Have You Ever Seriously Considered the “Expat Lifestyle” – You Know, Daydreamed of What It Might Be Like to Live, Work Or Perhaps Actually Retire Overseas?
November 3, 2008 by Anne
Filed under Anne Holmes, Blog, Living, Travel & Leisure, Work, Money & Retirement
Do You Sometimes Have the Feeling That You Really Need to “Get Away From It All,” As In Take a Break From the World As You Currently Know It?
You know: you aren’t just dreaming of taking an extended vacation to some exotic locale, but you actually find yourself fantasizing about what it might be like to take up permanent – or semi-permanent – residence in another country?
Like that couple you might have recently read about, who decided to escape the rat race and retire abroad before they were even 40: They sold everything they owned, raised $500,000 and moved to an island in the Caribbean, where they’ve been “living happily ever” after for the last 18 years… and living like royalty, to boot!
Perhaps you, too, have wondered what it might be like to retire overseas: to trade in your expensive, traffic-clogged life for a quieter, more affordable one.
- Maybe you’ve imagined yourself on on a verdant, mountainous Caribbean island where you might find lush views out every window and sand crabs meandering across the roads.
- Then again, maybe you’ve seen yourself in somewhat more urban surroundings, perhaps dining on a fabulous three-course dinner with abundant wine, while attentive waiters linger nearby awaiting your next request. Could this be Paris? Or maybe you’re in Buenos Aires?
- Or perhaps you were so taken by the exotic scenery in the “Lord of the Rings” movies, that you like to imagine yourself riding horseback in the wilds of New Zealand?
No matter which is your dream, your getaway vision always involves somehow transporting yourself to entirely new and exotic surroundings:
- Sort of like Hemingway did decades ago, when he moved his authoring operations to Spain, land of bullfighting and sport fishing.
- Or maybe like what the Danish author, Isak Dinesen, did when she moved to Africa. (Remember, her story, chronicled in “Out of Africa,” begins: I had a farm in Africa at the foot of the Ngong Hills…” (What Boomer woman doesn’t remember the scene in the movie where Robert Redford helps Meryl Streep shampoo her hair while they’re out on safari… )
- Then again, maybe your vision is more like that of poet, cook and travel writer Frances Mayes, the real-life person whose story of buying a house in a foreign country was so well portrayed by Diane Lane in the movie, “Under the Tuscan Sun.“
Keep Reading If You’ve Ever Screamed, “Stop the World, I Want to Get Off.”
Moving – or even retiring – overseas is no longer a radical notion. More and more, Baby Boomers are looking into retiring offshore in an effort the get the most from their retirement dollars, while having the adventure of a lifetime. Actually, Americans are choosing to emigrate for a variety of excellent reasons:
- Adventure – what’s more adventurous than leaving behind life as you know it for a new one in an exotic locale?
- A better climate – maybe you’ve had it with snow shovels, now you’re looking for unending days and nights of temperate tropical breezes
- Lower cost of living - your retirement savings can afford you a better lifestyle than you would be able to achieve in the US
- Financial freedom - a way to sidestep recession. Living offshore can mean you can “retire rich” on a middle class budget, never outlive your nestegg
- Investment opportunities – an opportunity to grow your investments tax-free or tax-deferred
- Healthier lifestyle – a way to live better, healthier, and with less stress
Of course, Boomers aren’t just dreaming of basking in the sun on those beaches of the world: we’re talking “retirement” in loose terms here. Let’s focus on how you might have imagined yourself living very affordably overseas while you generated a nice side income for yourself by doing something you love, like:
- Running a small restaurant on the beach
- Operating a beachside dive shop, renting out your yacht while you and your spouse serve as crew or giving surfing lessons
- Exporting local handicrafts back to the US or elsewhere
- Working long distance for your current US employer
- Running your own company, via your mobile “laptop office”
Which Countries Offer the Best Living and Investment Options for Potential Expats?
