Latest news with #expats
Telegraph
a day ago
- Business
- Telegraph
Where to retire to escape high-tax Britain
Gone are the days when British pensioners were given an easy ride on tax. Labour's continued freeze on income tax thresholds means a growing chunk of retirees' income is clawed back by the state each year. The state pension is on course to exceed the tax-free 'personal allowance' threshold by 2027 – a phenomenon dubbed the 'retirement tax'. To achieve a 'comfortable' standard of living in retirement today, a single pensioner needs an income of £52,220 a year, according to the Pensions and Lifetime Savings Association (PLSA). This would tip them into the punitive 40p 'higher rate' bracket and rack up an income tax bill of £8,320 – effectively handing over 16pc of their income to tax. But any retirees considering moving abroad for their golden years will find a plethora of low-tax regimes ready to welcome them – without demanding a big slice of their pension in return. Here are four highly desirable destinations where you could slash your retirement tax bill. Greece has devised a preferential tax regime for expats with foreign pensions and investment income as it aims to attract high-net-worth retirees. The country offers a flat 7pc rate of income tax on foreign-sourced income – including pensions – for up to 15 years. You must fulfil certain conditions to be eligible, including staying in Greece for more than 183 days each year, and not having been a tax resident in Greece for five of the last six years prior to arrival. You must also move from a country with which Greece has a double taxation treaty – which includes Britain. Greece's 'golden visa scheme' allows expats to gain residence in exchange for investing in real estate. The Greek government has raised the minimum property value to €800,000 (£684,000) in popular areas such as Rhodes, Kos and Santorini, in an effort to deal with housing affordability for locals. But it is still possible to get the same visa for a smaller investment if you look for homes in less in-demand areas such as the Peloponnese or mainland Greece. Purchasing a property for €400,000 or more is enough to secure you a golden visa. The threshold falls to €250,000 if you convert a commercial building into a residence anywhere in the country, or restore or reconstruct a listed property. The simplest way to become a Cypriot tax resident is to spend more than 183 days a year in the country. Once you are a tax resident, your British state pension, occupational and personal pensions, and annuities will be subject to income tax in Cyprus. The only exception is income from government service pensions, paid to retired members of the fire service, police, civil servants, armed forces and local authorities, which remains subject to British tax. Pension income can be taxed in one of two ways. Cyprus offers a very low 5pc flat rate of income tax on foreign pension income above a tax-free allowance of €3,420. Or you can choose the standard Cypriot income tax system each year, with the first €19,500 exempt. A pensioner on a 'comfortable' retirement income of £52,220 (€61,110) would be better off opting for the 5pc rate. By contrast, anyone with an income below around £21,400 (€25,000) would be better off under the standard Cypriot system. Non-domiciled residents of Cyprus are also exempt from tax on dividends and interest, there are no inheritance, wealth or gift taxes and there is no capital gains tax on property sold outside the island. Expat retirees moving to Italy can benefit from an attractive 7pc flat rate of income tax – but only if they move to certain underpopulated areas. The southern regions of Abruzzo, Molise, Campania, Puglia, Basilicata, Calabria, Sicily and Sardinia offer the rate on foreign income – including pensions – for anyone who becomes a resident in municipalities with fewer than 20,000 inhabitants. While your pension or other sources of non-Italian income will be taxed at 7pc, you will still need to obtain a visa to move there if you are not an EU citizen. The preferential rate lasts 10 years, and to qualify, you must have been a tax resident outside Italy for at least the previous five years. For non-working retirees, the 'elective residency visa' is a popular choice. To qualify, you will need to prove you have an annual income of at least €31,000 for an individual or €38,000 for couples, plus 20pc for every additional dependent, or 5pc for a dependent child. In Britain, anyone over the age of 55 can take 25pc of their pension as a tax-free lump sum. But in foreign tax regimes, including Italy's, this withdrawal will be taxable. David Denton, of investment manager Quilter Cheviot, said: 'Retirees should consider taking their pension lump sum before leaving the UK, as this feature is typically unavailable abroad. This benefit could effectively be lost if not accessed beforehand.' The UAE's low-tax regime has turned it into one of the top destinations for wealthy British expats, with the tax perks on offer extending to pensioners. There is zero income tax in the UAE, which comprises Dubai, Abu Dhabi and five other emirates. And if you spend at least 183 days in a year there, there are no UAE taxes on your assets outside the country. The Dubai 'retirement visa' offers a renewable five-year residency for all expats aged 55 and over who meet either an income or