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Expats, pensions and property investment

Provided by Select Property
10 April, 2015


We live in a modern information age now. Even if you're living thousands of miles away from your country of birth, you're no longer reliant on yesterday's newspapers to tell you of the news back home.

So, it will come as no surprise to many British expatriates that huge reforms are sweeping the UK pension industry. From April 6th, if you have been saving in the UK for any part of your working life, you will now have a lot more freedom following the changes. From the age of 55, you can have access to your pension pot and will no longer be restricted into buying an annuity to provide an income for your retirement.

As pointed out by Expat Briefing, these changes may have a significant impact for expats who have the possibility to cash in their pension and utilise the tax rules applicable in their foreign jurisdictions, with many popular retirement destinations, such as Portugal and Cyprus, using tax systems that could reduce the charge for such lump sums. Expats who have amassed pension savings, held in overseas schemes registered with HMRC, will have to wait slightly while the UK tax authority establishes replacement safeguards.

But when you do get pension freedom, what are you going to do with it?

Well, behind the pension headlines, newspapers have been full of stories that highlight the popularity of one particular type of investment.

Research suggests:

  • A third of people aged between 45 and 64 with a pension are considering using some or all of their retirement funds to buy property.
  • A recent survey of UK consumers revealed 54% of people felt residential property provided a better investment option than a pension, while just 11% felt that a pension was a better investment than a property.

In fact, so-called silver landlords are set to spend what could be up to £5 billion on buy-to-let property. If you're a UK expat, you'll need to consider how the new rules will affect you, seek independent and professional advice, and if appropriate how to invest your pension to secure a comfortable retirement.

Buying UK real estate is a simple process that is open to anyone in the world, so whether you have full access to your pot on April 6th or need to wait until the rules around your Qualifying Recognised Overseas Pension Scheme are clarified, start planning your retirement now.

For further information about property investment and pensions, download Select Property Group's free publication here.


About Us

Select Property is a leading property investment specialist. We have been focused on sourcing and offering the best real estate opportunities from around the globe since 2004.

UK: +44 (0)207 123 4000
UAE: +971 4 279 4800
Email: info@selectproperty.com



 

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