The fact is, thousands of Baby Boomers are finding themselves dreaming of living a life of retired splendor in another country – and many of them are doing more than just dreaming about what it might be like to retire abroad – they’re actually taking action. You’ve probably even had friends who spoke to you in glowing terms about the benefits of retiring permanently in an exotic-sounding county like:
- Argentina - Think European-style living at a fraction of the cost
- Croatia - Sun-kissed islands, great sailing, temperate climate: The best of traditional Europe…Non-traditional prices
- Dominican Republic – An extremely affordable Caribbean lifestyle, and several large expat communities
- Italy - Tuscany may be calling, but if you’re American, Canadian or Australian, you don’t have the right to work or live in Italy. So this one is a tougher call
- Malaysia - If you ever considered Asia, it’s easy to buy property here and they have a “Malaysia My Second Home” program for expats
- New Zealand - Tight immigration laws, wide range of climates, but English-speaking, and oh! the scenery
- Nicaragua- Stunning natural surroundings and more afforable than Costa Rica
- Panama - Many expats say the this is still the world’s best retirement option. Find out why – and if you agree
- Poland– Great scenery, growing economy, newer member of the EU, tourism is rising, and there’s a lot of foreign investment
- The Philippines – Another great Asian opportunity with the economy recovering well, but land ownership laws aren’t as welcoming
- Uruguay - Some say moving here is like rediscovering the good life of 1950s small town America
Then again, maybe you were wowed by the scenery when you watched the recent Olympics and you’re thinking of moving to China. Obviously, an emerging superpower, China is expected to become the world’s largest exporter by 2010, so there are great investment opportunities here.
More potential financial opportunity comes from their growing tourist economy. Maybe you imagine yourself setting up shop as a travel writer, photographer, importer or consultant…
Of course, since it’s still a Communist country you can’t own Chinese real estate outright; but you can buy a 70-year leasehold option on property.
Most likely you’ll agree this country has to be categorized as an opportunity only the most adventurous will choose!
Look Before You Leap: Doing Your Research
Obviously there’s a world of exciting options out there – literally something for everyone. But whatever your reasons for leaving your current lifestyle behind, it’s always best to investigate as much as possible in advance.
Before you sell your home and kiss the grandkids goodbye, you need to do your homework. You absolutely must learn everything you can about the countries you’re interested in.
Experts advise the best thing to do is start with research, and then visit the country you’re interested in several times as a tourist, ideally visiting during different seasons of the year.
These Are Probably the Most Crucial Topics You Need to Research:
- Climate
- Crime
- Cost of living
- Healthcare
- Insurance
- Taxes
- Residency requirements
- Visa and other documentation requirements
- Local laws regarding work and foreign property ownership
- Rules regarding taking your important “stuff” with you: furniture, cars, PETS
How-To Advice to Retire Overseas From Someone Who Actually Did It
Jacqueline D. Brown, who currently has a show on public access TV in Los Angeles called “Southern Latitudes,” dreamed of living on a tropical island, and moved to the Fiji Islands for a year that turned into five. Prior to that, she lived in South Korea for a couple of years, teaching English as a Second Language (ESL).
On her return to the US, many people asked her how she did it: How was she able to give up everything and move to a place she barely knew? To answer, she drew up the following her list of ten steps you must take before you decide to move abroad, no matter where you want to go:
10 Steps To Move Abroad, Wherever You Wish to Go:
- Ask yourself, whether or not this something you really want to or can do? Talk is cheap. Can you really give up your friends and move thousands of miles away to a place where there’s limited television and yours is the only cell phone around?
- Pick a place. It’s important to choose the right place. If you’ve always wanted an ocean view, this is your chance. Or if only the hustle and bustle of city life satisfies you, expect to find it only on a smaller, more manageable scale. Be honest with yourself about what you want. Do your research.
- Decide on a moving date. It’s best to have a definite date for your move. This way you are working toward a goal that is realistic and tangible.
- Determine how you are going. If you just can’t leave your things behind, renting a container on a freighter is best. You can accompany your things or fly days later when they are expected to arrive.
- Do your research. Contact the tourist board or embassy to ascertain residency requirements. Currently in Fiji, you can only stay as a tourist for 90 days but can return the next day for 90 more. Do you need a Visa? Start the process three to six months before you go.
- Simplify your life. Clean out your closets and give away or sell things you don’t need or can get there. If you plan to work, take original diplomas. I had a copy of mine but that was unacceptable when I was offered a teaching position.
- Maintain your health. Depending on where you are going, the medicine and dental care may not be what you are used to. Get a complete physical, your needed shots, and a dental checkup. Do you have enough medicine? Take enough to last until you find a doctor. Can you order medicines online?
- Use the Internet. Here you can find land or houses for sale. Also, if you read the local newspaper online, you can get a feel for the place: food cost, apartment rent, weather. The State Department’s web site will tell you if there are any warnings or problems in the area.
- Cut emotional ties. It’s said that if you can make it past the first six months in a foreign country, you will probably stay. After the newness and excitement wears off and reality sets in you’ll find yourself alone without family or friends. This is now your home. You can’t click open your cell phone and call back to your former home every day. My relatives and friends cried when I was leaving for the airport. But I had made up my mind. Although I would miss them, I wanted a new life, a new adventure. Once settled in your new home get to know your neighbors. Hang out with expats also. You’ll appreciate talking to someone with a similar background who will understand what you are saying without your having to give a long explanation.
