From just across the pond to New Zealand, or to European nations like Greece or Portugal — Australians continue to seek out retirement locations that mirror popular destinations in pre-pandemic travel times. Below, we round up the most popular destinations for Australians to retire abroad.
Countries such as Thailand and Malaysia are popular with Australians because they are a 'day flight' away from most capital cities and have all the advantage of great weather, good / great health care systems and English being spoken in the country.
In order of top to bottom, the following top 10 countries to retire abroad include Portugal, Mexico, Panama, Ecuador, Costa Rica, Spain, Greece, France, Italy, and Thailand.
Retiring overseas and your super
The Australian Tax office states there are a number of actions to consider as an Australian living overseas. If you are an Australian citizen or permanent resident heading overseas, your super remains subject to the same rules, even if you are leaving Australia permanently.
The full amount of age pension that a person is eligible for is payable while overseas for 26 weeks. However, once overseas for longer than 26 weeks, the amount of age pension payable to a person is dependent upon the person's length of residency in Australia.
Australian pensioners can stay up to 6 weeks overseas and receive their Australian pension normally before their return to Australia. If travelling for longer than 6 weeks, you'll need to let Services Australia know, and your pension payments may be affected. At least 5 of these 10 years must be in a row.
Generally speaking, if your overseas holiday is less than six weeks, your pension rates remain unchanged. However, if you prolong to more than six weeks, meaning that you're away for almost two months, the government will reduce your Pension Supplement to the basic rate and your Energy Supplement will stop.
If you leave Australia to live in another country, your payment will stop when you depart. If your travel is short term, your payment will stop when you depart, unless you're travelling for an approved reason. You may get JobSeeker Payment because of a residence exemption available to some New Zealand citizens.
Q. Will I receive my full pension if I retire to Bali? Yes, you will be entitled to your full pension as long as you have been an Australian resident for 35 years or more. If you retire to Bali, you will not continue to receive the energy supplement or Commonwealth Rent Assistance.
It's possible to retire early if you have a private or workplace pension that allows early withdrawal of funds, or if you have the private financial means to do so. Citizens from outside the UK can retire in the country only if they are: Granted settled status as a permanent resident.
Cape Coral, Fla. With its desirable climate and favorable tax status, Florida is filled with popular retirement destinations. Many of our favorite retirement spots in the Sunshine State can be found along the Gulf Coast including St. Petersburg, Sarasota and Punta Gorda.
The long-stay visa grants you temporary residence in the country. It also allows expats to work, study, retire or live in Spain. The long-stay visa is indefinite and renewable annually. In order to renew this visa, you'll need to spend at least six months per year in Spain.
To qualify for a retirement visa, you must be at least 55 years old of age; have proof of health and life insurance, proof of pension—a minimum of roughly $1,520 per month, or at least a lump sum of $18,270 to provide living expenses while in Bali; proof of a rental agreement with the cost set at over $380 a month; a ...
You must notify the Australian Taxation Office (ATO) if you plan to move overseas for six months (183 days) or more in a twelve-month period. You must do this within 7 days from the date of leaving Australia. Update your contact details via myGov. If you already live overseas, you must notify the ATO.
If you or your children leave Australia to live in another country, your payment will stop when you depart. If you or your children's travel is short term, you'll normally still get your payment for up to 6 weeks. This includes if your child is studying outside Australia.
Payments while overseas
If your payments can continue while you're outside Australia and you intend to be away for: less than 12 months, we'll continue to pay you every 2 weeks into your Australian bank account. more than 12 months, we'll pay you every 4 weeks into your Australian or overseas bank account.
Submit your claim and all necessary documents up to 13 weeks before your 67th birthday. The whole single age pension paid overseas is currently $25,038, lower than that paid to residents, as you only get the basic pension supplement of $681.40 a year and lose the energy supplement of $366.60.
Australia's agreements with Austria, Belgium, Chile, Croatia, the Czech Republic, Estonia, Finland, Germany, Greece, Hungary, India, Ireland, Japan, Korea, Latvia, the Republic of North Macedonia, Netherlands, Norway, Poland, Portugal, the Slovak Republic, Switzerland and the USA also include provisions which regulate ...
You can apply for a Philippines retirement visa under the SRRV program if: You are at least 50 years old and have a pension; or. You are at least 35 years old and make a deposit of at least $50,000. You have no criminal record.