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Suppose taxes weren't an issue and you could comfortably retire in any country. Would you stay in the U.S or go international and if so where and why? Would SE Asia or Central America still be your #1 choice or somewhere else? Europe or Australia perhaps? Maybe a small island in the south Pacific?
I'm eligible to get dual citizenship in Hungary as both of my parents came from there in the late 50's. All of my family is there minus an aunt and descendants of my grandfathers brothers. I'd love to be able to do it one day.
Reality is my hub wants to go where it's warm. I love New Jersey and am scared to retire where they have various storms like Florida. I couldn't live knowing there are hurricanes coming for moths at a time.
I'm eligible to get dual citizenship in Hungary as both of my parents came from there in the late 50's. All of my family is there minus an aunt and descendants of my grandfathers brothers. I'd love to be able to do it one day.
Reality is my hub wants to go where it's warm. I love New Jersey and am scared to retire where they have various storms like Florida. I couldn't live knowing there are hurricanes coming for moths at a time.
We vacationed in Budapest last October and loved it. If I were in your shoes, I'd seriously consider retiring in Hungary especially if you speak the language. Budapest is 1st world, beautiful architecture everywhere, the hot springs are fantastic, the food excellent, and it's not expensive...again, we loved Hungary.
One reason I asked is that I have dual citizenship with the Rep of San Marino and even have a current passport from there, but the cost is overall expensive and I would struggle to afford it. It's very tiny with a pop of about 36,000 but has one of the highest GDP in Europe although not part of the EU. Even if I could afford it, I'm not sure I'd do it. Taking into consideration it has excellent medical facilities at no out of pocket cost to me, maybe it's something I should explore further.
Last edited by marino760; 02-06-2019 at 05:52 AM..
I would not stay in one retirement locale if money was not an object.
Id spend a few years on the Greek islands, a few years in Italy, a few years in Aruba, a few years in Hawai'i and so forth, id spend a few years here then move to a new locale and spend a few years there.
But, my primary suspect to retirement is to be near good medical facilities. No matter where I'd go. So many places may be out.
For instance, i cannot walk without a cane. I need injections, nerve blocks, and radio frequency ablation in my knees and back , and just injections in my hips, just so i can walk ok.
I'd not want to be somewhere where i couldnt walk around the area.
So ill stay here in the USA, a southern locale for retirement...near good medical.
Hopefully i can get my medical needs met, then travel to the areas i want for just a few weeks, i hope.
I would find my paradise right here in the good ole USA. DH and I have never desired to travel to other countries....plus best medical care right here. Summers in Maine.....no place more beautiful then that. Carolina`s in the winter.
I would find my paradise right here in the good ole USA. DH and I have never desired to travel to other countries....plus best medical care right here. Summers in Maine.....no place more beautiful then that. Carolina`s in the winter.
No disrespect meant, but how could you possibly make that claim if you've never visited (or even had the desire to visit) any other place in the world?
I have lived in Europe for work and have friends who work and live there as long as they can retain visas. I speak two languages well enough to get by even today although the first things I would do would be to get a place to live and a tutor.
After researching retiring overseas (Europe) I realized it wouldn't be for me because I would not want to live the ex-pat community life at all. And living within the original community/city/economy amongst native __fill in the blank___ would not work because I would always be an outsider. The American. The ex-pat. Not one of them.
Marrying a native would help. Having recent relatives might help. Immigrating while young might help, although my friends in Scandinavia who have lived there for decades tell me it is constant work to connect and stay connected within the native group. You are always the last one chosen sort of thing.
All the other issues are workable if you have the $.
Not to say that people aren't friendly or convivial but culturally it isn't the American melting pot concept.
Now if you want to live in some kind of ex-pat community with other ex-pat retirees, lots of people do. Seems the Brits are everywhere.
IMO and observation
Last edited by theoldnorthstate; 02-06-2019 at 07:31 AM..
First, I was responding to your comment about “... don’t get the tax issue. I have never heard of anyone’s retirement being derailed because of taxes.” Perhaps I misunderstood what you were saying but it came across as dismissive of the tax considerations.
Regardless, the tax implications of a move should be a consideration to every country as well as within the country. But, are they properly considered often enough in an international move? Not often enough, not clearly enough. Of course, some of the countries do not tax the foreign source income, so it is an easy matter. But, some other countries - definitely a number of the European countries - have tax laws which require the ex-pat/retiree to file the taxes. And, as US citizen, one is required to file the US taxes as well. I have only researched Germany and I know it is not simple. Even detailed information is hard to come by without actually hiring a tax expert and doing an assessment. And yes, it can become a major headache in retirement - depending on your assets and income. For example, the income on Roth IRA/401K is taxed in Germany while it is tax exempt in the US. Even the dividend income from IRA investments/401K holdings is, not certain, subject taxes on German taxes in the year it occurred whereas it is taxed at the time of distribution in the US. Somewhat different reporting considerations on other securities across the two countries.
So, taxes are an under reported considerations in these moves (you only have to look at the treads on CD to see hardly anyone bringing it up), and they can come back to bite you - hard.
A small addendum/correction: Even in situations where the foreign source income is not taxed by the country, it is often used to determine the tax rate. So, in filing the local (foreign country) tax returns - one needs to document the income from the US based assets anyway. Further complications are possible - such as mismatched tax years across US and foreign country...
For all this, there are tax professionals for dealing with it. But, one should ideally engage them before deciding on the retirement locale...
I have lived in Europe for work and have friends who work and live there as long as they can retain visas. I speak two languages well enough to get by even today although the first things I would do would be to get a place to live and a tutor.
After researching retiring overseas (Europe) I realized it wouldn't be for me because I would not want to live the ex-pat community life at all. And living within the original community/city/economy amongst native __fill in the blank___ would not work because I would always be an outsider. The American. The ex-pat. Not one of them.
Marrying a native would help. Having recent relatives might help. Immigrating while young might help, although my friends in Scandinavia who have lived there for decades tell me it is constant work to connect and stay connected within the native group. You are always the last one chosen sort of thing.
All the other issues are workable if you have the $.
Not to say that people aren't friendly or convivial but culturally it isn't the American melting pot concept.
Now if you want to live in some kind of ex-pat community with other ex-pat retirees, lots of people do. Seems the Brits are everywhere.
IMO and observation
I think your observations are spot on. Despite spending considerable time there as a child and young adult, having family there, being a citizen of San Marino, and speaking the language fairly well, I was almost always referred to as "the American". It wasn't derogatory but I wasn't one of them no matter how much I tried to be.
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