Plan financially for a retirement abroad, savings account holders told
Millions of UK residents could soon be setting up international savings accounts as many plan to retire overseas.
Research by the Foreign and Commonwealth Office has revealed that 42 per cent of over 55s wish to emigrate during their retirement, with 38 per cent wanting to do so in the next five years.
However, the office is warning Brits about the dangers of not planning financially for their new life abroad, through products such as international savings accounts, after the research revealed that 43 per cent think a holiday is enough to give them an indication of what the country is like.
Foreign and Commonwealth Office Minister Chris Bryant, said: "In the excitement of making plans for a future in the sun, people don’t always think about the possible downsides or the problems that can occur."
Mr Bryant added that this was particularly important when purchasing property overseas as "local laws can be complex and unclear".
Expat advice publication Shelter Offshore recently recommended that pensioners should consider offshore accounts as a way of diversifying their retirement income.
Posted by Chris Moore