Whether your dream is to retire on a beach in the Caribbean or in some perfect European village, we will all have different opinions about the perfect retirement spot.
Over the last few decades, more and more people have chosen to retire abroad and as a result, this has become a big industry. Many publications and companies create ‘retirement indexes’ which are based on surveys to find out where are the most popular retirement destinations.
Factors which are taken into consideration when developing these statistics include things like the cost of living, healthy, happy, and politically stable environment, good and cost effective health options, language, and ease of applying for visas and other formalities.
Some of us will also want to make sure we have access to the kind of goods and foods we would get at home plus the need for a social network to enable you to thrive and enjoy your retirement.
To give you an idea of the best regions and places to retire, we've prepared a summarized list just for you:
Europe
Since the ‘Global Financial Crisis’, some of the countries in Europe launched a special campaign and incentives to attract High Net Worth Individuals (HNWI) and retirees. Pioneers in the early days were countries like Spain, Portugal, and Malta which were very successful, and these campaigns helped these economies significantly as well as created opportunities for many who before would not have been able to so easily retire in Europe.
Other countries in Europe quickly began offering similar schemes although Spain and Portugal continue to do well. Caribbean countries have also jumped on this bandwagon and Covid-19 has only accelerated these changes and created more opportunities for those wanting to retire abroad.
Middle East
In the Middle East, Dubai has been the pioneer introducing new visa opportunities for those who want to retire or move for work. Since Covid, the UAE has rapidly expanded it’s visa options to attract HNWI and retirees. Other countries in the region are now joining in but if the Middle East is your choice, then the UAE is the stand out candidate at the moment.
Asia
Asia which was perhaps slow to get started and badly affected by Covid is also now easing and getting back on track. The premier destination for HNWI in Asia will be Singapore which is politically stable and offers a great quality of life for those who can afford the high cost of living.
Countries which have proven popular retirement schemes are the Philippines, Thailand and Malaysia. Many of these destinations are significantly cheaper than in Europe, do not tax income you bring into the country and still offer a great quality of life.
Sadly sometimes, the dream of retiring on a beach somewhere in Asia, Europe or the Caribbean can turn into a costly nightmare due to a lack of research or planning.
Preparation for Retiring Abroad
Many of the below points seem very basic but are often the reason why many who move and retire abroad don’t make it and return home disillusioned and unhappy.
The reality is that for those who want to make a success of retiring abroad, it is a fair chance they are going to have a naturally more outgoing personality and likely to have a positive attitude to change and meet new friends and experience new adventures.
If currently you are not happy where you live, struggle to make friends and enjoy your current surroundings making a move to a warmer climate or more beautiful part of the world is not going to fix these other issues.
If you are a couple moving abroad to retire it is equally important you are both comfortable with the move and that you both have plans as to how you will enjoy your retirement in your new location and how you will fill up your time. Often, people make mistakes by deciding to retire somewhere they have visited while on holiday and had a great time.
Sadly having a holiday somewhere and living there permanently are two very different experiences and the best plans are thoroughly researched and if possible it is best to spend 6 to 12 months living where you intend to retire and renting before you finally take the plunge and buy the house of your dreams.
In a Nutshell
The world is full of fantastic choices when it comes to choosing your retirement and initially, you need to do the usual due diligence with regard to health, cost of living, access to family, and friends.
Ultimately, we will all have our preferred choices based on our own dislikes and likes and the options our new base will provide us to enjoy the time we will have in retirement.
Being properly prepared both financially and mentally for this new journey will be key to you making a success or not of this major decision and having the opportunity to chat this through with a professional who understands this market will be the key to making sure your new adventure is a success.
Astra have offices in Europe, Asia, and the Middle East and are well placed to offer consultancy services to clients who want to discuss their options wherever they are.
To get an adviser's advise on retirement planning, and to help you set up one that would fit the retirement lifestyle you want to achieve, click on the button to know more for a free chat.
If you want to check more about the latest content Astra has published online about retirement planning, you may visit the Astra Group website as well.
And to help us gain a better insight about this topic and help more in terms of retirement planning, let us know which of the following discussed places are you most likely to consider for retirement:
Where do you want to retire?
Europe
Asia
Middle East
Others