Many Brits are choosing to retire abroad to avoid the rising cost of living in the UK. With lower taxes, days spent by the beach and reduced property prices, over 1.1 million pensioners have opted to live outside of the UK, according to Department for Work and Pensions. Gibraltar Residency, an expert relocation service provider, have researched the top 40 international destinations for UK citizens to retire to – and shockingly, only two of the top 10 are in Europe.
Ranked as the number one place for pensioners to retire to, the United Arab Emirates has become an increasingly popular choice. With 0% tax rates, a government-funded health system and plenty of sunshine year round, it has quickly become one of the most attractive places for Brits to retire to. With over 240,000 British expats already living there, and 75% of the population speaking English, many over 65s are flocking to the Middle East.
Thailand ranked in second place for those seeking luxury on a tighter budget. The southeast Asian county offers a mix of low taxes and widespread English usage. Despite the cost of living being higher than its neighbouring countries, it’s still considerably more affordable than the UK.
In third place is Malaysia, with affordable healthcare and a warm climate. Mexico was ranked in fourth place by Gibraltar Residency, which is “a practical choice for Brits looking to stretch their retirement savings”, according to the expert.
The locations were decided based on the following metrics – with some carrying a higher weight due to their importance. Healthcare, tax rates and cost of living each carry 25% of the weight, while sunshine hours, residency visa options and English speaking proficiency made up the rest of the deciding factors.
The North American country has an abundance of expat-friendly communities which can make integration easier.
Rounding off the top five is Gibraltar. Offering a seamless transition to a Mediterranean lifestyle, the British Overseas Territory is “naturally appealing to UK retirees”. With English as the official language and a similar healthcare system, pensioners can enjoy retirement with the added benefit of sunshine and stunning beaches.
The top 10 countries and their scores out of 40:
United Arab Emirates – 29.83
Thailand – 29.25
Malaysia – 29.24
Mexico – 27.17
Gibraltar – 26.67
Philippines – 26.58
Egypt – 26.50
Czech Republic – 25.50
Brazil – 24.83
Indonesia – 24.50
