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Retiring Abroad: How to Secure Your Pension Overseas!
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But before you pack your bags, there are a few things to consider to ensure your later years are financially and healthily secure. Would you like to learn more about how GoMovin can assist you with planning? Contact us for personal advice.
The topic short and concise
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But before you pack your bags, there are a few things to consider to ensure your later years are financially and healthily secure. Would you like to learn more about how GoMovin can assist you with planning? Contact us for personal advice.
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But before you pack your bags, there are a few things to consider to ensure your later years are financially and healthily secure. Would you like to learn more about how GoMovin can assist you with planning? Contact us for personal advice.
The dream of retiring under palm trees or in the mountains is tempting for many Germans. But before you pack your bags, there are a few things to consider to ensure your later years are financially and healthily secure. Would you like to learn more about how GoMovin can assist you with planning? Contact us for personal advice.
Are you planning to spend your retirement abroad? Find out how to make the most of your pension and which aspects you should definitely consider. Get informed now!
Retirement is a time that many people work towards. The opportunity to explore the world, learn about new cultures, or simply enjoy life to the fullest leads many to consider retiring abroad. Around 70 percent of people of retirement age can imagine spending their later years in another country. However, before you pack your bags, there are some important aspects to consider. At GoMovin, we help you make this transition as smooth as possible.
Why do retirees move abroad?
There are many reasons retirees choose to live overseas. Often, it is the lower cost of living that allows for a more comfortable life. A better climate, especially for those with health issues, is another important factor. Also, the higher quality of life and potential tax advantages play a part. The best countries to retire in 2025 offer a range of possibilities.
What should be considered?
Before you venture abroad, you should be well-informed. A solid financial plan is essential to secure your pension rights. The healthcare system and health insurance in the destination country are also crucial considerations. Don't forget about the language and cultural integration, which make settling into your new home easier. The residence permit and visa requirements must also be addressed. GoMovin supports you through all these steps to ensure your move goes smoothly. Our relocation assistance offers a comprehensive overview of all important aspects.
Retirement Abroad: Ensure Full Payout!
A crucial aspect of planning retirement abroad is your pension entitlements. Can you receive your German pension while living abroad? And if so, is there anything you need to be aware of? We answer the most important questions about receiving your pension payments while living outside Germany.
General rules for pension payments
In principle, you can receive your German pension abroad. The Deutsche Rentenversicherung pays to over 150 countries. However, it is vital to gather information beforehand to ensure that pension payments are processed smoothly. The Deutsche Rentenversicherung provides comprehensive information on this topic.
Payment and possible reductions
Within the EU, Iceland, Liechtenstein, Norway, and Switzerland, pension payments are generally made without reductions. However, in countries without a social security agreement with Germany, there might be restrictions. Reductions may also occur if foreign insurance periods are considered in the German pension, for example, periods under the Foreign Pensions Act or the agreement with Poland from 1975. It's advisable to consult with the Deutsche Rentenversicherung in advance to clarify individual entitlements. The Deutsche Rentenversicherung's detailed page on moving abroad offers in-depth information.
Important formalities
Before moving abroad, there are some important formalities to complete. Inform the Deutsche Rentenversicherung (Pension Service of Deutsche Post AG) at least two months before moving. Provide details of an account abroad (personal or joint account). Submit an annual certificate of life (except in the case of data matching agreements with the country of residence). Notify them of any changes in personal circumstances (address, bank details). These steps are crucial to ensure smooth pension payments abroad. Our relocation assistance supports you in completing these formalities.
Reduce your tax burden: How to optimise your pension abroad!
Tax aspects are an important factor when planning for retirement abroad. The taxation of your pension can vary significantly depending on the country of residence and double taxation agreements. We provide you with an overview of the key tax regulations.
Taxation of Pensions Abroad
There are different types of pension taxation, including cohort taxation, deferred taxation, and proportional taxation. The type of taxation applicable to your pension depends on the type of pension you receive. It is important to familiarize yourself with the different types of taxation to better assess the tax implications of your move abroad. Information on pension taxation abroad can assist you with this.
