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FAQs About Retiring or Moving Overseas

Kathleen Peddicord by Kathleen Peddicord
Sep 05, 2008
in Retirement/Living
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A lady on a beach under the sun knows that "retire overseas" is shorthand for the opportunity on the table.
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It’s Not Only About The Money

Attendees at the “Retiring Abroad…A New Place To Call Home” session at the AARP Life@50+ event in D.C. yesterday had questions:

“When buying real estate in another country, how do you know that you’re getting the correct title? I mean, what title do you want? Is it the same as in the States?”

Ideally, you want freehold title. And, no, not all property in all parts of the world is sold freehold. Sometimes it’s sold leasehold. Sometimes it’s sold as rights of possession.

Sometimes it’s sold by someone who doesn’t own it.

In some parts of the world, the history of ownership of a piece of real estate (that is, the title) can be complicated.

Don’t try to sort it out on your own. Engage the services of a local attorney with experience helping foreigners buy property in that country. And make sure he’s your attorney (not the developer’s attorney, not the seller’s attorney, not your agent’s attorney…you want to hire your own, independent guy).

And invest in title insurance. It’s available now in most markets where you’d want to buy (including Panama, Nicaragua, Costa Rica, Belize, Uruguay, Argentina, etc.). It costs less than 2% of the purchase price. And it buys you peace of mind. I recommend First American.

“How do I know these places you’re recommending are safe? I mean, look at what’s going on right now in Thailand. How do we know a place is stable…and will remain stable?”

There are no guarantees, of course, and none of us can see the future. You do your research, you visit and scout in person, and you make a determination. Is the place “stable” enough for you?

Paul Terhorst reported the other day that Thailand, for example, “unlike in Europe and the Western democracies, enjoys a small, ineffective government. No checks in the mail, no welfare state, no half-trillion-dollar deficits. The government can self-destruct—and does so with some regularity—without anyone really noticing…”

Administrations come and go regularly and sometimes dramatically in Ecuador, as well, for example. For Ecuadorians, this isn’t instability…it’s the way of government.

Know yourself. What are you comfortable with? If you want absolute stability and peace of mind, consider peaceful, orderly Uruguay, say, or Belize.

On the other hand, if you’ve the stomach for it, remember that local political troubles can translate into opportunity.

As Lief wrote this morning to remind me (after reading discussion in our Mailbag this week about the current troubles in Thailand):

“People thought I was crazy for going to Argentina 10 months after their financial crisis back in 2001. There were still riots (organized protests, really) in the streets of Buenos Aires. Wasn’t I worried for my safety, people asked?

“I used common sense, and, no, I wasn’t concerned about my safety. I was a little concerned, though, that if I didn’t act quickly I’d miss my chance. Real estate prices had already begun going back up by the time I hit BA. I arrived maybe 10 weeks after the absolute bottom…”

“As an American abroad, do I still have to pay U.S. taxes?”

You still have to file U.S. taxes. Every year. No matter your country of residence and no matter how long you’ve been living outside the States.

However, you may not have to pay U.S. taxes. That is, you may not owe anything to Uncle Sam. Depending on how much money you’re earning each year and where you’re earning it, once you take into account the earned-income exemption for Americans abroad and other deductions and exemptions you may be eligible for, you may well find yourself living U.S. tax-free.

But that is not to say…it is never to say…that you’re free of your U.S. tax filing obligation. The key is to understand the distinction between having a tax filing obligation…and actually paying tax.

“Will I owe taxes in the country where I’m living?”

This depends largely on your residency status. If you’re a full-time legal resident of a country, then, yes, you’ll acquire a local tax obligation…in addition to your U.S. tax obligation if you’re an American. Again, though, that is not to say you’ll owe tax. You’ll be required to file a local return, but, depending on your level of income and where and how it’s sourced, you may not actually be liable for any tax.

“What would my life be like, living overseas?”

I have no idea…and the only way to find out is to get up now and make the move.

I can tell you this, though: Every day abroad will bring new experiences, discovery, and adventure. A fellow reader explains it well in today’s Mailbag. See below.

Kathleen Peddicord

P.S. From D.C. late yesterday afternoon, I took a taxi north to Annapolis, Maryland, to spend the weekend with my daughter, who this week commenced her second year at St. John’s College.

When I was last here, two months ago, the streets of Annapolis were awash with tourists. But that was summer, and summer officially ended in this part of the world last weekend. Now, the Middies are in residence at the Naval Academy, and the Johnnies, as they’re called (including my daughter), are installed at St. Johns. And, I’m pleased to report, they must all be chained to their study desks, for I saw nary a soul as I meandered the brick-paved lanes of old town last night…

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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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