scot47

It seems that many of us become obsessed with the search for a Shangri-La where life is cushy and we pay no taxes.

It has taken me many years to learn this but I now know that in the nice places you pay loads in tax !

Pistolpete2

To me, tax is simply part of an overall cost of living comparison exercise in general.

However, there is a bit more to it than that, because even if you manage to end up paying next to no tax, due to generous annual allowances for income and capital gains, you STILL often have to do the tracking exercise to support your annual tax filing in a taxable domicile like the UK when you file under self assessment.

For me, as I get older, this tracking exercise becomes rather onerous as my memory fades.

It is for this reason, as the UK has become a political basket-case, that I am seriously looking at moving overseas. The problem is that my seeming ideal go-to place which is Portugal has nice tax breaks for retirement pension income BUT an even more onerous tax regime in terms of tracking income to make the tax breaks work, on balance.

Overall the UK tax and the Portugal tax and administration costs will be a wash, I think AND HOPE, but it would be really lovely to be able to escape the truly toxic political and soon to be economic environment that the UK is facing. There is an added bit which is that the locals here are classic anti-foreigner types and I really don't like that.

BTW, the Caribbean countries typically function as tax free for the sorts of incomes that retirees have but there are loads of negatives to be factored in to any lifestyle weighing there - been there done that. You know, climate change, quality of local healthcare, health insurance, crime, cost of living, supermarkets, friends of similar persuasion, airfare costs back to UK as needed.

I know one thing - I will NEVER again complain about the quality of political discourse and perceived corruption in the Caribbean.

So it ain't JUST about the taxes.

I'm trying hard to list nice places where you don't have to pay much tax. As pensioners on moderate income I can only think of Portugal (under NHR scheme), Ireland and Cyprus and Ireland is expensive. Uruguay? Montenegro? Malta - not sure these days.

scot47

Ireland is good for authors - no tax.

BritInParis

St Kitts and Nevis springs to mind.

DaveLovesDee

Have you considered Saint-Martin (French part) or Sint Maarten (Dutch part)? As an EU national, you should have the right to live their under EU free movement rules, I think.

The landing at Princess Juliana airport is nuts.

BritInParis

Pistolpete2

My "been there done that" bit includes going through category 4 hurricanes and hurricane force wins for 24 hours and fifteen inches of rain. Both St Kitts & Nevis and St Maarten are right in the typical paths of hurricanes in season. A real downer! This is why I would be more inclined towards Grenada, if I were to return to the region. That aside, the French side of St Maarten offers superb dining, particularly in the Grand Case area.

Not sure about the EU citizen bit - got to dash!

In addition, St Kitts is in the drug trafficking zone and has the second highest homicide rate per capita in the region after Jamaica. As is always the case, one has to ask "does this spill over into the broader community?".

Moses2013

Ireland is only expensive if you smoke and drink. Car insurance can be a rip off for some too, but otherwise you can save a lot on other things, depending what a moderate income would be. I know a British couple next to my parents and they saved a lot on selling their UK property, bought a cheaper place in Ireland (low property taxes) and spend the winters in Portugal for example. This is one example where it would make sense but high earners would be better in other countries.

Once you hit 65, you might find that you will be exempt from income tax altogether. According to Keith Connaughton, a tax partner with PwC, while the same tax rates are applicable once someone hits 65 in principle, the main difference is the introduction of an exemption limit. If you’re below it, you are entirely exempt from income tax.

You can earn up to €18,000 as a single person, or €36,000 as a married/civil partner couple without being subject to any income tax once you hit 65.

Pistolpete2

I will say too that deportees from US, Canada and UK back to the Islands after doing time are causing no end of problems. They have nothing to do but continue their routine but with added street-cred.

Maybe John Cleese has a way to insulate himself from all of the possible negatives. Or maybe he's just using it - a haven - like Richard Branson. Way beyond the average level.

BritInParis

Interesting point. Nevis seems to be the quieter of the two islands but the murder rate for the country as a whole is comparable to the borough of London I live in. If it's anything like here then unless you're directly involved in gangs then the chances of you being caught up in anything is minimal. Having your house potentially threatened by a hurricane every season isn't much fun though.