MGM Advantage: expat retirees need to thoroughly plan move

Published:  7 Aug at 2 PM
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British people looking to sell up in the UK and buy property overseas after they retire have been advised by financial advisers MGM Advantage to look into the potential tax ramifications they could face prior to emigrating.

The group’s pensions technical director Andrew Tully said that although many British citizens see upping and leaving their home country as a dream, they must consider everything thoroughly before deciding to do so.

He said that it is understandable why people think cheaper property, warmer weather and a more relaxed way of living is the way to go, but it said it was vital to research local tax laws in the country you wish to move to before laying down the funds to buy a home overseas. He added that pensions and savings and investment plans also could be affected by relocating.

The advice came on the back of a survey by MGM Advantage showing that Spain, France, Australia, Ireland and Cyprus are the five most popular countries for Brits to move to. The company encouraged retirees to also be aware of what healthcare and benefits they are entitled to in their new country.

Mr Tully added that people planning on retiring abroad should view professional financial advice as an essential part of making the decision as it could be the difference between enjoying an ideal retirement in the sun or having a much more challenging experience.
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