Retirement in another country? Factors to consider
Posted on January 4, 2020
Living in another country after retirement is a good option for those who are willing to consider the move. If you want to stretch the money you have put aside for retirement, then moving to another country can be a good option. You can benefit from a lower cost of living and may not even be required to pay as much taxes as much as you would in your home country.
What are the things you should consider before moving to another country for retirement? Which are the best countries to settle down after retirement? This post will give you the answers.
Things to consider before moving to another country:
These requirements will vary from country to country. You should find out if you will need a visa to live in the country. On your entry to the country, you are basically a tourist and will need to get a residency visa if you are planning to settle down in the country.
Before you leave your country to ensure that you complete all the paperwork so that you have the required documents such as birth certificates, marriage certificates and proof of income.
- Find out about safety:
Before you decide to settle down in another country, you must do your research on how safe the country is. You must find out about political stability and travel restrictions in the country before you decide to settle down.
- Check if you are eligible to own property:
Many countries impose restrictions on foreigners owning property or how it can be used. You must review the rules and restrictions and your property rights in case you decide to buy any property.
4. Visit first, rent before buying:
Before you zero in on a country to stay after retirement, it is advisable to visit the country once or twice to get an understanding of how it will be to live there like a local. It is advisable to rent a house and live in the country to see how well your decision is working out before you buy a property.
- Learn the local language:
You will need to learn the basic language skills before you move in so that you do not sound like an outsider and it becomes easier for you to settle down once you move in. Functional knowledge of the local language will help you.
- Healthcare services:
Find out about your access to health services. France, for instance, gives access to healthcare services for both residents and expatriates. Many countries require to have health insurance if you are applying for a residency visa.
Best countries to live post-retirement:
International living releases an Annual Global Retirement Index which highlights the best countries for retirement every year. The ranking is based on several factors including the renting cost, living costs and the climate of the country.
Other factors are visa and residency requirements, ease of buying property, entertainment options, development and infrastructure of the country etc. The top ten countries in the list for 2019 include eight Spanish speaking countries located in Central and South America.
The top five countries that had the highest cumulative score across all categories were:
1. Panama- The country offers a low cost of living and provides numerous benefits to retirees.
2. Costa Rica– Apart from a low cost of living, the country offers good healthcare amenities.
3. Mexico- With its proximity to the US, the country scored the highest for entertainment, amenities and for setting up residency in the country.
4. Ecuador- The winning factor for this country is its climate. The other positive factors are low rents and consumer prices.
5. Malaysia- The country is on the list for its low cost of living and attractive amenities for retirees.
Popular Places to Retire:
Apart from the list released by International Living, here is the list of popular places retirees prefer to settle down in order of preference.
- United Kingdom
Moving to another country post-retirement can be an option to consider provided you do the proper groundwork to ensure you have a peaceful and happy stay in the country of your choice.