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Pension Emigration: Your Guide to a Worry-Free Retirement Abroad
Retirement is a time of freedom and new opportunities. Many Germans are drawn abroad to enjoy their later years. But before you pack your bags, there are some things to consider. Learn more about the key aspects and plan your move with our help. Do you need personal advice? Get in touch here.
The topic short and concise
Retirement is a time of freedom and new opportunities. Many Germans are drawn abroad to enjoy their later years. But before you pack your bags, there are some things to consider. Learn more about the key aspects and plan your move with our help. Do you need personal advice? Get in touch here.
Retirement is a time of freedom and new opportunities. Many Germans are drawn abroad to enjoy their later years. But before you pack your bags, there are some things to consider. Learn more about the key aspects and plan your move with our help. Do you need personal advice? Get in touch here.
Retirement is a time of freedom and new opportunities. Many Germans are drawn abroad to enjoy their later years. But before you pack your bags, there are some things to consider. Learn more about the key aspects and plan your move with our help. Do you need personal advice? Get in touch here.
Dreaming of retirement under palm trees? Discover how to make the most of your pension abroad and which pitfalls to avoid.
Why do German pensioners move abroad?
Many German pensioners dream of retiring under palm trees or in the mountains. The reasons for this desire are varied: lower living costs, a more pleasant climate, or the wish for a higher quality of life. Particularly the rising costs in Germany, especially for rent, medication, and care, are prompting more and more people to spend their retirement abroad.
The growing popularity of retiring abroad
The numbers speak for themselves: more and more German pensioners are choosing to live abroad. The Deutsche Rentenversicherung already transfers a substantial portion of its pension payments overseas. Countries such as Poland, Czech Republic, Hungary, Austria, and Spain are particularly popular for their affordable cost of living. But also Switzerland, the USA, France, Canada, the Netherlands, Australia, the UK, and Italy are in high demand, often due to past holiday experiences and the perceived lifestyle. It is important to gather comprehensive information beforehand to be well-prepared to take the step abroad.
Important aspects before emigrating
Before packing your bags, you should address some key topics. These include pension entitlement and payment abroad, health insurance, tax aspects, as well as the issue of social contacts and integration. Careful planning is essential for a successful retirement abroad. At GoMovin, we are happy to assist you in planning and executing all the necessary steps to make your dream of living abroad come true. Also, find out about our moving assistance to ensure your relocation is stress-free.
Full pension abroad: How to secure your entitlement
Basic Regulations for Pension Payments Abroad
The basic rule is: If you move abroad as a pensioner, your pension will not be reduced. However, there are some exceptions and special cases that you should be aware of. It is important to know the regulations of the respective destination country and any social security agreements with Germany. Early retirement abroad can be an attractive option, but it is crucial to gather detailed information in advance.
Pension Payments in EU/EEC Countries and Switzerland
Within the European Union (EU), the European Economic Area (EEA), and Switzerland, full pension payments are generally guaranteed. There are no restrictions or deductions here. You receive your pension in full, regardless of where you reside. This significantly facilitates retiring abroad within Europe.
Pension Payments in Countries Without Social Security Agreements
If you move to a country outside the EU/EEA and Switzerland, there can be restrictions and deductions on pension payments. This applies, in particular, to pension entitlements based on foreign working periods, such as under the Foreign Pension Act. It is therefore advisable to inquire in advance with the German Pension Insurance about which regulations apply to your case. Germans abroad provide valuable information on this topic.
Practical Advice for Pension Payments
To ensure the pension payment runs smoothly, you should notify the German Pension Insurance at least two months before your move abroad. Payment is preferably made to a foreign account, but can also be made by cheque. In addition, you must submit an annual certificate of life to prove your entitlement to the pension. Vitaseniore offers helpful checklists on this. GoMovin supports you with all formalities, so you can relax and prepare for your retirement abroad.
Optimising Tax Burden: How to Save Taxes as a Retiree Abroad
Different Tax Liabilities Depending on Residence
The tax aspects of retirement migration are complex and highly dependent on your place of residence. If you maintain your residence in Germany (less than six months abroad), nothing changes tax-wise. However, if you relocate your residence abroad, you are subject to limited tax liability. This means that only your income earned in Germany will be taxed.
Taxation of Pensions Abroad
Generally, Germany, Austria, and Switzerland tax state pensions even if they are paid abroad. However, there are Double Taxation Agreements (DTAs) that determine which country has the right to tax. These agreements can result in your pension being taxed at a lower rate abroad than in Germany. It is advisable to inform yourself about the relevant DTAs in advance. The information on pensions abroad can be very helpful here.
Special Tax Regulations in Popular Emigration Countries
Some popular emigration countries like Italy, Malta, Portugal, Greece, and Cyprus offer special tax arrangements for foreign pensioners. These include, for example, flat tax models or tax exemptions. These arrangements are often subject to certain conditions, such as a minimum stay or investment. It is worth examining these options to optimize your tax burden.