- Make a checklist. Make a list of everything you are selling and everything you are taking, including your tickets and passport. As each thing is done, check it off. I made a list of things I was selling: furniture, appliances, books, some clothes. I took the list to work, made copies, and passed it around. My co-workers picked what they wanted and put it on layaway with me. Just before I left, they paid and picked up their goods.
Some Good Online Resources to Help You Get Your Research Started Are:
- International Living
- Escape Artist
- Live and Invest Overseas
- Central Intelligence Agency World Factbook
- US State Department
Fascinated By the Possibilities in What You’re Reading?
Look for another post on living the expatriate lifestyle coming soon. There’s just too much to cover in just one post!
Next up:
- How hard it sit to take your car? What about moving your furniture?
- How long does it take to get the necessary visas?
- How do you handle prescriptions and health insurance?
- Can you really do this?
Great post and selection of starter tips for people looking to move abroad. One thing that people should also consider is language. It is important for people not to underestimate how important it is to be able to communicate in the new language when living in a non-Anglophone country. Another tip is to make sure you do a ‘taster’ period before committing to a permanent move.
We have specific country guides for people moving abroad here: http://www.justlanded.com
Hi Annie,
This is an awesome blog. So comprehensive. You really did your research. Thanks.
Amy
I’d love to live in Europe – I’ve been there on numerous occasions with my cell phone business.
If I had the choice, I think I’d live in Italy (because of the food) and climate!
Sim
As a long time traveler the possibility of retiring abroad really appeals to me — I’ve always been surprised that more people have done this. I think health care (not only the quality, but the cost and insurance) is the biggest issue. Is there a good online resource for finding out about that?
Nice post. I’m an expat of eight years already. Go to Asia!
Nice post. I’m an expat of eight years already. Go to Asia! My expat blog: LivingInSaigonVietnam.Blogspot.com
This is a pretty interesting read and you listed a few decent countries worth considering. Doing your research about a place you want to live is of course important, and it might also be beneficial to visit the place for a week or so to really determine if that’s a place or neighborhood you would want to live in.
A friend of mine has a buddy of his that retired in the Dominican Republic. He LOVES it and is living pretty well. Even with the currency taking a hit, the dollar still goes pretty far there.
As someone who did this and moved to Panama, I think everyone should take a look at the gem of Central America. We’ve got great infrastructure, incredible people and a very stable and prospering society. It’s only 3 hours away from Florida and has amazing medical centers!
I am going to totally try out Korea, and who knows where I’ll end up next!
Wow this is one simply amazing post.
I’m putting in a really serious effort to get my online income lives to the point where I can do this sort of thing. I was thinking of passing stretches of time in maybe Colombia or a place in Central America, I’m not sure. Buenos Aires looks cool as well and everyone talks it up like it’s the most amazing place ever.. so I’m looking forward to it.
I have been thinking the same for the past two years and never get a decision yet. But I’m really interested in South Korea, but the fact that there’s a rumor of war will emerge between south and north korea makes me think twice. Maybe my second option would be Panama.
I’m going to spend 4 months in South America this year in a few countries with a view to living if possible.
Colombia gives Australians 180 days visa free (apparently) which would be a great test.
It’s very important to take everything into consideration before emmigrating. Remember they’ll probably be negatives as well as positives, and you’ll miss somethings about home and your family.
Well.. It’s hard to focus back on work after reading this post
I think all of us dreamed about this.. But in most cases there’s one major “challenge” – that is family and all our loved ones. I would definatelly prefer living in a such wonderful place, but I can’t take everyone with me – and this I think keeps me from getting my backpack set up. Nice post though, cheers!
I took the plunge to Panama and I couldn’t be happier! Thanks for the info.
I’d travel to Thailand and Laos and like it. Bangkok is amusing and lively. The cost of living is also low.
Very well written article anyone looking to move abroad we are always happy to help.
Excellent article dude, I would love to work in a country where I am surrounded by blue seas and skies. That would rock!
I have a friend who grew up in Panama before moving to Texas. I know he would like to get back to South America, but I expect he would go to Peru. He says it is quite beautiful.
Great site. Have been an expat myself for nearly 10 years now and it has been an adventure.Bermuda, now New Zealand and finally Thailand where my wife and I will retire in Chiang Mai.
Hey
Am currently in La Paz Bolivia and I can tell you the cost of living here is so low. The problem is the quality of life isn´t that great here.
As far as other places in South America, Buenos Aires is cheap and fantastic. Valparaiso is a cool city as well.
