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Retirement Planning for Expats

Retirement Planning • Retirement Planning for Expats

Secure Your International Future with Clarity and Confidence 

Retirement planning as an expatriate presents a unique blend of excitement and complexity. Whether you are a British national abroad, an international professional with interests in multiple countries, or planning to retire in a new location, you will face distinct challenges and opportunities compared to purely domestic retirement planners. Managing pensions, investments, and tax obligations across different jurisdictions requires insight, adaptability, and experienced guidance. 

At Hoxton Wealth, we help globally mobile clients design and implement effective retirement plans that cross borders. Our team provides cross-border expertise, a commitment to tailored advice, and access to trusted local and international partners. This ensures you retain control, wherever your journey takes you. 

The International Retirement Planning Landscape

Retiring abroad invites a different set of decisions. Clients must consider where their assets will be held, which currency will form the basis of their spending, and what tax obligations may arise as they cross borders or settle in a new location. Each country has its own system for pension access, contribution rules, taxation of foreign residents, and estate planning. Without a solid strategy, expats can face unexpected tax bills, administrative headaches, and currency risks that erode their long-term financial security. 

For example, holding UK pensions while living overseas necessitates navigation of local reporting, transfer charges, and double taxation agreements. Accessing international pension schemes such as US 401(k)s, IRAs, or Australian Superannuation accounts adds further compliance requirements and currency considerations. Hoxton Wealth coordinates these intricate details to ensure your assets work together effectively, no matter how many countries are involved. 

Assessing Your Retirement Needs and Objectives

The starting point for any successful expat retirement plan is a thorough assessment of your personal goals, preferred lifestyle, and projected needs over time. 

Where do you intend to live during retirement, and will you remain in one place or move between countries? 

What living expenses do you expect, including housing, healthcare, travel, and leisure? 

Are you planning to support other family members, provide for dependents, or leave a legacy for heirs? 

What safety nets or contingency funds do you require for unforeseen circumstances, such as medical emergencies or currency fluctuations? 

Once these objectives are clear, it becomes possible to develop a plan that reflects the realities of international living, rather than simply replicating a domestic retirement strategy. 

Navigating International Pension Options

A cornerstone of expat retirement planning is understanding the different sources of future income and how cross-border rules may affect access, taxation, and flexibility. This includes: 

UK State Pension 

British expats may remain eligible for the UK State Pension regardless of their country of residence, provided they have sufficient National Insurance (NI) contributions. Qualifying for the full new State Pension typically requires at least 35 qualifying years, which may include periods of employment, caring responsibilities or voluntary NI payments. 

Expats can apply for their State Pension from abroad, arrange for payments to be made into an overseas account, and in some cases continue making voluntary NI contributions to improve their entitlement. However, certain countries do not benefit from annual pension uprating, so checking your location’s arrangements with the UK government is crucial. 

Workplace and Private Pensions 

UK workplace and private pensions can be retained when living overseas. These schemes are governed by UK regulations and overseen by authorised providers. At age 55 (rising to 57 from 2028) expats may access their pension through drawdown or as a lump sum, including the tax-free portion subject to local tax rules. 

Expats can also consider consolidating fragmented UK pensions into an internationally recognised vehicle. Options such as the International SIPP (Self-Invested Personal Pension) or QROPS (Qualifying Recognised Overseas Pension Scheme) may offer greater flexibility and potential tax advantages, depending on residency and other factors. However, these transfers require careful analysis of benefits, costs, and regulatory implications. 

International Pensions and Savings 

For those with employment or savings in other countries, understanding local pension rules, investment regulations, and tax consequences is essential. Coordination between providers is key to maintaining a clear overview and minimising duplication of fees or administrative effort. 

Currency, Banking, and Income Structure 

Income and expenses as an expat may occur in multiple currencies. Exchange rate fluctuations have the potential to erode spending power, especially over long retirement horizons. Hoxton Wealth assists clients in implementing multi-currency investment solutions to balance risk and maximise value. We also advise on the use of international banking providers and currency transfer specialists, helping clients avoid unnecessary costs and delays. 

