Quick Hints To Prepare Overseas Retirement
Have you ever thought of overseas retirement? This usually comes to the mind of those nearing old age and wanting to start afresh with their lives. It sounds very rewarding, right? In reality, it only becomes rewarding when all its wealth management strategies and planning have been accomplished properly. Here are the major things you must settle to just that.
Decide On The Country Of Your Choice. Say, you have three countries in mind. Choose which of them seem most comfortable for you to live. Would you be staying in the rural or urban area? This is key in overseas retirement. As much as possible, do not limit your knowledge about the country of your choice to online researches. Take weeks of vacation over there. Observe how daily activities of living transpire in that side of the world.
Would you be renting or buying your own house over there? If you plan to live in one particular place, buying a house might be a great option to your list of wealth creation strategies. But if you want to explore the different parts of the country, renting is better. Seek legal counsel before you sign a contract for any of the two. Ask a trusted local to give you suggestions on where you can find the ideal places where to rent or purchase a house.
Know How Living In A Foreign Country Will Affect Your Taxes. What would be your source of income as a retiree? Say, you have a pension release trust and social security funds. Apart from that, do you have a business or a relative that will provide added support? Your future local tax responsibility will depend on whatever income you have. There could be additions to this in consideration to other laws covering such situations. Again, seek legal counsel first.
Define The Extent Of Your Stay. This is very important when applying for a foreign residence visa. There are countries which are very strict on this. Do everything you can to meet the requirements in here. If things don't get right with the first country that you have chosen, consider your second or third choice countries. They might have easier requirements to accomplish.
Ascertain Your Health Care Options. Some soon to be retirees start as early as now to pay for the health insurance policies available in their chosen country. Some, on the other hand, just choose to pay cash for their future hospital or medical needs. This is especially true for third world countries where medical services appear affordable for foreigners. Keep in mind that whatever local insurance policy you have purchased can never be utilized in another country.
Estimate Your Future Funds. Analyze how much are you going to need for your overseas retirement. Should you sell all your current assets, would they amount to the money this requires? In addition to your daily cost of living, there are extra expenses which might come up. You cannot afford to be penniless especially at the age when you would no longer be fit to work. Decide how much your monthly budget has to be and prepare for it.
Decide On The Country Of Your Choice. Say, you have three countries in mind. Choose which of them seem most comfortable for you to live. Would you be staying in the rural or urban area? This is key in overseas retirement. As much as possible, do not limit your knowledge about the country of your choice to online researches. Take weeks of vacation over there. Observe how daily activities of living transpire in that side of the world.
Would you be renting or buying your own house over there? If you plan to live in one particular place, buying a house might be a great option to your list of wealth creation strategies. But if you want to explore the different parts of the country, renting is better. Seek legal counsel before you sign a contract for any of the two. Ask a trusted local to give you suggestions on where you can find the ideal places where to rent or purchase a house.
Know How Living In A Foreign Country Will Affect Your Taxes. What would be your source of income as a retiree? Say, you have a pension release trust and social security funds. Apart from that, do you have a business or a relative that will provide added support? Your future local tax responsibility will depend on whatever income you have. There could be additions to this in consideration to other laws covering such situations. Again, seek legal counsel first.
Define The Extent Of Your Stay. This is very important when applying for a foreign residence visa. There are countries which are very strict on this. Do everything you can to meet the requirements in here. If things don't get right with the first country that you have chosen, consider your second or third choice countries. They might have easier requirements to accomplish.
Ascertain Your Health Care Options. Some soon to be retirees start as early as now to pay for the health insurance policies available in their chosen country. Some, on the other hand, just choose to pay cash for their future hospital or medical needs. This is especially true for third world countries where medical services appear affordable for foreigners. Keep in mind that whatever local insurance policy you have purchased can never be utilized in another country.
Estimate Your Future Funds. Analyze how much are you going to need for your overseas retirement. Should you sell all your current assets, would they amount to the money this requires? In addition to your daily cost of living, there are extra expenses which might come up. You cannot afford to be penniless especially at the age when you would no longer be fit to work. Decide how much your monthly budget has to be and prepare for it.
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posted by Vittoria @ July 31, 2012
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