Recent research compared the top ten locations for pensioners to retire abroad. The results saw Cyprus and Panama coming tops based on tax, ease of residency, healthcare and average property costs.It is fact that Australia is seeing large numbers of it's people leaving the country to live overseas. Years of being in the Australian housing market has left many retirees with large amounts of equity in their homes and a desire for better things.
The report shows the vast differences in taxation, inheritance laws and the availability of healthcare. How many of us know that France for example has income tax rate of up to 40% plus.
Cyprus tops the list of destinations because it has an income-tax rate of just 5% on pensions for retired residents, as well as low property prices and no inheritance tax. It also scores highly on related issues such as ease of gaining residency, low property buying and selling costs and benefits for pensioners. Not only does Cyprus offer a warm, sunny climate, it also benefits from favourable taxation and healthcare policies.
Panama, now infamously the chosen destination of “back from the dead” British canoeist John Darwin and his wife Anne, comes a close second. This is largely thanks to its pensionado scheme, which offers attractive discounts for pensioners.
Simon Turner simon@marquetteturner.com.au
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