Interested in Retiring in Another Country?
There are many excellent reasons to enjoy a complete change of scenery during your retirement years. However, there are also many issues to evaluate before selecting a destination and making a move. Carefully consider all the questions below to help ensure you’ll love your retirement country and home. Download Flyer
What are your visa options and are there any restrictions?
What are the costs associated with buying (or renting)?
Are there any restrictions on foreign ownership?
How does financing a home purchase work in a particular country (an all-cash transaction may be preferable)?
What are the potential impacts of currency fluctuations?
Will you have easy access to banking services?
Are there restrictions on moving money in/out of the country?
Will you be able to communicate easily with friends/relatives back home, and enjoy in-home entertainment, etc.? This will depend on access to high-speed Internet, cellular service, and potential time zone differences.
What are the income tax rates? (for U.S. citizens, foreign income is also taxable in the U.S.) What should you budget for property and sales taxes?
Will you have easy access to quality care? At what cost (including medical insurance)? If government healthcare is offered, does this extend to foreign residents?
Will you feel safe? Is the country government stable?
Will you be able to communicate easily with locals and/or are you willing to learn a new language?
Will you enjoy year-round living? Or would you prefer a seasonal retirement?
How easy is it to fly in/out of the area and to get around locally—whether in a car, on foot, or using public transportation?
Are there any restrictions on accepting a local job or starting a new business?
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Does the area offer good dining options and entertainment venues? Access to recreational activities The ability to meet people, both locals and other expats?
Will you be able to purchase familiar and/or new grocery items? What are the local retail shopping options? Will you be able to receive online shipments?
There’s no shortage of articles and independent websites sharing rankings and tips on living and retiring in another country. Some of these resources:
- Escape Artist – Wide variety of information and analysis on living, working, traveling, investing and retiring abroad. escapeartist.com
- Expat Exchange – Miscellaneous articles on overseas retirement, based on input from expat contributors. Also offers numerous country forums. expatexchange.com/retire
- International Living – Print magazine and online journal providing extensive reporting on the best places to retire, world rankings, and related topics. internationalliving.com
- Investopedia – Offers extensive and up-to-date (U.S.-oriented) reporting on planning for retirement, including a helpful “best countries” list. investopedia.com/retirement
- Live and Invest Overseas – Publishes an annual Overseas Retirement Index, evaluating 13 key factors (cost of living, healthcare, etc.) with substantial reporting by country, and by budget. liveandinvestoverseas.com
Ready to make a move?
A Certified International Property Specialist (CIPS) is part of a worldwide referral network comprised of elite property professionals from 48 countries. Ask a CIPS designee to put you in touch with a reliable global professional who is local to your desired destination. Having a real estate professional with overseas experience can make a world of difference when buying property in another country.
Source: National Association of Realtors
for more info about global real estate or to buy a home on the Treasure Coast.
Eric Slifkin, a Broker Associate, is the founder of the Slifkin Team at Keller Williams Realty. Eric and his team of experienced agents serve South Florida and the Treasure Coast, including greater Stuart, Port Saint Lucie, and the Palm Beaches.