property ownership requirement. Applicants need a minimum yearly income of AED240,000 (£48,600) – or AED180,000 in Dubai. Alternatively, they can buy a property (or properties) in the UAE with a total value of at least AED1m, or hold this amount in savings in a UAE bank account. Levies, including income tax, capital gains tax and inheritance tax are non-existent in the UAE, but other requirements act as taxes by proxy. Mr Denton said: 'Low-tax environments, such as the UAE, can come with hidden costs – mandatory health insurance being a prime example – effectively functioning as indirect taxation.' Another point to consider is that you will not receive the annual 'triple lock' uplift on your state pension if you move to the UAE. Britain does not have a 'reciprocal agreement' in place with the Emirate, meaning your state pension will be frozen at its current level on the day you leave Britain.
Daily Mail
a day ago
- Daily Mail
Revealed: These are the top European countries to retire to in 2025 - where would you move?
For many Brits, retiring abroad has become an increasingly popular choice, with a growing number seeking sunnier skies, better value and peace of mind in their later years. Europe continues to be one of the most desirable continents for expats, with many nations offering affordable living, high-quality healthcare, and a variety of unique cultures and experiences that ensure a comfortable and comfortable next chapter. According to new rankings published by Funeral Guide, 10 European nations stand out as ideal destinations, based on three key factors: cost of living, crime rate, and the quality of healthcare. A budget-friendly option with one of the lowest costs of living in Europe, Hungary enters the list at number 10 – a perfect choice for retirees aiming to stretch their pensions. While it ranks slightly lower due to a higher crime rate and moderate healthcare quality, cities like Budapest charm with their rich culture, efficient public transport, and affordability. At number nine, Iceland offers awe-inspiring landscapes and minimal crime, making it a tranquil, safe environment for retirees seeking serenity and safety. Despite a high cost of living, its excellent healthcare system and peaceful lifestyle attract those seeking an adventurous yet calm chapter of life. In eighth place is Switzerland – a nation considered by many as the gold standard of European living. The country offers top-tier healthcare and varied, breathtaking scenery, from cosmopolitan cities like Zurich and Geneva to snow-capped peaks and crystal-clear lakes in Lucerne and Montreux. While it's one of the most expensive on the list, its exceptional quality of life, wellness culture, and reliable infrastructure make it a dream retirement spot for those who can afford it. Rich in culture and history, Austria ranks seventh with its blend of sophistication with practicality. Vienna offers world-renowned music and architecture, the healthcare system is comprehensive and well-rated and the public transport is clean and efficient - even in smaller towns. Austria delivers Western European elegance without the eye-watering price tag, making it ideal for those who value simplicity and tradition. Croatia's Mediterranean charm, warm climate, affordable living have earned it the sixth spot in Europe's top ten retirement countries. With its sunny coastline, historic towns, and improving healthcare standards, Croatia is ideal for retirees looking for a laid-back lifestyle with cultural flair. Taking the fifth spot is Portugal, which continues to draw retirees with its sunny weather, low living costs, and relaxed lifestyle. Cities like Lisbon and Porto offer vibrant culture, while coastal havens such as Cascais bring peace and ocean views – all supported by strong healthcare and a growing expat community. Ranking fourth, Finland impresses with its serene natural beauty, extremely low crime rates, and high-ranking healthcare system. Although winters are long, the country's commitment to wellbeing, clean infrastructure, and calm pace of life create an inviting environment for retirement. Affordable and centrally located, the Czech Republic ranks third on the list, blending a rich history with a high standard of living. Prague 's walkability, charm, access to excellent healthcare (and it's beer) make it a standout, while smaller cities outside of the capital offer even more value without sacrificing quality of life. In second place is Slovenia, an often-overlooked hidden gem with clean air, picturesque lakes, and a strong sense of safety. Its moderate living costs, reliable healthcare and proximity to other major European destinations make it ideal for retirees wanting a combination of tranquility, convenience and peace of mind. Topping the list is Denmark, celebrated for its quality of life, strong healthcare, and societal stability. Though it may not be the cheapest, Denmark offers retirees exceptional welfare support, a low crime rate, and a culture that values balance and wellbeing. Its clean cities, sustainable living, and emphasis on community make it a fulfilling place to enjoy one's golden years. A spokesperson from Funeral Guide explained: 'Retirement should be about peace of mind, not just pensions. 'These countries offer not only financial and medical security, but also the lifestyle and dignity everyone deserves in later life.'
