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NEWSLETTERS
By William P. Barrett
2019
William P.
Barrett
BIO
A journalist for nearly five decades, Bill has /@williampbarrett
written for Forbes since 1987. He primarily
covers personal finance, taxes, retirement F /williampbarrett
and nonprofits. He is the author of the novel,
OFFSIDE: A Mystery. Bill also blogs regularly at web
New To Las Vegas.
When it comes time to pick a retirement spot, the majority of Americans end up
staying put, or moving within their own state. But that doesn’t mean you shouldn’t
at least consider the option of retiring abroad. Fact is, many countries offer a high
standard of living at a much lower cost and throw in good weather, great scenery
and fascinating culture at no extra charge.
More Americans have been not just considering, but actually making, the big
move. The U.S. Social Security Administration reported it’s now sending checks to almost
700,000 people living in foreign countries.
That’s a steady 40% increase over 10
One advantage of just years. Of course, not all Americans
Australia
The world’s only single-country continent, Australia offers
friendly people speaking English, stable politics, low crime
and a warm, often dry climate featuring lots of beaches.
Cost of living is moderate. Health care is reasonably priced,
but private insurance is a must. Australia doesn’t discourage
retirees, but they generally have to meet stiff financial
requirements. This includes a net worth of at least $600,000 for
a couple. Australia doesn’t tax foreign income of expats, and a tax treaty with the
U.S. bars double taxation. Trips back to the States are direct, but very long—14½
hours from Melbourne to Los Angeles. Top retirement locations include Brisbane,
Melbourne and Adelaide on the south coast, and Tweed Heads and the Sunshine
Coast on the east coast.
Chile
Some 2,650 miles from north to south, Chile has a varied
range of inviting climates—dry, wet, snowy, subtropical,
mountainous, beachy—with a reasonable cost of living and
a growing number of U.S. retirees. Health care is good and
far cheaper than in the U.S. Politics are stable. Crime rate is
low. Knowing Spanish is a big plus. Retirees are not taxed on
pensions and Social Security income during early years of residency,
but a tax treaty with the U.S. against double taxation has not been ratified. Retirement
visas are relatively easy to obtain upon showing of a minimal income source. Plane
trips back to the U.S. usually require a stop or change and are long. Among popular
retirement venues: the coastal cities of Vina del Mar, La Serena, Iquique and
Valparaiso; the capital Santiago, and the Lake District wine region.
Costa Rica
Costa Rica remains a bug light for U.S. retirees, with its lure
of broad beaches on two oceans, lush scenery, a tropical
climate, stable politics, low crime and affordability. Health
care in the larger cities is good and cheap. Knowledge of
Spanish is helpful but not essential. The country encourages
expat retirees upon a showing of minimal pension or Social
Security income. The U.S. and Costa Rica do not have a tax treaty
avoiding double taxation, but Costa Rica does not tax foreign income of retirees.
Miami and Houston are three hours away by nonstop plane. Popular venues include
the mountain-flanked Central Valley plateau with spring-like weather year-round, the
worldly capital San Jose and the Pacific Ocean city of Santa Cruz.
Dominican Republic
The Dominican Republic offers retirees tropical Caribbean
weather, lots of golf courses and beaches, and a very low
cost of living. Politics have become stable. Health care is
considered good and affordable. Serious and property crime
can be a problem in certain areas. Knowledge of Spanish is
important. The country encourages retirees upon a showing of
minimal sustainable income. Pension and Social Security income
are tax-exempt, but there is no tax treaty with the U.S. against double taxation. Plane
trips to the U.S. are quick: 2½ hours to Miami. Good spots include the northern
beach cities of Las Terrenas and Samaná; Punta Cana on the eastern tip, and the
capital Santo Domingo.
France
Famous for its food, France also offer retirees high-quality
health care at low prices, albeit paid through private
insurance or out of pocket. Cost of living varies widely but
gets a lot cheaper away from Paris. Knowing some French is
essential. Taxes are high, but there is a tax treaty with the U.S.
against double taxation, and France does not tax U.S. pension
and Social Security income. Obtaining a long-term visitor’s visa
allowing year-round stay is difficult but doable. Flights back to the U.S. are nonstop.
