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Living affordably abroad as a retiree: Your key to a relaxed retirement!
Imagine your pension stretches further than ever while you enjoy the sun at an exotic location. Sound tempting? Many German retirees are making this dream a reality. But before you pack your bags, there are a few things to consider. Find out more about planning your move and contact us for personal advice here.
The topic short and concise
Imagine your pension stretches further than ever while you enjoy the sun at an exotic location. Sound tempting? Many German retirees are making this dream a reality. But before you pack your bags, there are a few things to consider. Find out more about planning your move and contact us for personal advice here.
Imagine your pension stretches further than ever while you enjoy the sun at an exotic location. Sound tempting? Many German retirees are making this dream a reality. But before you pack your bags, there are a few things to consider. Find out more about planning your move and contact us for personal advice here.
Imagine your pension stretches further than ever while you enjoy the sun at an exotic location. Sound tempting? Many German retirees are making this dream a reality. But before you pack your bags, there are a few things to consider. Find out more about planning your move and contact us for personal advice here.
Dreaming of a sunny retirement on a budget? This article shows you how to live affordably abroad as a retiree and make the most of your pension. Read now and discover dream destinations!
Are you dreaming of living affordably abroad as a retiree and making the most of your pension? Many German pensioners are drawn overseas to benefit from lower living costs and a more pleasant climate. This article provides you with a comprehensive overview of the key aspects to consider when planning your retirement abroad. At GoMovin, we understand that such a move requires careful consideration and offer you the necessary support with our relocation assistance services.
Why do German retirees move abroad?
A major reason for relocating overseas is the lower cost of living. In many countries, property prices and general living expenses are significantly lower than in Germany. For example, property prices in Italy and Spain average around 2500 euros per square metre, while in Romania they are only around 1300 euros. In comparison, a square metre in Germany costs about 4600 euros. The general cost of living is particularly lower in Southern Europe (Spain, Greece) and Eastern Europe (Bulgaria, Turkey).
Property Prices Comparison: Germany vs. Abroad (Italy, Spain, Romania)
General Cost of Living: Savings in Southern Europe (Spain, Greece) and Eastern Europe (Bulgaria, Turkey)
Important aspects before moving
Before taking the plunge to move abroad, you should consider some crucial aspects. These include double taxation agreements, which ensure that you don’t have to pay tax on your pension twice. Equally important are social security agreements and adequate health insurance to ensure you are covered in case of illness. If you receive a Riester pension, you should find out what happens if you move outside the European Economic Area (EEA). GoMovin is happy to assist you with these official procedures.
Top destinations: Find your personal retirement paradise in Europe
Europe remains a popular destination for German retirees who wish to live abroad affordably. Within Europe, there are both classic favourites and emerging alternatives that offer attractive living conditions and financial benefits. The choice of the right country highly depends on your individual needs and preferences.
Europe: Classic and New Favourites
The top destinations still include Austria, Switzerland, and Spain. These countries are particularly popular due to their geographical proximity, cultural similarities, and good infrastructure. However, there are also up-and-comers like Bulgaria and other Eastern European countries that stand out with lower living costs and growing popularity. According to statistics, European countries are the most popular destinations for German retirees, with 72% of emigrants choosing a country within the EU.
Outside Europe: Trends and Considerations
There are also interesting trends outside of Europe. Countries like Thailand, Turkey, the Philippines, and Russia are gaining popularity, while the USA and Canada are losing appeal. When choosing a country outside Europe, you should carefully consider the social security aspects and tax conditions. GoMovin helps you weigh the pros and cons of various destinations and make the best decision for your retirement.
Financial Planning: Secure Your Retirement Abroad
An important aspect of affordable living abroad as a retiree is financial planning. This involves considering pension payments, taxes, and general living expenses as key factors. Careful planning will help you avoid financial surprises and fully enjoy your retirement.
Pension payments abroad: What you need to know
The payment modalities of your pension depend on whether you are moving to an EU/EEA country or a third country. In some cases, pension cuts may occur, especially if you move to a country without a social security agreement with Germany. It is important to register in good time with the Pension Service of Deutsche Post AG and to present a certificate of life annually to ensure your pension payment. The German Pension Insurance provides comprehensive information on this topic.
