What are the preferred destinations for retired expats?
French retirees More and more people are leaving France to spend their retirement in the sun. We call them the swallows, these some 1.2 million French retirees who have decided to leave their country at the end of their working life, an increase of 20% in 5 years.
Here are the preferred destinations for these seniors:
European destinations
Portugal
Called the Florida of Europe, Portugal is one of the top destinations for French retirees. You can only understand them when you discover what the country has to offer them. Geographical and cultural proximity is an important advantage. As Portugal is in the European Union and the Schengen Area, no passport is required for the 2-hour flight between Paris and Lisbon.
Retiring in Portugal also means being sure to spend your old days in the sun with a cost of living much lower than in France (at least 35% according to the OECD). To this must be added the low price of real estate, between 3000 and 5000 euros per square meter in the Portuguese capital.
Finally, what attracts seniors by the thousands to Portugal is of course the extremely favorable tax conditions. Indeed, a tax treaty allows you to be exempt from income tax for 10 years if you stay more than 183 days per year in Portugal. To top it off, since January 2013 Portugal no longer applies social security contributions or ISF.
It does not take more for French retirees to settle in Portugal, especially in the regions of the Algarve, Lisbon or Porto.
Porto Portugal
Spain
Neighboring Portugal, Spain has also been able to attract French retirees for similar reasons: mild climate, proximity to France, rich culture and gastronomy, lower cost of living… It is especially the Balearics that most French people choose to spend a peaceful retirement. However, this destination has been on the decline since the introduction of fiscal policy in Portugal.
Balearic House
Malta
The small European island is not to be outdone and attracts English, German and Swedish retirees every year, and tries to charm French seniors with its advantageous taxation. French retirees in search of sun and an island lifestyle can opt for an apartment in the bustling towns of Valletta or Sliema, or a farm house on the almost wild island of Gozo.
Valletta Malta
More distant destinations
The Morocco
Morocco has always been one of the favorite destinations for the French. In addition to spending their vacations there, some even decide to move there year round after retirement. We must admit that the geographical proximity to France, the French language widely used by the population and the Mediterranean climate throughout the year and an exemplary warm welcome have something to do with it. Morocco also offers French seniors a much more affordable cost of living and very favorable taxation: 40% deduction on declared income which can go up to 80% reduction on tax due under certain conditions.
Discover all our tips for preparing your retirement in Morocco.
Morocco market
Florida
It's never too late to live the American dream! Florida has always been the preferred destination for retirees around the world, looking for year-round sunshine and a relaxed lifestyle. It is even possible to live in cities dedicated to retirees! A quintessentially American concept of life that you won't find anywhere else.
Before enjoying the Florida sun, it is important to prepare for your retirement, especially in terms of social protection, given the cost of healthcare in the United States. Indeed, the Obamacare reform obliges expatriates to take out “ACA Compliant” expatriate health insurance. Failure to do so is now punished with financial penalties.
Miami Florida
Thailand
The land of smiles attracts many seniors looking for a comfortable lifestyle even with a small retirement pension. Indeed, the cost of living much lower than in Europe allows French retirees to enjoy the magnificent beaches at an affordable price. In addition, Thailand is one of the countries in South East Asia offering the most advanced health infrastructure, an important point that seniors cannot overlook, as can their expatriation insurance.
Discover our file on expatriation in Thailand, an essential tool if you plan to live in this country.
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