The best country for Brits to retire to is not in Europe, experts have revealed. Gibraltar Residency, a relocation service provider, researched the top 40 international destinations for UK citizens to retire to, based on a variety of metrics. The first three factors – healthcare, tax rates and the cost of living, were given a weight of 25% each, as they are “the most important factors when considering retirement”, and the other three, sunshine hours, whether the country has a dedicated retirement visa for UK citizens or not, and English speaking “professionancy” made up the final 25% of the total score.
According to recent research, 88% of Brits “dream of retiring abroad.” Experts added, “In the aftermath of Brexit and with soaring living costs in the UK, this dream may feel more desirable than ever for many retirees—but also potentially hard to achieve.”
The country that came out on top was the United Arab Emirates (UAE).
Those in the know said: “With 0% tax rates, a comprehensive, Government-funded health system and plenty of sunshine year round, it’s easy to see why the UAE is steadily becoming one of the most attractive places for Brits to retire to.
“With an already strong community of British expats, and a reported 75% of the population speaking English, retirees will have no issues making new relationships and fitting in with the community.
“Although the cost of living is relatively high in comparison to some other countries on the list, the savings made on taxes, the glamorous lifestyle, and the good quality of life will all make it worth it.”
Full list of top countries to retire in (score 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
On Thailand, experts said: “For those seeking a luxury retirement on a slightly tighter budget, Thailand offers an excellent mix of low taxes, accessible residency options and widespread English usage in key areas, making it a convenient and attractive destination for Brits to retire.
“While the cost of living is slightly higher than some of its regional neighbors, it’s still considerably more affordable than living in the UK.
“Thailand enjoys a warm climate year-round and has good healthcare services, particularly in major cities. Its combination of a relaxed lifestyle and low cost of living keeps Thailand firmly on the radar for retirees seeking an adventurous yet comfortable retirement.”
Experts have warned that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners.
On July 21, the Work and Pensions Secretary, Liz Kendall, announced that she is reviving a pension commission, which last met in 2006, to tackle the issue of working-age adults failing to put enough money into their retirement savings.