Limited Tax Liability
With permanent residence abroad (longer than six months), limited tax liability applies. This results in the loss of the tax allowance and the splitting tariff. Therefore, it is advisable to seek tax advice before moving to better understand the financial impact. A permanent residence abroad can significantly affect your tax burden.
Double Taxation Agreements (DTA)
Double taxation agreements can significantly affect the tax burden. Some countries offer more favourable local tax rates. An offsetting of pension taxation prevents double taxation. It is important to be informed about the DTAs between Germany and your destination country in order to make optimal use of the tax benefits. The best destinations and strategies for retirement abroad often consider tax aspects.
Unlimited Tax Liability for Overseas Pensioners
If 90% of income is from German sources, unlimited tax liability can be applied for. However, this subjects the entire worldwide income to German tax. Therefore, it is important to carefully weigh the pros and cons of unlimited tax liability. Individual advice from a tax advisor is essential here.
Neubrandenburg Tax Office
The Neubrandenburg Tax Office is the point of contact for German pensioners abroad. Here you can resolve all tax queries and submit your tax return. It is advisable to get in touch with the tax office early to receive all necessary information.
Health insurance abroad: Ensure optimal protection!
Healthcare is a key aspect when planning retirement abroad. Good health insurance is essential to ensure optimal care in the event of illness. We provide you with an overview of the most important regulations regarding health insurance abroad.
Statutory Health Insurance within the EU
If you move within the EU, you generally remain compulsorily insured. Subsidies for health insurance contributions may be available for those voluntarily insured. However, it is important to inform yourself about the exact conditions with your health insurance provider. The information about retiring abroad gives you an initial overview.
Health Insurance outside the EU
Outside the EU, a private health insurance is essential, which also covers repatriation in the event of illness. The aid may be limited to the cost of equivalent treatment in Germany. Therefore, it is advisable to take out comprehensive private health insurance that suits your needs. Our insurance advice service will help you make the right choice.
European Health Insurance Card (EHIC)
EU residents can use the EHIC for temporary stays. For a permanent move, integration into the healthcare system of the destination country is required. The EHIC thus offers you only short-term protection. For a permanent stay abroad, you will need more comprehensive health insurance.
Top Countries for Retirees: Enjoying Quality of Life and Benefits!
Choosing the right country is crucial for a successful retirement abroad. There are many attractive destinations that stand out for their high quality of life, low cost of living, or tax benefits. We introduce you to some of the best countries for retirees.
Global Retirement Index
The Global Retirement Index evaluates countries based on criteria such as Housing, Visas/Benefits, Cost of Living, Affinity, Health Care, Development/Governance, and Climate. This index can assist you in choosing the right country by providing a comprehensive overview of the various factors. The best countries for retirement are regularly re-evaluated.
Top Countries for Retirees
Some countries perform particularly well in the Global Retirement Index:
Panama: Visa advantages and discounts for retirees.
Portugal: High scores in Development/Governance, Health Care, Affinity, and Climate.
Costa Rica: Commitment to the environment and "Pura Vida" lifestyle.
Mexico: Affordable cost of living, culture, and visa benefits.
France: Strong healthcare system and development.
These countries offer a high quality of life and attractive benefits for retirees. However, it is important to consider individual needs and preferences when choosing the right country.
Financial Planning: Keeping an eye on currency fluctuations and costs!
Sound financial planning is crucial for a relaxed retirement abroad. It requires consideration of various factors, such as currency fluctuations, transfer fees, and tax aspects. We offer important tips for budgeting.
Currency fluctuations
When budgeting, you should allow for currency fluctuations and unexpected expenses. Exchange rates can change and impact your spending. Therefore, it is advisable to have a financial cushion available to cover unforeseen expenses. The strategies for retirement abroad highlight the importance of financial planning.
