Freedom… security… special benefits… a reduced cost of living… a new life… a new start… a better retirement… a grand adventure…
These are all great reasons to be thinking about living or retiring in another country.
A new life overseas can come with big upsides, from tax advantages and exemptions, to discounts and savings on everything from travel and meals out to medical care and prescription drugs, from more safety and better privacy to great weather and a whole new circle of friends… new neighbors, a new community, a new future…
This isn’t rhetoric. This is just the start of the benefits of seeking out a new life in a new country.
However, the trouble with some paradises is that they make it difficult for foreign residents and retirees to enjoy what they have to offer. The simple truth is, not every country welcomes foreign retirees or expats.
On the other hand, some countries make it far easier than others. And some roll out the welcome mat, offering benefits, discounts, and other perks that can be very exciting. Some countries, in fact, right now, are working hard to woo you, competing to get your attention.
This is why, as you progress in your thinking as to where in the world you’d like to launch the new life you’re dreaming about, I strongly recommend that you consider all your best options. Start with the life you want to create for yourself, then look at all the countries where that life might be possible.
Consider and compare the legal requirements and, very important, the advantages and the benefits of foreign resident status in each one. Then choose the country where you can live the life you want for as long as you want, enjoying the many benefits and privileges of being a foreign resident.
That’s freedom. That’s peace of mind.
An American residing abroad could live 100% tax-free. Depending on your situation, you could owe no tax in the United States… and, depending where you choose to reside overseas, you could owe no tax in that country either.
As I said, this can get very interesting… and exciting.
As a resident retiree overseas, you could also enjoy discounts on medical care and prescription drugs…
You could be exempted from import duty on your personal belongings and household goods… your car… perhaps even a new car every several years…
You could save money on everything from the purchase of your dream retirement home on the ocean to dinner out and in-country airfares…
You could even acquire a second passport
.
This is all completely legal and safe. More than that, it’s smart.
Right Now, This Is A Smarter Idea Than It’s Ever Been
The secret to all this, to realizing all the benefits and advantages I’ve been naming and to taking control of your life and your future, is establishing residency in another country.
Being a resident of another country—and especially carrying a second passport—can open so many doors for you. Depending on where you branch out, you can find yourself rewarded with privileges like…
A lower tax bill—so you get to keep more of your hard-earned income and savings…
The freedom to hold a bank account in another country where an American citizen would not be welcome to do so (unfortunately, in the current climate, the list of countries where this is the case is growing longer each month)…
The liberty to cross more international boundaries (and, in some places, to avoid the high reciprocity fees that are imposed on Americans—right now, for example, U.S. citizens must pay a US$160 fee, based on reciprocity, to obtain a tourist visa to land on Brazilian soil.
Not being tied to a single economy. If things turn sour in one of your homes, you can comfortably weather the storm in another…
The opportunity to work or set up business in another country. (Without an EU passport, for example, good luck, fellow American, trying to find a job in Europe.)…
All This Begs The Million-Dollar Question: Where?
Where should you think about establishing residency and perhaps obtaining a second citizenship and passport?
How do you find out which country (or countries) make the most sense given your situation? As a resident of which country will you have the freedom to live, work, and play as you wish?
Looking at the question in the broadest geographic sense, you have 180+ choices for places where you could establish residency and, perhaps, consider obtaining a second passport. Again, trying to choose among the options can set your head spinning.
There’s no shortage of information on these options available on the internet. Some of it comes at no small cost… some is free… but can you trust it?
While there are 200+ countries in the world, not all of them are appealing as places to establish residency and not all of them offer the opportunity for naturalization and a second passport.
Looking at the world map in this context, 48 countries stand out, including:
- Six places where you could work your way to citizenship in as little as three years (five to eight years is more common around the globe)…
- Some of the world’s top banking havens where Americans are still welcome to open an account and enjoy privacy…
- A place that welcomes foreign residents with open arms and special benefits for retirees—and that also offers a developed infrastructure, a low cost of living, and overall a great quality of life…
- Places of political and economic stability—where you can enjoy greater freedom than you do right now and for a much lower day-to-day cost…
- Ideal places to start your own business, however big or small, with a friendly tax regime and special incentives for foreign investors…
- Even places to live tax-free (even if you’re an American)…
If your budget is modest and you’re simply searching for a place to enjoy your retirement years, to stretch your retirement nest egg, to reinvent yourself and have a grand adventure at this important stage of life, then you’ll be happy to know that there are eight best choices in this case, places where you could enjoy a far richer lifestyle… for a fraction of your cost of living back home… without worrying about a dwindling nest egg.
As a qualified “retiree resident” in places overseas, you can:
- Get a mortgage from a local bank—up to 80% loan-to-value, in some cases…
- Have your spouse, children, and parents live in the country with you, under the same terms as your “retiree” status (in other words, a couple could reside in this haven but be required to meet the income requirement only once)…
- Hold a part-time job (up to 20 hours a week for those over the age of 50) or have a local business…
- Pay tax only on locally earned income (any pension, interest, dividend, etc., income from foreign sources would not be subject to
local tax)…
- Qualify for special discounts on services from health care and health insurance… to airfares and public transportation… from movie tickets to sporting events… and from doctors’ visits and prescription medications to closing costs on your new condo…
Launching a new life overseas is a chance to live better for less and to realize every dream you’ve ever had for your retirement.
It can be a chance to enjoy tax advantages and exemptions, as well as dramatic discounts and savings on medical care and prescription drugs.
It can be an opportunity to live more safely, enjoying better privacy and great weather.
You could have a life of freedom… security… and peace of mind.
You could make a new start… build a better retirement… launch a grand adventure…
It is not overstating things to say that all of this is possible.
Establishing residency in another country can be the critical first step.
Kathleen Peddicord
