THE cheapest countries for Brits to retire in have been revealed – with some being half the cost of the UK.
As the cost of living crisis continues to hit, more and more people, particularly pensioners, are looking to live outside of the UK.
AlamyThe cheapest countries for Brits to retire in have been revealed[/caption]
According to research from Legal and General, three million Brits over the age of 50 want to relocate in their retirement.
In the last 12 months, searches for the “best country to retire to from the UK” have risen by over 90 per cent.
Research from the pensions expert at Penfold has revealed the cheapest countries where Brits can retire.
They analysed multiple factors including the cost of living, exchange rates and flight costs.
Their research found that Croatia was the best country where pensioners could comfortably retire.
Penfold found that the rental costs and the price of day-to-day living was almost half of what Brits could expect back home.
With moderate costs and a good healthcare system, Spain came in second place.
As well as cheap flights to Spain, the country also scored highly for happiness and safety.
Closer to home, Ireland was placed third on the list because of its close proximity to the UK.
Ireland was also noted to have a good healthcare system as well as plenty of green spaces.
Pensioners wishing to relocate to Ireland will need €7,000 (£6,162) in their bank accounts to apply for a visa, which is cheaper than many other countries around the globe.
Italy, France and Greece were also listed in the top 15 countries to retire to around the world.
Meanwhile the Philippines, Thailand and South Africa were noted for being the cheapest retirement destinations.
This is because their price were also around half of what they were in the UK.
For example, the Philippines allows pensioners to apply for a visa with less than €3,000 (£2,640) in the bank.
Chris Eastwood, Co-Founder at Penfold, said: “While many people who retire overseas worry whether they will be able to access their state pension, it is possible to claim State Pension abroad if you’ve paid enough UK National Insurance contributions and are within 4 months of your State Pension age.”
A couple has revealed how they were able to retire at 28-years-old and travel the world in their camper van.
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AlamyThe top three countries to retire to in the UK include Croatia, Spain and Ireland[/caption] Read More