Possible retirement destination

Member since 01 October 2010

Dragofire PeteMember01 October 2010 16:10:32

I am 67 years of age and my wife is 55 years old. We have 3 children, the oldest is married , the middle one has left home and youngest is 16 years old and still living with us.

I am currently employed full time but my employers may shortly sell out to another company who have an office in Mauritius and I may be required to spend some time there overseeing the integration of the two companies but also continuing employment with the new company for another 3 to 5 years.

My wife is a self employed dressmaker/tailor working freelance for many well known fashion houses and also for tailors in Savile Row.

Having recently spent a holiday in Mauritius and also having Mauritian friends who have retired to live there, my wife and I rather like the idea of eventually retiring to the country when our daughter enters University in 2 years time. I have UK Government and personal pensions that produce approximately £30,000 per annumn gross which would be in addition to any salary that I may earn whilst still employed. There is also a possible £200,000 cash (maybe more) equity from the sale of our house in the UK. Can someone give me some idea of the tax implications for the pension and/or salary.

Apart from the obvious questions regarding cost of housing and costs of living our major concern would be health related. Both my wife and I are in good health at present but would need to have some idea of the costs of medical treatments in the event that we succumbed to some medical condition that required extensive and/or prolonged treatment.

Just early days musings at present as we could not do anything permanent for at least 2 years but any input would be gratefully received so we may consider our options.

Vayid ViP

Member since 10 May 2009

VayidViP03 October 2010 05:16:06

544

Dear Pete

I am always marveled when I hear from elderly persons who are this much active, and wonder if I would be able to be this much active when I reach this age.

Since this relocation is only at the musing stage, and will surely so stay for the next two years or so, and considering that the law regarding relocation/retirement also will surely change quite much, I would advise that you keep in touch, and gradually make up your mind on the basis of ongoing changes in Mauritius.

By the way, may I know in which activities, are your existing company and the prospective new partner, if not a state secret!!!

Cheers

Vayid

Dragofire Pete Member

Member since 01 October 2010

Dragofire PeteMember04 October 2010 12:19:22

Dear Vayid

Thank you for your response

As you say, everything is at the musing stage at the moment but a general overview of the current situation would at least give some indication of the viability of the idea if we should find we need to relocate in the near future rather than in 2 years time. We accept that situations can rapidly change including the legal requirements.

Until the deal is finalised cannot give any further detail on the business but all will become clear in time.

As for staying active - just stay positive and keep your mind occupied. Try not to worry about things that may never happen - stress is the killer.

Pete

alisa_ram Serial expat

Member since 17 August 2010

alisa_ramSerial expat05 October 2010 06:25:43

612

Dear Pete

I'll ask around and let you know. If you're considering moving here, you might want to buy something from the RES (Residential Schemes for foreigners wishing to own property here), and if am not mistaken, you have some benefits that go with it.

Anyhow, I'll get back to you on the tax implications.

bunkoma Active member

Member since 14 May 2009

bunkomaActive member05 October 2010 08:14:08

I think Mauritius would make an interesting place to retire to and there are a number of ways you could structure the move. You should speak with a few of the many consultants on the island that could advise you on the matters relating to emigration and the various tax implications.

As mentioned in someone else's reply, the RES scheme is one way you could purchase property, but I wouldn't recommend that as something you do straight away until after you have lived here and see if you and your wife would really want to retire in Mauritius permanently. The IRS and RES scheme's though proclaimed to be great investments do not always turn out to be so and if you and your wife decide to leave the island within a couple years you may actually lose money.

Regarding health care, about a year or so ago a new hospital, Apollo Bramwell, opened on the island. Here's the link to their website: apollobramwell.com

It is a world class facility that offers excellent care at reasonable prices. I have been there a couple of times myself, but only for basic things and was quite pleased with the overall experience. I have a few friends that have had more complicated procedures done there and they were all very impressed and happy with the attention and care they received as well as with the relatively low cost.

I would encourage you to research the hospital more as the quality and availability of good medical care could be quite important to you and your wife in the years ahead. I think Apollo Bramwell ticks that box, but you need to make that judgement for yourself.