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Thread: Early retirement

  1. #451
    Craftsman
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    Martyn,

    I have been reading every ones comments with interest. I retired at 50 three and a half years ago and will say to any one that can to do it.
    I am busier than before with all i want to do and did not realise until i saw the Dr recently (routine check up) how stressed i was before retirement. When i retired my resting heart rate was 76, now it is 62. There are benefits that go beyond what you initially think.

    So best of luck, keep active and enjoy your life.

  2. #452
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    Quote Originally Posted by Scepticalist View Post
    As my wife is Spanish we're 5-6yrs away from moving there ourself. I'll be taking early retirement, I'm happy with trading pension value for more years of semi/retirement. Wife will be picking up a job (for at least 5 years, probably 10) so that she qualifies for Spanish State pension (which is considerably more generous than here). We have a flat already so will use it as a base to find or build a retirement villa for ourselves.

    I know we're probably going to need to take some specific advice as Spanish taxation does vary within regions - espeically things like spousal transfers and property inheritance, but if anyone's got advice, then I'd be happy to hear it?
    Best advice is not to take taxation advice until you know what house you are going to buy. The variation between regions is enormous. I cringe when I hear the term "Spanish law", there is no such thing, just lots of different regional laws.

  3. #453
    Quote Originally Posted by Mick P View Post
    Best advice is not to take taxation advice until you know what house you are going to buy. The variation between regions is enormous. I cringe when I hear the term "Spanish law", there is no such thing, just lots of different regional laws.
    Or vice versa.

  4. #454
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    Quote Originally Posted by MartynJC (UK) View Post
    Slight update:

    Decision made: we are moving to Portugal, permanently. Wife and I have agreed on this next phase of our journey.
    Congrats on deciding. Without wishing to drag politics into it too much how does the U.K. leaving the EU affect this kind of move?

  5. #455
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    Quote Originally Posted by reecie View Post
    Congrats on deciding. Without wishing to drag politics into it too much how does the U.K. leaving the EU affect this kind of move?
    The truth is no one really knows.

    Spain in particular wants the weekly tourist to continue to flood out Benidorm and they also value the expats who bring their retirement pots over from the UK, therefore little change is expected. Mobile phone charges (roaming) and the EHIC system for health care will probably be extended and extended and extended. But no one knows for certain.

    The only thing that may change is heavier death duties when the expats expire this mortal coil. Death duties used to be 35%, the EU forced Spain to reduce it to 17.5% and they fumed over that, so it could possibly revert back to 35%.

  6. #456
    Journeyman
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    Quote Originally Posted by MartynJC (UK) View Post
    Slight update:

    Decision made: we are moving to Portugal, permanently. Wife and I have agreed on this next phase of our journey.

    We have consulted with tax accountants here in Portugal (still in the middle of an extended stay looking at properties and to get a feel for life beyond the 2 week break) today and all looks promising.

    (...)
    Martyn
    Changes afoot apparently re tax treatment in Portugal, might be of interest (from today’s Financial Times): Portugal set to curb tax breaks for wealthy foreigners https://on.ft.com/3aW72Qf

  7. #457
    Further coverage in the Torygraph. If you sign up you can read one article free per week.


    https://www.telegraph.co.uk/tax/inco...x-free-status/

  8. #458

  9. #459
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    Quote Originally Posted by Mick P View Post
    Best advice is not to take taxation advice until you know what house you are going to buy. The variation between regions is enormous. I cringe when I hear the term "Spanish law", there is no such thing, just lots of different regional laws.
    Well, we have a flat already and the house will be in the same arera. I was thinking more of any tips for reducing general taxliability when moving there rather than property which as you say, varies so much that it needs to be sorted out at purchase time.

  10. #460
    10% doesn't sound too bad to me at all.

    R
    Ignorance breeds Fear. Fear breeds Hatred. Hatred breeds Ignorance. Break the chain.

  11. #461
    Master ryanb741's Avatar
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    Quick question. If you take pensions from the UK such as a SIPP on drawdown how do you make sure you are only taxed in 1 country. My retirement is likely to be in Thailand (albeit in 20 years) and most pensioners there seek to pay UK tax and just hide it from Thai authorities but that's hardly sustainable in the long term.

    Sent from my SM-G950F using Tapatalk

  12. #462
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    Quote Originally Posted by ryanb741 View Post
    Quick question. If you take pensions from the UK such as a SIPP on drawdown how do you make sure you are only taxed in 1 country. My retirement is likely to be in Thailand (albeit in 20 years) and most pensioners there seek to pay UK tax and just hide it from Thai authorities but that's hardly sustainable in the long term.

    Sent from my SM-G950F using Tapatalk
    Most countries have rules to avoid double taxation, I'm afraid you'll just have to find out how the Thai authorities handle it.

