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Pension and Emigrating: Your Guide to a Carefree Retirement Abroad
Imagine spending your retirement where life is more affordable and the quality of life is higher. Many German retirees are drawn abroad. But what should you be aware of? From pension payments to health insurance – we provide clarity. Learn more about our comprehensive advice and start your emigration adventure relaxed! Contact us now!
The topic short and concise
Imagine spending your retirement where life is more affordable and the quality of life is higher. Many German retirees are drawn abroad. But what should you be aware of? From pension payments to health insurance – we provide clarity. Learn more about our comprehensive advice and start your emigration adventure relaxed! Contact us now!
Imagine spending your retirement where life is more affordable and the quality of life is higher. Many German retirees are drawn abroad. But what should you be aware of? From pension payments to health insurance – we provide clarity. Learn more about our comprehensive advice and start your emigration adventure relaxed! Contact us now!
Imagine spending your retirement where life is more affordable and the quality of life is higher. Many German retirees are drawn abroad. But what should you be aware of? From pension payments to health insurance – we provide clarity. Learn more about our comprehensive advice and start your emigration adventure relaxed! Contact us now!
Do you dream of retiring under palm trees or in the mountains? Find out how to make the most of your pension abroad and what aspects you absolutely need to consider. Get informed now!
Introduction: Emigrating as a Retiree – An Overview
Dreaming of retirement and emigration? The thought of spending retirement under palm trees or in the mountains attracts many German pensioners. The number of retirees spending their twilight years abroad is continuously increasing, as reported by deutsche-im-ausland.org. However, there are a few important aspects to consider before packing your bags. At GoMovin, we help you make your move abroad stress-free and efficient. Our expertise in Expat Services and international relocation allows us to provide you with comprehensive advice and support.
Why are German pensioners drawn abroad?
The reasons for wanting to retire abroad are varied. Many retirees are looking for a higher quality of life at lower costs. A milder climate, attractive landscapes, and tax advantages in certain countries also play a role. Eastern European countries such as Bulgaria are growing in popularity due to lower living costs, as reported by Spiegel. Thailand, Turkey, and the Philippines are also popular destinations.
Growing popularity of retiring abroad
Desire for higher quality of life at lower costs: Many retirees are looking for a better value for their pensions abroad.
Milder climate and attractive landscapes: Sun, sand, and sea are a major attraction for many.
Tax benefits in certain countries: Some countries offer attractive tax advantages for retirees.
Important aspects of planning
Careful planning is essential for a successful retirement abroad. This includes financial planning, addressing insurance questions, and dealing with cultural differences. The issue of how you will be insured for healthcare abroad should also be clarified early on. GoMovin supports you at every step, from the initial consultation to successful integration into your new home. We help you overcome challenges and fulfil your dream of moving abroad. Our relocation assistance is a key component.
Financial planning and resources
A solid financial foundation is crucial for a worry-free retirement abroad. Determine your monthly expenses and check whether your pension and other sources of income are sufficient. Also consider potential currency fluctuations and inflation. Professional financial advice can help you plan your finances optimally.
Language skills and cultural adaptation
Language skills are important to navigate the new country and make contacts. Invest in a language course or use online resources to improve your language skills. Also, learn about the country’s cultural practices to avoid faux pas. A trial stay can help you better understand the country and its culture.
Social contacts and avoiding isolation
Social contacts are important to feel at home in the new country and avoid isolation. Join clubs or organisations that match your interests or reach out to other German retirees abroad. Maintaining contacts with friends and family in Germany is also important.
Securing Pension Entitlement: How to Receive Your Benefits Abroad
Pension entitlements and payments abroad
The good news is: Payment of your pension abroad is generally possible. However, there are certain rules and restrictions to consider. It is important that you inform the Deutsche Rentenversicherung of your move abroad, ideally three months in advance, as vr.de advises. GoMovin supports you in communicating with the authorities and helps you complete all the necessary formalities. This ensures that your pension is transferred to your foreign account punctually and smoothly.
General regulations for pension payments
In principle, you are entitled to your full pension, even if you live abroad. There are, however, some exceptions, especially if you emigrate to a country outside the EU/EEC that does not have a social security agreement with Germany. In such cases, your pension may be reduced. It is therefore advisable to seek information from the Deutsche Rentenversicherung in advance.
