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It's common sense, certainly, not to jump into sinking a chunk of your retirement cash into overseas real estate. The problem is if/when you want/need to sell. Real estate markets abroad are impacted by different factors than the market here, laws about taking any monies OUT of the country are different and can change on a dime. If you own a property abroad, inheritance laws may impact how you will be able to leave it in a will, the kinds of taxes your heirs will have to pay, etc.
With respect, one should not "jump" at "sinking a chunk of cash" in real estate - in the US or abroad - without serious thought - so the common sense is applicable more universally. If someone wants to retire abroad and wants to buy real estate to facilitate that - that's does not amount to "sinking a chunk of your retirement cash into overseas real estate" any more than buying real estate within the US when retiring amounts to sinking a chunk of your retirement cash into (wherever you retire) real estate. The markets - here and elsewhere - are impacted by different factors and both can change in unpredictable ways. And, any decision to retire abroad may have the inheritance that the person should assess, just as the inheritance laws differ by state.
The point is that none of these are considerations are specific to retiring abroad. The analysis might be more involved and one should really think long and hard before making such a decision - particularly as there are factors one might not be easily aware of if the destination is a foreign country. I do think that a lot of people do not take the time to research things properly - and that can become a serious problem.
As I have shared sometimes - one of the decisions we will make prior to retirement is where we retire, and retiring abroad (perhaps Germany) is a possible alternative. But, we would not do so without fully understanding implications of that decision. Same goes for any real estate decisions we might make - here in the US or abroad.
Sorry about misunderstanding the intent and seriousness of your question. I don't see anything wrong with the question - except that it is off topic and you might be better advised to start a separate thread. Regardless, I sincerely hope you do not need this. But first - read https://en.wikipedia.org/wiki/Assisted_suicide. You will find that:
is incorrect. There are countries outside Schengen where assisted suicide is legal. In terminal cases, it is legal in a limited set of states inside the USA as well.
I do not believe there is any open-ended Schengen visa that will cover it, but I do not know why one would need that. Afterall, the final exit date in the case of assisted suicide is decided by the subject, and it should be possible to do it within the 90 days of arrival into Schengen. Of course, you might prefer to relocate yourself to the country in question permanently ahead of time - but then you need to look at non-visitor visas and a whole lot of other issues (and expenses) that go with that.
Hope this helps.
Your response is well reasoned. But first, assisted suicide is gradually being implemented in some countries, with many hurdles, but Schengen states are in the lead regarding uncomplicated access. Second, a person often loses his mobility well before reaching a stage where one sets a final date, so it is important to already be present. I don't expect to reach that 90-day date when I can still walk around and travel internationally.
The difficulty you mentioned in your last sentence is exactly what can be obviated if nobody routinely checks your status -- hence, my original question..
On the original question, we seriously explored living outside the US upon retirement. We explored Costa Rica, in the central valley, in or near Santa Ana / Escazu at an elevation of around 4k to 5k feet up. We visited CR more than 5 times over the years before retirement including a few after retirement. Our interests were living near the US for major medical needs if they arose but to live at a climate we considered ideal for our likes.
We like tropical vegetation and mountains. We like weather between 60 and 80 year around. Wife loved gardening before her RA set in. I like golf and being outdoors in the year or viewing things if Im not sweating as I would not at this altitude. Cost of living was low there though property like we were use to was not less expensive than Texas cities where we have lived. In the end we opted to stay in Texas, largely due to health issues. We have good health care from my 38 year employer, but she her RA seems to evolve so the current hot med becomes less effective so she needs the newest great thing. CR has good medical care but the latest more expensive medicines are not sold or available there unless one mail orders them in and can get them in country efficiently. When we decided not to move, she was a med that was a shot mailed to us on dry ice to keep it cold. I took her list of meds to a CR pharmacy run by a friend about 50% of her meds were available there.
We opted not to move for the medicine availability issue and it was a good decision Some things to know if you consider CR and perhaps other counties.
Real Estate is bought for cash generally as a mortgage is not common or as reasonable cost there.
Country is small. Total population was around 4M at the time, smaller than any of the cities we lived in for 40 years of marriage. The size and availability of dining options and other things we are use to and like having around are not there.
Though we always felt safe in CR, we know an expat who was kidnapped for kept for a number of months for a ransom. Some suspect the police may have known and not acted. He was not sure he would get home alive, the ransom was much more cash than he had to pay if he wanted to pay. Bottom line is safety became a concern for me,
As we age, we are both 70 now and slow down and my wife's RA advances should we need Long term care for us both, as we do not have children, I still think an idea of living in our home with a live in maid/cook and live in RN's. The cost was doable and much lower than a LT care facility here and Id be home and probably no less safe than here in one of those facilities. I found CR relaxing and gorgeous and that helps keep this dream alive if ever needed.
It was not too costly or difficult to get the right to live in CR either but other than that I will stay away from the last few pages topics.
