Forbes Top Ten Foreign Retirement Destinations (pension, grandparents, moving, Canada)

[Teak]

This just in, Forbes magazine has listed the following as their top ten foreign retirement destinations:

1. Austria
2. Thailand
3. Italy
4. Panama
5. Ireland
6. Australia
7. France
8. Malaysia
9. Spain
10. Canada

Interesting for me for I live in #8, Malaysia. What they say about this country is:

Exotic mix of Chinese and Islamic culture, welcoming to retirees, low costs and spectacular coastline make Malaysia a strong contender for the budget-conscious seeking a retreat, but also increasingly for the wealthy wanting an Asian tax haven. Kuala Lumpur is not the easiest place to live in, but, for health care reasons, avoid straying too far into the beautifully remote islands.

Downside: racial tensions and emerging-nation infrastruct

I am puzzled by the "emerging-nation infrastructure" dig.

best-retirement-havens: Personal Finance News from Yahoo! Finance

[brightdoglover]

Austria?! Heavens, my ancestors went to quite a lot of trouble to get outta there!
I know it can be hard or impossible to move to another country if you want to emigrate and work. If you're bringing assets and plan to retire, it it different? Wouldn't you still be expecting to sign up for the local health insurance/needs?
Interesting list, thanks.

[Bob-666]

I think Forbes assumes its readership to be rich ! To qualify for a retiree's visa to Australia for example, you need to invest A$500,000 in government bonds, have an additional A$500,000 in assets, have a pension of A$50,000 pa and comprehensive private medical insurance. After all that the visa is only good for 4 years then you have to re-qualify to extend it. Piece of cake if you're a millionaire otherwise forget it !

[Teak]

Originally Posted by Bob-666

I think Forbes assumes its readership to be rich ! To qualify for a retiree's visa to Australia for example, you need to invest A$500,000 in government bonds, have an additional A$500,000 in assets, have a pension of A$50,000 pa and comprehensive private medical insurance. After all that the visa is only good for 4 years then you have to re-qualify to extend it. Piece of cake if you're a millionaire otherwise forget it !

Malaysia has lower investment requirements, but yeah, Forbes does seem to target the bankers, lawyers, and trust funders for its readership. Perhaps they should come out with a Top Ten list for middle- to lower-class retirees:

1. Central Mississippi
2. Northern North Dakota
3. Bangladesh
4. North Korea
5. Afghanistan (might have some abandoned villages where property is, well, cheap)
6. Zimbabwe
7. Haiti
8. Kaintuckee
9. Albania
10. The Moon (NASA might be looking for volunteers for a manned lunar station)

[Boompa]

Originally Posted by Teak

This just in, Forbes magazine has listed the following as their top ten foreign retirement destinations:

1. Austria
2. Thailand
3. Italy
4. Panama
5. Ireland
6. Australia
7. France
8. Malaysia
9. Spain
10. Canada

Interesting for me for I live in #8, Malaysia. What they say about this country is:

Exotic mix of Chinese and Islamic culture, welcoming to retirees, low costs and spectacular coastline make Malaysia a strong contender for the budget-conscious seeking a retreat, but also increasingly for the wealthy wanting an Asian tax haven. Kuala Lumpur is not the easiest place to live in, but, for health care reasons, avoid straying too far into the beautifully remote islands.

Downside: racial tensions and emerging-nation infrastruct

I am puzzled by the "emerging-nation infrastructure" dig.

best-retirement-havens: Personal Finance News from Yahoo! Finance

Forbes Lists seem to be made up by first year journalism students

[goat1of2]

Is there anyone out there who moved from the U.S. to retire in Canada? I'd be interested in hearing your experiences. Since all my grandparents were originally from Canada, it would almost be like "going home". Well, almost.

[Windwalker2]

I've heard that American retirees are not welcome in Canada because of fears we would use too much of their national healthcare since we don't have it here. Medicare won't pay outside the US.

[goat1of2]

Originally Posted by Windwalker2

I've heard that American retirees are not welcome in Canada because of fears we would use too much of their national healthcare since we don't have it here. Medicare won't pay outside the US.

Yes, you are right. After I made that post, I decided to answer my own question. I went to the official Canadian immigration website. Basically, there's no way I personally would qualify unless I had a close relative willing to sponsor me. It makes sense, of course, as they know Americans are desperate for medical care, especially as they get older. They also know that we think nothing of pulling up roots and moving thousands of miles on a whim!

Guess I'll just have to offer myself up as a mail-order bride to some guy in the Yukon!

[kevxu]

Originally Posted by Boompa

Forbes Lists seem to be made up by first year journalism students

No, the Forbes list is made up for its readership, and that readership is not composed of Joe Sixpacks or any of his near relatives.

Wait till the National Enquirer publishes its list, and then we will have something everyone can get his teeth into.

[somwhathip]

Interesting comments, all. The Forbes article is pretty interesting, and obviously aimed at pretty affluent crowd. My pick for people with more normal resources would be Panama -they use the US dollar, very stable government, lots of places to live for expats.

If you are thinking about the expat life, check out my 10 tips to consider before you retire abroad,which was inspired by the Fortune article