Retiring in New Zealand

The rules

Upon reaching retirement age, many people decide to up sticks and head overseas, in search of somewhere to spend their golden years.  

With the promise of beautiful beaches, breath-taking scenery and a relaxed way of life, it’s no wonder that New Zealand attracts retirees from all of over the world.

If you are considering making the move, it's important to familiarise yourself with the rules that apply when moving to New Zealand.

• To retire to New Zealand, you will need a substantial financial portfolio. To apply for the initial two year residency visa, you are required to have at least £345,000 in the bank and an annual income of £28,000.  
• If you already have children living in New Zealand, you can apply for a Parent Visa. Nevertheless, you will still need to prove that have the means to support yourself in order to be accepted.
• For British readers, you will be able to claim your pension while living in New Zealand. However, this will be frozen at the rate it was when you moved and won’t be subject to the Bank of England inflation rate.
• Expats from other countries will need to check with their pension office how moving abroad will affect their entitlement.

House prices in New Zealand vary, although you can expect to pay around £200,000 for a three-bedroom home in popular locations like Auckland. For UK residents there are few restrictions when it comes to buying property. However, for other foreign nationals, there are limitations on the amount of investment that can be made.

Sending money abroad, whether to New Zealand to finance your move in advance or back to your home country, is much simpler than it once was. You can send money to destinations around the globe, including New Zealand, using foreign currency bureaus like Travelex.

This article has been submitted by Travelex