Revealed: The top 10 fastest growing destinations for UK retirees retiring abroad
- New research reveals the fastest growing destinations for UK retired ex-pats
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Poland and South Korea are among the destinations growing fastest in popularity among British pensioners retiring.
The Central European Republic and the East Asian country are in the top ten locations that the elderly choose for their last years of life.
But the tiny Isle of Man is showing the biggest increase of all: a 984% increase in pension claimants from 2012 to the most recent figures.
Despite its proximity, the island is not part of the UK or the European Union and is a self-governing dependency of the British Crown.
The next countdown shows the Slovak Republic with a 488% increase in retirees and the Republic of Lithuanian in third place with a 309% increase.
New research has revealed the fastest growing destinations for retirees leaving the UK
South Korea ranks fourth and has grown 277%, while Poland ranks fifth and has grown 214%.
The table was compiled by a money comparison site Investing reviews from data from the Ministry of Work and Pensions.
Locations that have been shown to grow the fastest may be surprising at first glance, but there are pros and cons to many of the destinations.
In Poland it is relatively easy to find accommodation – even in the capital Warsaw.
Accommodation can be on the small side, although estate agents – the majority of whom speak English – can help you find larger accommodation.
Poland, where it is relatively easy to find accommodation – even in the capital Warsaw
South Korea has also become a surprising destination for retirees leaving their home in the UK
But the cost of living is fairly low, with pubs for a night out cheaper than in the West, according Arrivals of expats.
Gasoline and fuel are pricey, which means any savings could be gobbled up elsewhere if you’re a motorist.
According to the website, South Korea is “reasonable” in terms of prices Internationals.
It says it’s not as cheap as China or Laos, but the cost of living is much lower than Japan or Singapore.
Dinner in a cheap restaurant costs £17 for a couple, but 17% of people’s salary goes to national health insurance.
Isle of Man Railways, a popular tourist destination on the Isle of Man, could be a draw for the island
The Isle of Man is one of the safest places to live in the British Isles and has a UNESCO Biosphere
The appeal of the Isle of Man is easier to understand: a survey found that 86% of people there say they have an ‘excellent quality of life’.
It is listed as one of the safest places to live in the British Isles and has been awarded UNESCO Biosphere status due to its uniqueness.
The island is only 33 miles long and 21 miles wide, but does not suffer from overcrowding, with plenty of open spaces.
According to the police, there are 400 restaurants, bars and cafes and 30 sports clubs and associations Move magazine.
A man walks between rice fields (left) and vegetable fields (right) in the town of Can Tho in southern Vietnam’s Mekong Delta
The rest of the top ten from the Pensioner Exodus Report stated that the Republic of Estonia had a 190% increase, while Georgia ranked 7th with 183%.
Latvia, Vietnam and Romania made up the rest of the list with increases of 173%, 155% and 148% respectively.
Simon Jones, CEO of InvestingReviews.co.uk, said: ‘It is incredible to think that over a million people enjoy their state pensions in the UK from far and wide exotic places.
‘If you have moved to the EU, Switzerland or somewhere in the European Economic Area, your pension will increase with the British level, but if you are elsewhere, you may have to make different plans.
If you already live abroad or plan to retire abroad when you reach retirement age, it is important to be aware of the rules that may apply to you when taking up a UK pension abroad as a non-UK resident.’