Payment of pension abroad is generally possible
The Deutsche Rentenversicherung generally also pays your pension abroad. You simply need to provide your new address and your international bank details (IBAN and BIC). The pension is then usually paid monthly into your account.
Obligation to notify the Deutsche Rentenversicherung
You are required to notify the Deutsche Rentenversicherung of your move abroad. This also applies if you are only living abroad temporarily. Ideally, the notification should be made three months before your move.
Restrictions and reductions of the pension
In certain circumstances, there may be restrictions or reductions in your pension if you live abroad. This is particularly the case if you receive a disability pension and emigrate to a country outside the EU/EEC that does not have a social security agreement with Germany. Even if staying abroad for more than six months, your pension may be affected.
Stay of more than six months abroad
If you stay abroad for more than six months a year, you are considered to be permanently living abroad. This can have implications for your tax liability and pension entitlements. It is therefore important to get informed in advance.
Impact on the disability pension
If you receive a disability pension, moving abroad may result in reductions or the loss of the pension. This is particularly the case if you emigrate to a country outside the EU/EEC that does not have a social security agreement with Germany.
Special regulations for certain countries (Poland, former GDR states)
For certain countries, like Poland and the former GDR states, there are special regulations regarding pension payments. These regulations are based on old agreements and may lead to pension reductions. It is therefore advisable to seek information from the Deutsche Rentenversicherung in advance, as vr.de also recommends.
Optimising Taxes: How to Benefit from Your Pension Abroad
Tax Considerations of Pensions Abroad
Tax aspects also play an important role when relocating abroad as a retiree. Generally, as a retiree residing abroad, you are limited tax liable in Germany. This means that only your domestic income, such as your pension, is taxed in Germany. GoMovin collaborates with experienced tax advisors who can comprehensively advise you on the tax aspects of your stay abroad. This ensures that you take advantage of all tax benefits and avoid unnecessary taxes.
Taxation of Pensions for Residents Abroad
If you relocate abroad, you are only limited tax liable in Germany. This means that only your domestic income, such as your pension, is taxed in Germany. The amount of tax depends on various factors, such as the amount of your pension and the country you reside in. Arag.de provides important guidance on this.
Limited Tax Liability in Germany
As a retiree residing abroad, you are only limited tax liable in Germany. This means that only your domestic income, such as your pension, is taxed in Germany. The amount of tax depends on various factors, such as the amount of your pension and the country you reside in.
Application for Unlimited Tax Liability Possible (if more than 90% of your income is from Germany)
If more than 90% of your income comes from Germany, you can apply for unlimited tax liability. In this case, you will be treated like a taxpayer residing in Germany and can benefit from the same tax advantages.
Double Taxation Agreements
To prevent your pension from being taxed both in Germany and abroad, Germany has signed double taxation agreements with many countries. These agreements determine in which country your pension will be taxed. It is therefore important to find out in advance whether such an agreement exists with your target country.
Regulations to Avoid Double Taxation
Double taxation agreements determine in which country your pension will be taxed. Usually, the pension is taxed in the country where you reside. However, there are exceptions, particularly with pensions from the statutory pension insurance.
Special Cases: Riester Pension and Wohn-Riester
There are also special considerations for the Riester pension and Wohn-Riester if you relocate abroad. In principle, you can also receive your Riester pension abroad. However, there may be tax disadvantages if you move to a country outside the EU/EEA. The Wohn-Riester can be used to finance real estate within the EU, as vr.de explains.
Tax-Free Withdrawal of the Riester Pension within the EU
Within the EU, you can generally receive your Riester pension tax-free. Outside the EU, there may be tax disadvantages.
Using Wohn-Riester to Finance Real Estate in the EU
The Wohn-Riester can be used to finance real estate within the EU. So, if you plan to purchase property abroad, the Wohn-Riester can be an interesting option.
Health Insurance Abroad: Ensuring Optimal Coverage
Health Insurance Coverage Abroad
An important aspect of planning your retirement abroad is health insurance coverage. Within the EU/EEA and Switzerland, you are generally entitled to the same benefits as in Germany if you can present the S1 form. Outside these countries, you will need private international health insurance. GoMovin is happy to advise you on choosing the right health insurance and will assist you with applying for the S1 form.
