There can be various reasons when it comes to retiring abroad. A sense of adventure usually motivates retirees who look for something new and exciting. And the possibility of traveling and settling down in other countries works perfectly in this case. But it is not the sole thing. An opportunity to save money also attracts them. Traveling can be expensive, but with retiring abroad, your money goes further, and owning property elsewhere will still allow you to have a piece of property in the United States if that is something that interests you. You can still contact family and friends back home from afar without the household expenses when living somewhere else.
Healthcare is another aspect of any ex-pat move. By living abroad, many retirees have discovered that they can easily save money on healthcare while obtaining the care they need – including treatments like dental and home healthcare. These are all possible in countries like Canada, Ecuador, Costa Rica, and others, where residents pay low- to no-cost for medical care, regardless of age or nationality. According to Brian Colombana, one has to pay attention to different aspects if they plan to immigrate to other countries for a hassle-free experience.
Regardless of why you wish to move your base to other countries, it would be best to consider a few things to make this decision helpful. Here is a brief look into them.
Residency
Keep an eye out for a country’s residency program if you plan to retire abroad. Some places make it more convenient than others to enter their country, but some are less prosperous and may not have the infrastructure they need to keep you (and your Social Security payments) safe. Uzbekistan and Belarus can be some examples in this respect. Regarding becoming a resident or qualifying for residency based on retirement, criteria about income and time frames may differ across the world. For example, countries like Nicaragua have relatively relaxed requirements about passive income and other factors. Alternatively, some countries may not allow applicants to become residents without meeting some financial obligations. So you have to figure these things out beforehand, advises Brian Colombana.
Visa requirements
Visa rules may vary from place to place, but it isn’t as challenging to obtain one as people might think. For example, many retired individuals apply for the D7 visa in Portugal, which allows them to be self-sufficient – support themselves without working – and live off only their income there. This visa is good for four months, giving ample time to comply with the Portuguese bureau in your city or area. You can gain a temporary visa for residence and then secure a permanent residence permit. Once you get this, you can visit any EU country like a citizen. However, don’t forget to check on specific rules and regulations in other countries if you plan on moving around.
These are only a few things. Before taking this big step, you must know tax implications, incentives, and other items. After all, the decision to leave your home country for some other place has to be meaningful.
