About Overseas Retirement
A lot of people consider overseas retirement for a large variety of reasons. From retiring overseas for the weather, lower prices or simply to meet new friends and learn about a new culture, there are endless reasons why a person would want to retire abroad. A lot of nations have significantly lower costs of living than the United States. Whether you want to move to Portugal for the cuisine and slower pace of life--or retire to Costa Rica for the cheaper living and weather--there are a lot of terrific options.
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Citizenship/Visas
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A lot of people worry about not being able to retire abroad because they do not have citizenship for a country other than the United States. This can be easy to get around as a lot of countries offer retirement visa programs to help people settle newly in their country. Also, there are also ancestral visa options available in a number of countries (meaning, perhaps, if you have ancestors and origins in a specific nation, you could possibly get a retirement visa there).
Proof
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The majority of countries require that people, in order to qualify to receive a retirement visa, present documented proof of sufficient retirement or independent income from their home nation. This is because retirees from abroad are not permitted to work or engage in any type of activities that would allow them to earn money. Many countries have additional requirements for immigration, like criminal background checks and health exams.
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Considerations
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Retirees from North America might want to consider retirement to various Central American nations (such as Panama and Costa Rica), as those countries have a relatively simple immigration process for North Americans. European Union citizens can easily move about other nations in the European Union, though it is much more difficult for Americans to retire in Europe.
Costs
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Most governments will require people to present an official written statement (from a bank or other financial institution) stating that the person receives a minimum of $2,000 every month. For wealthier countries, the amount could be higher. For developing countries, the amount could be lower.
Culture
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Though retirees often initially worry the most about financial matters, there are also various cultural considerations to be made when contemplating the idea of overseas retirement. It is to be expected that there will be a massive change in day-to-day life and culture, from cuisine and language to social situations. It is always a good idea to--before retiring overseas permanently--try to spend a significant amount of time in the country that you might want to consider making your next home.
Criteria
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The best place to retire depends on a person's individual needs and preferences. In order to determine what place might be the best place for you to spend your retirement years, you should consider a lot of criteria beyond simply just financial factors and visas or citizenship. Some other things to think about as you plan possible overseas retirement include stability and safety of a country, infrastructure (internet, highways, drinking water, power, etc), medical facilities and quality of health care, the expatriate community (so you can make friends that are foreigners like yourself), availability of Western items and food, language concerns and many, many others.
Health Care
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Health care is a serious factor that people (especially those of retirement age) need to consider before planning overseas retirement. This financial reality is particularly important because Medicare usually doesn't cover the costs of health care outside of the United States (unless you are planning on retiring to a United States territory like the Virgin Islands). You will need to thoroughly research the country you are interested in and its rules regarding health insurance requirements. This is crucial because many nations eliminate foreigners from participation in any state-sponsored health care insurance plans.
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