Over 215,000 British expats currently live in New Zealand, making the South Pacific country one of the most popular with UK retirees and expatriate employees. With the mid-March ruling effectively nulling inflation adjustments on British pensions, a number of those living in New Zealand are considering a new ‘retirement’ class visa to solve their financial woes and offer greater income security.
The new visa gives those aged over 65 an option for long-term residency in New Zealand. With many of Britain’s own pensioners struggling with living-related costs, the prospect of a relatively inexpensive New Zealand retirement is proving alluring.
However, the steep financial requirements of the visa have pushed many would-be expatriates away. In addition to limiting applicants to those aged over 65, the retirement visa requires that applicants own over £345,000 in assets and investments, £230,000 for maintenance expenses, and over £28,000 in annual income.
With over 9% of British pensions paid out internationally, overseas relocations and retirements are clearly a hit. Despite the poor exchange rate, many Britons are still eyeing up overseas destinations for their retirement.
With telecommuting business and inexpensive overseas removals available, the difficulty of moving possessions and careers overseas has decreased significantly. Poor weather and safety concerns are reportedly the most important factors for Brits planning to move overseas, giving countries live New Zealand, Singapore, and Australia some clearly visible advantages.