Post by BL on Mar 19, 2004 18:53:17 GMT 1
For the Record: 19 March 2004, Friday.
The Miami Herald
In fewer than 10 years an estimated 2.3 million Britons aged over 50 -- one in eight of the population -- will be retiring abroad, according to a report by Alliance & Leicester International. By 2020, one in five older people will be living outside the UK.
Driven by rising affluence, the number British retirees owning two or more homes in Europe, will double from today's levels, with destinations such as Croatia, Bulgaria and Turkey emerging alongside the traditional Spanish Costas, France and English-speaking countries, such as Australia, Canada and America.
The report predicts that by 2012 governments around the world will be competing to offer tax breaks and other concessions to entice retirement migrants.
The global market for goods and services for British retirement migrants will be worth more than UKpound 100 billion in 2020, by which time one in five retirees will be living in "smart homes" employing sensors, voice recognition and other gadgets.
According to Simon Hull, managing director of Alliance & Leicester International, tourism is encouraging Britons to move abroad. Lower living costs, a more sedate pace of life, a healthier climate and year-round sunshine are the main attractions. "Many people will worry about currency fluctuations, so will sway more towards developed countries. Europe has special regulations for healthcare, so migrants are covered for a proportion of the costs," says Hull.
Education is another reason for retirement migration. In the US, Pennsylvania State University has a special campus for the over 55s and soon "grey universities" will be established in attractive destinations.
CROATIA: Those looking to finance their retirement might consider Croatia, which joins the European Union (EU) in 2007. Prices are moving up fast, but if you buy in the right location any profit will be tax-free after three years. From this month, British Airways will offer direct flights from Gatwick to Dubrovnik three times weekly.
Britons are buying holiday homes along the largely unexploited former Yugoslavian coastline, stretching from Slovenia in the north, through Croatia, down to Montenegro, and on some of the 1,185 islands. Prices have doubled in the past two years, but they are still lower than on Spain's Costa del Sol.
In Dubrovnik -- the medieval walled city on the Adriatic coast -- prices have gained 20 percent to 30 percent in 12 months, according to Paul Keppler, a director of property company Croatiasun. Off-plan flats in a new luxury development, overlooking the city's yacht harbour range from UKpound 55,000 for a studio to UKpound 85,000 for two bedrooms.
Land plots are also popular, offering the purchaser the chance to build a home at low cost. Beachfront building plots on Brac, a green semi-mountainous island, off the Dalmatian coast, with its sandy beaches and international airport, cost from UKpound 20,000 for 500 sq. metres. It can be reached in 40 minutes by ferry from Split.
Or you can buy a plot on the island of Kortula, for UKpound 18,000, 20 minutes by ferry from Split, which has its own airport. A three to four-bedroom detached villa with pool and garden can be built for UKpound 95,000, plus land cost.
Aquarius Properties in Dublin offers homes in Istria, in the north of Croatia, near Italy and Slovenia, which has an unspoiled coastline. New apartments on the coast at Porec, can be had from UKpound 39,000 to UKpound 60,000 for one to two bedrooms. A three-bedroom resale bungalow is available at about UKpound 66,000, a new detached three-bedroom cottage for UKpound 90,000.
A short distance inland from Porec, a detached stone-built house, with four bedrooms, two bathrooms and distant sea views, can be yours for UKpound 64,000. Houses ripe for renovation start at UKpound 19,000, which buys an old stone cottage with mountain views. The fully-restored version, with three bedrooms, open fireplaces, beamed ceilings and a garden, costs about UKpound 67,000.
Foreigners must obtain permission to buy property from the ministry of foreign affairs, which takes about six months. Your solicitor should check that the ownership title is clear and there are no debts on the property. The estate agent charges the purchaser between 3.5 percent and 5 percent of the sale price. Legal and notary fees and taxes, add about 7 percent to buying costs. Capital gains tax will be levied on any profits at 35 percent, but only if you resell within three years.
The Miami Herald
In fewer than 10 years an estimated 2.3 million Britons aged over 50 -- one in eight of the population -- will be retiring abroad, according to a report by Alliance & Leicester International. By 2020, one in five older people will be living outside the UK.
Driven by rising affluence, the number British retirees owning two or more homes in Europe, will double from today's levels, with destinations such as Croatia, Bulgaria and Turkey emerging alongside the traditional Spanish Costas, France and English-speaking countries, such as Australia, Canada and America.
The report predicts that by 2012 governments around the world will be competing to offer tax breaks and other concessions to entice retirement migrants.
The global market for goods and services for British retirement migrants will be worth more than UKpound 100 billion in 2020, by which time one in five retirees will be living in "smart homes" employing sensors, voice recognition and other gadgets.
According to Simon Hull, managing director of Alliance & Leicester International, tourism is encouraging Britons to move abroad. Lower living costs, a more sedate pace of life, a healthier climate and year-round sunshine are the main attractions. "Many people will worry about currency fluctuations, so will sway more towards developed countries. Europe has special regulations for healthcare, so migrants are covered for a proportion of the costs," says Hull.
Education is another reason for retirement migration. In the US, Pennsylvania State University has a special campus for the over 55s and soon "grey universities" will be established in attractive destinations.
CROATIA: Those looking to finance their retirement might consider Croatia, which joins the European Union (EU) in 2007. Prices are moving up fast, but if you buy in the right location any profit will be tax-free after three years. From this month, British Airways will offer direct flights from Gatwick to Dubrovnik three times weekly.
Britons are buying holiday homes along the largely unexploited former Yugoslavian coastline, stretching from Slovenia in the north, through Croatia, down to Montenegro, and on some of the 1,185 islands. Prices have doubled in the past two years, but they are still lower than on Spain's Costa del Sol.
In Dubrovnik -- the medieval walled city on the Adriatic coast -- prices have gained 20 percent to 30 percent in 12 months, according to Paul Keppler, a director of property company Croatiasun. Off-plan flats in a new luxury development, overlooking the city's yacht harbour range from UKpound 55,000 for a studio to UKpound 85,000 for two bedrooms.
Land plots are also popular, offering the purchaser the chance to build a home at low cost. Beachfront building plots on Brac, a green semi-mountainous island, off the Dalmatian coast, with its sandy beaches and international airport, cost from UKpound 20,000 for 500 sq. metres. It can be reached in 40 minutes by ferry from Split.
Or you can buy a plot on the island of Kortula, for UKpound 18,000, 20 minutes by ferry from Split, which has its own airport. A three to four-bedroom detached villa with pool and garden can be built for UKpound 95,000, plus land cost.
Aquarius Properties in Dublin offers homes in Istria, in the north of Croatia, near Italy and Slovenia, which has an unspoiled coastline. New apartments on the coast at Porec, can be had from UKpound 39,000 to UKpound 60,000 for one to two bedrooms. A three-bedroom resale bungalow is available at about UKpound 66,000, a new detached three-bedroom cottage for UKpound 90,000.
A short distance inland from Porec, a detached stone-built house, with four bedrooms, two bathrooms and distant sea views, can be yours for UKpound 64,000. Houses ripe for renovation start at UKpound 19,000, which buys an old stone cottage with mountain views. The fully-restored version, with three bedrooms, open fireplaces, beamed ceilings and a garden, costs about UKpound 67,000.
Foreigners must obtain permission to buy property from the ministry of foreign affairs, which takes about six months. Your solicitor should check that the ownership title is clear and there are no debts on the property. The estate agent charges the purchaser between 3.5 percent and 5 percent of the sale price. Legal and notary fees and taxes, add about 7 percent to buying costs. Capital gains tax will be levied on any profits at 35 percent, but only if you resell within three years.