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Retiring Abroad: Where Are German Pensioners Moving To?
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But where should one go and what should be considered with pensions abroad? We show you the most popular destinations and provide important tips on health insurance, taxes, and much more. For personal advice on moving abroad in retirement, please contact us here.
The topic short and concise
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But where should one go and what should be considered with pensions abroad? We show you the most popular destinations and provide important tips on health insurance, taxes, and much more. For personal advice on moving abroad in retirement, please contact us here.
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But where should one go and what should be considered with pensions abroad? We show you the most popular destinations and provide important tips on health insurance, taxes, and much more. For personal advice on moving abroad in retirement, please contact us here.
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But where should one go and what should be considered with pensions abroad? We show you the most popular destinations and provide important tips on health insurance, taxes, and much more. For personal advice on moving abroad in retirement, please contact us here.
Planning your retirement abroad? Discover which countries are particularly popular with German retirees and which important aspects you should consider before emigrating. Find out more now!
Retirement is a time that many people look forward to. The opportunity to enjoy life to the fullest, discover new places, and leave daily routines behind attracts many Germans abroad. The question of where to retire abroad preoccupies more and more retirees. The increasing popularity of retiring abroad is a reality, and there are numerous reasons why more people are choosing to live overseas.
A milder climate, lower cost of living, and the chance to immerse in a different culture are just some of the factors that play a role in choosing to spend one's later years abroad. But which countries are particularly attractive for German retirees, and what should be taken into account when planning and preparing? We at GoMovin help you realize your dream of retiring abroad. With our expertise and comprehensive range of services, we support you at every step – from the initial planning to the successful relocation. Learn more about our moving assistance here.
We show you which destinations are particularly popular and what financial, health, and legal aspects you should consider when planning to retire abroad.
Austria leads: Top destinations for German retirees
The decision on where to retire abroad depends on individual preferences and needs. However, some countries are particularly popular among German retirees. Here are some of the top destinations and their respective advantages:
Popular Countries and Their Advantages
Austria and Switzerland are particularly attractive due to their proximity to home and high quality of life. Many retirees appreciate the familiar culture and good infrastructure. Spain and Portugal entice with mild climates and affordable living costs. The coastal regions offer a high quality of life and are especially popular with sun-seeking retirees. The USA offers great diversity and numerous opportunities; however, healthcare costs are high. Thailand impresses with its exotic charm and low living costs, while Mexico and Panama offer an interesting combination of culture, climate, and cost.
Other options include Ecuador, Costa Rica, Colombia, Greece, France, and Italy, each offering their own charms and benefits. The choice of the right country depends on your personal priorities.
The Most Mentioned Destinations for German Retirees
According to Reiseversicherung.com, the most mentioned destinations for German retirees are:
Austria: With over 27,000 pensions paid, Austria is particularly popular.
Switzerland: Just below Austria is Switzerland.
Spain: Offers a mild climate and cultural diversity.
USA: A popular destination despite high healthcare costs.
Financial Planning: Securing Retirement Abroad and Optimising Taxes
The financial aspects are a crucial factor when planning retirement abroad. It's important to gather information early on about the various regulations and options to ensure financial security. The question where to retire abroad is closely linked to financial conditions.
German Pension Payments Abroad: What You Need to Know
Basically, your German pension will also be paid abroad. However, there are some points to consider. If you move to a country within the European Union, to Iceland, Liechtenstein, Norway, or Switzerland, you will receive the full pension, as the German Pension Insurance informs. It is advisable to seek comprehensive advice before moving to plan all necessary steps.
Pension Payment in Various Countries
The payment of your pension usually proceeds smoothly, whether you move to Mallorca, Paris, or Florida. It is important to notify the German Pension Insurance of your new address and, if necessary, provide details of a foreign bank account. The German Pension Insurance offers comprehensive information on this topic on their website.
Tax Aspects and Double Taxation Agreements
The tax aspects are complex and should be examined individually. In many cases, there are double taxation agreements between Germany and the respective destination country, which prevent you from having to pay tax on your pension twice. It is advisable to consult a tax advisor who is familiar with the specifics of international tax law.
Comparing Cost of Living: Germany vs. Abroad
An important factor when choosing a particular country is the cost of living. In many countries, these are considerably lower than in Germany, enabling you to enjoy a higher standard of living with your pension. Countries like Thailand, Mexico, or Colombia offer very low living costs, for example. However, it's important to consider your individual expenses and create a realistic budget.
