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Why You Need to Consider Retiring Abroad

You can find so many reasons why you need to consider retiring abroad. Those reasons include a cheaper living costs, better weather conditions, healthier lifestyle, reduce tax bill, and affordable healthcare. This is true. There are places all over the world where you can now significantly lower your living costs while increasing your quality of living, affording bit of luxuries which are most likely not possible to do back home. Examples are a full-time maid, a cook, perhaps a gardener, and frequent nights out and weekend escapes.

The only concern when you think about the idea of starting a new life in a completely new nation is to ensure that you’re relocating for your own personal reasons, and to ensure that you can make money overseas online. On this initial phase of your adventures abroad, it is important that you are honest with your own self and, consider if you are making the move on your own or along with your partner. 

You cannot find any one-country-fits-all overseas retirement haven. It’s a matter of priorities and comfortability. Your reasons why you are thinking about living abroad at this point of your life may be completely different than other people at your age.

Retired people in the U.S. at this time encounter a serious problem. 66 percent of Americans are worried that they will outlive their financial savings, and an incredible 21 percent have actually zero dollars saved to invest in this phase of life. This is why making money overseas online, is an excellant idea to help in your retiring abroad venture.

Furthermore, the expense of quality retirement living choices in United States of America is rising. The disturbing truth is that many of individuals working now have no capacity to afford retirement at all. While wealthier retirees may find great places within U.S., you may still have good options to retire even you have limited money. If you try to ask us where and how will you manage to afford to retire, well try to expand your geographic perspective.

Financial systems fall and then restore; worth of real-estate and stocks drop and then go up again; economic meltdowns appear and disappear. Situations of life change. The moment living gets intolerably hard in one location, go on to another. This is the trick to reaching you ultimate dream retirement.

You don’t need to resign yourself to lowering your quality lifestyle during this vital stage of life. There is no need to plan for 2 or 3 decades of scraping by and making do. Try to think outside your own borders. Try this, and you find out possibilities for a totally new and much better life accessible for a good deal of price. There are may things you can do to earn money while living overseas.

Destinations such as Cayo, Belize, Panama, Algarve, Portugal, Medellin, Las Terrenas, Dominican Republic; as well as Abruzzo, Italy, the issues and challenges in the U.S, Canada and may European contries is the expenses of living, housing, and medical care seem a long way away. All of these and several other wonderful, safe, and frequently super-affordable locations provide practical, desirable options for Americans approaching the retirement age seeking to find out how they could make it through this stage of life.

Among the best places is Panama. Panama remains to be a relatively young country and has its increasing pains, however it has created a lot of progress already and it is going into the right direction. There are lots of options for residency, expense, and exploration. It has proven that we could live comfortably for a lot less cash and much less stress. We spend less living in Panama, however we also bring in income, generate jobs and open up brand new opportunities for Panamanians. All these reasons and even more is the reason why Panama is really a great destination to retire. 

All of these aren’t just the reasons why you have to pursue a life abroad. One more good reasons is seeking great adventure. We look ahead to discovering where it leads us next. Experience the various dishes, enjoy different and beautiful views, and welcome the new opportunities with open arms. You will definitely find your whole lifestyle changed, your thoughts challenged, and expectations dashed. Heading off abroad can be the smartest thing you ever do. Take your life abroad and you will face the greatest adventures that lie straight ahead.

Are you looking to move over seas.  Check out how to make a living overseas.

To your success,

Rod Taylor
Affiliate Marketing for Expats

The Best Places to Retire Abroad

When it is time to choose a retirement place, most Americans decide to stay or move within their own state. However, this should not give up the option of looking for the best places to retire abroad. The truth is, a lot of countries provide a better quality lifestyle in a more affordable expense and add in fine weather, wonderful landscapes and amazing culture with no cost at all.

The problem may be your finances, and you may need to ask yourself, how to make money living abroad?

We’ve listed places according to the following factors: overall living costs, tax issues, easiness of getting residency, outdoor and cultural facilities, local climate, security, local hospitality, English language, as well as ease of returning to U.S. A few appealing countries, such as Canada, United Kingdom and Switzerland, are merely too hard for Americans to retire that’s why they are off the lists.

Political stability is one issue. As time passes, countries really change. Croatia and Colombia once had heavy baggage but now they are in our lists. Nicaragua on the other hand, which was recommended previously, is now not in the lists. Similar to the U.S., a few nations are a mixed bag, however it’s easy to stay away from these bad destinations. One example is in Mexico where specific border cities are troublesome, while the Philippines needs to deal with turmoil in distance provinces.

Your personal tastes will decide what factors you have to consider. Internet video services such as Facetime, Skype and Facebook messaging make it possible for you to easily stay in touch with friends and loved ones with no costs at all. However, when flying back home is needed, then far-flung locations such as Australia, Philippines and Malaysia may not work. As an alternative, think of Panama, Mexico, Dominican Republic or Costa Rica.

