A record number of retired Britons or those nearing retirement are heading straight towards the sunny parts of the European Union in order to enjoy a less stressful anti-rat race life.

 

According to recent studies from the Office of the National Statistics over 200,000 residents of Great Britain left the country last year and the majority of them were indeed retirees.

 

In many cases the retirees are unprepared in terms of the existing tax laws in their new home county. Places like France or Spain in example will impose wealth tax of 0.2 to 0.5 % of all your worldwide assets. On top of that inheritance tax will be levied on wealth divided between married couples. Depending on specific terms 30 % inheritance tax is not unusual.

 

In order to avoid these unpleasant realities under the sun, one should make an informed decision prior to departure. One of the best practices when choosing the best place to live is to research important issues like property tax and cost as well as health care or income tax and cultural aspects.

 

Many studies have been done on this and one of the most comprehensive projects came with a list of the best countries to retire. The list is as follows:

 

1. Cyprus

2. France

3. Belize

4. Spain

 

Cyprus topped all others because is has the lowest income tax upon retirement as low as 5%, zero inheritance tax and very low property cost. In addition when it comes to property it is quite easy  for retirees to get low buying or selling fees. For additional information please contact your property agent and country destination embassy.

We considered moving to Spain recently, to work rather than to retire, but in the end decided that it's hard enough with 2 children under 3 years old without having to learn a new language/culture. Maybe later?

I agree Russ moving to a different country with young children is a totally different prospect. Have you thought of Australia? Very hot and no language issues!

Oh give me Spain any day!!!!! Tapas, Rioja, a bit of salsa. Muy bueno (did I spell that right?)

Since you put it like that! I've got no idea about the Spanish spelling my limit is dos cuba libra por favor and that's probably spelt wrong too.

Looks close enough to me!!!

Thanks George - yes Oz is a bit far away and they will always be rude about the cricket! The beer is pretty bad too. ;O)

"Oh give me Spain any day!!!!! Tapas, Rioja, a bit of salsa." My thoughts exactly Martine!

Anywhere on the Med is good for me.