Living abroad is continuing to become a very prominent alternative for retirees that want a new lease on life in their golden years. With unfounded cultural experiences, healthcare options that won’t break the bank and lower costs of living just waiting to be had, most people getting ready to settle into retirement age probably couldn’t find a much better way to live even if they tried really hard. Of course moving is not a walk in the park no matter where you’re going and moving to a country that you’ve never lived in can pose a challenge if you don’t prepare yourself properly.
When you decide to go through with a big move to a new and unfamiliar country, you move in foreign national territory that’s subjected to the legal ordinances set in place for non-citizens. There are also certain United States tax issues that come into play, and that’s all before you even get into the situations that arise once you’ve been living in a foreign country. If you decide that you want to venture into Mexico to retire or across the pond in England, you want to keep these things in mind when you’re gearing up for retirement abroad. Looking for more information, tips and important notes for retirement abroad? Keep reading for a quick rundown of the most crucial things to consider when taking the dive into retirement abroad make sure your transition is as smooth as can be.
Visa and Residency Requirements
You’ll find that migration statutes and residency laws will change from place to place, and the state department’s Country Specific Information to educate yourself on exactly what you need to get entry into the country of your choice. There’s other important information to brief yourself on: like passports, vaccination information, currency requirements for entering a country and currency restrictions for departures.
The State Department’s internet portal has constantly updated information about the safety and overall stability of a variety of countries to visit or call home. From time to time, there will be notices about specific areas and on rare occasion there might even be a restriction in place that dictates that United States citizens can’t travel to certain countries. This information source is updated quite regularly and it can be a great help for gauging your prospective “home” country.
You may stumble upon travel constraints and as a foreign natural, you are subjected to the laws of the land while you’re in that place.
Review and Understand the Principles of Nonresident Dominion
Several nations out there have certain rules and regulations that detail the whos and whats of those that can purchase real estate and how said estate can be utilized. There are still other countries that don’t allow for foreign ownership whatsoever. Before taking the leap in another country, research the foreign ownership restrictions in place. You want to make sure that whatever you find matches best with your financial capability and long-term plan. A realtor that’s local to your destination will be your best source of accurate information.
- If a nation doesn’t restrict real estate sales, there may be rules that come into play if a non-citizen is looking to sell a property down the line. In Malaysia, foreigners are able and encouraged to purchase real estate, but if and when they go to sell, the proceeds of the sale must stay in a bank account of that nation.
- When buying in another country, you want to be certain that your purchase and estate privileges are protected. In the United States, you most often acquire title to a property when you buy, but the rules elsewhere might not be as clear cut. Take all precautions before you make a purchase by hiring a professional, licensed realtor and proper counsel to make sure that everything is happening by the book in an honest manner.
Visit and Rent Before You Make a Commitment
Committing to living in a foreign country is a much different experience than visiting for some time. Make it a point to visit as often as you can in multiple seasons and get familiar with the neighborhoods you enjoy most to get a sense of what life as a local feels like. You want to make sure that you can endure it all because once you settle there, you won’t be able to escape it immediately if it’s not what you expected. You might want to rent a place for a while before you buy a home to make sure that it’s the right fit for you before taking on unnecessary risks. There might also be a local club for Americans and expatriates where you can get to know other people that decided on retirement abroad.
Between organizing your assets, settling your healthcare, getting a driver’s license and thinking about working during retirement in your new country of residence, you’ll have a lot of things to do to prepare for your new life! Stay well-informed and changeable to create a painless and exciting transition into a life of relaxation!