Retiring abroad might sound like a dream—and for many, it is—but there is a long list of considerations to make and tasks to tackle before packing the suitcases. Here are 3 things to plan for when planning to retire abroad.
Retiring abroad might sound like a dream—and for many, it is—but there is a long list of considerations to make and tasks to tackle before packing the suitcases.
The couple moved from the U.S. to Ireland 25 years ago, then to Paris, and now splits their time between Paris and Panama. Their daily newsletter has 500,000 readers interested in moving overseas, and they have six other newsletters with niche topics, like buying real estate or diversifying investments.
Panama, for example, had a residency program for people from 50 predetermined countries, who would qualify just from being from those countries. That rule changed last August. Now, visitors from those countries looking for residency must make an investment of $200,000 in real estate or get a job offer to stay.
In Europe, each real-estate agent has their own listings, so people looking to purchase property would be best served by meeting with multiple agents, Peddicord said. “They’ll try showing you whatever they have but you’re seeing a slice of the market of what’s available,” Peddicord said. “No MLS puts a big burden on the buyer.
Managing investment and retirement accounts can be a bit more complex. The money is still stored in whatever plan retirees had been saving in, but many brokerage houses no longer view these investors as Americans when they move abroad, Simon said. Americans moving outside of the U.S. should maintain a U.S. address if they can, for this reason, he added.
That said, although retirees may want to assimilate in their new country, the couple recommends keeping many U.S.-based financial aspects intact, such as credit cards. Getting a credit card in another country isn’t necessarily simple, especially as newcomers have no credit score in that country, and limits tend to be much lower than Americans would find with their U.S.-based cards.
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