Tax peculiarities
Since 2005, German pensions have been subject to deferred taxation. This means you must tax your pension abroad. To avoid double taxation, you should make use of the double taxation agreements between Germany and your destination country. For tax inquiries, the Neubrandenburg tax office is responsible. It is advisable to consult a tax advisor or income tax assistance association to correctly address all tax aspects. We at GoMovin can assist you in finding competent advisors.
Living costs in detail
The cost of living varies greatly from country to country. For example, property prices in Bosnia and Herzegovina are significantly lower than in the United Kingdom. General expenses are also lower in countries like Turkey, North Macedonia, and Romania compared to Germany. It is advisable to gain a detailed overview of the cost of living in your desired country before moving.
Securing Health: Health Insurance and Social Security Abroad
A central aspect for a worry-free retirement abroad is health insurance and social security. It is important to ensure you have comprehensive healthcare coverage abroad and are safeguarded in case of illness.
Social Security Agreements: The Key to Healthcare
Social security agreements are crucial for healthcare abroad. Within the EU/EEA and Switzerland, you enjoy comprehensive protection. There are also agreements with some third countries like Turkey, Tunisia, the USA, Brazil, and Japan that facilitate medical care. It is important to thoroughly research the specific regulations before moving. The Deutsche Rentenversicherung can provide you with detailed information on this.
Long-Term Care Insurance: Restrictions Outside the EEA
Be aware that long-term care insurance may be subject to restrictions outside the EEA. It is advisable to investigate alternative care insurance options abroad early on. We at GoMovin support you in addressing these important questions.
Short-Term Stays: What Applies for Less Than Six Months?
If you are spending only a short period abroad (less than six months), different regulations generally apply. In this case, you will receive your full pension without changes in taxation. However, it is important to inform your insurance in a timely manner. The Deutsche Rentenversicherung provides detailed information on this.
Malta as a Retirement Paradise: Taking Advantage of Tax Benefits and High Quality of Life
Malta is particularly popular among retirees, especially due to the financial advantages and high quality of life. The country offers a range of incentives that make it an attractive retirement destination.
Financial Advantages of Malta
One of Malta's greatest advantages is that there is no inheritance, wealth, or gift tax. Additionally, the maximum income tax rate is only 35%. These tax incentives can significantly improve your financial situation in retirement. According to Ruhr24, Malta offers significant financial benefits for retirees.
Residency Requirements
To obtain residency in Malta, a minimum investment in property of 110,000 Euros is required. This investment allows you to benefit from the numerous advantages of the country. GoMovin supports you in finding suitable properties and fulfilling all necessary formalities.
Quality of Life and Healthcare
The cost of goods in Malta is about 20% cheaper than in Germany. Furthermore, Malta boasts a high-quality healthcare system, which regularly ranks in the top 5 of the WHO rankings. Another advantage is that English is widely spoken, which eases communication and integration. We at GoMovin help you settle into Malta quickly and take advantage of all the benefits the country has to offer.
Moving to a Retirement Paradise: This Checklist Will Help You Succeed
Moving abroad requires careful planning and preparation. This checklist ensures that you forget nothing and can enjoy your retirement abroad in a relaxed way.
Planning and Advice in Advance
Get in touch with the German Pension Insurance early to clarify all questions regarding your pension abroad. Also, seek advice from a tax advisor or income tax assistance association to avoid tax pitfalls. We at GoMovin offer comprehensive advice and support you every step of the way.
Formalities and Administrative Procedures
Register in good time with the Pension Service and clarify all questions concerning your health insurance. Also, observe the reporting obligations in Germany. GoMovin is happy to handle the tedious administrative tasks for you so that you can focus on the enjoyable aspects of your retirement.
Practical Preparations
Start searching for accommodation in the destination country early and improve your language skills. Also, establish social connections to help you settle into your new environment quickly. We at GoMovin help you feel at home in your new home.
Mastering Challenges: How to Succeed When Starting Abroad
Moving abroad can also come with challenges. It is important to be aware of these challenges and to develop strategies to overcome them.
Language barriers and cultural differences
Language barriers and cultural differences can initially pose a challenge. It is advisable to learn the local language before moving and to familiarize yourself with the cultural customs. GoMovin offers you intercultural training to make settling in easier.
Loss of social networks
The loss of social networks can be a significant burden. It is important to make new contacts early and to get involved in clubs or groups. We at GoMovin help you integrate into your new community.
