THE MAIN REASONS AMERICANS RETIRE OVERSEAS

This is part one of a two-part article. In this first paper, we look at the main reasons Americans, and those of other nationalities, choose to retire overseas.

In part two, we examine a series of options, including a number you may not have considered, and how they deliver against some of these reasons.

DO YOU HAVE A RETIREMENT PLAN?

 You may want to retire, and you may want to consider living abroad. You need a proper retirement plan and that starts with a little self-interrogation. What are your concerns? What are you looking for? 

WHY YOU SHOULD CONSIDER RETIRING OVERSEAS?

Every year with a brief hiccup for COVID, around 4,000 high-net-worth individuals from the United States renounce their citizenship or residency rights and move overseas.

The numbers highlight a growing trend of retirees moving abroad, though most of course do retain their citizenship. By some estimates more than 5 million Americans have retired to another country.

In our experience there are 7 common profiles, often overlapping or combining, that define 95% of retirees considering moving overseas.

WHAT ARE THE REASONS SOME PEOPLE RETIRE OVERSEAS? 

First are those seeking somewhere with nice weather – mild winters and warm summers are wonderful, this in turn tends to lead to a relaxed lifestyle where a pair of shorts or jeans is your most common attire, and golf, the beach, fishing, and similar pursuits are a preoccupation. 

CAN I GET THE MOST OUT OF WHAT I HAVE SAVED? 

Second, are those conserving funds. Many destinations have a cost of living that may be as little as one-third that of the US. Suddenly your retirement money that was merely adequate can comfortably afford a luxury residence and even domestic staff, with ample left over for eating out and some travel. 

CAN I SAVE ON TAXES BY RETIRING OVERSEAS?

A related third group is concerned about tax. Quite simply some popular destinations for retirees are tax havens. This is a major focus for the still small percentage that are renouncing their citizenship. 

CAN I GET GOOD MEDICAL CARE AS A RETIREE OVERSEAS?

Another group is concerned about current or future medical costs. In the US, particularly if your health insurance is inadequate, this can quickly be financially crippling. Some of the destinations we will mention have superb medical systems, at a similar level to the United Sates, but at a fraction of the cost.

CAN I TRAVEL ONCE I AM RETIRED OVERSEAS?

If you are living overseas, it would be nice to travel around and see some of the neighbouring countries you have never seen. Many nations, depending on your type of visa can give you visa free access to a number of surrounding countries.

In Part 2 of this article, we will look at some destinations to examine more closely.

If you would like to find out more about retiring abroad and visa options, you can look at https://harveylawcorporation.com/citizenship-and-residency-programmes/

Harvey Law Group with offices around the world, including in the United States, has more than 30 years’ experience in immigration law.

To schedule a consultation, email us at [email protected]