4 best countries for a blissful retired life

Retirement planning has become a top priority for most. To make their sunset years truly golden, they want to live in a place that gives them all the comforts they desire, the adventures they seek, new experiences to enrich their lives, access to quality healthcare, and more – all within their financial means. This is why today more and more people are looking to retire overseas. If you are one of them, here are four international destinations you may consider.

Panama
 

The low cost of living, discounts and benefits, and access to quality healthcare make Panama a favoured destination. Another major plus is the warm tropical climate, as the Pacific Ocean and the Caribbean Sea surround the country. Living options range from beach communities in towns such as Coronado and Contadora, mountain retreats in Boquete, urban living in Panama City and Santiago, and more. Lastly, to seal the deal: Panama is a carbon-negative country.

Portugal
 

Portugal is definitely a destination to consider if you plan to retire overseas. The country lets you pause, relax, and cherish life as it is meant to be. Portugal has pleasant weather, beautiful landscapes, and hospitable locals. It has a reasonable cost of living; however, that varies depending on where you stay. Cities such as Lisbon and Amadora are slightly expensive, whereas smaller towns such as Évora and Tavira are more affordable. If you wish to retire in Portugal, you must apply for a resident permit, valid for five years. Once that expires, you can apply for a permanent permit.

Spain 
 

Spain tops the list of preferred countries for international living. A few things that make it a perfect option for your retirement planning are scenic beauty (from sunny beaches to snow-capped mountains), great Mediterranean food, affordable cost of living, a relaxed lifestyle, and lots of festivities. A destination rich with culture, Spain also boasts many historic cities such as Barcelona, Seville, and Madrid. To become a legal resident, you will have to apply for a permit valid for a year. After that, you can apply for a residence visa.

France
 

With fine wine, chic fashion, and some of the best food in the world, France is a popular destination for retirement planning. You can live in the romantic city of Paris, rent a beautiful cottage in the wine territory of Champagne, or soak in the sun at the beach community of Saint-Tropez. France has a wide range of housing, with the bigger cities being on the higher end of the budget. What makes France even more appealing to retirees is its excellent healthcare system. You can spend your golden years sipping wine, visiting museums, taking cooking classes, or just enjoying delicious food.

NRI Savings Account: The best tool to fulfil your retirement dreams
 

Your retirement dreams can be fueled by the perfect NRI Savings account from IDFC FIRST Bank. Here are some of the features it offers:

· A single account to manage expenses, handle investments, and take care of family and/or assets back home

· Get industry-best rates on currency conversion

· Benefit from a higher rate of compounding with daily interest calculations on your IDFC FIRST Bank non-resident savings account for greater wealth generation

· Earn high interest on savings account balance and deposit schemes compared to most other international destinations

· Avail 24x7 access to banking services through physical and digital mediums, no matter where you are in the world

· Benefit from bespoke advisory on mutual funds, stocks, insurance, and more

· Get complimentary access to airport lounges

· Higher ATM withdrawal limit anywhere in India

· Receive complimentary personal accidental and air accidental insurance cover with your IDFC FIRST Bank VISA Signature debit card

Types of non-resident accounts

IDFC FIRST Bank offers two non-resident accounts. Here are the features and eligibility for the same:

Non-Residential External (NRE) Savings Account

· Any individual with a non-resident status or is expected to get one can open this account with  an international bank account for remitting funds

· Freely repatriable funds to and from your destination country

· Deposits can be made in any foreign currency, and withdrawals are allowed in Indian rupees

· Ideal for people looking for investment opportunities in India

· Capital and proceeds are fully repatriable

· Interest earned on NRE deposits and savings accounts are tax-exempt

Non-Resident Ordinary (NRO) Savings Account

· Any individual with a non-resident status or is expected to get one can open this account

· Ideal for those who want to manage income generated in India

· Income and gains are subject to taxation; however, tax breaks are available under Double Taxation Avoidance Agreements (DTAA) with certain countries

Documents required for NRE and NRO Savings Account Customers

· Passport

· Visa/Resident permit

· Proof of address - overseas

In conclusion

Focus on building enough corpus during your active years to repurpose once you are closer to retirement, say, a deposit or annuity plan that can generate a consistent income during your retirement life.

IDFC FIRST Bank can help simplify the planning and execution of your international retirement plans. Our investment experts will consider your lifestyle needs and help design an investment process that sets you on the right path. An IDFC FIRST Bank savings account also gives you direct access to a host of investment products such as deposits, mutual funds, direct equity, gold, pension plans, and more. 

Build and manage all your investments from one place with IDFC FIRST Bank by your side. Get started with your picture-perfect retirement today by opening an IDFC FIRST Bank NRI savings account!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.