The lure of retiring abroad

Dreaming of retiring in an exotic destination? Here’s what you need to know.

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The idea of living in a world where violent crime is the exception and government entities are efficient and professional is quite enticing. South Africans have increasingly been leaving for exotic destinations such as Portugal, Mauritius, Malta, Australia and New Zealand.

Christopher Garbutt, director of Passport to Portugal, says they have seen the interest from South Africans looking to relocate spike by 500% last year. He says around three years ago the flavour of the month was the Golden Visa.

The visa allows the holder to live and work in Portugal and offers flexibility of movement and access to the rest of Europe. The Portuguese government has introduced significant changes that will take effect from next year.

This option may be financially prohibitive for the average retiree from SA, but there are other relocation options that may be more “affordable”.

Affordability

Stephen Katzenellenbogen, wealth manager at NFB Wealth Management, says the first point of departure when considering retirement abroad is whether you can afford it.