Health Insurance Abroad: A Central Challenge
Health insurance is a central issue for retirees moving abroad. The German statutory health insurance does not provide unlimited coverage abroad. If you move to a country without a social security agreement (e.g., Thailand), your German statutory health insurance will typically end. In this case, you need a private international health insurance.
Reserve Status with German Statutory Health Insurance
It is advisable to maintain a reserve status with your German statutory health insurance. This enables you to rejoin the statutory health insurance in Germany without a new health assessment if you return. We are happy to advise you on the different options.
Globality as a Long-term Solution
For long-term stays abroad, private international health insurance like Globality can be a good solution. It often provides comprehensive cover, even for pre-existing conditions and in countries like the USA and Canada.
Riester Pension: Repayment of Allowances When Moving Outside the EU/EEA
Note that if you move outside the EU/EEA, the allowances of your Riester pension may have to be repaid. Make sure to get information in advance to avoid unpleasant surprises.
Health Coverage: Comprehensive Health Insurance for Retirement Abroad
A central aspect of emigrating for retirement is healthcare coverage. Comprehensive health insurance is essential to ensure you are well cared for abroad. German statutory health insurance offers only limited coverage abroad, so it is important to arrange a suitable alternative in good time.
The Importance of Comprehensive Health Insurance Abroad
Abroad, the cost of medical treatments can quickly become very high. Good health insurance protects you from significant financial burdens and ensures that you receive the best possible care in an emergency.
Options for Pensioners: Statutory vs. Private Health Insurance
There are various options for pensioners who wish to live abroad. The advantages and disadvantages of each system should be carefully weighed.
Advantages and Disadvantages of Each System
The statutory health insurance usually offers basic coverage, which is often insufficient abroad. Private health insurance offers more comprehensive benefits but is generally more expensive. It is important to consider individual needs and financial capabilities.
The Importance of Social Security Agreements
Social security agreements between Germany and the destination country can facilitate health insurance coverage. Find out whether such an agreement exists and what benefits it includes.
Specific Insurance Offers for Emigrants
There are specific insurance offers for emigrants that are tailored to the needs of pensioners. These often offer comprehensive coverage and are flexibly adaptable.
International Health Insurance
International health insurance provides worldwide coverage and is often the best choice for retirees who wish to live abroad. They usually cover all necessary medical services and often offer additional services such as a 24-hour emergency hotline.
Long-term Solutions like Globality
For long-term stays abroad, private international health insurance like Globality can be a good solution. This often provides comprehensive coverage, even for pre-existing conditions and in countries such as the USA and Canada.
The Need for a Contingency Arrangement with the German Health Insurance
It is advisable to make a contingency arrangement with your German health insurance to be able to re-join the statutory health insurance upon a possible return to Germany without a new health assessment.
Planning Emigration: Checklist for a Successful Retirement Abroad
Planning and preparation are crucial for a successful retirement abroad. Careful planning helps to avoid unexpected issues and ensures the transition is as smooth as possible. The question emigrate pension where should therefore only be answered after thorough preparation.
Checklist for Retirement Emigration
A checklist can help you keep track and consider all important points:
Financial Planning and Budgeting
Create a detailed financial plan and consider all income and expenses. Also, factor in unforeseen costs.
Health Insurance and Healthcare
Arrange suitable health insurance in good time and research the medical care available in the destination country.
Residency Permits and Visa Regulations
Educate yourself on the residency and visa requirements, and apply for the necessary documents well in advance.
Language Skills and Cultural Adaptation
Improve your language skills and learn about the cultural aspects of the destination country.
House Hunting and Relocation
Search for suitable accommodation in advance and plan your move carefully. At GoMovin, we are happy to assist you with house hunting and relocating. Learn more about our services here.
Contacts and Networking in the Destination Country
Connect with other expatriates and build a network in the destination country.
Returning: What to Consider?
The possibility of returning should also be considered in the planning. It is important to have a plan in place in case of a return to Germany.
Planning for a Return to Germany
Think about what you would do if you had to return to Germany due to health, financial, or family reasons.
Continued Membership with Health Insurance
Maintaining a membership with German health insurance can facilitate your return.
Social Benefits in the Destination Country
Inform yourself about the social benefits in the destination country and what entitlements you have.
Mastering Bureaucracy: Overcoming Legal Hurdles when Retiring Abroad
Emigrating for retirement often involves some bureaucratic hurdles. It's important to inform yourself early about the various regulations and requirements to avoid unnecessary stress.
