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Retiring in New Zealand, One of the Top Three Expat Destinations in the World

The latest HSBC Expat Explorer Survey found that the top three countries for expat residents were New Zealand, Bahrain and Singapore, and each had its own merits according to the residents who responded.

Retiring In New Zealand One Of The Top Three Expat Destinations In The World

A HSBC Expat spokesman reported on New Zealand saying that "The promise of the 'great outdoors' sways expats looking for an energetic experience. Almost three quarters (73 per cent) of expats surveyed in New Zealand rated their environment as better than their home country, compared with a global average of 33 per cent. More expats in New Zealand say their quality of life improved as a result of moving than anywhere else; almost three fifths (59 per cent) associate New Zealand with a higher quality of life, compared with a global average of 46 per cent.”

That’s great news, but where to start? The first port of call should be your immigration consultant and then the local embassy of the nation you plan to retire to, said Jonathan Spring-Rice of Towry.

"The rules differ from country to country, so it would be prudent talking to banks in the country you're moving to. They would be able to advise you on how you should deal with medical cover and bank accounts, and make sure you are registered for electricity and water."

Jason Porter, director at Blevins Franks, said in an interview with The Telegraph that, "It is wise to open a local account with a strong bank, to deal with money transfers and payments for property. Also, appoint a local lawyer and accountant to deal with property acquisition and tax registration and other arrival documentation - some jurisdictions require tax registration to acquire real estate.

“Appoint a financial adviser who is conversant with the local financial system, and consider adjusting your mix of financial investments for tax efficiency in the new jurisdiction."

New Zealand offers a migrants' exemption for money brought into the country, meaning there is no personal tax on income from that for the first four years, be sure to ask your immigration consultant to explain this in more details.

"It [migrants’ tax exemption] is highly tax attractive, and available to new migrants and returning kiwis who have been non-resident for at least 10 years. The new migrants rule says that these individuals moving to New Zealand get a four-year honeymoon period where any benefits [gained from the money they bring into the country, including a pension] are tax-free,” reported Porter.

There is also a difference in the tax treatment of foreign funds to those locally invested in New Zealand, which is designed to encourage expats to invest in the country, he added.

For more information about retiring to New Zealand and a free visa assessment speak to one of the qualified New World Immigration migration consultants. The team has years of experience in the relocation and immigration industry coupled with an excellent knowledge of both the local and Kiwi immigration systems and requirements. This, with a passion for excellence in customer service, has made New World Immigration one of the continent’s most successful immigration agents.

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