British retirees abroad have had quite a rough time of it recently with the turbulence of the pound playing havoc with relative worth and income from UK-based assets. It has made the expat dream of retiring in the sun a little less dream-like; and a little more of a financial headache.
The Financial Times recently reported some potentially good news for these expats, highlighting how British expats abroad are able to benefit from the increasing number of qualifying recognised overseas pension schemes (Qrops) appearing on the market. These were introduced in 2006 and allow retirees to transfer their pension abroad more easily – as long as pensioners have been non-UK residents for at least 5 consecutive years they are able to withdraw funds from international pensions schemes based in tax-efficient jurisdictions such as Guernsey.
How your finances fare overseas is one area that we are looking at in the Expat Explorer survey, which is live now. Given the turmoil over the past couple of years, we’re expecting some interesting findings. Emerging markets came out strongly in Expat Economics in 2009, dominating the rankings. Will this be repeated this year and is it a sign of a significant shift in the world economy? The survey takes 10 minutes to fill out and your insight goes into helping us create an insightful picture of the expat population.