QROPS ADVICE: UK expats choosing to retire overseas rather than return

UK expats who move overseas to live and work are increasingly choosing not to return home, according to research by Isle of Man bank Alliance & Leicester International (ALIL).
The cost of retiring in the UK was cited as a major factor for expats deciding not to return, ALIL said. It highlighted a recent estimate that it cost expats more than £400,000 to do so, according to website www.lifetrust.com. France remains the top retirement spot, with 18% of those surveyed naming it as their country of choice, followed by Spain, with 13%. The UK was only just behind; 12% of the 600 expats surveyed by ALIL said they would return home to retire. Almost 60% of expats intended to retire in Europe in order to be close to their families, found ALIL, which noted 10% of respondents said the major bar to remaining outside the UK was being away from friends and family. Expats intended to fund their lifestyle overseas through a variety of methods .Better quality of life, weather and value for money were the three top reasons for wanting to retire overseas. But retiring abroad does not come without worries. Among expats’ main concerns were the quality of medical care and facilities, followed by general medical issues – including dealing with an emergency in a foreign language.