How to retire abroad the smart way

Your pension and other financial matters

One of the first things you will need to do before or when you make your big move overseas, is to open up a bank account in your new country of residence. You can still keep your old bank account open at least until you get settled. In fact, many people choose to wire money from their old account to their new account during their transition period. If you are being paid a pension or any other type of benefit, you may be able to arrange for these to be paid directly into your new overseas account too.

Transferring money between your accounts can be arranged with an FCA authorised and regulated money transfer company whether you need to arrange a one off transfer or you would like to make a more regular arrangement. 

Consider using a relocation specialist

There is a lot to think about when moving to a new country and an individual or company specialising in relocation services can really help to take the pressure off. They can advise you on the legal requirements surrounding your move, help you with visas and even do the little things such as arrange gas and electric connection or provide assistance with settling in to your new community.

Be aware of tax laws at your new destination

It is a good idea to do a little research of your own before you start emigration proceedings. Different countries have different tax laws regarding property, investments and income. It is therefore important that you understand your tax obligations to both the country you are moving to and the country you are leaving behind.

Understand your right to medical health insurance or care

Even if you are in very good health now, it is important that you find out as much as possible about your health and welfare rights. You may be entitled to free healthcare or you may need to contribute in some way to a Government scheme. It is rarely the case that the benefits you would have received in your old country are payable or accessible at your new destination, so you will need to ensure that alternative means of medical assistance are in place. In fact, this is often a compulsory requirement before you can emigrate to another country.

Aviva Tabachnik is an avid personal finance writer and Partnerships Executive at OPP award winning comparison website, MyCurrencyTransfer.com

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