Health Insurance within the EU/EEA and Switzerland
Within the EU/EEA and Switzerland, you are generally entitled to the same benefits as in Germany if you can present the S1 form. The S1 form certifies that you are insured in Germany and can claim the same benefits abroad as residents insured there. However, it is important to check whether you actually have a claim to benefits in the country of residence, as reiseversicherung.com emphasises.
S1 Form for Accessing German Benefits
The S1 form is an important proof that you are insured in Germany and can claim the same benefits abroad as residents insured there. You can obtain the S1 form from your German health insurance provider.
Checking Entitlement to Benefits in the Country of Residence
It is important to check whether you actually have a claim to benefits in the country of residence. In some cases, you may only receive limited benefits or need to take out additional private health insurance.
Health Insurance Outside the EU/EEA
Outside the EU/EEA, you will usually need private international health insurance. This insurance covers the costs of medical treatments abroad. It is important to choose insurance that meets your needs and covers the costs of all necessary treatments. A voluntary 'Anwartschaft' with your German statutory health insurance can be advisable to facilitate re-entry into the system when returning to Germany, as reiseversicherung.com recommends.
Need for Private International Health Insurance
Outside the EU/EEA, you will generally need private international health insurance. This insurance covers the costs of medical treatments abroad. It is important to choose insurance that meets your needs and covers the costs of all necessary treatments.
'Anwartschaft' with German Statutory Health Insurance
A 'Anwartschaft' with your German statutory health insurance can be advisable to facilitate re-entry into the system when returning to Germany. The 'Anwartschaft' secures your right to future admission into the statutory health insurance.
Special Regulations for Certain Countries (e.g. Thailand)
For certain countries, such as Thailand, there are special regulations regarding health insurance. In Thailand, for example, you need special insurance for pensioners that meets certain requirements. It is therefore important to inform yourself in advance about the specific regulations of your destination country.
Top destinations: Where German retirees spend their retirement
Popular Destinations for German Retirees
Choosing the right destination country is crucial for a successful retirement abroad. European countries, especially those in the EU, are particularly popular among German retirees. Austria, Switzerland, and Spain are the top destinations, as reported by Spiegel. However, Eastern European countries like Bulgaria are gaining popularity due to lower living costs. Outside Europe, Thailand, Turkey, the Philippines, and Russia are popular choices.
Top Destinations in Europe
Within Europe, there are numerous attractive destinations for German retirees. Austria, Switzerland, and Spain are the top destinations. However, countries like Italy, France, and Portugal are also very popular. Proximity to Germany, good infrastructure, and a pleasant climate are key factors when choosing the destination.
Austria, Switzerland, Spain
Austria, Switzerland, and Spain are the top European destinations for German retirees. These countries offer a high quality of life, good infrastructure, and a pleasant climate. However, living costs in these countries are also relatively high.
Eastern European Countries (Bulgaria) Due to Lower Living Costs
Eastern European countries like Bulgaria are gaining popularity due to lower living costs. These countries provide a good alternative for retirees who need to manage on a limited budget. Our articles on emigrating to Bulgaria for retirees and emigrating to Thailand might be of interest to you.
Other Popular Countries Worldwide
Outside Europe, there are a variety of attractive destinations for German retirees. Thailand, Turkey, the Philippines, and Russia are popular choices. These countries offer a pleasant climate, an interesting culture, and often lower living costs. However, it is important to inform yourself in advance about the specific conditions and requirements of each country.
Thailand, Turkey, Philippines, Russia
Thailand, Turkey, the Philippines, and Russia are popular destinations for German retirees outside Europe. These countries provide a pleasant climate, an interesting culture, and often lower living costs. However, it is important to inform yourself in advance about the specific conditions and requirements of each country.
Factors to Consider When Choosing a Destination
When choosing a destination country, you should consider various factors such as the climate, cost of living, healthcare, and language. The political and economic stability of the country is also important. It is advisable to spend some time in the destination country beforehand to get a sense of the living conditions on site.