Free Malaysia Today
3 days ago
- Politics
- Free Malaysia Today
Malaysians in Iran urged to leave amid escalating conflict
Malaysians in Iran urged to leave amid escalating conflict 17-Jun-2025, 19:01 17 Jun 2025, 19:01 FMT Reporters Share
News.com.au
4 days ago
- Climate
- News.com.au
‘What year?': Expat questions why Aussie homes are so cold
A Swiss expat has humorously questioned 'what year' Aussie home builders will discover insulation as the country shivers through a frosty start to winter. Much of the country's east has braced freezing temperatures in a cold snap that started over the King's Birthday long weekend, with snow blanketing NSW's central tablelands and areas as far north as Mt Isa in northwest Queensland recording their lowest temperatures in decades. Leandro Tonet, an online homeschooling entrepreneur living in NSW's Byron Bay, shared a viral clip to Instagram over the weekend, rugged up in a beanie and trackies, warming his hands in front of the kitchen stove. 'POV: You're Swiss living in Australia and you're wondering what year insulation will be invented …' the video text read. 'Apparently the coldest place in Australia is our bathroom,' he captioned the video. 'When it's 8C outside, it's 8C inside. Someone please tell Aussie builders how to insulate homes. Fellow expats DO YOU FEEL ME?!?!' 'Russian freezing in Australia asking the same question,' one commenter wrote. 'It's actually colder inside,' another said. A third wrote, 'There are people in Sydney who only ever wear shorts all year round. In winter they will insist they are fine with it, that the cold weather will pass in no time. It's just a thing here.' Mr Tonet has been contacted for comment. The fact that Australian homes tend to be colder in winter compared with those in other countries is no secret. 'The short answer is that most Aussie homes just weren't designed with winter in mind,' said Gerry Wallace, managing director at building firm Greenline Australia. 'It's a systemic result of decades of summer-first design, minimal insulation, and building policies that favoured cooling performance.' Mr Wallace said there were a number of key culprits 'we see over and over again' — number one being outdated building standards. 'Homes built before the early 2000s were rarely insulated to any decent standard,' he said. 'Some still have zero insulation in the walls or floors.' Poor sealing and draught control also means 'a lot of homes here leak air like a sieve'. 'Gaps around windows, doors, floorboards, and even downlights all let warm air escape,' he said. 'That's a major reason heating feels useless in winter.' And single-glazed windows 'are still everywhere'. 'They let out heat faster than people realise and make a huge difference in how cold a home feels,' Mr Wallace said. He added that Australia's climate has traditionally meant a 'design bias' towards summer, focusing on keeping cool in hot months. 'Wide eaves, open-plan layouts, and high ceilings might help in summer, but they don't do you any favours when the temps drop,' he said. Slow policy shifts mean these problems linger. 'Even now, our minimum energy standards lag behind countries with similar climates,' Mr Wallace said. 'NatHERS [the Nationwide House Energy Rating Scheme] is improving — from six-star to seven-star minimums — but a lot of housing stock is still stuck at one or two stars.' Dr Tim Law, head of building sciences at insurance consultancy RIC Solutions, pointed out that Europe and North America 'had to confront the energy crisis of the 1970s, which forced these countries to confront the issues of building energy efficiency much earlier than Australia'. 'The major population centres in Australia are also located in fairly benign weather areas,' he said. 'These, together with the abundance of coal and gas deposits in Australia, [have] seen us come later in addressing energy efficiency in buildings.' According to Dr Law, one of the big challenges faced in designing new buildings to be more comfortable in colder months was that the regulatory system was based on the energy simulation. 