Ray, 64: weighing up Malaysia, Spain or Greece

How it came about

Ray is 64 and still working. He told ABC News that with insurance and utilities costing so much, his future in Australia looks bleak. “I never believed that our country would become as expensive as it has,” he said. He and his wife are thinking about retiring to Malaysia, Spain or Greece. Financially, the ABC says, that may suit them better than staying.

What it costs them

They haven’t moved, so there are no costs overseas yet. The plan, as Ray described it:

• Keep working until he is 70.
• Use his modest super to pay off the mortgage.
• Sell, and buy a modest house overseas for a comfortable retirement.

He mentioned Greece’s Golden Visa for people who bring at least $250,000 into the country. That figure is out of date for most buyers (see below).

What went well

Nothing has gone well or badly yet, because they haven’t gone. They are looking about six years ahead, at three quite different countries in Asia and Europe, and they are open about what worries them. That leaves time to check the rules and to visit before deciding.

What was hard

Two things hold them back. They are worried about moving away from their family, and about getting health care overseas.

What has changed since

• The Pension Supplement (from 20 September 2026). When Ray spoke to the ABC, pensioners living overseas for good still kept a basic part of the Pension Supplement. Since 20 September 2026 they get none. Services Australia says the most a couple, both eligible, living outside Australia can now get is A$44,506.80 a year. Our guide to moving overseas for good explains the rest.
• Claiming the pension. Spain and Greece have social security agreements with Australia. Malaysia doesn’t. Services Australia says that, unless you claim under an agreement, you must be living in Australia and physically in Australia on the day you claim the Age Pension.
• Greece’s Golden Visa. Since 2024 the minimum to buy a home for it is 800,000 euros (about A$1.3 million) in Attica, Thessaloniki, Mykonos, Santorini and the bigger islands, and 400,000 euros (about A$671,000) in most other places. A building converted to housing, or a listed building being restored, can qualify at 250,000 euros (about A$420,000). See our Greece page.
• Malaysia and Spain. Malaysia’s MM2H visa now works in tiers. Silver, for example, asks for a fixed deposit of US$150,000 (about A$217,000) and a home worth at least RM600,000 (about A$214,000). Spain’s non-lucrative visa asks one person for 28,800 euros a year (about A$48,350, 2026). Our Malaysia and Spain pages have the detail.
• Selling the house. The ATO says foreign residents can’t claim the main residence exemption from capital gains tax on a sale after 30 June 2020, apart from narrow life events. So the timing of a sale, before or after you become a foreign resident for tax, can matter. A registered tax agent can explain how it applies to you.

What to take from it

• Ray’s story is an early stage of planning: a hunch that money would go further somewhere else, a short list of countries, and real worries about family and health.
• Between staying put and selling up there is a lot of room. A month or more overseas each year, then home to family, is a chapter in its own right, and it is one way to find out which country suits before the house is sold. Our guide to trying a place before you move covers the steps.
• Keeping, renting or selling the house is a big, hard-to-undo decision. Our guide to keep, rent or sell the family home sets out the trade-offs, and a licensed financial adviser can talk through your own numbers.