Preparing for Emigration: Overcoming the Organisational Challenges
Planning and Preparation for Emigration
Planning and preparing for emigration is a crucial step to ensure a successful retirement abroad. This includes financial planning, understanding residence and visa requirements, and dealing with cultural and linguistic challenges. GoMovin supports you through every step, from initial consultation to successful integration into your new home. We help you overcome organizational hurdles and realise your dream of emigrating.
Financial Planning
Robust financial planning is vital for a worry-free retirement overseas. Determine the cost of living in the destination country and check whether your pension and other income sources are sufficient. Also consider possible currency fluctuations and inflation. Professional financial advice can assist you in planning your finances optimally.
Determining the Cost of Living in the Destination Country
Determine the cost of living in the destination country and check whether your pension and other income sources are sufficient. Also consider possible currency fluctuations and inflation. Professional financial advice can assist you in planning your finances optimally.
Reviewing Pension Amount and Other Income Sources
Review the amount of your pension and other income sources to ensure they are sufficient to maintain your standard of living abroad. Also consider possible tax deductions and social security contributions.
Residence and Visa Requirements
The regulations for residence and visa requirements vary depending on the destination country. Within the EU, EU citizens generally have freedom of choice in residence. Outside the EU, you will need a residence permit, which may be subject to certain conditions. It is therefore important to find out about the specific regulations of your destination country in advance.
Regulations for EU Citizens
Within the EU, EU citizens generally have freedom of choice in residence. You do not need a residence permit, just a registration certificate.
Regulations for Non-EU Citizens
Outside the EU, as a non-EU citizen, you will need a residence permit, which may be subject to certain conditions. These conditions may include sufficient income, health insurance, or proof of language skills.
Cultural and Linguistic Challenges
You should also consider cultural and linguistic challenges when planning your stay abroad. Language skills are important for orienting yourself in a new country and making connections. Familiarise yourself with the country's cultural practices to avoid social faux pas. A trial stay can help you get to know the country and its culture better. Our articles on emigrating to Australia for retirees and emigrating to France for retirees might be of interest to you.
Language Courses and Cultural Preparation
Invest in a language course or use online resources to improve your language skills. Also, learn about the cultural practices of the country to avoid social faux pas.
Trial Stays in the Destination Country
A trial stay in the destination country can help you get to know the country and its culture better. Take the opportunity to familiarise yourself with local living conditions and make contacts.
Planning a Return: How to Ensure a Smooth Transition
Return to Germany – What Should Be Considered?
Even if you enjoy your retirement abroad, you shouldn't rule out the possibility of a return to Germany. It is important to remain flexible and keep the option open to return to Germany at any time. GoMovin also supports you in planning your return and helps you to make the transition as smooth as possible.
Possibilities for Return
There are various reasons why you might decide to return to Germany. Perhaps you miss your family and friends, or your health situation requires better medical care. It is important to inform yourself in advance about the possibilities for return and to initiate the necessary steps.
Flexibility in Planning a Stay Abroad
Remain flexible in planning your stay abroad and keep the option open to return to Germany at any time. This gives you the security to react quickly and uncomplicatedly in the event of unforeseen events.
Re-entry into the German Health System
An important aspect when returning to Germany is re-entry into the German health system. If you have taken out a 'waiting period' with your German statutory health insurance, re-entry is usually unproblematic. Otherwise, you may need to take out private health insurance.
Importance of ‘Waiting Period’
The 'waiting period' with your German statutory health insurance secures your right to later admission to statutory health insurance. This is especially important if you have health problems in old age and rely on good medical care.
Residence and Tax Considerations upon Return
You should also consider the residence and tax aspects when returning to Germany. You need to register again in Germany and clarify your tax situation. GoMovin supports you with all the formalities and helps you to make the transition as smooth as possible.
Emigration Checklist: Step by Step to Your Dream Retirement
Checklist for Retirees Considering Emigration
To make planning your retirement abroad easier, we've created a checklist to guide you through the process step by step. This checklist helps you consider all important aspects and ensure no crucial details are overlooked. GoMovin is always on hand to offer advice and support you in implementing your plans.
Before Emigrating
There are several important steps to complete before emigrating:
Seek financial advice: Consult an expert to plan your finances optimally and make use of tax advantages.