'There is still very little data on whether a house that passed the simulation criteria is actually performing as simulated, or delivering on conditions assumed to be comfortable,' he said. 'The assumption is that houses are built as simulated and that the simulation is correct. However, in an age of AI hallucinations, I think it is proper for us to revert to real world measurements to ensure that the simulations are actually delivering buildings that are comfortable and energy efficient.' The other major challenge, Dr Law added, was the balancing act between energy efficiency and health. 'The countries that imposed energy efficiency measures during the energy crisis soon discovered that those provisions created a condensation and mould problem,' he said. 'Australia's houses had minimum energy efficiency stipulations in 2003, but condensation management provisions were only required after 2019.' He warned this unintended consequence of condensation and mouldy buildings across all Australian states and climate zones 'reveals that we have not been getting the balance correct'. 'It is not necessarily the right priority to be pushing for energy-efficient buildings that make us thermally comfortable but sick from mould,' he said. Dr Law suggested the 'most powerful behavioural modification is that of moderating one's expectation of comfort'. 'Heating the entire space is always going to be more energy demanding than heating the individual, just as heating a part of the body requires less energy than the whole,' he said. 'As a practical example, the Japanese have the concept of Kotatsu. It is a low table draped with a heavy blanket-like curtains on four sides, with an optional small heater mounted beneath the table. A user sits on the floor with legs tucked under the table and blankets.' However, Goran Surbevski, senior comfort expert at Alliance Climate Control, said it was 'deeply concerning' that 60 per cent of Australians 'live in homes with unsafe indoor temperatures, and a third of these people say they struggle to heat their homes properly regularly'. 'More than half of those living in homes below 18C, who also report being unable to heat their homes comfortably, are relying on inefficient heating methods like electric or gas room heaters, portable heaters, or no heating at all,' he said. 'Nearly a quarter of Aussies say living in a cold home has led to health issues. It's clear more needs to be done by homeowners and landlords to improve living conditions and protect people's wellbeing.'
The Sun
5 days ago
- The Sun
Frantic search for Brit Janet Fison who vanished on Costa Blanca 17 DAYS ago as cops deploy drones, dogs and helicopters
AN URGENT hunt is underway for Brit Janet Fison who went missing on Costa Blanca 17 days ago. 2 2 Cops have deployed drones, dogs and helicopters to aid with the search, which has been going on since her disappearance on 30 May. The authorities are using drones, helicopters, sniffer dogs and thermal cameras to find the missing Brit. Janet, who originally comes from Redhill, Surrey, left her home in Jacarilla on the Spanish Costa Blanca at around 7pm while wearing a colourful printed dress. The Spanish Civil Guard released CCTV image of her being served in a shop just before she vanished. Janet's husband said she did not have her mobile phone or any cash with her. According to reports, Janet was last sighted walking by the river towards the town of Benejuzar at around 8.40pm. Jacarilla made a fresh appeal for anyone with information to contact the police as a matter of urgency. One expat said: 'Aww, I knew Janet when we lived in Jacarilla, I hope she's found safe and well.' She added: 'Oh dear, I know Janet. I hope she is found soon.' Maria remarked: 'I hope they find her safe and sound because I've been there and I know how bad the area is.'