Transfer fees
SEPA transfers are cost-effective within the EU, whereas transfers outside the EU incur higher fees. Inform yourself about the various transfer options and choose the most cost-effective one. Careful planning can also help you save money here.
Allowance
The tax-free allowance is lost when migrating, which can increase the tax burden. Consulting a tax advisor specializing in international tax law is advisable. A tax advisor can help you optimize your tax burden and make use of all tax advantages.
Checklist for Emigration: Step by Step to Success!
Emigrating as a pensioner requires careful planning and preparation. To ensure you don't forget anything, we've compiled a checklist of the most important steps.
Before Moving
Before moving, you should complete the following tasks:
Inform the pension insurance
Clarify health insurance
Seek tax advice
Apply for a residence permit (if necessary)
Open a bank account abroad
Get international health insurance (if necessary)
Improve language skills
Research cultural differences
These preparations are crucial for a smooth start in your new home.
After Moving
After moving, you should complete the following tasks:
Register in your new country of residence
Submit a life certificate annually
Report changes in personal circumstances
These steps are important to maintain your pension entitlements and health insurance.
Successful Emigration: Enjoy Retirement with Proper Planning!
Emigrating with a pension can be a wonderful way to fully enjoy retirement. With the right planning and preparation, you can realise your dream of living abroad. We at GoMovin support you in overcoming all challenges and making your move as stress-free as possible.
Summary of Key Points
Careful planning, considering financial, tax, and health aspects, as well as adapting to the new culture, are crucial for a successful retirement abroad. Take ample time for preparation and seek professional advice.
Recommendations
Seek professional advice, research thoroughly, and allow plenty of time for preparation to optimise your retirement abroad. Learn about early retirement abroad and its associated aspects. We, at GoMovin, are here with our expertise to make your move abroad as smooth as possible. Contact us today for a no-obligation consultation and let us help you realise your dream of retirement abroad! Contact us!
Further useful links
The Deutsche Rentenversicherung offers comprehensive information on the topic of retirement abroad.
The Deutsche Rentenversicherung provides detailed information on the subject of moving abroad.
The Federal Ministry of Finance provides information on double taxation agreements.
FAQ
Which countries are particularly attractive for retirees looking to emigrate?
Countries like Portugal, Panama, Costa Rica, and Mexico are particularly popular among retirees due to their affordable cost of living, attractive visa regulations, and high quality of life. These countries often offer tax advantages as well.
How does moving abroad affect my German pension?
Generally, your German pension will continue to be paid abroad. Within the EU, Iceland, Liechtenstein, Norway, and Switzerland, payments are typically made without reductions. In countries without social security agreements, there may be restrictions. It's advisable to seek information from the Deutsche Rentenversicherung beforehand.
What should I consider regarding health insurance when emigrating as a retiree?
Within the EU, you usually remain compulsorily insured. Outside the EU, you will need private health insurance that also covers repatriation in case of illness. The European Health Insurance Card (EHIC) is only valid for temporary stays.
How can I optimize my tax burden in retirement abroad?
Find out about the double taxation agreements (DTAs) between Germany and your destination country. Some countries offer more favourable local tax rates. The Finanzamt Neubrandenburg is your contact for tax-related inquiries.
What formalities must I complete before moving abroad?
Inform the Deutsche Rentenversicherung at least two months before moving. Provide a foreign bank account and submit a proof of life certificate annually. Clarify residency and visa requirements.
What is limited tax liability and how does it affect me as a retiree abroad?
With a permanent residence abroad (longer than six months), limited tax liability applies. This results in the loss of the basic tax allowance. It is advisable to seek tax advice before relocating.
How can GoMovin assist me with emigrating with my pension?
GoMovin supports you with all aspects of relocating, from financial planning to formalities clarification and organisation of the move itself. We aim to make your transition as smooth as possible.
What should I consider in financial planning for retirement abroad?
Include buffers for currency fluctuations and unexpected costs. Consider the transfer fees and find out about the tax implications of your move. Individual advice from a tax advisor is recommended.
