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Realistbear

Only 6% Of Retired Brits Plan To Buy Abroad

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http://uk.finance.yahoo.com/news/Most-50s-no-intention-living-tele-1487593088.html?x=0

Leah Hyslop, 10:40, Thursday 6 January 2011
Economic difficulties may be causing older people's interest in moving abroad to dwindle, new research suggests.
According to research conducted by M&S (LSE: MKS.L - news) Money ,
only six per cent of Britons between 50 and 70 years old are thinking about retiring abroad.
While one in 10 people agreed that they would like to purchase a second home for holidays, most people interviewed said that they had no interest in moving permanently overseas after they finished working.
When asked what travel they would like to do in ther old age, the largest group - 44 per cent - said they would prefer to take a holiday of no more than two weeks, while only five per cent said they would consider travelling for between six months and a year.

I am planning to buck the trend. Can't stand the weather (I can feel a SRV riff coming on).

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And don't forget that many countries like France and Spain are clamping down on the retirees claiming free health care in their country as soon as they land.

France, for example, will not allow early retirees from the UK free health as they haven't paid into the system. As the retirement age in France is rising to 62-67yrs old, Brits will have to wait until they reach the national retirement age before qualifying for the same level of health benefits.

And the % of 60yr-70yr old Brits that will be financially able to buy abroad and retire is dwindling. Most will still be working until they're 70. The last thing on their minds will be taking on more debt by buying abroad.

I guess the 6% in the survey are politicians, high paid civil servants and the bankers. Everyone else will be working to pay their big pension pots.............. :ph34r:

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you've nailed it agentimmo.I can't stand the ones who slag this country off wehn they live abroad and then come back for their free healthcare/welfare when things get tough.

days of brits buying abroad are dying.

The image of countries like Spain has also changed. Now it's about collapsed house values, unemployment, volatile students, instability, worrying lack of planning/housing laws.

The only tv coverage now is of some bemused Cockney paradise-seeker looking at raw sewage running past his door on a deserted 'estate'.

Plus the fact that there's no cosy jobs in the Walford Square English grease bar on the front, because it either closed, or someone's working in it for two Euros an hour.

Y Viva Espana...

Edited by juvenal

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And don't forget that many countries like France and Spain are clamping down on the retirees claiming free health care in their country as soon as they land.

France, for example, will not allow early retirees from the UK free health as they haven't paid into the system. As the retirement age in France is rising to 62-67yrs old, Brits will have to wait until they reach the national retirement age before qualifying for the same level of health benefits.

In that case, surely France is in breach of its obligations as an EU member state? As I understand it any citizen of a member state who has an EHIC card is entitled to access to any other state's national healthcare system on the same terms as if they were a citizen of that country. I'm sure that if we started picking and choosing which other EU nationals we were willing to treat and to what extent, we'd find ourselves hauled before the European Court in no time. But there again, as the beef ban demonstrated, France simply ignores the EU law it doesn't like, especially where the UK is concerned.

In any case, I suspect that a major reason for the declining number of Brits retiring abroad is the value of the pound. Retiring abroad was at its most widespread during the middle of the last decade, when the pound was unusually strong (measured against long-term norms) against the currencies of most other developed nations, including the main retirement destinations. It has now returned to around those long-term norms and possibly a bit below where it should be in the case of the euro, hence the retirees are coming back by the Ryanair 737-load, and prospective new ones are abandoning the idea.

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In that case, surely France is in breach of its obligations as an EU member state? As I understand it any citizen of a member state who has an EHIC card is entitled to access to any other state's national healthcare system on the same terms as if they were a citizen of that country. I'm sure that if we started picking and choosing which other EU nationals we were willing to treat and to what extent, we'd find ourselves hauled before the European Court in no time. But there again, as the beef ban demonstrated, France simply ignores the EU law it doesn't like, especially where the UK is concerned.

In any case, I suspect that a major reason for the declining number of Brits retiring abroad is the value of the pound. Retiring abroad was at its most widespread during the middle of the last decade, when the pound was unusually strong (measured against long-term norms) against the currencies of most other developed nations, including the main retirement destinations. It has now returned to around those long-term norms and possibly a bit below where it should be in the case of the euro, hence the retirees are coming back by the Ryanair 737-load, and prospective new ones are abandoning the idea.

