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Home Retirement/Living

Budget For Making A Move Overseas

Kathleen Peddicord by Kathleen Peddicord
Feb 17, 2011
in Retirement/Living
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The Capital Costs Of Launching A New Life In Paradise

We write all the time about how much it costs to live overseas, providing detailed budgets for expenses in different locations we recommend.

But…what does it cost to get there in the first place?

“This is all very enticing,” a reader wrote this week, “but what about the getting-started bundle? How much does one need to launch this kind of an adventure? Will it cost me US$5,000…US$10,000…US$25,000?”

As with any budget, there’s no one-size-fits-all live-overseas capital budget. The variables are great. Bottom line, though, your up-front investment in a new life overseas can be very controlled.

If you know you want to move full-time, you’ll have to invest in a residency visa. This can cost US$1,000 to US$2,500 per person, depending on the country and whether or not you engage the help of an attorney or manage the process yourself.

In some countries, Panama, for example, an attorney is required. You can’t submit a residency visa application without one.

If, though, you want only to dip a toe…to take living overseas for a test run before you commit…you can forgo both the cost and the hassle of the visa application process.

I recommend always that you rent first. To do this most places in the world, you’ll need your first month’s rent and another month’s rent for a security deposit. Some places may ask for a third month’s rent (the final month) in advance, as well. You can figure this expense, depending on how much it’s going to cost you to rent the kind of place you want in the neighborhood where you want to be living in the country where you’re looking to move.

If you want to bring all the comforts of home with you, you’ll have to pay for shipping. This can be a big expense (shipping a container-load of furniture across the Atlantic costs about US$10,000, for example)…or a small one (if you simply check two or three extra suitcases or packed boxes on the plane with you).

Rent furnished, and you can avoid this expense, too.

I don’t recommend shipping a car with you wherever you’re going. Often, you’ll find it inappropriate for use in your new home. Friends years ago shipped a van from Canada to Nicaragua and regretted the decision almost immediately. Nicaragua’s roadways chewed that van up and spit it out in a matter of months.

You might also find that it’s hard to find parts or experienced labor for repairs and maintenance for your imported vehicle, depending what you import where.

And, depending on the country and your residency (or non-residency) status, the import duty for a car can be significant.

Better, if you need a car in your new home, to buy it locally.

We just bought a new vehicle here in Panama City.

New to us. It’s a four-year-old Toyota Prado. Our experience in Panama has taught us two things:

First, any car you drive here is going to sustain regular damage. Traffic on the crowded streets of Panama City is a free-for-all, and fender-benders are everyday occurrences. We were involved in four in the past year (with our previous vehicle). You can’t avoid them, because, frankly, Panamanians drive like lunatics.

Second, if you intend to travel in Panama beyond the capital, you need a four-wheel-drive SUV. Anything else is silly.

Thus the pre-owned Prado. Buying new seems foolish, as no vehicle stays like-new for long. Buying Prado made sense, as they’re common. Any guy in any garage can manage a repair in an emergency.

Best case, of course, would be to avoid car ownership altogether.

In that case—assuming you’re relocating part-time at first, to try a place on for size…renting rather than investing in the purchase of a new home of your own…not bothering to import anything other than what you can carry in your checked luggage…and moving someplace where you won’t have to invest in a car—what does your total relocation budget amount to?

Your rental deposit…and your plane ticket. A matter of a few thousand dollars.

You can keep this really simple.

Kathleen Peddicord

Tags: 'Cost Of Retiring Overseas''Retire Overseas Budget'
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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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