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Thinking of retiring abroad? For some people, the answer is easy: anywhere but home. Whether you’ve spent the majority of your life in one place and want a change of pace, or whether you’ve been globetrotting and are finally ready to call one country home, there are countless options available to you.

Before you head out on that big journey, though, it’s important to have your finances in order first. These five tips can help you get started down that path as soon as possible.



While there is no way to know with 100% certainty what taxes will be like in the country you are moving to, one thing is certain: they will be different than those in your home country. For example, some countries – like the UAE – don’t charge income tax on personal pensions or foreign investments, while others may not let you avoid tax through a simple offshore company.

These are just two examples of differences which can make it difficult to plan financially before retiring abroad.

The best way to start preparing for financial adjustments is by learning as much about the country and your potential employer’s retirement benefits as possible – or your options if you’re self-employed.


Health Care

It’s important to have a health care plan in place before retiring abroad. There are a number of factors that should be considered:

  • Does your health insurance and medical care cover you outside the country you’re living in?
  • Does your retirement savings allow for international medical expenses?
  • Can you afford monthly premiums and co-pays?


Living Expenses

When you retire abroad, it’s important to consider your living expenses. Depending on the country and city you choose, you may spend more or less money each month.

What are the things that should be in a retirement budget? It varies by person, but common items include: monthly rent or mortgage payment; utilities (electricity, phone/internet); food; transportation costs; and health care.


Making your money go further

  1. Seek out expatriate social clubs in the country where you want to live. These groups are typically made up of retirees that can help share advice and information on living abroad, and may be able to connect you with other expats in your area.
  2. Consider buying an apartment or house abroad instead of renting if possible. You will have more stability if you don’t have to worry about paying rent every month, plus there are usually lower taxes on owning property in another country than renting it.
  3. Don’t forget about a VPN (virtual private network) when living abroad – this will allow you to access websites that may not be available locally as well as staying connected with friends and family back home!


Considerations before you move abroad

Regardless of where you are retiring, there are some considerations to keep in mind. For example, how will you support yourself financially? What about health care and other medical needs? Will your pension be taxed in the country of retirement or the country from which you retired? Do you need a visa to retire in a particular country? Are there any age restrictions on working or running a business abroad?


Finding a law specialist

If you need legal advice or assistance, be sure to contact the experts at RHJ Law. We’re able to guide you through what you need to know before moving abroad.

Our legal team at RHJ Law assists foreign nationals in moving to Malta, Portugal, the United Arab Emirates and also to the USA. Our English speaking team of lawyers, accountants and other experts, specialise in helping entrepreneurs and families to set up, manage and grow their life in another country.

Working with our trusted partners; we can advise you on where to settle and how to go about purchasing a property, obtaining a visa and more.

We look forward to hearing from you soon!

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