Now that I have sold my business, in the spring I am thinking about retiring to another country like Mexico, Belize or Costa Rica. However, I really haven't started my research on doing it yet. Does anyone have expertise or thoughts on this, especially regarding tax implications and other pluses or minuses? Considering that I meet the income requirements, is there an advantage or disadvantage to dual citizenship or surrendering my U.S. citizenship, especially in Mexico (I have my eye on a little house on the Caribbean coast). Would I lose my Social Security and Medicare? If I marry a Mexican National, do I automatically become a citizen of Mexico? Part of my speculation on this is daydreaming and part of this is serious considering our economic / political situation. Thanks in advance for keeping the replies serious.
Our economic and political situation? I mean, I know the economy is bad, and we're going into a recession, but you DO know that it'll get better, right? Now if you just want to retire on a beach, sipping tropical drinks, and looking at the senoritas in bikinis, more power to you, but a short term economic or political situation shouldn't really drive major life decisions.
Chilling on the beach is a very real goal, but I am also looking toward stretching my retirement dollar as far as possible. (Yes, I do have fears that my life savings will be redistributed, but that is not the key to my research. Lloyd's, for instance, will not allow offshore banking to U.S. citizens but they will for Mexican, Belize and Costa Rican citizens.)
I know nothing about it, but it sounds like a blast. What type of business did you own, out of curiosity? Personally, I'd go a little further south then Mexico. Belize, Costa Rica, Honduras, Panama. For some reason, I'd look at Costa Rica and Honduras first. I've been to Belize...it was great, but from what I read, Costa Rica and Honduras are better. I just don't like Mexico all that much...and on the Caribbean coast, I'd definitely keep in mind hurricane season.
I could see myself retiring in New Zealand. But for some dumb reason, my wife wants to move back to her home, Hawaii. Jeesh...I never get anything cool. Good luck thumbs. If you play your money just right in this crappy economy, you might just come out so far ahead that you could buy one of those little Carribean islands and build your own little beach hut.
Freight brokerage -- sold out to my partner. The hurricanes don't bother me. I've been through enough of them to do without electricity for a while as long as there is potable water. Besides, the Mexican Gulf Coast is so much closer to Texas. (I'm told I can get the Rocket games there but I'm unsure of any other country.) Bandits in Mexico and Honduras concern me while Costa Rica and Belize are relatively safer. Money goes further in Mexico, Honduras and Guatemala, but I'm not keen at all on Guatemala. In any event, a safe offshore bank is crucial, but I'm not sure if I must pay income tax in both countries and what the rates would be in the adopted country. I was hoping somebody in here might know.
thumbs, Wife and I have given this a lot of thought. (wife knows all the details, I just pay for the rent & flight ) We actually rented a apartment in Mexico for 6 months because we were going down there so much. Our ideal place is Ajijic, south of Guadalajara about 45 min. It sits high in the mountains on the north side of Lake Chapala and is surrounded by mountains on three sides. It has a 12,000 population with 6,000 being Americans/Canadians. There are oodles of other communities...even one called San Antonio ... that surrounds Lake Chapala The relationship between the two cultures is wonderful, almost symbiotic. Everybody tries to speak the others language, but I fear they speak a lot better English than we speak Spanish. Oh, and it's REAL easy to make friends (like attracks like) The streets are cobblestone, which is real nice when a horses come around. It use to be cheap to own a home, but crap, things do change. If you're modest you should be able to find something reasonable You need to make at least $1,000 a month. If you're a couple, I think it's $1,500 mo. You can own land (though not on the coast), but if Mexico goes nationallistic, be prepare to loose it. (don't quote me on this) Living around Guadalajara would be idea because it has the largest international med school (I think) and is well known for inexpensive health care. If the wife and I do choose to retire outside these united states, Ajijic Mexico would have to be our first choice
You might want to read this first: The New Retirementality: Planning Your Life and Living Your Dreams....at Any Age You Want by Mitch Anthony
Thanks, I will put Ajijic on my research list. The mountains make me think "cold" -- and I hate to be cold -- but the climate would probably cut down on the bug problem. New Zealand and Australia would eliminate the communication problem and the women might even find my Texas accent "cool," but they are half a world away. There would be no running home on long weekends. I wonder if AussieRocket gets the Rocks via satellite.
Amazon.Com has it listed in paperback for $13.57. I'm going to Halfprice Books Saturday so I'll give it a try. Thanks.
Don't they get a lot of rain -- I mean daily rain. Also, aren't they still mad at us for that little Noriega blowup? Of course, I had almost forgotten that in the early 70s I used to chase chicks in the discos with the Panamanian consul's son. Now I can't even remember Raul's last name. Goodness, I am getting old.
Agreed. That is why I am looking for the "gotcha's." On the surface, Mexico, Costa Rica, Belize and even Honduras looks pretty do-able.
If you are still working then try to move there with a job. Once there it might be easier to stay rather than move there with nothing.
Most countries have a 'retirement' option, that would makes it easy for someone over a certain age with a decent nest egg to immigrate for retirement.
I promise I will move with a little bit more than nothing -- if I escape before our new tax system empties our pantries. I hope I am wrong ... I'm sure I am wrong ... but I am hesitant until I find out for sure about how extensive the coming redistribution of wealth will be.
