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I must be one of the crazies who wouldn't mind paying US income tax if residing abroad although I wouldn't LOVE it. No, what I hate shelling out for is ridiculous medical insurance and the related expenses. Since we retired four years ago, our pension fund has plummeted to half what it was, my home has lost $100k in value and our medical insurance has gone through the roof. In just four years! We haven't gone anywhere, purchased anything major or indulged in our fantasies. We did everything right and had to stand by and watch our future go down the drain.
If we don't do something, we could run out of money in ten years. I'm 'only' 55 and didn't plan on eking out an existence just to pay Blue Cross/Blue Shield $700 bucks a month. That's with a $1,500 deductible and twenty percent co-pay. Oh yes, and when I first got this policy, the monthly was $500. It went up by $200 a month in only two years. I am bitter about this. I love my country but can't afford it.
I'm with you on the health care costs. I personally worry a great deal about the US government going bankrupt if we don't do something *very soon* to rein in medical costs.
That said, the European countries have cheaper (and probably equally effective) medical care, but they've got a 19% or 20% "value added tax" on just about everything (often including food). The mass transit is great, but it is also expensive.
So, I guess my point is, the US has its rip offs and other countries have theirs.
You need to be careful abot where you settle. Colon is possibly the most dangerous city in the world, and Panama City is somewhat dicey. However, outside the canal area, Panama is quite safe and friendly. Boquete, in the highlands near the Costa Rica border is developing rapidly as a retirement center. Panamain beer is pretty good, too.
I lived in Boquete, it is beautiful and perfect weather, but real estate is quite expensive.
I'm with you on the health care costs. I personally worry a great deal about the US government going bankrupt if we don't do something *very soon* to rein in medical costs.
That said, the European countries have cheaper (and probably equally effective) medical care, but they've got a 19% or 20% "value added tax" on just about everything (often including food). The mass transit is great, but it is also expensive.
So, I guess my point is, the US has its rip offs and other countries have theirs.
Medical costs are insane in the U.S.
OBESITY in the U.S. has an emormously large impact on it...it's a topic that very few Americans want to actually address though. The healthcare system is already a disaster, but the obesity epidemic just significantly compounds it.
Monaco. It must be the safest country on Earth. The income tax is zero. Unfortunately, you have to be a decamillionaire or hectomillionaire to live there.
Thanks for all the ideas. I looked at the Taxes link and I think I will subscribe to that International living. It will probably help me make a educated decision.
I have good things about Croatia also so it looks like there are many places to consider. I just know I am tired of paying an arm and a leg for taxes so this American is taking my tax money and leaving as soon as I can. Thanks for the ideas
Are you looking for a retirement place? Croatia is BEAUTIFUL! If this is a real option, I'd like to know more about the details (are foreigners allowed to own real estate? They're not in some E European countries.)
US retirees have abandoned Panama (price of real estate has risen beyond most people's ability to pay), Guatemala (crime/war), Mexico (drug activity spreading), Costa Rica (locals have become hostile to foreign residents in some areas), and have re-settled in Ecuador. Land is still cheap in some areas, there are good beaches, though the expat communities are in the highlands.
All EU citizens can own houses in Croatia. Americans can own houses here too, but with some bureaucracy included - an American must obtain a document called consent for acquisition of property from Republic of Croatia’s Ministry of Justice.
If I may add, Croatia is diverse when it comes to climate, ie we have freezing winters here in Zagreb, the south is warmer but also very seasonal - no eternal sunshine, palm trees and cocktails
I ve been to s pedro sula and walked around town
At night 4am to 6am, nothing crazyly dangerous
Actually 3 well dressed guitarists where playing on the street
In front of few people and i enjoyed the show...
UOTE=jtur88;6110054]There isn't any country in the world where a moderately prudent person's risk of being murdered is significaint. Everywhere, your chances of being killed by a drunk or otherwise incompetent driver are many times higher than your chances of being murdered. It is very foolish to take such a tiny risk into account in a major life decision. Just stay out of bars at closing time in San Pedro Sula, and you'll be fine. Risk always rises, everywhere, after dark, even in the WalMart parking lot.[/quote]
You know the Tax Burden in the United States is one of the LOWEST in the WORLD?!?!
Only 7 Countries in the world have a lower tax burden.
[url=http://en.wikipedia.org/wiki/List_of_countries_by_tax_rates]List of countries by tax rates - Wikipedia, the free encyclopedia[/url]
The idea that U.S. Citizens are overtaxed is delusional. Especially when you look at the benefits we get - like toll-free public roads that don't absolutely suck.
You want a warm beach with low taxes, you also get crappy roads, sub-standard health care and corrupt police. Congratulations! Low taxes. Sure you are much more likely to get killed in your sleep or in your car, but at least you can take the tax savings with you.... oops.
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Stupid