Clarify health insurance coverage: Ensure that you have adequate health insurance coverage abroad.
Inform the pension insurance: Notify the German Pension Insurance of your move abroad.
Improve language skills: Invest in a language course or use online resources to enhance your language abilities.
Plan a trial stay in the destination country: Spend some time in the destination country to understand the living conditions there.
After Emigrating
There are also some important steps to take after emigrating:
Register in the destination country: Register with local authorities and apply for necessary documents.
Set up a bank account in the destination country: Establish a bank account in the destination country to receive your pension and other income.
Submit a life certificate regularly: Regularly submit a life certificate to the German Pension Insurance to maintain your pension entitlement.
Dream of Retirement Abroad: Planning for Success
Conclusion: A Fulfilled Retirement Abroad
Pensions and Emigrating can be a fulfilling and enriching phase of life. With careful planning and preparation, you can take advantage of the opportunities and overcome the challenges. GoMovin is here as your competent partner, supporting you with every step, from the initial consultation to successful integration into your new home. We help you realise your dream of retiring abroad.
Summary of Key Points
The key points to consider when planning your retirement abroad are:
Financial Planning: Ensure that your pension and other income sources are sufficient to maintain your standard of living abroad.
Health Insurance Coverage: Clarify your health insurance coverage abroad and ensure you are adequately insured.
Residence and Residence Permit: Find out about the regulations for residency and residence permits in your destination country.
Cultural and Language Preparation: Prepare for the cultural and language challenges and invest in a language course.
Personal Decision and Careful Planning
Deciding for or against retirement abroad is a personal decision that should be considered carefully. It is important to take all aspects into account and gather comprehensive information. Careful planning is the key to success.
The Opportunities and Challenges of Emigrating as a Pensioner
Emigrating as a pensioner offers many opportunities, such as a higher quality of life, a more pleasant climate, and tax advantages. However, there are also challenges, such as linguistic and cultural adaptation, organising health insurance, and clarifying tax issues. With careful planning and preparation, you can seize the opportunities and overcome the challenges.
Would you like to learn more about how GoMovin can assist you with your retirement move? Contact us today for a personal consultation. We look forward to helping you realise your dream!
Further useful links
On Spiegel you will find an article about popular countries for German retirees abroad.
VR Bank provides information on pension payments abroad and gives important advice.
ARAG offers important advice on the tax aspects of pensions abroad.
Reiseversicherung.com emphasizes the importance of checking your entitlement to benefits concerning health insurance in the host country.
FAQ
Which countries are particularly popular for German retirees looking to emigrate?
European countries such as Spain, Austria, and Switzerland are very popular. Thailand, Turkey, and the Philippines are also attractive destinations, often due to lower living costs.
How does moving abroad affect my pension payments?
In principle, pension payments abroad are possible. However, there may be reductions if you emigrate to a country outside the EU/EEA without a social security agreement. Inform the German Pension Insurance in good time.
Do I have to pay tax on my pension abroad?
As a retiree living abroad, you are subject to limited tax liability in Germany. It is important to look into double taxation agreements to avoid being taxed twice. An application for unlimited tax liability is possible if over 90% of your income comes from Germany.
How does health insurance work if I live abroad as a retiree?
Within the EU/EEA and Switzerland, you are generally entitled to the same benefits as in Germany, providing you can present the S1 form. Outside these countries, you will need private international health insurance.
Can I also receive my Riester pension abroad?
In principle, you can also receive your Riester pension abroad. Within the EU, payments are generally tax-free. Outside the EU, there may be tax disadvantages.
What do I need to consider when planning my move abroad?
Careful planning is crucial. This includes financial planning, addressing insurance issues, understanding cultural differences, and organizing the move. GoMovin can assist you with this.
How long can I stay abroad as a retiree without endangering my pension entitlement?
A stay of more than six months a year abroad is considered permanent. This can affect your tax obligations and pension entitlement. Inform yourself in advance with the German Pension Insurance.
What is a 'Vesting' in the German statutory health insurance and why is it important?
A 'Vesting' secures your right to later rejoin the statutory health insurance upon returning to Germany. This is especially important if you have health issues in old age.