Besides Paris, popular retirement spots for U.S. expats include Bordeaux, in
southwestern France, or Lyon, near the Alps.
Ireland
Famously green and beautiful, Ireland offers much to U.S.
retirees. English is widely spoken, and politics are stable.
Flights back to the U.S. are quick and cheap. The cost of living
is not low, although the countryside is a lot cheaper than
tony Dublin. Health care is good and affordable with private
insurance that expat retirees are required to get. Gaining
residency for retirement generally requires a stiff showing of a
substantial annual income: $110,000 for a couple. A tax treaty with the U.S. avoids
many double taxation issues. Inviting locations include the seaside village of Dingle in
the west and the coastal city of Waterford in the southeast.
Malaysia
Despite a steamy climate, Malaysia draws U.S. retirees for its
low cost of living, outdoor vistas and exotic mix of cultures.
English is widely spoken. Crime can be a problem. The
government makes it easy for U.S. retirees with a My Second
Home program that includes long-term visas. It’s even feasible
to buy real estate. There’s no tax treaty against double taxation
with the U.S., but Malaysia doesn’t tax foreign source income. Plane
trips back to the U.S. can take upwards of 19 hours. Health care is adequate, at least in
the bigger cities. Private health insurance is a must. Expat retirees are found in George
Town, on the Straits of Malacca, and Kuala Lumpur, the capital.
Mexico
With a nearly 2,000-mile-long border with the U.S., Mexico
affords Yankee retirees the ability to take advantage of the
U.S. Medicare system, even though Mexican health care is
adequate and inexpensive, especially prescriptions. Cost of
living is low. Other pluses include a warm climate and friendly
folks. A tax treaty between the U.S. and Mexico prevents double
taxation. English is spoken, but sporadically. Official permission
to retire in Mexico is relatively easy to come by. Serious and property crime can be
a problem, especially in some of the border towns. Return travel to the U.S. is quick
and cheap. Popular places include San Miguel de Allende, Puerto Vallarta, Lake
Chapala and Tlaxcala.
Panama
With a sunny, warm climate, Panama is like Florida on the
cheap, with affordable, high-quality health care to boot.
Crime rates are low. The country encourages U.S. retirees.
Although there is no tax treaty with the U.S., Panama does
not tax the foreign source income of retirees. English is widely
spoken. Plane trips back to the U.S. are quick. Expat retirees
are found in Boquete, a town in the highlands with a somewhat
cooler climate, and Panama City, the capital.
The Philippines
A tropical country spread over 7,400 islands, the Philippines
offers a low cost of living and English as an official language.
Health care is affordable. Crime can be a problem. Residency
permission for retirees is easy to come by. Foreign source
income is untaxed, and a tax treaty between the U.S. and the
Philippines prevents double taxation. A return trip to the U.S.
is a long haul: 15 hours or more. Retiree centers include Tagaytay, a
suburb of Manila, and Subic Bay, site of an old U.S. Navy base.
Spain
Sunny like Florida, Spain is a lot cheaper, particularly a few
miles away from the gorgeous coasts and big cities. Health
care is excellent. Crime rate is low. Visas for retirees are
relatively easy to get upon a showing of adequate annual
income, roughly $36,000 for a couple. A tax treaty between the
U.S. and Spain eliminates many double taxation issues. Knowing
some Spanish is a must. Nonstop flights back to the U.S. take nine
hours. Inviting venues include Malaga on the Costa del Sol along the Mediterranean
and the Orange Blossom Coast near Barcelona.
Uruguay
Nestled between Argentina and Brazil, Uruguay, with its nice
beaches, permits foreign retirees to use the national health
care system, although private health care and insurance is
quite affordable, too. Cost of living, while not low for South
America, is certainly lower than in much of the U.S. Knowledge
of some Spanish is helpful. Crime can be an issue. Long a stable
democracy, Uruguay makes retirement visas easy to get upon a
minimal annual income showing, unofficially, about $18,000. Most foreign income is not
taxed, which is good, since there is no tax treaty against double taxation with the U.S.
The climate has four seasons. Closer to the South Pole than Chicago, Uruguay is a long
way from the U.S. Plane trip to Miami is 9½ hours. The Atlantic Ocean coastal town of
Punta del Este is popular with retirees, as is the capital Montevideo.