Financial woes in southern Europe appear to have forced a shift in perceptions of desirable places to retire
Rural Provence has been a favourite with Britons
A third of people want to move abroad when they retire but the popularity of Spain, France, Portugal and Greece has plummeted in the past year, the results of a study suggest.
Of more than 1,500 Britons aged over 40 polled by GlobalVisas.com, a visa application website, 35pc said they would be happier to retire abroad than stay in the UK.
The top three destinations were the US, Australia and Canada, if visa application was no issue, but a year ago Spain was the most popular destination.
The country, which is struggling with huge government debt and soaring unemployment, is now in fourth spot with only 23pc starting it as their prefered location compared to 33pc a year ago.
Thousands of expats have already moved back from the popular Costa resorts amid a crash in Spanish house prices and concerns about tax rises. A weaker pound against the euro has also eaten away at the buying power of British sterling-based savings and pensions on the Continent making it harder to make ends meet.
France has also seen a drop in popularity, down to 15pc from 22pc in the poll. Greece dropped out of the top ten.
Attempts by the socialist French government to impose a 75pc wealth tax was rejected by the courts while a threat to tax the rental income and pensions of British expats has also created uncertainty although tax office officials said earlier this month that there would not be any double taxation.
Summer 2013 poll
Summer 2012 poll
Meanwhile, the turmoil in Greece continues. The country received a €110bn bailout by the IMF and EU in May 2010. Another €130bn euro rescue package was granted in February 2012. But GDP collapsed by 17pc between 2009 and 2012 and unemployment rate has spiked above 25pc.
The Spanish government recently introduced reporting requirements meaning that anyone who lives in Spain for more than six months (183 days) per tax year and has overseas assets worth more than €50,000 - including bank accounts, property and investments - must declare them. Failures or delays in doing so will result in hefty fines and penalties.
The Foreign Office estimates that 800,000 British nationals live all or part of the year in Spain. Estimates on residency vary from 250,000 to 400,000. Anecdotal reports suggest a growing number are preparing to return home.
The countries that top the list of most popular locations, such as Canada and Australian, have largely escaped the worst effects of the global financial crisis. America, which is now the number one destination, has seen the prospects for its economy strengthen in the past year.
Gary Smith, of GlobalVisas.com, said: "With the British climate notoriously unpredictable and the economic output seemingly as reliable as the weather, some people see living abroad as the better option.
"The credit crunch stung a lot of expats living within Europe, which seems to have influenced some people's decisions as the wider world now seems more appealing."
France has also seen a drop in popularity, down to 15pc from 22pc in the poll. Greece dropped out of the top ten.
Attempts by the socialist French government to impose a 75pc wealth tax was rejected by the courts while a threat to tax the rental income and pensions of British expats has also created uncertainty although tax office officials said earlier this month that there would not be any double taxation.
Summer 2013 poll
| Country | % preference |
|---|---|
| US | 31% |
| Australia | 27% |
| Canada | 24% |
| Spain | 23% |
| New Zealand | 18% |
| France | 15% |
| Turkey | 12% |
| Portugal | 11% |
| United Arab Emirates | 9% |
| Germany | 8% |
Country | % preference |
|---|---|
| Spain | 33% |
| Australia | 29% |
| Canada | 27% |
| France | 22% |
| U.S. | 19% |
| Portugal | 14% |
| Turkey | 13% |
| United Arab Emirates | 12% |
| Germany | 10% |
| Greece | 9% |
The Spanish government recently introduced reporting requirements meaning that anyone who lives in Spain for more than six months (183 days) per tax year and has overseas assets worth more than €50,000 - including bank accounts, property and investments - must declare them. Failures or delays in doing so will result in hefty fines and penalties.
The Foreign Office estimates that 800,000 British nationals live all or part of the year in Spain. Estimates on residency vary from 250,000 to 400,000. Anecdotal reports suggest a growing number are preparing to return home.
The countries that top the list of most popular locations, such as Canada and Australian, have largely escaped the worst effects of the global financial crisis. America, which is now the number one destination, has seen the prospects for its economy strengthen in the past year.
Gary Smith, of GlobalVisas.com, said: "With the British climate notoriously unpredictable and the economic output seemingly as reliable as the weather, some people see living abroad as the better option.
"The credit crunch stung a lot of expats living within Europe, which seems to have influenced some people's decisions as the wider world now seems more appealing."
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