If you are retiring abroad there are numerous practical and logistical preparations you will need to make before you move. Never mind the emotional aspects of leaving any friends, family or familiarity behind; you'll need to look into financial matters such as your pension, tax and health care costs.

Why emigrate in retirement?

There are many reasons why people decide to retire abroad including:

• A better standard of life in a warmer climate
• A cheaper cost of living
• If they want to sell their UK home and release equity to buy a cheaper property abroad

If you are seriously contemplating retiring abroad, the first thing you need to decide is which country is best.

Retiring abroad – Where to?

British nationals retiring abroad can live in any European Economic Area (EEA) country. If you are considering moving to a non-EEA country, such as America or Australia, you will have to first speak to the British Consul in that country and its foreign consulate in the UK to find out what restrictions or requirements you may have to meet in order to live in those countries on a permanent basis.

If you retiring abroad in an EEA country you can choose from members of the European Union including Spain, Austria, Belgium, France, Portugal Greece, Iceland, Norway, Poland and Slovenia - to name a few.

Get your finances in order before you move

Before you retire abroad, you can get a State Pension forecast to find out your entitlements – which can vary according to the country you're moving to. HM Revenue & Customs will advise you on your tax liability abroad. You could, if you have substantial assets, look into moving them to an offshore bank to reduce tax liability, and it's worth talking to a tax consultant if this is the case.

Who do you need to inform if you are retiring abroad?

• HM Revenue & Customs
• National Insurance Contributions Office (International Services)
• Department for Work and Pensions

Retiring abroad and your health

If you are retiring abroad you need to think about healthcare. You should:

• Research your welfare rights in the country you are retiring to
• Find out if you are eligible for any UK benefits abroad
• Discover the healthcare costs abroad
• Look into health insurance or private health care as well as travel insurance

Your UK home

If you are retiring abroad and you own a property in the UK it can be complicated arranging for it to be rented. Many people prefer to sell their property to release equity for the new home they are retiring abroad to.

If you need help to get a faster sale for your property so you can retire abroad, contact us at Discount Property Auction. We're committed to helping you, whatever your circumstances. If you want to sell your home, you can use our dedicated online auction facility, which allows you to upload your property yourself and put it in front of genuine, interested buyers. Call us now on 0800 1313 999 or email admin@discountpropertyauction.co.uk to arrange a valuation today.