I’ve always wanted to go across Asia on a mountain bike. Trekking all the way through Nepal, Bhutan, India, China. It’d be great. Cold in places but awesome!
I am an esl tutor and I have traveled and lived in several countries throughout my life. I wish I had this guide when I traveled. It is really comprehensive and informative. There are many challenges when moving abroad whether for work or retirement but it all comes down to how well prepared you are. A word of advice for anyone who is thinking about moving the biggest challenge I faced had to do with health insurance. You really have to look into your options long before you move. Anyhow, thanks for this article.
I always envisioned myself retiring in Florida but you make good points that overseas may be the way to go money wise. I am thinking that I would like Croatia as my choice – which is a semi-English speaking country I believe and I heard that it is absolutely beautiful
Running a small restaurant on the beach is the best idea i think.
Great Info, I tried to retire to Brazil, lived there for 5 years but had to come back and work. I plan to go back as soon as I can swing it. I will have a better plan this time around.
Croatia is one of those little known gems of Europe and you are right when you say its very cheap.
Dear Anne,
There are a lot of things you need to consider. I actually did that step just simply out of the reason that you don`t find any safety or insurance anywhere that covers the risk of life. Now I am living such a happy life as you have described it. I am living on Phuket and we rent catamarans over here. Its easygoing and a wonderful job. You are in touch with the ocean everyday and people are OK. Well, your article made me remember my preparations. I did a lot of stuff before I went
Best regards
Tobi
Certainly a well researched article and leaves a lot to be considered when thinking of doing such a dramatic change to your life style.
A lot of research needs to go into the country to plan to go to. Especially if its to retire as you have to be sure you could afford to retire in your own country first provided its economy is stronger of course.
Definitely a lot of information here. Great post. Thanks!
Talk with a lot of people that already live there, or consider going on vacation first.
Great article… I’ve always dreamed of this type of lifestyle, but it’s also not something to be taken too lightly. It’s probably best to really get to know the country and local areas well before considering anything too permanent.
It’s also important to be aware of different laws and customs, and realize that you might not have all of the same protections that you do back home.
Retirement can’t come soon enough.
I live in Ecuador and it is a wonderful country. Its people are so nice and kind, they will give you the most warming welcome. I have put together a helpful fact sheet, and also an article on Ecuadorian manners and customs.
Hi Sara,
Thanks for your comment. I’d love to have you share your information on living in Ecuador.
# New Zealand – Tight immigration laws, wide range of climates, but English-speaking, and oh! the scenery
Those ten steps are probably the best ten steps that i have seen all day. My mum and dad are thinking of moving to italy so they should really help me get involved and help them move smoothly and hassle-free! thanks for the tips.
Great article, love the suggestions of where to go! I wouldn’t mind living in the Dominican Republic, I’ve been on holiday there and it was amazing. Sadly, I have a family who would miss me too much if I tried to move away and they can’t all come with me.
I would advice anyone to consider Argentina for his or her retirement. Real estate is booming, but still relatively cheap, and the country is so big, you can choose any climate you want within the country. Last but not least: Latin America is booming, so there’s a positive outlook for the future.
Many do enjoy living long term overseas. I have lived overseas, in Thailand on a semi-permanent basis. We can’t overlook culture. If the culture is completely opposite of what you live by, it can be difficult to live there for the long term. Maybe a long visit would be worthwhile to see how you fit in to the local culture. Language barriers can cause extra stress as well. I have seen many do this with great success, so it can work.
This is really a very nice blog, surely usefull for our club members. I will let them know. Thanks.
L.E.
Czech Expats Club in Prague
I am an expat living in Saigon, Vietnam and I love it here! The cost of living is cheap, people are friendly, the food is great, and it is a completely new experience. For the perspective from a westerner on life here, check out Vietnam life and travel.
Everyone dreams to have another life after they retire. I also dreamed of retiring overseas to write a brand new chapter in my life. It will defenitely leave a good memories that I could reminisce.
Retiring overseas is becoming a more feasible option for many people. With travel being so cheap, and living in other countries being so much more affordable than living in countries like America, more people are starting to consider moving overseas. Retiring overseas is more than just taking a trip abroad. There’s a lot more to it than you realize. Retiring overseas is one viable option that a retiree should consider as part of his or her planning portfolio. If you are adaptable, overseas retirement may be a viable option, but it is not for everyone.
I am from the Czech republic, and most of my German bosses moved here after they retired. The health care system is pretty good, it is cheep for most of the people, definitely cheeper than in many European countries and now with the EU it is also easier. They bought some property in the countryside and they do very well. I guess one more place to think of.
http://learntospeakczech.org