UK expats ditch Europe for new retirement havens

According to a recently released report, would-be expats are planning their retirements in English-speaking countries rather than the former sun, sea and sand European hotspots.

Up until now, Spain, Italy, Portugal and France have been the destinations of choice for a huge number of Britons seeking to escape the worsening weather, increasing costs of living and declining attractions of the UK. Taking their places are the English-speaking countries of Canada, Australia and the United States.

The report revealed that 33 per cent of those over 40 years old who are saving for a comfortable retirement have plans to leave the UK once their working years are over, or even sooner in many cases. Reasons given included an improvement in lifestyle, cheaper cost of living, a better chance of finding like-minded friends and, importantly, lower taxation.

The popularity of long-distance destinations such as the US, Australia and Canada as retirement havens has risen along with the popularity of air travel, and countries with English as the official language are becoming favourites. The advent of long-haul budget flights means that visiting family and friends back home on a regular basis isn’t as much of a financial strain as it was a decade ago.

Spain’s economic problems, the property scandal and the 70 per cent drop in house prices have lost the country its place as the top retirement destination for Brits, and Greece, Italy, Portugal and Ireland have suffered in a similar manner. Although decent real estate in all these countries can now be had for a song, there’s a feeling amongst potential migrants that the worst has yet to come.

Florida, in which expats can stay on a visitors’ visa during the UK’s six colder, wetter months, is becoming the next hotspot, and inflation and the cost of living in the US are lower than in Britain. Entertainment and the laid-back lifestyle in the sunny state are further attractions.