British Expats shunning Europe as a retirement destination
According to a study carried out by Crystal Investment and Real Estate, retired British Expats are shunning the once popular hotspots of Spain, France and Portugal, and instead are looking further afield.
As air travel becomes easier and cheaper, retirees are turning their attentions to countries such as the United States, Canada and Australia. It makes sense that British expats would favour places where the locals already speak English.
Spain has held the title of being the most popular destination for British expats for a number of years but as the Euro crisis continues to bite and the Spanish economy falters many expats have been turned off by the rapid fall in the value of property. Despite the weakness of the property market being an advantage to newly arrived expats those wanting to sell-off property are at risk of making substantial losses.
Recent confrontations between the UK and Spain over Gibraltar have also dented the nation’s popularity. Similar economic issues have also affected Portugal, Greece and Italy.
The report also shows that over 30% of UK citizens over the age of 40 have plans to move abroad once they retire. The biggest reasons why they want to leave were listed as; better weather, lower taxes, cheaper cost of living and a better lifestyle.
Florida is quickly becoming a favoured destination as expats can use a visitor’s Visa to spend the UK’s winter months in the sunshine. Cost of living in the US is cheaper than that in the UK but expats wanting to invest in a property in Florida should consider making a move now rather than later as due to its surge in popularity and the US economic recovery house prices are starting to soar. Property values have risen for 18 consecutive months.