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There are many reasons to move away from the U.S. during your retirement years. One of the most important is that your money will buy you more. Another big reason is inexpensive health care and affordable prescription drugs.
The laws of various countries should influence those planning on living there as some penalize the wealthy and others make it difficult for those that are not wealthy.
Other important factors to consider are the crime rate, the distance from your home in the U.S. if you plan to return often to visit friends and family and, of course, the lifestyle you are seeking.
List what is important to you as this should influence your decision:
- Climate: Hot, cold, temperate; do you want a beach or mountains or both?
- The arts: Museums, opera, symphony, ballet, theater.
- Sports: Do you wish to play golf, tennis, ski, run, bike and do you wish to be able to watch professional or amateur sporting events?
- Healthcare: Do you have medical problems that require you be near a hospital that can provide quality care? Do you need prescription drugs regularly?
- Cost of living: What can you afford to pay for your monthly comfort? What kind of lifestyle do you plan? Luxurious, Simple, Moderate?
- Language: Are you comfortable in a country where English is not the native language and perhaps is not spoken or understood by many of the natives?
- Can I bring my pet with me? Some countries have long quarantine times and some simply do not allow you to bring your pet with you.
Below we cover some of the possible destinations that meet some or several of these criteria, but we urge you to do substantial research as well as spend time in the location you think you wish to retire to prior to your actual move. Every country has its pluses as well as its minuses.
Many U.S. Citizens are retiring to Central and South America. Housing as well as the cost of living is usually substantially less than in the states. Costa Rico is one of the countries that has a large contingent of retirees. Costa Rica allows U.S. citizens registered under its pension system to pay into the country's social-security system. Less than $40 a month qualifies you for full hospitalization and pharmacy coverage.
Many retirees in Costa Rico use the local public-health administration as a backup for emergency care and rely on private clinics for most of their care. The immigration office is difficult, and many have reported it is next to impossible to get a landline phone in a reasonable time. Costa Rico, however has its share of violent crime and, as Forbes reported (Oct. 22, 2008), it also has it share of land title scams.
Land scams are prevalent in many countries where Americans plan their retirement. In Mexico's Baja peninsula a few years ago, many U.S. retirees learned that deeds on their beachfront property were not valid as they did not meet certain provisions of a national-security statute that permits only citizens to own land on Mexico's coasts
Millions of Americans have retired to Mexico but depending on where you live the crime rate has risen to dangerous levels and some retirees have been forced to hire bodyguards for protection.
Belize, Panama, Honduras and Nicaragua also have a good sized population of U.S. retirees and they actively court American retirees by offering tax-free status to anyone willing to buy or build a house there.
Moving to Brazil is great choice as it is relatively inexpensive and has much to offer with regard to climate and amenities but Brazil's murder rate is four times that of the U.S.
Excellent an inexpensive health care is available in France. Insurance companies there are prohibited by law from dropping you or raising your premiums. Thailand also has good quality and affordable hospitals and Thailand's "O" visa is available to any American retiree with at least $24,000 in the bank and a minimum of $1,935 in monthly income.
Australia is a particularly good choice for many Americans as it is relatively inexpensive, English is the native language and it offers most of the amenities retirees are seeking; however Australia’s "investment retirement visa" requires that an immigrant have at least $56,000 in annual income ($43,000 if you settle in a rural area) and you must be prepared to invest a minimum of $650,000 locally ($430,000 in a rural location).
If you are traveling to Australia click below for a directory of links to almost every area you can think of
If you are wealthy you might consider New Zealand, Switzerland or Singapore. Their policies and laws work well if you have money and the same can be said for Great Britain.
FORBES has created a list of ten top countries for Americans retiring abroad.They considered costs, safety, medical care, ease of obtaining a visa, political stability, public transportation and availability of flights home. Their winners: Austria, Thailand, Italy, Panama, Ireland, Australia, France, Malaysia, Spain and Canada.
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