Prepare for retirement with property in Brazil
Fast-paced lives and longer hours mean that by the time people retire, they are ready for a well-earned break – and more and more Brits are looking to do this abroad.
The statistics about those people who chose to retire overseas speak for themselves. Research by NatWest shows that some 67 per cent of Brits who have retired abroad believe they are happier than they would have been if they had stayed in the UK.
Almost nine out of ten expats who retired in another country owned their own property outright, according to the survey.
And investing in a property in Brazil could be one way of adding to this number. Some 90 per cent of people between the ages of 45 and 54 think now is a great time to invest in overseas property, a recent Worldwide Property Group survey found.
Kevin Wilkes, managing director of the Worldwide Property Group, said: "Confidence in property as an investment continues to ride high as it offers great stability when compared to other investment categories and can provide much greater returns and safety in the long term."
What's more, an investment in property in Brazil means that you may be able to experience a lifestyle which simply wouldn't be available in the UK. Warmer weather and a more relaxed way of being means that living in Brazil allows Brits to really enjoy their years off work.
"British retirees often want to live in a country where the weather is better, the pace of life is more laid-back, the cost of living is more affordable, where there is more emphasis on enjoying life rather than living to work to pay off the credit card, mortgage or debt which seems to be the 'normal' state of mind in the UK nowadays," Rhiannon Davies, director of ShelterOffshore.com, explained.
International Living ranked Brazil as one of the top ten best places in the world to retire, in 2009. The research was based on the cost and availability of real estate, entertainment and culture, safety and stability, healthcare, cost of living, climate, special benefits and infrastructure.
With a score of 71 out of 100, Brazil sat ninth on table and gained scores of over 80 in both the real estate and safety and security categories.
The country was deemed to be a more attractive retirement destination than European locations such as Greece and Italy and ranked a whole 20 places above the UK, which scored just 57.
International Living went as far as to suggest that those who move abroad for their retirement in fact lead a healthier lifestyle. This is because warmer climes encourage us to lead more active lifestyles and get out and make friends – a good social life is considered to play a big role in keeping people healthy.
Warm weather also facilitates the growing of seasonal fruits and vegetables, which means people living abroad often eat more healthily.
However, before Brits get too carried away with planning their retirement abroad, Ms Davies says they need to consider their financial situation.
People should try to obtain a pension forecast, for both state and private pensions, which will allow them to estimate how much income they can expect. They should also seek the advice of a currency specialist, who will be able to inform them of how much their pension will buy them abroad.
"They need to consider whether there is a reciprocal agreement in place that will allow them free access to healthcare in their new country or whether they should get health insurance in place," she added.
Once you've evaluated the situation and made the decision to retire overseas, then considering investing in property in Brazil could well be the next step.
