Retire Overseas: 10 Key Factors to Consider Before Making a Decision

CAN YOU HAVE A BETTER RETIREMENT ABROAD?

So, after years of work and accumulating some funds, you are ready to retire!

More and more people, literally millions, perhaps even tens of millions, are asking themselves where they want to live in retirement. They no longer take for granted, as people have done for centuries, that they should stay put where they are. Rather, they are realising they may have a far better life in retirement somewhere else.

WHAT ARE YOUR RETIREMENT PRIORITIES?

Your first thought should go into determining your priorities.

A few years ago, I was asking myself this exact same question for the very same reason, and I came up with 10 considerations that may give you a starting point.

CAN YOU HAVE A MORE LUXURIOUS RETIREMENT?

Depending on where you currently live, it is quite possible that you can find a spot where it costs half as much to rent or buy a home and living expenses are low. That doesn’t just mean saving money. It can translate into a much more luxurious lifestyle–a bigger home, staff to cook and clean, more eating out, and lots of other added extras.

A beautiful place where the lifestyle and the weather are better, healthcare is excellent and less expensive, and from which you can still travel to visit friends and loved ones easily.

This is not some dream of paradise but reality, and that is why many people look at living overseas very negatively.

DO YOU PREFER COLDER OR WARMER WEATHER?

First, I quite like winter and a bit of rain and wind, but I much prefer some sun, so I wanted somewhere with good weather for most of the year and a temperate climate–like Goldilocks, I wanted neither too hot nor too cold.

DOES THE STANDARD OF LIVING REALLY MATTER?

To me, that’s a big yes. As a result, I wanted a place with a high standard of living and a good lifestyle. Restaurants, shopping, plenty of recreational sports, and movies. A country that is beautiful and diverse with lots of things to see and do.

CAN I AFFORD IT? WHAT IS THE COMPARATIVE COST OF LIVING? WHAT ABOUT OTHER FINANCIAL CONCERNS?

Next, I wanted a good cost of living-something substantially less than London, Australia, the USA, and Hong Kong, where I had spent most of my working life. If your money can go much further simply by changing geography, it is surely a huge bonus.

Then, I wanted a place where I could invest some of my money, spread currency risk, and have resources onshore if needed. Additionally, a place with a good banking system that I could rely on.

SHOULD YOU CONSIDER TRAVEL AND HEALTHCARE?

I also wanted somewhere that opened further travel opportunities. A location to base myself, but with other interesting and easy-to-get countries in the region for some short trips.

As we get older, the importance of reliable and affordable  medical support gains tremendous importance. Tests and treatments to keep us fit and active. Hence, I wanted a location with an excellent and affordable medical system. Well-trained English-speaking doctors and all the equipment and pharmaceuticals are readily available.

CAN AN EXPAT COMMUNITY HELP?

Seventh, many of my friends who have retired find life a bit lonely. As a result, I was looking for both a welcoming culture in the destination country and one with a significant expat community. In retrospect, this was an important decision, as I have made many new friends and they have often given me experienced tips on how to resolve questions.

SHOULD YOU THINK ABOUT FAMILY AND FRIENDS?

I also wanted a locale from which it was easy to get back to my home country to visit family and friends, plus it was equally convenient for them to come to me–so no visa and passport issues, low costs for tickets and accommodation, a good airport, and plenty of flights.

The infrastructure of my new home was also obviously important. Good internet was essential, as were a phone, electricity, water, and other basic logistical factors.

IS THIS PLACE ACHIEVABLE? WHAT ARE THE VISA REGULATIONS LIKE?

Tenth, and finally, it needed to be somewhere accessible. A country with simple legal requirements for long-term visas and even permanent residency.

I suggest you see how important each of these factors is for you and evaluate your options. Don’t just look at the standard retirement programs – they often have significant drawbacks.

WHAT IS YOUR RETIREMENT PLAN?

HAVE YOU THOUGHT BEYOND SIMPLE RETIREMENT VISA PROGRAMS? 

If you’re considering retiring overseas, it’s important to research all your options and understand the legal and financial requirements involved.

For more information on retirement and residency-by-investment programs, visit https://harveylawcorporation.com/retirement-visa-programs/ and https://harveylawcorporation.com/citizenship-and-residency-programmes/. Our team is also available to answer any questions you may have and help you make the most of your retirement. Contact us today to learn more.

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