Two elderly people are sitting in chairs on the beach enjoying their drinks in the sun. - ©© vectorfusionart/Depositphotos.com

Living in old age: moving abroad

With a cocktail on the veranda and no more gray days. Many seniors not only dream of spending their retirement in a mild climate with year-round sunshine, many follow up their dreams with concrete plans. However, not every sunny country offers the same advantages. So before you embark on your adventure, you should carefully consider where it would be most worthwhile for you.

German seniors are living longer and have never been as fit as they are today. When the children have left home and retirement is approaching, many people start thinking about how they can enjoy their newfound freedom. Today's seniors are more flexible than in the past and are more active in how they spend their time. While some plan to travel more in retirement, others plan to move abroad permanently. But anyone who wants to live abroad permanently should check the living conditions in their dream country.

What is the medical care like?

Even if seniors are still fit at the beginning of their retirement, they are not getting any younger. Whether your new home by the sea can also provide health care in old age must be thoroughly checked. After all, what use is a house by the sea if the nearest doctor is miles away or speaks neither German nor English?

How high are the living costs?

Those considering a move should also calculate whether they can afford or are willing to pay the living costs. In popular countries such as the USA, the cost of living is higher than in Germany. In countries such as Spain, Hungary, the Czech Republic, and Poland, the cost of living is lower than in Germany. Medical care is also very good in these countries. You should also find out about pensions, taxes, and insurance abroad.

Think carefully about moving

But it's not just about medicine and finances. Think about whether the destination country is right for you. Here are some questions to ask yourself: Are you familiar with the mentality of the country and can you live with it in the long term? Do you like a warm climate? Mild winters are pleasant, but in some countries the summers can be extremely hot. Would the distance from home be a problem? For many people, seeing their family less often is a strain. Can you tolerate the typical local food? Some northern Germans cringe at the mere thought of Bavarian white sausage.

What will happen to your property in Germany?

Anyone who owns property in Germany should seek advice from a local real estate professional on the best solution. Is it worth renting out? Would it perhaps be advisable to transfer the property to your heirs? Or do you need start-up capital for your new home abroad and want to sell the property? If you obtain comprehensive information on all aspects and choose your destination country wisely, you can ultimately get more out of your pension.

Are you thinking about spending your retirement abroad and have questions about the best solution for your property? Contact us! We will be happy to advise you.

Notes

For reasons of better readability, the generic masculine form is used in this text. Female and other gender identities are expressly included insofar as this is necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please have the facts of your specific case clarified by a lawyer and/or tax advisor.

Photo: © vectorfusionart/Depositphotos.com

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