14th October 2015 at 3:52pm
Some new research has just come out stating that more than half of Britain’s wealthiest individuals are planning to spend the majority of their retirement on foreign shores. But it’s not just the wealthy that are tempted by moving overseas, it would appear those of us on more modest incomes are actually increasingly likely to make this a permanent move.
The research stated that two in five of those with an income of more than £60,000 are planning on spending most of their time out of the UK with a further 8% looking to emigrate permanently, and another 7% aiming to enjoy a few years abroad before returning home.
But it appears those with an income of less than £25,000 are more likely to leave permanently – with 12% of those surveyed by Old Mutual Wealth in this position saying they were planning to leave the UK for good.
Moving abroad – things to think about
As these statistics further endorse the research we’ve done into this popular trend, we thought it would be handy to give you all the links to our move abroad series in one easy, well packed carryall.
Hear the real life experiences of Elaine Smith as she plans a dream move to sunny Florida.
You’ve finally made up your mind to make that move abroad, and of course you’ll be focused on all the practical aspects of such a move. But what about your savings – how will they operate once you’ve left the UK?
If you live abroad but still come back to the UK regularly – could you be considered to have UK residency?
In our internationally mobile society, it’s becoming increasingly likely that people may hold assets in more than one country. How would your UK assets be treated in the event of your death overseas?
Since the financial crisis in 2008, there have been some consumer concerns over how well their pensions, investments and savings are protected should something happen to their financial institution.
Are you moving abroad to work? You’ll need to think about how you manage your existing assets back in the UK.
And what if you decide to come back having lived abroad? Your move away took a lot of time and planning and your move back will need equal consideration.
Things to consider
Any move abroad is a big one and we hope by running this series we’ve helped give you a few pointers on things to think about.
Join the conversation
Join the conversation and follow us on twitter @StandardLifeUK and Facebook where you can share stories and experiences about your own life. Have you decided to move overseas or do you have friends/family who have experienced making the move in the past?