Living in old age: moving abroad

A cocktail on the veranda and no more gray days. Many senior citizens not only dream of spending their retirement in a mild climate and under year-round sunshine, many have concrete plans to follow this dream. However, not every sunny country offers the same advantages. So before you start your adventure, you should check exactly where it is most worthwhile for you.

German senior citizens are getting older and older and have never been as fit as they are today. As the children leave home and retirement approaches, many are thinking about how they can enjoy their new freedom. Seniors today are more flexible than they used to be and are organizing their time more actively. While some plan to travel more in retirement, others plan to move abroad completely. But if you want to live abroad permanently, you should check the living conditions in your dream country.

What is the medical care like?

Even if senior citizens are still fit at the start of their retirement, they don't get any younger. Whether the new home by the sea can also provide healthcare in old age must be thoroughly checked. After all, what use is a house by the sea if the nearest doctor is miles away or speaks neither German nor English?

How high is the cost of living?

People looking to relocate should also calculate whether they can or want to afford the cost of living. In popular countries such as the USA, the cost of living is higher than in Germany. In countries such as Spain, Hungary, the Czech Republic or Poland, the cost of living is lower than in Germany. Medical care is also very good in these countries. You should also find out about pensions, taxes and insurance abroad.

Think carefully about your move

But it's not just about medicine and finances. Think about whether the destination country is the right one for you. You can ask yourself the following questions: Do you know the mentality of the country and can you cope with it in the long term? Do you like a warm climate? Mild winters are pleasant, but summers can get extremely hot in some countries. Would the distance from home be a problem? For many people, seeing their family less often is a burden. Can you tolerate the country's typical food? Some northern Germans cringe when they think of a Bavarian veal sausage.

What will happen to the property in Germany?

Anyone who owns a property in Germany should seek advice from a local real estate professional on the best solution. Is it worth renting out? Is it perhaps advisable to transfer the property to your heirs? Or do you need start-up capital for your new home abroad and want to sell the property? If you get comprehensive information on all points and choose your destination country wisely, you can ultimately get more out of your pension.

Are you thinking about spending your retirement abroad and have questions about the best solution for your property? Get in touch with us! We will be happy to advise you.

Notes

For reasons of better readability, the generic masculine is used in this text. Female and other gender identities are explicitly included where this is necessary for the statement.

Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific individual case.

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