Doing your own due diligence seems to be very important. You’ll find lots of factors to consider other than we mentioned above. For you to check the feasibility of a possible home, you can consult the web and social media and conduct some solid research.

Facebook has lots of groups manage by expats residing in particular nations around the world. In case it’s a closed group, send request to join up, see the posts and inquire about living costs, crime rate, methods of moving funds, issues in transferring personal assets like a vehicle, and some other issues. Similarly, in the modern times of easy blogging, it’s really quite simple using a Google search to locate blogs composed by expats managing day-to-day living concerns.

The procedures of getting a permit differs country by country. A few need the procedure to begin with an application to the country’s U.S. embassy, while some require an application only if the retired person comes in the particular country. However, all of them need loads of accurate documents, often translated to the foreign country’s major language. A few expats employ the service of a lawyer in order to understand the procedure. In many places you will not be able to work in that country so you will need to discover how to make money overseas online.

Nearly all nations need evidence that the retired person has a minimum yearly earnings coming from sources such as pensions, Social Security as well as investments, however these earnings are generally small. For instance in Colombia, the qualification is $19,000 annually for a couple. $24,000 in Costa Rica and in Australia a net worth of $600,000 yearly.

Tax matters could be quite perplexing and generally need expert advice. The U.S. is the only developed country which taxes its citizens no matter where they live or work in the world. U.S. Citizens residing overseas receive an exemption from U.S. taxes for gained earnings of around $105,900 in 2019. However, these earnings should be coming from work and not from investments, including rental properties. It increases the odds of double taxation.

Most of the time, the U.S. allows a tax credit for income taxes paid or accrued to a foreign country. Other nations don’t tax the income from overseas to expats which implies important income channels such as Social Security, pensions and income coming from U.S. investments may be free from foreign tax. Thus, the U.S. created a tax treaty to avoid double taxation between countries such as Australia, Ireland, France, Malta, Italy, New Zealand, Mexico, Thailand, Spain, Portugal and Philippines.

Medicare doesn’t include healthcare services offered abroad. Nevertheless, retired persons living in countries near the U.S. such as Costa Rica, Belize, Dominican Republic, Mexico, Guatemala and Panama could use Medicare by going back to the states, particularly for major treatments. Expats from foreign nations must present proof of medical care insurance as a condition for residency. However, the insurance costs, exhibiting the reduced cost of health care overseas, are lower compared to U.S. We hope this article helped in your quest for the best places to retire abroad.

To your successful expat journey

Rod Taylor

AffiliateMarketing for Expats.com

Advantages and Disadvantages of Moving Abroad

Moving abroad is a decision that must not be taken lightly. For some, it is the best decision they’ve ever made in their entire life. What they only feel sorry about is that they didn’t move sooner. While some simply can’t adjust to the new life they have in their new country.

I will also address the subject of how to make money living abroad.  When you move to another country, you may not have enough saved up to sustain you for the rest of your life, so you need to learn how to create an income overseas that can sustain your new expat life.

Have a look at the advantages and disadvantages for moving abroad. You will uncover the numerous rewards that you will definitely enjoy…and also the drawbacks as well.

Advantages

Living Costs

Among the main reasons why a lot of people are considering to relocate abroad is simply because they could live well for cheaper costs of living compared to back home. Many nations within Central America can make you live well for about $1,500 monthly. In Asia, it could be much less. You will be amazed how cost-effective Europe could be, even in countries like France.

Prices for rental, property taxes, medical care, utility bills, food, and others could be a small part of what you are paying now. Your retirement savings or pension could go a lot further. You will be enjoying living in your dream spots, near to pristine shorelines, in well-preserved colonial communities, or at a hillside with landscapes of green forests and farmland.

Good Quality and Inexpensive Medical Care

Considering the commotion involving health care and insurance protection in the U.S., relocating abroad could be a good option for U.S. citizens. In several countries, expats who end up as official citizens gain access to a government-run healthcare program, which offers incredibly affordable yet high quality healthcare services.

You can also find private centers and hospitals featuring all of the most modern procedures and treatment methods at almost half of the price in the U.S. Affordable private insurance solutions are available too. Having a recurring medical problem isn’t really a barrier to retiring overseas.

Excellent Weather

For many years, people coming from the northern countries of Canada, United States and Europe would retire to locations such as Arizona and Florida in order to get away from dreary winter season. With no trouble of traveling and affordable costs, why don’t you go farther south?

In the tropics, you will enjoy the warm weather all year long. For a few people, the coasts are extremely humid and hot, however you’ll discover places such as Panama Highlands, Medellin, Colombia and Costa Rica’s Central Valley having spring-like seasons throughout the year.