Practical Tips for Tax Declarations
The Neubrandenburg tax office is responsible for the tax declarations of pensioners living abroad. You are required to file if your income exceeds 9,000 euros. The crediting of pension taxation prevents double taxation. This means that taxes paid abroad are credited in Germany. GoMovin collaborates with tax experts who support you with all questions regarding the taxation of your pension abroad. We help you take full advantage of all benefits and minimize your tax burden.
Safeguarding health protection: How health insurance works abroad
Health Insurance Coverage Within the EU
Within the European Union, as a retiree, you continue to enjoy the protection of your German health insurance, provided you do not earn income in the new country. Your European Health Insurance Card (EHIC) grants you access to medical care in the respective country. However, it's important to note that the benefits may not be identical to those in Germany.
Health Insurance Coverage Outside the EU
Outside the EU, you generally lose your German health insurance cover. Therefore, it is essential to take out separate health insurance for abroad. Otherwise, you will have to bear the costs of medical treatments yourself, which can quickly become very expensive. Having suitable insurance is therefore crucial.
Options for Health Insurance Abroad
There are various options for health insurance abroad. One option is to take out an international health insurance policy that provides you with worldwide coverage. Alternatively, you can also insure yourself with a Swiss health insurance if you are emigrating from Switzerland. Health insurance in Greece is a good example of the necessity to inform yourself in advance.
Important Aspects When Choosing Health Insurance
When choosing health insurance, you should consider various aspects such as your age, health condition, the extent of the insurance benefits, and the costs. It is advisable to compare different offers and seek advice from an expert. GoMovin supports you in selecting the appropriate health insurance for your retirement abroad. We help you find the optimal coverage so that you don't have to worry about your health.
Top Destinations for Retirees: Find Your Dream Country
Criteria for Selecting the Destination Country
Choosing the right destination country for your retirement is a very personal decision. However, there are some criteria you should consider in your decision: cost of living, healthcare, safety, language, and climate. Think about what is important to you and what compromises you are willing to make. The best countries worldwide for retirees often offer a good mix of these factors.
Popular Countries and Their Pros and Cons
Some countries are particularly popular with German retirees. These include Poland, Czech Republic, Hungary, Austria, and Spain, which attract with low cost of living. But also Switzerland, the USA, France, Canada, the Netherlands, Australia, the United Kingdom, and Italy are highly regarded, often due to their high quality of life. Each country has its pros and cons. It is important to weigh these carefully to find the right country for you. Comparing different countries can be very helpful.
The "Global Retirement Index" and its Significance
The "Global Retirement Index" evaluates countries based on various factors like housing, visa regulations, cost of living, healthcare, development, and climate. However, the methodology is US-centric and may not consider all aspects relevant for German retirees. Therefore, one should critically question the results of the index and conduct their own research. Emigrating to Thailand is an example of an individual decision that might not necessarily be reflected in the index.
Special Visa Programmes for Retirees
Some countries offer special visa programmes for retirees that facilitate staying in the country. Panama, for example, offers discounts on various services such as electricity, entertainment, and healthcare for retirees with a minimum pension. It is worth checking the visa regulations of various countries to find the best conditions for yourself. GoMovin supports you in applying for the visa and helps you gather all the necessary documents.
Civil Servant Pension Abroad: What You Need to Consider
General Payment of Civil Servant Pensions Abroad
As a civil servant, you can generally receive your pension abroad. However, there are some special considerations to keep in mind. For instance, there may be tax disadvantages if you relocate your residence abroad. The civil servant pension in Thailand is a good example of the complexity of this issue.
Entitlement to Benefits for Civil Servants Abroad
Whether you, as a civil servant, are still entitled to benefits abroad depends on the regulations of the respective federal state. In some federal states, such as Bavaria, a permanent residence abroad is required to receive benefits entitlement. Therefore, it is advisable to consult your benefits office in advance. GoMovin supports you in resolving any questions regarding your benefits entitlement.
Special Regulations for Survivor Benefits (Widow's/Widower's and Orphan's Pension)
There are also some special regulations to consider for survivor benefits. For example, the marriage must have lasted a certain period to be entitled to a widow's/widower's pension. The age difference between spouses can also play a role. Entitlement to a widow's/widower's pension ceases upon remarriage. It is important to be informed about these regulations to be secured in the event of the worst-case scenario.
Offsetting Civil Servant Pensions and State Pensions
If you receive both a civil servant pension and a state pension, there can be an offset if the sum of both pensions exceeds the maximum attainable pension. This may result in a reduction of your civil servant pension. It is advisable to check with your pension office in advance to see if an offset is expected. GoMovin helps you review and optimise all your entitlements.
Successfully Emigrate: How to Plan Your Retirement Abroad
Financial Planning
Careful financial planning is essential for a successful retirement abroad. Consider not only the cost of living but also the moving expenses and potential currency fluctuations. Create a detailed financial plan and realistically calculate all costs. GoMovin supports you in creating your financial plan and helps you consider all financial aspects.
Cultural Differences and Integration
Inform yourself in advance about the cultural differences in your target country and be open to new experiences. Language skills are advantageous but not necessarily required. What matters is that you make an effort to learn the language and make connections. GoMovin offers you cross-cultural training to prepare you for life in your new country. Emigrating to Australia also requires good preparation.
