Retiring to a third world county? (sales, real estate, 2009)

[msta999]

I have been reading an online magazine, which talks about people leaving the US, UK and other western countries to retire in third world countries. The reason is because you can live so much cheaper there. Anyone know of anyone doing this? I have thought of something similar, but I would do it before I reach retirement age. I guess the key would to have something going, so you have an income coming in. There are countries where you can live comfortably for as little as 500 a month.....so they are saying.

Retiring On $500 A Month | EFAM | Escape From America Magazine

http://www.escapefromamerica.com/200...-month-part-2/

My question is, do you know anyone who has done this? Is it working?

[Am Fil 1]

We plan on retiring in the Philippines especially after the current downturn in USA economy. Especially an alternative if one spouse is a dual citizen of Philippines

[somebodymiami]

not entirely, my dad lives in the bahamas, and gets paid more than working in the U.S, but th eliving cost are outrageous, he pays about 400 a month on electric, no a/c,hotwater,only fans, fridge, and lights.

he uses a gas burner, and water pump so water i s free, just cant drink it,just have to tie down your gas tank so they dont steal it.

[Tiger Beer]

Originally Posted by msta999

I have been reading an online magazine, which talks about people leaving the US, UK and other western countries to retire in third world countries. The reason is because you can live so much cheaper there. Anyone know of anyone doing this? I have thought of something similar, but I would do it before I reach retirement age. I guess the key would to have something going, so you have an income coming in. There are countries where you can live comfortably for as little as 500 a month.....so they are saying.

Retiring On $500 A Month | EFAM | Escape From America Magazine

Retiring on $500 a Month: How to Afford a Better Life in the Sun - Part 2 | EFAM | Escape From America Magazine

My question is, do you know anyone who has done this? Is it working?

I've lived outside of the country for about a decade.

Watch out for that website however...they have tons of overpriced real estate deals...mostly other foreigners who try to rip off other foreigners because they got ripped off themselves by other foreigners if you know what I mean!

Plus the majority of the articles are more like a sales promotion than any basis in reality.

All of that being said...the truth of the matter is that there are TONS of places to retire to all over the world. But if you were to do it, you should go to places personally, talk to people personally, and look around personally. Well, actually I'd say you SHOULDN'T buy any real estate abroad whatsoever...just keep your real estate in your home country, and RENT.

Rent is incredibly cheap abroad...do that for a year or so, and if you are still loving the place of choice, you'll come across great real estate deals at that time.

[El Rhino]

Even though it's 30+ years down the road, I plan on retiring in Uruguay or at least snowbirding for a few years there. Sounds like a nice balance between first world culture and third world prices.

[azoria]

Originally Posted by Tiger Beer

I've lived outside of the country for about a decade.

Watch out for that website however...they have tons of overpriced real estate deals...mostly other foreigners who try to rip off other foreigners because they got ripped off themselves by other foreigners if you know what I mean!

Plus the majority of the articles are more like a sales promotion than any basis in reality.

All of that being said...the truth of the matter is that there are TONS of places to retire to all over the world. But if you were to do it, you should go to places personally, talk to people personally, and look around personally. Well, actually I'd say you SHOULDN'T buy any real estate abroad whatsoever...just keep your real estate in your home country, and RENT.

Rent is incredibly cheap abroad...do that for a year or so, and if you are still loving the place of choice, you'll come across great real estate deals at that time.

But renting abroad can be very difficult due to residency permits and 90 day stay limits and such. Buying will often get you rights to reside.

[Bob-666]

I doubt if any country will allow a retired foreign citizen to live there unless they are wealthy otherwise what's in it for them ? Typically you will need to qualify for a 'retired person of independant means' visa or an investors visa each of which may have quite considerable financial requirements. For example, to retire to New Zealand (admittedly not exactly a third world country) the only visa I could possibly qualify for would be the investors visa which requires the applicant to invest NZ$1,000,000 in NZ government bonds. If anyone knows of countries with less stringent requirements that are not tropical swamps or war zones please let me know.

[Tiger Beer]

Philippines was a lot less...I think something around $100,000 investors visa..something like that.

Still though, I think a person really needs to spend time in a country on their tourist visas, even if they do several visa runs, and try to get a feel for a country.

Seems like too many people feel the need to just sell everything they own, and go buy something else sight-unseen from the internet or whatever...which is basically one of the least responsible things a person could ever do with their money.

[mikec34]

Originally Posted by msta999

I have been reading an online magazine, which talks about people leaving the US, UK and other western countries to retire in third world countries. The reason is because you can live so much cheaper there. Anyone know of anyone doing this? I have thought of something similar, but I would do it before I reach retirement age. I guess the key would to have something going, so you have an income coming in. There are countries where you can live comfortably for as little as 500 a month.....so they are saying.

Retiring On $500 A Month | EFAM | Escape From America Magazine

Retiring on $500 a Month: How to Afford a Better Life in the Sun - Part 2 | EFAM | Escape From America Magazine

My question is, do you know anyone who has done this? Is it working?

i've heard of lots of Canadians/Americans doing this. Phillipines, Thailand, and China, seem to be the popular places. YOu have to look into ownign property in a foriegn countrya nd if that gives a sort of green card, otherwise you will be stuck getting visas every 3-6 months (depending on the country).

Just like in the US your best bet is to marry abroad, then have your spouse buy the property. Usually working (very limited) will give you the required permit to stay withiout requiring continuous visa renewals. Then, after X amount of year, some of those countries will allow you to apply for a green card where you no longer have to work to stay. Really tough ordeal to make it your permanent residence. That's why many just have a summer home in these places and come back to the West.

[mikec34]

Originally Posted by Tiger Beer

Philippines was a lot less...I think something around $100,000 investors visa..something like that.

Still though, I think a person really needs to spend time in a country on their tourist visas, even if they do several visa runs, and try to get a feel for a country.

Seems like too many people feel the need to just sell everything they own, and go buy something else sight-unseen from the internet or whatever...which is basically one of the least responsible things a person could ever do with their money.

I agree. YOu REALLY have to stay for a month or more to get at least a general idea if you actually want to buy property and/or live there. Staying in a 5 star hotel does not count as living there either. YOu have to try and do normal things: buy groceries, do transportation, eat at the 'normal' restaraunts. Unless, of course, you are so filthy rich you can eat ham and eggs every morning in Manila.