ShareThere are many excellent reasons to enjoy a complete change of scenery during your retirement years. However, there are also many issues to evaluate before selecting a destination and making a move. Carefully consider all the questions below to help ensure you'll love your retirement country and home.
Residency
What are your visa options and are there any restrictions?
Housing
What are the costs associated with buying (or renting)? Are there any restrictions on foreign ownership? How does financing a home purchase work in a particular country? (an all-cash transaction may be preferable)
Taxes
What are the income tax rates? (for U.S. citizens, foreign income is also taxable in the U.S.) What should you budget for property and sales taxes?
Second Career
Are there any restrictions on accepting a local job? Or starting a new business?
Healthcare
Will you have easy access to quality care? At what cost (including medical insurance)? If government healthcare is offered, does this extend to foreign residents?
Other Financial
What are the potential impacts of currency fluctuations? Will you have easy access to banking services? Are there restrictions on moving money in/out of the country?
Safety
Will you feel safe? Is the country’s government stable?
Language
Will you be able to communicate easily with locals and/or are you willing to learn a new language?
Climate
Will you enjoy year-round living? Or would you prefer a seasonal retirement?
Transportation
How easy is it to fly in/out of the area and to get around locally—whether in a car, on foot, or using public transportation?
Telecommunications
Will you be able to communicate easily with friends/relatives back home, and enjoy in-home entertainment, etc.? This will depend on access to high-speed Internet, cellular service, and potential time zone differences.
Things to do
Does the area offer good dining options and entertainment venues? Access to recreational activities? The ability to meet people, both locals and other expats?
Shopping
Will you be able to purchase familiar and/ or new grocery items? What are the local retail shopping options? Will you be able to receive online shipments?
Ready to make a move?
A Certified International Property Specialist (CIPS) is part of a worldwide referral network comprised of elite property professionals from 48 countries. Ask a CIPS designee to put you in touch with a reliable global professional who is local to your desired destination. Having a real estate professional with oversees experience can make a world of difference when buying property in another country.
Visit nar.realtor/why-cips