A guide to retiring to Morocco
There are many reasons why you might be considering retiring to Morocco. Perhaps the most important factor is the fact that your pension will stretch a lot further due to much lower living costs. You will also get the chance to live out your twilight years in a country that is incredibly rich in history and culture, not to mention the year-round mild climate which will do wonders for those aches and pains. When this is teamed with the fact that Europe is on your doorstep, there are high levels of medical care available and that it is relatively easy to buy property – you can see why many wish to retire here.
- Acquire an estimate of your state pension so that you can work out how much you will have to live on each month.
- Ask HM Revenue and Customs for information on your tax liability on any income over your UK personal allowance. Be mindful of the fact that UK tax payable from abroad can vary quite significantly from country to country.
- Seek independent tax advice about the benefits of offshore banking – it could make a big difference to your savings.
- Find out about your welfare rights abroad. Some UK benefits aren’t payable outside of the UK, others apply only in the EU or in countries which have reciprocal agreements with the UK. It is important that you know what your situation is.
- Investigate healthcare costs in the country you are planning on retiring to. If you have a chronic condition, make sure that the service you require is available.
- If you are not entitled to any healthcare benefits, it is vital that you take out insurance to cover all private medical and dental treatment and it is worth including medical repatriation to the UK in your policy.
- If you decide to split your time between Morocco and your property in the UK, work out how best to secure it if it will be empty for a number of months at a time. Also remember to inform your mortgage lenders and insurers that you are going to be elsewhere.
- Notify your utilities companies of your imminent departure and provide them with a forwarding address so that they can send on any refunds that you could quite possibly be entitled to.
- Contact your local Council Taxation organisation, the Electoral Register, your banks and building societies and make sure all mail will be forwarded to your new address.