The United Kingdom could be a good place to retire.
The United Kingdom can be pretty appealing.
There are royals.
There are old castles.
There is plenty to explore in retirement.
It seems so different from the United States.
After all, it has been said that we are separated by a common language.
According to a recent Investopedia article titled “How to Retire in the U.K. as an American,” you should understand the differences if you are considering retiring in the U.K.
What should you consider?
Visas are important if you are planning to stay longer than six months.
Can you qualify for a visa?
It is not a simple as one might think.
Having an established business or family connection in the U.K. can help.
It is also simpler if you have dual citizenship with a Commonwealth country.
Does owning property guarantee a long-term visa?
However, there is a special entrance category for “retired persons of independent means.”
What does this mean?
These people must have a minimum annual disposable income of about $31,000 or £25,000.
They must also meet a few other requirements.
Where would you like to live?
Do you prefer a busy city like London, Edinburgh, or Birmingham?
Do you prefer a smaller city like Bath, Exeter, or York?
Do you prefer a smaller town?
If you are looking for closeness to city and countryside, you may consider Suffolk county.
Cost of Living
It is expensive to live in the U.K.
It is more expensive than Spain and Latin America.
It is about the same cost of living as France.
Some places in the U.K. will be more expensive than others.
London will be the most expensive.
In fact, it is the eleventh most expensive city in the world.
Transportation is the most expensive in the world.
Housing is the second highest in Europe.
Would you believe buying an apartment in the center of London would cost about 25 percent more than the same apartment in New York City!
What about the rest of the U.K?
The housing costs are lower than London.
For example, housing is 52 percent lower in Edinburgh and 71 percent in Plymouth.
If you are an American retiree in the U.K., you will only be eligible for the National Health Service for emergencies.
This means you will need to purchase private insurance.
As you can see, the U.K. can be an attractive and feasible place to retire if you plan appropriately according to your income and your health.
Reference: Investopedia (October 21, 2018) “How to Retire in the U.K. as an American”