Practicalities of moving overseas for would-be expat retirees

Retiring overseas isn’t just a way to get more out of your monthly pension, it’s also a way to boost your lifestyle.

The majority of expat retirees living overseas have made the move as they’re fully aware their monthly pensions will no longer allow an enjoyable lifestyle. The combination of inflation and increasingly bitter winter weather is driving more people than ever before to seek retirement refuge in warmer countries with far less expensive costs of living. However, in order to realise the dream, it’s wise to ‘close up shop’ in the home country before beginning your adventure of opening up elsewhere in the world.

The obvious and horribly boring necessities include renewing your passport and drivers’ licenses, cancelling all subscriptions, selling your property, opening an offshore bank account if necessary and researching your chosen destination until you could write an e-book about it! More than ever before, the internet is your friend, but being picky about what you read online is also the best idea. One essential tool available online is a basic grasp of your new language, at least enough to get around in the first few months. If you’ve no time before you leave, enrol in a class the minute you arrive.

If you’re uncomfortable or scared about online banking, attempting to get to grips with your fears before you leave the comfort of your local home country bank is important. In many countries, you’re allowed to keep your local bank account running but, unfortunately, the UK isn’t one of them nowadays. If you’re emigrating from the UK and want your state pension sent overseas, make sure you’ve let the relevant authorities know well in advance. You’ll certainly need a bank account in your new country of residence, with checking out the bureaucratic requirements before you arrive the best idea. Also you’ll need to watch out for currency exchange transaction fees should you rely on using an ATM and your home country debit card.