Where practical, structuring retirement income in stable, major currencies can provide predictable purchasing power. Clients whose income streams span different countries or currencies benefit from regular reviews and strategic rebalancing. 

Tax Planning Across Borders 

Expats must manage tax obligations with care. Each country has its own definition of tax residency, its own rules for taxing foreign pensions and investment income, and its own estate and inheritance tax system. 

Double taxation agreements may be in place to prevent the same income being taxed twice, but these must be reviewed for each stage of retirement. 

In some cases, income from UK pensions may be taxable in both the UK and your country of residence, depending on how retirement income is drawn and where you are reporting your tax. 

Succession and inheritance planning require detailed legal advice in both the UK and your country of residence, particularly since rules have shifted toward residence-based inheritance taxation in recent years. 

Hoxton Wealth collaborates with trusted tax professionals internationally to help clients structure withdrawals, transfers, and distributions in the most efficient way possible. This process also includes ongoing compliance updates, so clients are always prepared for changing regulations. 

Healthcare, Lifestyle, and Legacy Considerations 

Planning for retirement abroad is not solely a financial exercise. Access to healthcare, insurance requirements, local regulations, and lifestyle changes all play major roles. 

Many countries require private health insurance for expatriate residents, so budgeting for these costs is important. 

Some clients may choose to buy property abroad, invest in local businesses, or participate in international charitable giving as part of their retirement plan. Each option requires careful financial coordination. 

Currency, estate laws, and local customs may all influence how assets are transferred to family or heirs. 

Hoxton Wealth’s service includes broad support for these challenges, guiding clients through everything from healthcare budgeting to asset protection and legacy planning. 

The Hoxton Wealth Approach

We support international clients with a suite of interconnected services designed for global mobility and robust financial security. 

Individual Retirement Planning: Every plan is crafted around your ambitions, anticipated lifestyle, and geographic footprint, with regular reviews as circumstances change. 

Pension and Investment Coordination: We organise and consolidate UK and overseas pensions, manage transfers and drawdown planning, and implement tax-efficient investment strategies. 

Tax and Compliance Management: Ongoing support from international tax experts ensures you remain compliant and financially optimised, whether living in one location or moving frequently. 

Global Investment Solutions: We offer portfolio choices designed for cross-border lifestyles, with access to multiple currencies and asset classes to reduce risk and seize opportunity. 

Partner Network: By teaming with leading legal, banking, and advisory firms worldwide, we deliver a truly joined-up solution for expats with complex financial needs. 

Our clients benefit from both local expertise and a global perspective, ensuring a smooth experience in a world where borders may change but your financial goals remain constant. 

FAQs

Take the Next Step with Confidence

International retirement should be an opportunity to enrich your life, not a source of stress. 

With Hoxton Wealth, you partner with a team dedicated to expert cross-border advice, bespoke planning, and seamless coordination. 

Arrange an initial consultation and experience the reassurance that comes from global insight and personal service. 

Important Information

This content is provided for general information only and does not constitute personal financial advice, a recommendation, or an offer. Investments can go down as well as up and you may get back less than you invest. Past performance is not a reliable indicator of future results. Exchange rate movements and overseas tax and regulatory rules may affect the value and suitability of investments and pension benefits. Tax treatment depends on individual circumstances and may change. Pension access and transfers are subject to prevailing legislation and scheme rules; options such as consolidation, QROPS or International SIPPs are not suitable for everyone and require individual assessment. Hoxton Wealth (UK) Ltd does not advise on defined benefit pensions or pensions with safeguarded benefits. Some services may not be covered by the FSCS or FOS. 

Hoxton Wealth (UK) Ltd (Company No. 11180844) is authorised and regulated by the Financial Conduct Authority (FRN 586130). Registered office: 101 New Cavendish Street, London W1W 6XH. 

Get In Touch

Get in touch to discuss your retirement plans and explore your options with Hoxton Wealth. 

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How Can We Help You?

If you would like to speak to one of our advisers, please get in touch today.

With our years of financial planning experience, we at Hoxton Wealth are committed to helping you develop your future, focusing on what’s important for you and guiding you to make informed financial decisions. 

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