Famed for its beautiful lakes, Finland is blessed with pristine beauty, culture, and the happiest people on earth. With a fast-growing economy, accessible healthcare, and several business opportunities, it is not a surprise that foreigners love to flock to the land. Retiring to Finland is a great idea, and this article gives you the needed information
Don’t just worry about the visa and financial sources alone, hire the services of a financial expert to help you through tax policies, new cost of living, visa requirements, etc.
Who can live in Finland?
To live in Finland as an ex-pat, certain things must be noted. You are either a citizen from an EU/EEA country, a non-EU citizen, or a citizen from a third country. If you are an EU citizen, you are granted access to the country provided you have a means of identification. With this identity card, you can stay in Finland for up to three months. However, if you want to stay longer such as retiring there, you must register at a local office. You can easily retire in Finland if you have worked there for a long time. For non-EU nationals such as citizens from the US, Asia, Canada, etc., before relocating to Finland, you must apply for a visa at a Finland embassy in your home country. You may choose to tender an application for temporary residence in the country
Retirement age
Finland offers a flexible retirement age system for workers. An employee can choose to retire at any age from 63-68 years, but the legal retirement age when employees can receive state pensions is 65 years.
Here are a few things you need to know about Finland before making the final move to relocate to the country.
Cost of living in Finland
Although Finland has a high cost of living compared to other countries, not everything is expensive. Depending on where you choose to live and how you choose to spend, your monthly pension can go a long way for you. People who live in the city areas spend much on feeding, accommodation, utilities, and transport than people outside the urban areas. If you were to live in a highly dense city like the capital city, you will spend about a thousand dollars on rent alone. Add in the costs of groceries, eating at restaurants, electricity bills, et cetera; this will eat deep into your pension. If you are interested in retiring for years, you should consider buying a house instead of renting. Due to the low mortgage interest rate, you can buy a comfortable house in an affordable location and live comfortably without worrying about paying monthly rents.
Visa and Residency for retirees in Finland
If you are serious about retiring abroad, one thing you must have is a residence permit, applying for a residence permit is simple; you only need to meet up with all the requirements. Every country offers two kinds of residence permits; temporary residence and permanent residence permits. In Finland, you apply for a temporary residence if you intend to stay for a period not longer than one year.
If you have decided to retire there, it is best you apply for a residence permit; this will avail you of 4 to 5 years of residence permit and an opportunity for permanent residency. To apply for a permit, go to the nearest Finnish embassy in your home country or apply using the enter Finland online service. You will have to provide certain documents as well as prove evidence of your fluency in Finnish.
Healthcare system in Finland
To gain access to healthcare services in Finland, you must register for national health insurance after you have stayed for four months. A Kela card is issued after registration. As an ex-pat, having private health insurance is important, as public healthcare may be slow sometimes. The Finnish healthcare system is one of the best in Europe, providing medical services to patients while fostering long relationships between doctors and their patients.
Taxes in Finland
Residents in Finland pay taxes according to their residence status. A legal resident, that is, a person who has lived in the country for 6 months or more, has to pay taxes on all income earned in the country and worldwide. A non-resident on the other hand has to pay taxes on only income earned in Finland. Expats living in Finland are saved from double taxation as a result of the agreement Finland has with other countries. Tax rates are determined by where you live and how much your total income is.
Finland is a country you will feel safe and comfortable living in. although it has a low crime rate, there are few cases of pickpockets during tourist season. However, that shouldn’t stop you from enjoying your retirement in the land of a thousand lakes.