With respect, one should not "jump" at "sinking a chunk of cash" in real estate - in the US or abroad - without serious thought - so the common sense is applicable more universally. If someone wants to retire abroad and wants to buy real estate to facilitate that - that's does not amount to "sinking a chunk of your retirement cash into overseas real estate" any more than buying real estate within the US when retiring amounts to sinking a chunk of your retirement cash into (wherever you retire) real estate. The markets - here and elsewhere - are impacted by different factors and both can change in unpredictable ways. And, any decision to retire abroad may have the inheritance that the person should assess, just as the inheritance laws differ by state.
The point is that none of these are considerations are specific to retiring abroad. The analysis might be more involved and one should really think long and hard before making such a decision - particularly as there are factors one might not be easily aware of if the destination is a foreign country. I do think that a lot of people do not take the time to research things properly - and that can become a serious problem.
As I have shared sometimes - one of the decisions we will make prior to retirement is where we retire, and retiring abroad (perhaps Germany) is a possible alternative. But, we would not do so without fully understanding implications of that decision. Same goes for any real estate decisions we might make - here in the US or abroad.
Overseas real estate investments are much more complicated than purchasing from state to state in the US. However, no state prevents you from taking the proceeds of the sale of real estate out of the state, nor does any state prevent your heirs from cashing in the real estate and taking the proceeds out of state.
I am not entirely clear how that contracts / changes what I said. If you did proper research and knew the country / state you were buying real estate in, you would know if the proceeds from the sale of real estate can be repatriated or not? What the impact on heirs is - or whether that is a relevant consideration or not? I think this 'investing in the US real estate' is safe whereas 'investing in the overseas real estate is dangerous' is an incorrect statement - at least without some facts. And, 'overseas' is not a monolithic proposition - there are a number of countries and real estate situations within them and each differ.
I am not here trying to push overseas real estate - and have challenged that idea here and on other threads. But, I disagree with the fiction that US real estate is safe and anything overseas is not. What is appropriate depends upon the situation of the buyer - who should research it good and hard and evaluate it for their situation.
I am not entirely clear how that contracts / changes what I said. If you did proper research and knew the country / state you were buying real estate in, you would know if the proceeds from the sale of real estate can be repatriated or not? What the impact on heirs is - or whether that is a relevant consideration or not? I think this 'investing in the US real estate' is safe whereas 'investing in the overseas real estate is dangerous' is an incorrect statement - at least without some facts. And, 'overseas' is not a monolithic proposition - there are a number of countries and real estate situations within them and each differ.
I am not here trying to push overseas real estate - and have challenged that idea here and on other threads. But, I disagree with the fiction that US real estate is safe and anything overseas is not. What is appropriate depends upon the situation of the buyer - who should research it good and hard and evaluate it for their situation.
Never said all real estate transactions in the US were safe or didn't come with potential issues. Never said all overseas real estate investments are unsafe.
The overseas factor adds an extra layer of concern, perhaps several extra layers of concern depending on the location.
Overseas real estate investments are much more complicated than purchasing from state to state in the US. However, no state prevents you from taking the proceeds of the sale of real estate out of the state, nor does any state prevent your heirs from cashing in the real estate and taking the proceeds out of state.
True, we bought an apartment (condo) in Marbella, Spain and used a local real estate attorney to handle the legalities. Things were different including the taxes for EU citizens versus non-EU citizens that contributed to us deciding to sell. So glad we did it but also glad we aren't still invested in Spain.
Thank you for the thoughtful responses to our plan to bounce around Europe starting at age 60, settling down again in the U.S. at age 70. I was hesitant to share it because my husband and I have gotten some negative reactions from a few people in real life.
Here's how I arrived at the $5k/month budget. Let me know if I missed anything!
Storage unit in the US = $100
Phone/tech memberships/digital storage = $100
Airbnb @ $50/night = $1500
Food, entertainment @ $60/day = $1800
Health insurance = $1000
Car/train/plane tickets when needed = $500
Total = $5000
The plan is to alternate 90-day stays in Schengen and non-Schengen countries, staying at each rental for at least 1 month. Part of our time will be spent taking intensive language lessons in French, Italian, and German.
The journey will hopefully begin by sailing on the Queen Mary 2 from NYC to the U.K., and then spending two months in London getting our footing.
If we find that we're miserable after a year, we'll do something different. That's the beauty of it. Total flexibility.
Seems doable, though you will need to watch the money closely. I have never found Airbnb at $50/night, but perhaps you have. You don’t have any money budgeted for the intensive language lessons you mentioned....
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Transportation budget is probably too light (for 2). Hopefully you can find a used car to buy and keep in a low cost country. That will be more reasonable than daily buying transportation options (except in cities / parking).
Furnished Flats rent for <$1000 / month in small villages within 1 hr of city (via train). That will probably be your best option. Join Servas.org BEFORE you leave USA (free lodging WW since 1947)
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