Health Precautions
Take care of your health precautions in good time. Take out a suitable health insurance policy and inform yourself about the medical care in your destination country. Also consider a nursing care insurance policy in case you require care in old age. GoMovin assists you in choosing the right insurance and helps you make all necessary arrangements.
Preparation Recommendations
Make a trial trip to your destination country in advance to get an idea of the local living conditions. Seek advice from German agencies that have experience with emigration. Create an emergency plan for returning to Germany in case something unforeseen happens. GoMovin is there to support you and accompany you on your way to retirement abroad. We help you overcome all challenges and realise your dream of living abroad.
Additional aspects: Riester pension, AHV and asset management
Riester pension abroad
If you have a Riester pension, you should note that payouts are only made within the EU. If you move to a country outside the EU, you will have to repay the allowances. It is therefore advisable to check with your Riester provider in advance about your options. GoMovin is here to assist you with all questions regarding your Riester pension.
AHV (Switzerland) when emigrating
If you emigrate from Switzerland, you may join the voluntary AHV under certain conditions to avoid contribution gaps. However, this is only possible if you move to a country outside the EU. It is advisable to consult the AHV in advance about your options. GoMovin helps you to review and optimise all of your claims.
Asset management when emigrating
Adjust your investment strategy to the new currency and take into account the foreign exchange regulations in your destination country. It is advisable to seek advice from a financial expert to manage your assets optimally. GoMovin collaborates with experienced financial experts who support you in all matters concerning your asset management.
Inheritance law aspects
Find out about the inheritance law provisions in your destination country and clarify whether Swiss law still applies. Also, consider the inheritance tax that applies in your destination country. It is advisable to seek advice from a lawyer to address all inheritance law issues. GoMovin assists you in dealing with all legal matters related to your emigration.
Emigrating with a Pension: Opportunity for a New Start with Good Planning
Summary of Key Points
The retirement relocation is an opportunity to fully enjoy your retirement. However, careful planning is essential to overcome all challenges. Consider all important aspects like pension entitlements, taxes, health insurance, and social contacts. GoMovin is here to support you with advice and assistance, accompanying you on your journey to retiring abroad.
The Importance of Careful Planning
Careful planning is crucial for a successful retirement abroad. Take sufficient time to consider all aspects and to gather comprehensive information. Seek expert advice and create a detailed plan. GoMovin supports you in planning and executing your retirement abroad.
Outlook on the Future of Retiring Abroad
Retiring abroad will become even more popular in the future. More and more people are recognising the benefits of living overseas. GoMovin is your partner for a successful retirement abroad. We help you realise your dream of living overseas. Contact us today to start your personalised consultation and plan your retirement abroad stress-free. We look forward to accompanying you on this exciting journey!
Further useful links
The Deutsche Rentenversicherung provides information about pension payments and moving abroad.
Federal Ministry of Finance offers information regarding taxes and financial aspects abroad.
Federal Ministry of Health provides information about health aspects in retirement and abroad.
European Commission offers information on living standards and pension conditions in the EU.
FAQ
Which countries are particularly popular for German retirees looking to emigrate?
Countries such as Poland, Czech Republic, Hungary, Austria, and Spain are particularly popular due to their affordable cost of living. However, Switzerland, the USA, France, Canada, the Netherlands, Australia, the United Kingdom, and Italy are also highly favored, often due to previous holiday experiences and the perceived lifestyle.
Will my pension be reduced if I move abroad?
In principle, your pension will not be reduced if you move abroad as a retiree. However, there are exceptions and special cases, particularly if you move to a country outside the EU/EEA and Switzerland or if pension claims are based on foreign work periods.
How does emigration affect my health insurance?
Within the EU, you will continue to enjoy the protection of your German health insurance, provided you do not earn income in the new country. Outside the EU, you will generally lose your German health insurance coverage and need a separate health insurance.
What tax aspects do I need to consider when emigrating with a pension?
The tax aspects largely depend on your residence and the double taxation agreements (DTA). If you move your residence abroad, you will be subject to limited tax liability. Some countries offer special tax arrangements for foreign retirees.
Do I need to inform the German Pension Insurance about my move?
Yes, you should notify the German Pension Insurance at least two months before your move abroad to ensure the pension payment process runs smoothly. You must also provide an annual proof of life.
What should be considered regarding civil service pensions abroad?
Even as a civil servant, you can generally receive your pension abroad. However, there may be tax disadvantages. Whether you retain eligibility for aid benefits depends on the regulations of the respective federal state.
What role do double taxation agreements (DTA) play when emigrating with a pension?
Double taxation agreements (DTA) determine which country has the right to tax. These agreements can result in your pension being taxed at a lower rate abroad than in Germany.
How can GoMovin support me in emigrating with a pension?
GoMovin assists you with the planning and implementation of your retirement abroad, including clarifying pension claims, tax issues, health insurance, and visa regulations. We help you overcome all challenges and realize your dream of living abroad.