Exciting Activities

Perhaps you haven’t travel that much when you were working in the past because of obligations or financial situation which stops you from traveling. However, once you are living abroad you’re experiencing an adventure of a lifetime. Once you have figured out how to earn a living online while travelling, you may never go back to your home country. You’re discovering brand new spots, encountering new cultures and different languages, interacting with folks from all parts of society, and much more. No matter whether you’re hiking in a tropical jungle around Panama, walking the frenetic streets of Hanoi, or savoring an espresso within an Italian piazza – it’s a fun filled experience to all.

Disadvantages

Culture Shock

You were living your entire life in a single culture, it could be a little bit of an adjustment whenever you move overseas. Most of the people all over the world are friendly and welcoming, as well as very helpful to newcomers.

However there are differences in the environment that you need to adapt. For instance, Latin American cities and towns are busy and noisy. Woofing dogs, deafening parties, vehicles – they are all part of the experience. Concepts about private space are extremely different in other countries too. Not to mention, the food items and goods you see in shops, along with local cuisine, can be quite different.

Also you will discover bureaucracies difficult to process in case you are acquiring a driver’s license or opening up an account in the bank, with apparently arcane requirements.

The majority of expats have already adapt to this new lifestyle. This noisy neighborhood festival.- why don’t you join the fun?

Lack of Sustainable Income

I have met too many expats that thought they could live on just their savings or pensions, but really are not living very well.  You want to be able to do some travel, ear at nice restaurants, spend some time at a resort, not just sit around in your expat little house.  Learning how to create an expat income, becomes essential to a happy expat life.

 Language Concern

Except if you’re visiting an English-speaking nation, such as Belize, you’ll need to know a some of the language of the country you are moving to..

In numerous nations, local people can converse some English. In much more tourist-friendly places, and expat communities, you could survive without knowing the local language. However, to get a richer and more satisfying experience, it’s a good idea that you attempt to know the local language.

Leaving Your Friends and Family

You increase your social network over a very long time of using. Being an expat, you’ll develop close connections with new people you meet up with, with other expats as well as residents. However you need to get away from your friends and family.

Thankfully, with affordable flights to numerous locations worldwide, it becomes possible for you to fly back home for special events or vacation holidays. You can even use technology such as Skype and FaceTime to do video calls at no cost to your kids or grandchildren. Furthermore, having global mobile phone plans and services such as MagicJack, it’s easy to keep in touch.

Summary

Becoming an expat and living in the place of your dreams is an excellent experience.  Knowing how to sustain that lifestyle, with the knowledge of earning money while living overseas, will make your journey as an expat all that much a better experience.

 

Rod Taylor
Join me in my Affiliate Marketing for Expats Program

From Canada to Panama, My Expat Move

​Back in 2009, I was already an established internet marketer, working full time at home, and making a full-time living.  At the time my home was living in Vancouver, Canada.

My biggest problem that I was facing, was although I was making 100k a year, I had not much money left.  In Canada, all levels of taxation take up 50% of your gross income.. Gross!

I knew many online marketers, and started to realize, that Tim living in Thailand, was actually British, and Thomas in Costa Rica, was originally from Australia. So it was only then, I realized, I could continue my online business, anywhere in the world, as long as I had a computer and internet connection.

So my search started. I started researching countries that I thought I may like to live in, I researched their climate, people, permanent residency requirements, and of course taxation systems.

I learned some interesting things.  There are only 2 countries in the world, that tax their non resident citizens, the United States and Eritrea.  This is called Taxation by Citizenship.  The majority of countries in the world, have taxation by residency, meaning you pay tax in the country that you reside in.

What I found most fascinating, is counties that use a territorial tax system, like Hong Kong, Singapore, Costa Rica, Belize and Panama, among others.  A territorial tax system, is basically you are taxed income sourced in that particular country. Here is a great resource on Countries by Taxation.

So putting two and two together, I realized that I was from a taxation by residency country, and if I moved to a territorial tax country, and now all my online income is foreign income, so no tax to Canada, and no tax to the new country.  Life is sweet!

Over the next year, both my parents passed away, and being single at the time, there was nothing holding me back to Canada, so I took the plunge, and chose Panama and my new home.  I moved there in October 2011.

Life as an expat here is great.  After trying out the city life, and the beach life, I ended up in a little mountain town in the western rain forest of the country.  The internet infrastructure here is great (of course I check that out first), and I have continued to grow my online business as an expat.

I have gained permanent residency, and plan on attaining a second passport next year, which I have always found intriguing​. Living where I do in Panama, we are in a tropical country, but at 1500 meters up in the mountains, the temperatures range from 16 C at night to 25 C daytime high, every day of the year.

I have met many “digital nomads” living in Panama, doing all kinds of business online, from affiliate marketing, dropshipping, and even professional poker players, maybe its the tax thing 🙂

I still like to visit Canada, some family and friends as often as I can, but with the cost of living in Panama being 1/3 that of Canada, and me keeping 100% of the income I earn, I find myself travelling to other great places also, as I have the time, and the money.

So if you are considering becoming and expat, and if you are trying to figure out how to earn extra money overseas, please take a look around my blog for more information.

Rod Taylor