Surprise new hot spots for moving abroad

17/06/2008

When Britain’s over 60s look beyond the traditional overseas retirement destinations of Spain and France, they are heading to Morocco or New Zealand, according to May’s Overseas Property Investment Index (OPII) released by foreign exchange specialist Currencies Direct.
 
The Index, based on the volume of money transfers that Currencies Direct undertakes on behalf of overseas property buyers in any given month, reveals that Morocco and New Zealand share third spot behind Spain and France respectively.

 

Such a high placing for Morocco may seem surprising, but it appears that British retirees are following the lead of French ex-pats who have been attracted to the region in ever-increasing numbers over the last three years by the hot climate, cheap property and a relaxed tax system.
 
Mark O’Sullivan, director, dealing at Currencies Direct comments, “Morocco benefits from coasts on both the Atlantic and the Mediterranean, giving the growing number of retirees that we have witnessed purchasing property there a choice of dramatic beach locations. Its government also has an agreement in place with the UK to ensure that residents are not taxed by both countries, and many will also be pleased to hear that inheritance tax does not exist in Morocco.

 

"However it is essential that retirement age Brits obtain private health insurance as the health service has a long way to go before it meets European standards.”
 
The table below outlines the top ten global property hot spots for Brits aged 60 and above, based on the number of foreign exchange transfers undertaken by Currencies Direct to regions around the world during May:
 
1    Spain
2    France
3=  Morocco
3=  New Zealand
5    Portugal
6    Cyprus
7    USA
8=  Italy
8=  Canada
10   Australia
 
New Zealand shares third place with Morocco, but has its own distinct appeal for retirement age Britons comments O’Sullivan, “Despite being on the other side of the world, many retirees feel that New Zealand’s Cornish style sandy beaches remind them of home, furthermore English is of course the first language and they even drive on the right side of the road (the left).

 

"New Zealand is also one of the few destinations around the world where the pound remains strong – meaning that buyers can source more desirable properties than they would otherwise be able to afford.”