  13. #463
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    Quote Originally Posted by ryanb741 View Post
    Quick question. If you take pensions from the UK such as a SIPP on drawdown how do you make sure you are only taxed in 1 country. My retirement is likely to be in Thailand (albeit in 20 years) and most pensioners there seek to pay UK tax and just hide it from Thai authorities but that's hardly sustainable in the long term.

    Sent from my SM-G950F using Tapatalk
    If it is 20 years time I'd wager any answer given now will just be of historical interest then. As a country's general wealth comes up they will be less likely to want to turn a blind eye to tax evasion just for the general day to day currency influx foreigners provide

  14. #464
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    Quote Originally Posted by ryanb741 View Post
    Quick question. If you take pensions from the UK such as a SIPP on drawdown how do you make sure you are only taxed in 1 country. My retirement is likely to be in Thailand (albeit in 20 years) and most pensioners there seek to pay UK tax and just hide it from Thai authorities but that's hardly sustainable in the long term.

    Sent from my SM-G950F using Tapatalk
    most countries are in agreements that means you avoid double taxation. Can’t say about Thailand, but Portugal does. There is a current agreement with Portugal for non-habitual residents (NHR), who can receive a UK pension income (in either country tax free for ten years). This is not Brexit affected, but Britain may claw back the tax post-Brexit much like Norway did with their NHR scheme. Obviously - take professional advise on this.

    just read the article above about possible 10% tax rate on foreign investments.

    in any case we are not moving here for the tax breaks although that is nice, more for the lifestyle, weather and relaxation.

    M
    Last edited by MartynJC (UK); 31st January 2020 at 22:54.

  15. #465
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    Plans firm now. After spending most of 6 weeks viewing it most be between 10 and 15 properties valued between 350.000€ and 550.000€.

    We have had an offer accepted on a property in Portugal. Three bed, own water supply, central heating, wood burner, open plan kitchen and sitting / dining area, single story, 10x5m swimming pool, 8000sqm land currently (approx 2acres) mostly orange orchard, but we have plans. Amazing panoramic views down to the sea which you can just see as its 25mins drive to the coast. Big bonus it was a private sale so less than any of the agent properties.

    We have a local lawyer (friend recommended) who is dealing with the legalities. Luckily we know one of the two UK qualified surveyors in Portugal so are getting a reputable impartial survey done. If all goes to plan we should complete by May!!!

    back in the UK on Monday to see if our UK house is still in one piece. Apparently there’s been some high winds or something? Still plan to sell up in UK, but no pressure as this was priced well enough that we don’t need to sell immediately.

    really can’t wait to start the next phase of our lives. Very excited. A bit of trepidation moving country but we are still young enough to do it and fortunate enough to be in a financial position to do so.

    Not sure how this will affect abilities to trade in watches with UK folks post-Brexit, but that is another topic for a different thread (and forum).

    Martyn
    Last edited by MartynJC (UK); 13th February 2020 at 00:09.

  16. #466
    Good luck to you Martyn, I'm sure a place out there toward the top.of that budget will be incredible. You'll miss a few things but it'll more than net out positive. Might even be easier to get a waitlist or two for something nice!

  17. #467
    Grand Master Chris_in_the_UK's Avatar
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    Great news Martyn!

    Will always be cheap flights for trade meet-ups.

    Quote Originally Posted by MartynJC (UK) View Post
    Plans firm now. After spending most of 6 weeks viewing it most be between 10 and 15 properties valued between 350.000€ and 550.000€.

    We have had an offer accepted on a property in Portugal. Three bed, own water supply, central heating, wood burner, open plan kitchen and sitting / dining area, single story, 10x5m swimming pool, 8000sqm land currently (approx 2acres) mostly orange orchard, but we have plans. Amazing panoramic views down to the sea which you can just see as its 25mins drive to the coast. Big bonus it was a private sale so less than any of the agent properties.

    We have a local lawyer (friend recommended) who is dealing with the legalities. Luckily we know one of the two UK qualified surveyors in Portugal so are getting a reputable impartial survey done. If all goes to plan we should complete by May!!!

    back in the UK on Monday to see if our UK house is still in one piece. Apparently there’s been some high winds or something? Still plan to sell up in UK, but no pressure as this was priced well enough that we don’t need to sell immediately.

    really can’t wait to start the next phase of our lives. Very excited. A bit of trepidation moving country but we are still young enough to do it and fortunate enough to be in a financial position to do so.

    Not sure how this will affect abilities to trade in watches with UK folks post-Brexit, but that is another topic for a different thread (and forum).

    Martyn
    When you look long into an abyss, the abyss looks long into you.........

  18. #468
    Sounds perfect. All the best

  19. #469
    Congrats!

    Pics please!

  20. #470
    Craftsman
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    congrats; after a tricky few weeks your plan sounds more appealing by the day!!

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