TORC

An increasing number of Irish people are moving abroad in retirement to avail of better weather, cheaper property prices and a lower cost of living.

Today’s retirees seeking a haven abroad are most likely to look first at the Mediterranean – Spain, Portugal, Italy, Greece and Cyprus being the favourites.

However, a lot of research needs to be done before making such a major decision. Major factors to consider include:

Cost of property and cost of living

Entry requirements eg Australia, New Zealand, Canada, US

Healthcare – if you retire within the EU the European Health Insurance Card (EHIC) allows you to access state provided healthcare in all EU member states. However, each member country’s health system is different and might not include all you get at home. You would need to check how transferable any health insurance is, if at all.

Language & Culture –if the Med’s your choice you will need to learn the language and adapt to the culture – by doing so you will adapt more quickly, get greater respect and integrate more easily to the local community.

Affordability – tax laws vary from country to country so you need to get proper advice.