Is it true that retirees are returning en masse from places like Spain? Do you have any figures?

It wouldnt surprise me at all. And all of that will put more strain on our benefits system, which imo, is already bust beyond repair.

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http://uk.finance.yahoo.com/news/Most-50s-no-intention-living-tele-1487593088.html?x=0

Leah Hyslop, 10:40, Thursday 6 January 2011
Economic difficulties may be causing older people's interest in moving abroad to dwindle, new research suggests.
According to research conducted by M&S (LSE: MKS.L - news) Money ,
only six per cent of Britons between 50 and 70 years old are thinking about retiring abroad.
While one in 10 people agreed that they would like to purchase a second home for holidays, most people interviewed said that they had no interest in moving permanently overseas after they finished working.
When asked what travel they would like to do in ther old age, the largest group - 44 per cent - said they would prefer to take a holiday of no more than two weeks, while only five per cent said they would consider travelling for between six months and a year.

I am planning to buck the trend. Can't stand the weather (I can feel a SRV riff coming on).

No wonder Brits,abroad are getting rinsed ,Sold my place in Spain 6 months ago always paid our local property tax and sewerage rubbish tax on time checked we were uptodate when selling,Just had a e-mail from my lawyer in spain that the tax is outstanding from 2008/9 560 euro to pay plus 20% penalty for late payment bunch of robbing ba@terds yet the 3600 euro retention tax that we are due from the tax office could take up to 24 months to refund.

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you contrarian TMT!

Multiple personality disorder. Last night I was Admiral Nelson. This morning I was Mata Hari and right now I am contemplating having a cup of tea.

Edit:

Joking aside, the prices in the US are now very realistic. The big thing that has put me off the US has been the lack of healthcare but, having spoken with numerous Docs and Nurses over Christmas, all seem to be of the opinion that the US health system will be here in the UK within a decade. Lots of Docs I know have now begun to make plans to leave the UK.

If the NHS goes then one of the last benefits of being in the UK versus the US kinda of disappears - oh, we still have Blackadder.

Edited by The Masked Tulip

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In that case, surely France is in breach of its obligations as an EU member state? As I understand it any citizen of a member state who has an EHIC card is entitled to access to any other state's national healthcare system on the same terms as if they were a citizen of that country.

Correct. I should be clearer. The loophole that allowed early retirees from the UK to up sticks and move to France, at 50yrs old, and get full health care, has been closed. They can still move when they are 50, but will now they will have to wait until they reach the French legal retirement age before getting the benefits.

If they are in work, ie. not retired, they will get the same benefits as me and millions of others if they can show a payslip, etc.

Early retirees can still opt for private health care in France. BUPA equivalents. But this will add a bit to the budget required to stay.

That's the EU law now. Seems fair to me.

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Joking aside, the prices in the US are now very realistic. The big thing that has put me off the US has been the lack of healthcare but, having spoken with numerous Docs and Nurses over Christmas, all seem to be of the opinion that the US health system will be here in the UK within a decade. Lots of Docs I know have now begun to make plans to leave the UK.

If the NHS goes then one of the last benefits of being in the UK versus the US kinda of disappears - oh, we still have Blackadder.

I really don't understand this argument about US healthcare. If you can obtain a job and a visa it's likely your healthcare will be paid for by your employer. If you are penniless you still get A&E treatment. The enormous saving in housing and petrol will offset healthcare costs. Some houses are back to 1992 levels!!!! They are cheaper to buy now than you can build them in some places!!!!

You are also forgetting that you see the doctor immediately and get treated immediately. It's normal to wait 5 minutes, get weighed, have your blood pressure taken and then see the doctor.

The NHS waiting times are erratic but it's normal to wait an hour. There are loads of no-shows each day and the place is full of grannies who just want a chat with the doctor.

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spainish people will hire Spaniards first.

i think the fall out from the various planning/corruption/illegally built scams is yet to really begin..

Indeed. The only place Britrs or other "durn ferners" are hired are ex-pat bars or other businesses. Muilticulturalism is non-existent in most of Spain--they don't like it and neither does their government which has an odd habit of doing what the electorate wants it to do. v Spain is nice to visit because you know you are in Spain when you get there. I wonder what visitors to this country think when they arrive in any one of our major cities? I am all for diversity and love to experience Greek culture in Greece, Roman culture in Rome and the flavour of olde Spain when I visit the old town of Granada.

