems in the country you are planning to move if you want to avoid a surprise.



Once you know you are moving abroad you must perform an analysis of the interest rates savings and investment accounts in your new country against the country you are living at the moment and compare it with inflations rates as well as future projection of currency fluctuations. If possible try to open a free saving accounts without deposits; just in case you decide to keep your money away.


State Pensions

Depending on the country you are moving to and the terms and conditions of your specific pension provider you might not be entitled to inflation rate increases for your pension; this vary from country to country so once you know where you would like to retire this is an important area to review; longevity is increasing and if you live until you are 100 years old, you might not get enough to have a decent life.



Research the specific tax rules that applies to pension income in the country of your choice; once you are considered a resident of a particular country, your tax status will change, as well as the payments you are obliged to make. The main taxes to analyse are income tax rates, inheritance tax and capital gain taxes; especially if you decide to put your house in the market once you are considered a tax resident.