Retiring in France or Spain?

Are you keen to get away from the long cold British winters and instead enjoy sunny, warm days as you get older? If you’re dreaming of bright blue skies and fresh air, then getting away in your golden years might just be the answer.

But before retiring abroad, there are a few factors you’ll need to consider. After all, you want to make sure your relocation goes as smoothly as possible. Here are some of the areas you should investigate before making any big decisions:

You’ve worked hard all your life and now you want to enjoy your earnings. The first thing you need to look into is your pension and whether you can still claim it if you move to a new country. It’s also a good idea to find out about the taxation rules of the country you’re moving to.

As a non-EU resident, what are the rules around a permanent move abroad? You’ll need to know which visa to apply for and how long it will take to become a permanent resident.

If you’ve chosen your destination country, make sure you know what to expect when it comes to purchasing a property there. What are the prices of your dream property abroad compared to at home? Are you a cash buyer or will you need a mortgage? These are all important questions to research before your move.

As we get older, as much as we’d like to avoid the doctor’s office, it is a necessary part of life. Look into the healthcare provisions in your destination country. You might need health insurance or there may be rules around your eligibility as a non-resident.

There are many reasons you might choose to live abroad as you get older. Perhaps you’re hoping for longer, warmer days, a lower cost of living, a relaxed way of life or just a change of scene. Whatever your reason, France and Spain present exciting opportunities for foreign residents of any age.

Over the years British retirees have flocked to Spain. It’s the number one country many choose when deciding to relocate. France is also a popular choice and both countries have large communities of expatriates – from Britain and all over the world – to welcome you.

Data from 2019 estimated a total of 302,020 British expats residing permanently in Spain and 176,672 in France. Despite Brexit, Brits are continuing to move abroad, with around 412,040 resident in Spain at the end of 2022.

With established communities of expats and retired expats living happily in both European countries, you can feel safe in the knowledge that moving abroad doesn’t just have to be a dream and could easily become your reality.

When you stop working and wind down to enjoy your later years, your income may feel more stretched than in the past. By moving abroad your general day-to-day costs could significantly decrease.

The cost of living in Spain is approximately 23.3% lower than the UK with things like rent, groceries, utilities, and transport all costing less. This means your outgoings will be lower once you’ve made the move.

In France, the cost of living is slightly more expensive than the UK (4% as of April 2024), however, it’s not all bad news. Whilst the cost of eating out and groceries may be slightly more or similar to UK prices, the cost of renting property in France is significantly lower (approximately 32% less). Also, in rural areas, small towns, and villages you can find property for sale that is much lower than comparative UK properties.

If you want to buy property in your new country of residence, then you’re in the right place. Our iad Overseas property consultants are uniquely placed in various global destinations to make your property purchase easier.

If you’re thinking of buying in Spain, then here’s why we think right now is a good time to start your search:

• Spain’s economy is stable and experiencing growth. This is a good thing for foreign investors looking for a return on property purchases in the future.
• Spanish property prices are on the up, again indicating that your investment will increase in value over time.
• Property prices are generally cheaper in Spain than the UK. As an example, if you were to purchase a flat in Birmingham UK, this would cost 72% more than if you were to buy a similar property in Valencia, Spain.

Similarly, data shows that France’s property market is ripe for foreign investment:

• France’s economy is stable and experiencing growth.
• Over the last five years, property prices have increased by 27.8%, in mainland France giving investors a strong return if they sell.
• If we look at two of the most expensive cities in the world – Paris and London – you can expect to pay almost 39% more for a property in the UK capital compared to France.

As with every property purchase, there are lots of different factors to consider. And when purchasing abroad, it’s advisable to take expert advice from professionals who know the market in which you plan to buy.

Medical access is an important part of getting older, so it’s reassuring to know that both France and Spain fall into the top 30 healthcare providers worldwide.

Like the UK, Spain has a public healthcare system that is free to all residents. As an expat, you would be eligible for free healthcare if you met certain requirements such as holding an S1 form (so the UK government pays for any treatment), if you have permanent resident status or if you have a European or Global Health Insurance card.

The French healthcare system is part public and part private, so you will need healthcare insurance. However, this is relatively affordable and the cost of visiting a medical professional is much cheaper than private healthcare in the UK.

If you’re looking for a sunny retirement, then Spain is the ideal location. With 3,000 hours of sunshine every year, you can be sure that your golden years will be spent bathed in warm temperatures.

The hot weather is ideal for an outdoors lifestyle, and you can enjoy a relaxed way of life wherever you choose to settle down.

The climate and lifestyle of France is slightly different to Spain, but still offers plenty of options. Depending on where in the country you find your dream home, you could enjoy warm temperatures in the south or snow in the mountainous regions. You are spoilt for choice over the Channel.

Choosing where to spend your later years is not always an easy decision, however both France and Spain are excellent options if you want to experience a new culture and lifestyle. So, finding the right region for your retirement is important.

Making friends and a welcoming community are essential to help you settle into your new way of life, so it may be important to choose an area which has an established expat community.

Alternatively, if you want to submerge yourself into the French or Spanish way of life, then you might want to look at more remote areas. Speak to our iad Overseas property consultants to work out which areas could best suit your needs.

We have iad Overseas property consultants based in Spain and France. They are fluent in English, which makes your property journey easier. They are happy to advise you about where’s best to set up your new home and find you the ideal property.

Get in touch with us today to start your next chapter.