Brits Are Increasingly Choosing to Retire Abroad as More Than 200k Seniors Chose to Live in EU
In a recent report by the Office for National Statistics, the British community in Portugal, especially, is increasing, with more senior British citizens coming to this European country, AtoZSerwisPlus.pt reports.
The Department for Work and Pensions revealed that over a million (1,152,585) British pensioners are currently living overseas while receiving their UK state pension. In addition, this number surpasses the count of pensioners currently residing in London (922,162).
Post-Brexit, Portugal has emerged as the top sought-after destination for British retirees, especially due to its inviting climate and attractive tax benefits.
Before Brexit happened, the phenomenon of the United Kingdom leaving the European Union, British citizens could easily relocate to Portugal under EU membership. However, post-Brexit regulations now require British passport holders to apply for a visa to move to Portugal.
Portugal, on the other hand, offers accessible residency visas, with the D7 and the Portuguese Golden Visa being the most popular among Brits. The D7 visa is convenient for individuals with passive income sources, such as pensions or rental property earnings, demanding proof of income exceeding the Portuguese minimum wage. This visa in particular is ranking Portugal as an attractive option for many British senior citizens whose pension income surpasses the national minimum wage in this EU country.
Another reason why Brits are flocking to Portugal can be related to the cost of living crisis in the UK, which is leading to the increasing number of retirees seeking to live abroad.
According to a survey by Unbiased, three-quarters of individuals aged 50 and over are concerned about the impact of the cost of living on their retirement plans. A total of 53 per cent fear they will not have enough income to sustain themselves in their post-work years.
Despite the rising cost of living, the workforce participation rate among those aged 50-64 in the UK has increased by 68,000 from its mid-2022 low. The Organisation for Economic Co-operation and Development (OECD) notes a more significant drop in the employment rate for those aged 55-64 in the UK compared to other countries with advanced economies.
As employment rates have fallen steadily from the 50s, especially after 55, and dropped sharply in the early 60s, retirement becomes a primary factor. The Bank of England’s recent forecast suggests that Britain’s overall labour force participation rate is likely to remain below pre-pandemic levels for the upcoming years.
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