Edited by Realistbear

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I guess the 6% in the survey are politicians, high paid civil servants and the bankers. Everyone else will be working to pay their big pension pots.............. :ph34r:

council officials, teachers and police retired early on "stress" grounds etc..

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Oddly enough, over Christmas my mentality has changed to considering buying overseas now rather than here in the UK.

I'm currently thinking about moving to France as I work in a job where I am away for month at a time and then home again for a month. This means that I can live pretty much anywhere I want within reason.

Do you know anything about the tax implications of living in a country but earning your money elsewhere?

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I'm currently thinking about moving to France as I work in a job where I am away for month at a time and then home again for a month. This means that I can live pretty much anywhere I want within reason.

Do you know anything about the tax implications of living in a country but earning your money elsewhere?

That sounds quite sensible to me. It's quite amazing what you can pick up in Brittany for next to nothing. For the same money as a terraced ex-council house you could pick up a proper home. Good luck to you.

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you've nailed it agentimmo.I can't stand the ones who slag this country off wehn they live abroad and then come back for their free healthcare/welfare when things get tough.

days of brits buying abroad are dying.

I have never understood the appeal of buying in these places when often you can rent for a reasonable sum. I suspect the buy appeal has been down to speculation. I have meet several 40 something atypical expat Secretary's where I am all in t eproperty game... All seem to have bought property in Spain / Cyprus / Dubai. Most have seen their asset values plummet. The only sensible one bought a place in Cyprus - rents it out year round and intends to retire there because she likes the place.

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Do you know anything about the tax implications of living in a country but earning your money elsewhere?

As a general rule you pay income tax in the country where you earn the money and other taxes (VAT, council tax etc.) in the country where you spend it. If you work for a company based in country A and are paid by them in country A, but do the actual work in country B - in EU jargon, you're a 'posted worker' - then for employment law purposes you never left country A.

One exception to that rule is the United States, which requires its citizens to pay federal income tax on income earned abroad above $94k, regardless of whether they repatriate their earnings to the US or not. Of course if they don't, the question arises as to how they'd ever find out that you'd earned money overseas that never went into any US-based bank account if you don't declare it on your tax return; but if they do, the penalties are severe, and they can and have extradited people for it. I read a Sunday supplement article about this a couple of years back, which stated that a significant number of US expats in Europe who did not anticipate ever going back were renouncing their US citizenship to avoid the tax bill. This is something I and my American fiancee are having to think about: as a hospital doctor, she possibly would be earning over the threshold were she to settle in Britain with me (and therefore find herself paying both higher rate income tax here and income tax to the United States), rather than the other way round.

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As a general rule you pay income tax in the country where you earn the money and other taxes (VAT, council tax etc.) in the country where you spend it. If you work for a company based in country A and are paid by them in country A, but do the actual work in country B - in EU jargon, you're a 'posted worker' - then for employment law purposes you never left country A.

One exception to that rule is the United States, which requires its citizens to pay federal income tax on income earned abroad above $94k, regardless of whether they repatriate their earnings to the US or not. Of course if they don't, the question arises as to how they'd ever find out that you'd earned money overseas that never went into any US-based bank account if you don't declare it on your tax return; but if they do, the penalties are severe, and they can and have extradited people for it. I read a Sunday supplement article about this a couple of years back, which stated that a significant number of US expats in Europe who did not anticipate ever going back were renouncing their US citizenship to avoid the tax bill. This is something I and my American fiancee are having to think about: as a hospital doctor, she possibly would be earning over the threshold were she to settle in Britain with me (and therefore find herself paying both higher rate income tax here and income tax to the United States), rather than the other way round.

I may be wrong but I believe there is a tax agreement between the US and the UK so that a US citizen pays their taxes first in the US at whatever tax rate is applicable - and then the difference over here between what is paid in the US and the presumably higher UK tax rate?

For example, taking random figures, if the US tax rate was 30% and the UK one was 40% then 30% is paid in the US and 10% paid here.

But I could be wrong.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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