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Things to Consider when Retiring Overseas

While everyone is usually looking forward to their retirement, some people plan more dramatic life changes than others. No matter what your plans are, you know life as you know it is about to change entirely and that can be a little unsettling. However, this can be a very exciting time in your life, especially if you are making the dramatic change of moving to another county and here are some things to think about first.

Ideally, as a retiree, you’ll have the use of most of your money and won’t be paying a large amount of taxes. An important conversation to have with a professional tax expert would be the expected amount of annual taxes someone might pay on their house and property, as well as the average daily cost of living in that particular area.

If the county is in a location where everything has to be shipped in, you need to research the cost of food there also. The price of transportation is also going to be included in whatever they charge you in local stores for the food you buy. It’s important to account for everyone in your family and add this to your list of major bills each month when you’re planning your retirement budget.

Speaking of transportation, are you planning on owning and driving your own car, or will you be using public transportation? For example, if you live in the countryside, you may want to have a car; however, if you live in the city, public transportation might be more cost effective over time.

It may not be your first thought, but you should consider how you’ll be treated differently by the local laws as a resident versus a citizen who is native to the country. Are there going to be issues with the transfer of money from one account in your old country to your new account in that country? From where will you get assistance if problems do come up in business transactions or just in general between you and native citizens? Nobody anticipates problems, but it’s good to have a backup plan if necessary, especially if you need legal help.

For those who want to move to another country, it’s wise if they learn the local customs and how to assimilate with their people. This will help you to stand out less and be more relaxed in your daily dealings. The people who live there will work harder to teach you, even if they easily see you as a stranger in the country, if you show an effort to understand them. All of these items together will make your retirement that much better, that much more relaxed and that much more to look forward to.

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