Retire Abroad

Retire Abroad

Some people retire abroad simply because another country has “caught their fancy”. Other people retire because what may be a barely sufficient income in their home country can let them live in luxury in another country. Depending on conditions in the home country, the real estate in another country may or may not be a bargain. There are many issues to consider.

Sometimes the cost of servants is really cheap. One may be able to have a housekeeper and a gardener for about the same price as one would pay for the homeowners dues in a condo. Be very careful about employment requirements in other countries. In some countries the cost of discharging a worker can be a years salary or more. Some places require that an employer provide pensions or other benefits. Having servants is not an optional item in countries where a property cannot be left unattended. There are many places where this is the case.

Receiving retirement income can also be a problem in some cases. One should be absolutely sure that their retirement income will continue if they expatriate. The mechanisms for receiving the payments should be examined carefully as well. Provisions must also be made for medical care. When figuring the comparative costs of living in one place or another be sure to consider travel to visit children, parents or other relatives.

Taxes are always a major consideration when living abroad. Will taxes be payable in more than one country? Is there a tax treaty between the countries? Many countries offer special incentives to retirees. The retirees are beneficial to the economy because they add contributions to the local cash flow without taking a job from a local person.

These are only a few of the considerations one needs to make when expatriating. A carefully planned move can greatly improve one’s lifestyle. A poorly planned adventure can possibly have the opposite effect.




David Segrest is a REALTOR in Charlotte, NC

David S. Segrest, CIPS, CCIM, TRC, CEA
david@segrestrealty.com
http://www.segrestrealty.com
Serving the world in the Carolinas, Serving the Carolinas in the World