Adjusting to a new healthcare system
Adjusting to a new healthcare system can also be challenging. Make sure to learn about the medical care in your destination country in advance and consider taking out private health insurance if necessary. GoMovin supports you in choosing the right insurance.
Dealing with bureaucracy abroad
Dealing with bureaucracy abroad can be frustrating. It is advisable to inform yourself about the necessary formalities in advance and, if required, seek professional help. GoMovin is happy to handle the tedious administrative tasks for you.
Living abroad with ease: Planning your dream retirement
Living Abroad Affordably as a Retiree is a rewarding option that can be realised with careful planning and preparation. It is important to consider individual needs and choose the right destination country.
Summary of the Key Aspects
The key aspects are cost of living, taxes, health insurance and social security. It is advisable to gather information early and seek professional help. The Deutsche Rentenversicherung and other advisory services are there to support you.
Consider Individual Needs
Take into account your individual needs and preferences when choosing your destination. Do you prefer the sea, the mountains, or city life? Which language do you enjoy speaking? What cultural offerings are important to you? GoMovin helps you find the perfect country for your retirement.
Making the Right Choice of Destination Country
Choosing the right destination country is crucial for a successful retirement abroad. Thoroughly research the living conditions, culture, and people in your desired country. Visit the country in advance to get your own impression. With the right planning and preparation, your dream of a relaxed retirement abroad can come true.
Start now: Your worry-free retirement abroad with GoMovin
The dream of a relaxed retirement abroad can become a reality. With careful planning and the right support, you can live affordably abroad as a retiree and make the most of your pension.
At GoMovin, we understand that moving abroad is a big decision. That's why we offer you comprehensive advice and support at every step – from planning to execution. We help you find the right destination country, complete the necessary formalities, and settle into your new environment.
Benefit from our expertise and global network. We assist you with finding accommodation, resolving insurance issues, and organising your move. With GoMovin, your retirement abroad will be a success.
Contact us today for a no-obligation consultation. Together, we will plan your dream retirement abroad. Get in touch with us now!
Further useful links
The Deutsche Rentenversicherung provides detailed information on the subject of pensions abroad, including relocation formalities and pension payments.
Capital.de offers an overview of which countries are particularly affordable for German pensioners to live in.
Spiegel.de analyses popular countries for German pensioners abroad and provides relevant statistics.
FAQ
Which countries are particularly affordable for German pensioners?
Many German pensioners are drawn to Southern and Eastern Europe due to the significantly lower cost of living in those regions. Popular countries include Spain, Greece, Bulgaria, and Turkey. Malta also offers financial advantages.
How does moving abroad affect my pension?
This depends on the country you move to. Within the EU/EEA and Switzerland, you will generally receive your full pension. Moving to a country outside these regions may result in pension reductions, especially if there is no social security agreement with Germany. Consultation with the German Pension Insurance is recommended.
What do I need to consider regarding health insurance when moving abroad as a pensioner?
Social security agreements are crucial. Within the EU/EEA and Switzerland, you are typically still covered by health insurance. There are also agreements with some third countries. Seek information in advance from your health insurance provider and the German Pension Insurance.
How can I avoid double taxation on my pension abroad?
Germany has signed double taxation agreements with many countries. These agreements prevent you from having to pay tax on your pension both in Germany and abroad. The Neubrandenburg Tax Office is responsible for tax-related queries.
What is a proof of life certificate and why do I need it?
The proof of life certificate is an annual verification that you are still alive. It is required by the Pension Service of Deutsche Post AG to continue your pension payments. Without a proof of life certificate, pension payments may be discontinued.
What role do property prices play in choosing a country?
Property prices are an important factor when selecting your destination country. In many countries, prices are significantly lower than in Germany. For instance, property prices in Bosnia and Herzegovina are much lower than in the United Kingdom.
What advantages does Malta offer to pensioners?
Malta does not impose any inheritance, wealth, or gift taxes and has a maximum income tax rate of 35%. Additionally, the cost of living is about 20% cheaper than in Germany and the healthcare system is high quality. A minimum investment in real estate of 110,000 Euros is required.
What should I do before moving abroad?
Get in touch with the German Pension Insurance early, seek advice from a tax advisor, resolve any health insurance questions, and register with the Pension Service. GoMovin can assist you with these steps.
