More and more people are looking to the second half of their statistical lifetime as an opportunity to combine their talents and interests with their lifestyle and leisure goals. For many of this group, this opportunity may involve a permanent move into another country.
The most frequently asked question is also often the most difficult and time consuming question for people in this situation: "where should I/we retire"? This question is often closely followed by "how do I/we choose?"
The answer? You begin by identifying and organizing your priorities. Each jurisdiction offers its share of benefits and challenges. You need to weigh them against your list of priorities. The following list sets out 10 key issues to keep in mind as you create your list of priorities.
- Immigration/Residency Requirements. Not all countries have open immigration policies. In many cases, you will need sponsorship from a close relative to be allowed permanent residency and/or citizenship.
- Infrastructure. Not all countries have paved roads or high-speed internet.
- Climate. No climate is absolutely perfect, but be sure you know what you are prepared to live with (or without).
- Health Care. Consider availability, quality and cost.
- Safety and Stability. I think this speaks for itself.
- Culture. This is where the saying "When in Rome, Do As the Romans Do", comes to mind. Again, what is important here? Are you seeking the culture of your family heritage? How open are you to cultures radically different than your current location or upbringing?
- Cost of Living. In some cases, cost of living ties into infrastructure, taxation and health care. In most cases, there will be tradeoffs. While paradise might come at a low cost of living, be sure you know what tradeoffs you need to be prepared to accept.
- Cost of Real Estate. Although this also links into cost of living, be sure your research includes what is driving the cost of real estate in the jurisdiction and any impact that might have on your financial planning.
- Family Matters. Consider proximity to family, heritage, health (current and future) of your parents, your spouse/partner and yourself, etc. If you have children or grandchildren whom you wish to see regularly, this factor may have a high priority for you and influence your decisions accordingly.
- Taxation. Although taxation of income and assets (by countries where you have assets/income, the country of interest and in some cases your birth country) and other financial issues that may arise are very important, I suggest that they are best examined after you have made your quality of life decisions. For now, consider where this factor resides in your priority list.
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