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I've been reading articles on Americans and Canadians retiring overseas where your dollar goes farther. Countries most often mentioned include Mexico, Nicaragua, CR, Panama, Colombia, Ecuador, Thailand, Malaysia, etc.
Question is.. has anyone actually done it? Any pros or cons/regrets?
I've been reading articles on Americans and Canadians retiring overseas where your dollar goes farther. Countries most often mentioned include Mexico, Nicaragua, CR, Panama, Colombia, Ecuador, Thailand, Malaysia, etc.
Question is.. has anyone actually done it? Any pros or cons/regrets?
Thanks
Bought our first home in Central Mexico in 2008 and lived there full-time until eldercare issues required us to return to US in late 2012. After FIL's estate was settled by end of 2016, we bought another home (same village) in 2017 and once again living la buena vida. We are lucky to be able to financially live anywhere, but choose MX.
The primary motivator for potential ex-pats. is the belief one can live a much better lifestyle at a lower costs than available in the U.S.
The downsides are many: Cultural obstacles, language barriers, insurance coverage, restrictive property ownership, different political systems, travel costs to visit family, lower availability of everything from food to amenities to networks, etc.
Those who actually make a successful transition (based on many threads) seem to be those who have spent considerable time in the country and know the language, customs and people; .... plus, have a viable back-up plan if things don't work-out as planned.
Keep in mind, unless you renounce your US citizenship you are still required to pay taxes to the US and possible taxes to your foreign residence, although you may have a foreign tax credit to mitigate some of the burden of double taxation.
I've been reading articles on Americans and Canadians retiring overseas where your dollar goes farther. Countries most often mentioned include Mexico, Nicaragua, CR, Panama, Colombia, Ecuador, Thailand, Malaysia, etc.
Question is.. has anyone actually done it? Any pros or cons/regrets?
Thanks
I have been living overseas for 15 years now, definitely "no regrets"! There are pro's/con's to every place, as long as the scale is tipped toward pro's it is the place to be. Many countries have special retirement visa's where all retirement income is tax free. Medicare does not work outside the USA, so you need to get your healthcare sorted out before you turn 65. We are a family of four and keep a budget of 5k to visit the USA every year (easy to do as we do not need a car here and easily save that much without the expense and headache) You will find rents are cheap in the cities compared to anywhere in the USA. Eating out is cheap, eating at home is sometimes cheaper. We spend $1,000.00 per month for food for 5 including the salary for our full time housekeeper/cook.
I have been living overseas for 15 years now, definitely "no regrets"! There are pro's/con's to every place, as long as the scale is tipped toward pro's it is the place to be. Many countries have special retirement visa's where all retirement income is tax free. Medicare does not work outside the USA, so you need to get your healthcare sorted out before you turn 65. We are a family of four and keep a budget of 5k to visit the USA every year (easy to do as we do not need a car here and easily save that much without the expense and headache) You will find rents are cheap in the cities compared to anywhere in the USA. Eating out is cheap, eating at home is sometimes cheaper. We spend $1,000.00 per month for food for 5 including the salary for our full time housekeeper/cook.
Unless I have you mistaken for another poster, the advantage you have is that you are living overseas in your home country (Philipine Islands?), so that is not really a foreign country to you since you speak the language.
Keep in mind, unless you renounce your US citizenship you are still required to pay taxes to the US and possible taxes to your foreign residence, although you may have a foreign tax credit to mitigate some of the burden of double taxation.
MX like most countries will only tax expats on MX sourced income. So for retirees, not an issue.
Unless I have you mistaken for another poster, the advantage you have is that you are living overseas in your home country (Philipine Islands?), so that is not really a foreign country to you since you speak the language.
I've no idea where that poster lives but most Filipinos speak English, often as well as Americans.
There are several countries in South America (Central America is another story) where retirement might be attractive compared to living here in the USA. The cost of living in the better, politically-stable countries is roughly the same as living in a small midwestern city. A lot of things are indeed cheaper, but they are offset by the cost of fuels, VAT, and as others mentioned the inevitable cost of travel if one needs to use Medicare.
One thing we came to realize is the young demographic of these countries tilts everything in favor of being young and having the energy of youth. Chile for example is like California in the 1950s, a great place to be if you're 25. Would a 70 year old couple fit in? Maybe not so much.
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