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Looking for most "Tax Efficient" places to retire to?
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Mark_Ward
Posts: 15 Forumite
I'm looking into retiring abroad for someone is is set on retiring to sunnier climbs.
I'm currently trying to work out which countries are better regarding tax on pension income, inheritance tax etc. for a healthy pensioner in their 70's with no uk property or earned income and who is prepared to move their pension pot with them. He currently has UK investments and savings but is prepared to cash them in and move them if necessary.
This won't be the only deciding factor (healthcare would be another I would imagine), just trying to work out which countries would be worthy of consideration.
Thanks,
Mark.
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I'm currently trying to work out which countries are better regarding tax on pension income, inheritance tax etc. for a healthy pensioner in their 70's with no uk property or earned income and who is prepared to move their pension pot with them. He currently has UK investments and savings but is prepared to cash them in and move them if necessary.
This won't be the only deciding factor (healthcare would be another I would imagine), just trying to work out which countries would be worthy of consideration.
Thanks,
Mark.
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Comments
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link to
http://en.wikipedia.org/wiki/Tax_haven
to see havens scroll down
Nauru looks good! only tax in country is airport tax.
There are some other considerations. Any savings already in pensions can only go to approved overseas schemes, otherwise they remain in UK and face UK tax on the amount that cannot be taken as tax free cash.
Also, the stability of the institutions and investor protection may be of concern. This may mean that while your friend takes up residence in one country, they may prefer to invest offshore elsewhere.
The Isle of Man has one of the best protected regimes and won't tax for overseas people. A witholding tax applies only if you reside in another EU country and then only on Savings Accounts. Investment Bonds (even if holding just cash) do not get deducted.0 -
It seems that you can get your pension tax free in Malaysia.Cyprus imposes 5% tax on pensions.The Australian changes may be worth checking ( though retiring to Australia is not cheap these days.)Trying to keep it simple...0
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Nauru looks pretty cool to me, but I don't think it would be ideal for retiring too. Mind you anywhere that elects someone called "Ludwig Scotty" as president can't be all bad!:)
Cyprus is a real possibility, he has a brother there.
I appreciate the pointers, I'll take a careful look with him when he comes over.
Thanks,
Mark.0
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