Registration in the Destination Country and Deregistration in Germany
After the move, you need to register in the destination country and deregister in Germany. Inform yourself about the respective deadlines and conditions.
Dealing with Authorities at Home and Abroad
Dealing with authorities abroad can be challenging. It's helpful to acquaint yourself beforehand with local customs and responsibilities.
Regulations on Residence Permits and Visas
The regulations for residence permits and visas vary from country to country. Familiarise yourself with the specific requirements in good time and apply for the necessary documents.
Important Documents and Translations
Ensure you have all important documents (e.g., birth certificate, marriage certificate, pension statement) in certified form, and translated into the local language if necessary.
Embracing Challenges: Avoiding Pitfalls of Retiring Abroad
Living abroad can also come with several challenges. It is important to be aware of these and to prepare accordingly.
Language barriers and cultural differences
Language barriers and cultural differences can make everyday life difficult. It is helpful to learn the local language and become familiar with the cultural customs.
Loneliness and social isolation
Loneliness and social isolation can be particularly problematic in old age. It is important to make connections and build a social network.
Health issues and medical care
Health problems can be especially burdensome abroad. It is important to arrange good health insurance in a timely manner and to inform oneself about the medical care in the destination country.
Financial difficulties and unforeseen costs
Financial difficulties can be particularly problematic abroad. It is important to create a realistic budget and protect oneself against unforeseen costs.
Dealing with homesickness and adjustment difficulties
Homesickness and adjustment difficulties are normal reactions to a new environment. It is important to take time to adjust to the new surroundings and seek support if necessary.
Realise your dream: Enjoy retirement abroad as a well-considered decision
Moving abroad with a pension is a decision that needs careful consideration. However, with thorough planning and preparation, you can make your dream of retiring abroad a reality and enjoy a fulfilling life.
Summary of the key aspects for successful expatriation
Successful expatriation requires careful planning, comprehensive health insurance, a solid financial base, and a willingness to embrace a new culture.
Emphasis on the necessity of careful planning and preparation
Take ample time for planning and preparation, and seek advice from experts. We at GoMovin are happy to assist you with our expertise.
Encouragement to realize the dream of retiring abroad
Do not be deterred by challenges and realize your dream of retiring abroad. With the right preparation and support, you can lead a fulfilling and happy life abroad.
Outlook on future developments and trends in retiring abroad
Retiring abroad is expected to increase in the future. More and more people are recognizing the benefits of living abroad and are looking for new ways to shape their retirement.
Are you planning your retirement abroad? We at GoMovin are happy to support you every step of the way – from initial planning to a successful move. Contact us today for a non-binding consultation!
Further useful links
On Deutsche Rentenversicherung, you will find detailed information about receiving your pension abroad, particularly in EU countries, Iceland, Liechtenstein, Norway, and Switzerland.
The Deutsche Rentenversicherung offers comprehensive information on receiving your pension abroad, including address changes and bank account details.
FAQ
Which countries are particularly popular among German retirees looking to emigrate?
Austria, Switzerland, Spain, Portugal, Mexico, and Panama are popular destinations. Each country offers various advantages such as a mild climate, lower cost of living, or cultural diversity.
Will my German pension be paid abroad?
Yes, your German pension is generally paid abroad. However, note that there are tax considerations and double taxation agreements to be aware of. Consulting an advisor is advisable.
What should I consider regarding my health insurance if I emigrate as a retiree?
The German statutory health insurance does not cover unlimited periods abroad. If you move to a country without a social security agreement, you will need private international health insurance. Maintaining a contingent membership with your German health insurance is recommended.
What is a contingent membership with the German statutory health insurance?
A contingent membership allows you to rejoin the statutory health insurance without a new health examination in the event of returning to Germany.
Do I have to repay my Riester pension if I move abroad?
When moving outside the EU/EEA, you may have to repay the subsidies of your Riester pension. Make sure to get timely information from your provider.
What financial aspects are particularly important when moving abroad as a retiree?
Important aspects include the security of pension payments, tax optimisation, cost of living compared to Germany, and health insurance. Develop a detailed financial plan.
How do I find out if there is a social security agreement between Germany and my destination country?
Information on social security agreements is available from the German Pension Insurance or the embassies and consulates of the respective countries.
How can GoMovin help me with retiring abroad?
GoMovin offers an all-in-one solution for international relocations with personal consultation, legal assistance, property services, and cultural integration. We support you at every step – from initial planning to a successful move. We always use "Sie," not "Du".
