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Survey Finds Many UK Over-50s Want To Retire Abroad

Thursday, November 21, 2013

A survey involving over-50s in the UK has found that almost half the total number of respondents would like to retire abroad, and that nearly 70 percent are concerned about the cost of living as a retiree in the UK.

The poll was undertaken by Censuswide for international financial consultancy the deVere Group, and involved a sample of 1,231 participants. It found that 49.5 percent of respondents surveyed have "seriously considered," "are thinking about," or "would be tempted" to live overseas during retirement, with 27.9 percent naming Spain as the country to which they would be most likely to relocate. A further 12.6 percent named France, and 7.9 percent expressed a preference for Italy.

Respondents also identified with concerns about care for the elderly and quality of life in the UK, and agreed that the weather was a factor in wishing to relocate.

The deVere Group's founder and chief executive, Nigel Green, said that he wasn't surprised by the number of over-50s who might like to move, or that cost of living would be the major "push factor." He observed: "The environment of high taxes, creeping inflation, low interest rates and low annuities, plus the scrapping of some age-related benefits, is compounding the situation." By comparison, other countries offer a high standard of living and better weather at "a fraction of the cost."

Green also drew attention to the financial advantages of living abroad, citing QROPS (the Qualifying Recognised Overseas Pension Scheme) as a tax efficient pension and investment opportunity that allows expats to mitigate inheritance tax, access flexible investments, have their pensions paid in the currency of their choice, and allows 30 percent to be secured as a tax-free lump sum, amongst other benefits.

He added that over-50s were also attracted by Spain, France, and Italy as countries with better weather, a more relaxed, family-orientated and/or outdoor way of life, and lower crime levels. By contrast, a survey of under-40s from last year showed that preferred destinations included Dubai, Abu Dhabi, Moscow, Hong Kong, South Africa, Shanghai, Malaysia and Tokyo.

Censuswide complies with the Market Research Society's Code of Conduct, which is based on principles established by the European Society for Opinion and Market Research.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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