Unlock a cheaper, more fulfilling life by going offshore.
Don’t hold yourself back during your retirement. Have the retirement that you can’t have at home by expatriating. Save money and all around enjoy life more.
Below are ten reasons to why you should take your retirement offshore and expatriate. For guidance for your retirement planning and going abroad, contact Alpen Partners below.
- Low Cost of Living
Living as a retiree does not have to be expensive. Some retirement locations are very expensive. If you want to free yourself from a hefty cost of living, you can get a high standard of living for way less in some popular retirement destinations offshore.
Many countries boast low costs of living. When it comes to retirement planning, you may be able to fit in a more active lifestyle when the cost of an apartment or home can be as low as one-third of what it may cost in popular retirement areas back home. Don’t take a hit to your lifestyle. Retirees that moved abroad have found that they’ve been able to live a life that they never thought they’d be able to because of how expensive it can be.
- Pay Lower Taxes
Are you sick of paying high taxes? Retirement should be a time to enjoy the wealth that you have worked hard for, not worrying about if you really saved enough to make it by.
By renouncing citizenship, you will no longer be subject to the tax laws of your home country and can enjoy life without the hassle of being taxed on money that you may not even be making in your home country. When expatriating, you may be required to pay an expatriating tax, like in the U.S., but that will be pocket change compared to what you’d be saving over the years.
- The Weather You Want
Forget about the cold and the rain, unless you love them, of course. Expat retirees get to choose the climate that is going to make them the most comfortable. Popular retirement destinations, such as Central America and the Caribbean, offer year-round warmth. For those who want as little bit of variation, European nations, like Portugal, have warmer temperatures with a bigger range of weather.
Why bother with snow if you don’t have to? Love the snow? Find a snowy mountainside to look at every day! Expatriating gives you the choice.
- A New Lifestyle
Expatriating doesn’t just have to be a good idea for your wallet. One of the best parts about spending retirement abroad is that individuals can pick the lifestyle they want to live. They are no longer bound by their local communities.
Different parts of the world offer a variety of climates and environments. Central America offers a warm climate all year long, while many countries have picturesque coasts, mountains, forests, and more.
Do you want to spend your retirement sitting on the beach drinking a cold drink out of a coconut? Or would you rather explore picturesque natural wonders? Maybe you want to eat delicious food and drink wine in the mountainside. There are no bounds to the possibilities of your retirement lifestyle.
- Learn Along the Way
It’s never too late to learn a new language, find a new recipe, or discover the beauty in a new culture. When taking your retirement abroad, individuals are challenged to try new things and learn for the entire duration of their journey.
By interacting with local communities retirees are learning about other worlds without even knowing it.
- Meet People Like You
Going offshore for your retirement is a wonderful way to meet like minded retirees who want to get out and live an active retirement. Many popular retirement destinations, like those in Belize and other Caribbean locations, have communities of expats that enjoy spending time together. Often times, these communities make lifelong connections, spend holidays together, and make retirement meaningful.
- Keep Traveling
Residency in a country other than your home nation can have its perks. For example, getting residency in Portugal, or other EU member state, allows for visa-free travel to other EU countries. Proximity also allows for easier travel. Additionally, with all the money you will be saving from the lower cost of living, affordable healthcare, and lower tax burden, it will be easier to take trips to nearby destinations.
- Affordable Healthcare
Not only is the cost of living lower in many expat locations, healthcare is also much more affordable. Don’t let the lower price tag worry you. The quality of the healthcare in many places around the world is first class.
There are also international health insurance policies that cover medical care in various parts of the world.
- You’re Not the First One
As an expat, individuals are never truly alone. There are global communities, both physical and online, that rely on each other for support. Taking life abroad is rewarding but comes with challenges that people have gone through before. Luckily, expats are generally willing to help one another succeed.
There are books, blogs, chatrooms, social media groups, and more, dedicated to making sure that fellow expats are living the life they deserve.
- It’s Easier Than You Think
Each country has its own rules and regulations when it comes to moving in. Some options include residency and citizenship that can be both temporary and permanent. Expatriation may involve acquiring a new passport and renouncing a citizenship. Acquiring a new passport or citizenship allows for various investment opportunities, as well as opportunities for travel.
For retirees, there are even programs for those looking to obtain a residency that is granted by just having a certain amount of income or proof of sufficient savings that can support a life in that country. Some can be as low as only $2,000 a month. Many retirement programs don’t require you to renounce your home citizenship, so visiting friends and family at home would be quick and easy.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more. No matter what expatriation route is chosen, it can be a powerful tactic to allow clients to gain better control of their financial and personal lives.