Your Money

When you retire to a new country it is likely that your source of income will be either from whence you have come or from a third country or both of these possibilities. This is particularly the case if you have worked in a number of countries and had different employers in at least two countries. It is vital now that you are able to access your funds easily and at the lowest possible cost.


It is more than likely that you will be entitled to at least one pension after reaching retirement age. This will be either a government pension provided by the social security system or a private pension which you have earned from your employer or both. Your freedom of action with respect to moving your funds to your country of retirement may be quite different for each income source. The relationship between banks in the countries of origin of income and the country of retirement is important and needs to be established. If your pension is sourced from the British government then it can be paid virtually anywhere in the World.

One vital point that has to be mentioned with regard to the British old age pension so far as Australia is concerned is that it will be frozen if you retire to Australia. A number of other countries (including South Africa and Canada) are in the same situation. No cost of living or other increases paid to U.K. pension recipients will accrue. The pension rate will always be paid at the rate on the date of retirement to Australia.

Full details of this anomaly are discussed in the links provided at the "Resources" tab on this site and in the book "How to Retire in Australia" by Les Johns which can be purchased from this site.

Pensions that originate from companies for which you have worked may not be so happy to send your pension anywhere in world. Some schemes in the United Kingdom require that an annuity be purchased with some of the accrued funds. Lump sum withdrawals may also be limited. Again there may be ways round these problems.

Other Income

The simplest "one size fits most" solution to the problems of moving about the world and having access to your funds is accomplished by opening an offshore bank account. Such accounts have, in the past, had a reputation for being used by "shady characters" sailing close to the wind in dealing with their money. This less true now.

The subject of offshore bank accounts is fully discussed via the links at the "Resources" tab of this site and in the book "How to Retire in Australia" by Les Johns, available from this site.

There is a myriad of organisations offering to open an offshore bank accounts. They will charge anything from $400 or $500 dollars to perform a simple operation that you can do equally well yourself. If a company structure or trust is more suited to your needs then you can look at such firms. They may be useful but they will not be cheap.

All of these financial matters are fully examined via the links at the "Resources" tab on this site and in the book "How to Retire in Australia" by Les Johns which can bought from this site.