Retiring overseas at 35

[Trek]

Hello everyone. Glad to have found this forum.

A bit about me. I am a 35 year old U.S. citizen and retired about 6 months ago. I own outright an apartment overseas and have a bit over $200K in liquidable assets. I have absolutely no debt. No car note, no credit cards, nothing. Currently single with no kids.

Only bills I have are my annual property tax on my apartment and utilities (including internet, cable TV and telephone) that equal approx. $1200 annually. Having no mortage payment I can live quite comfortably on $7500 annually or $625 a month.


Trek

[crazy connie]

What about 1 30 day CD that you keep buying? Simple enough? Only tie up 2500 for 6 months.

[Billy]

What country are you living in?

Billy
RetireEarlyLifestyle

[haha]

Originally Posted by Trek

I own outright an apartment overseas and have a bit over $200K in liquidable assets.

And I need to show an income of approx. $2500 a month (but just for 6 months until I get the permit.) I obviously won't need all that and will just reinvest it.

Any thoughts would be greatly appreciated.

Trek

This may be a job for the little known Super-hero, FRAUDMAN. Only he can help you.

Other possibilities may be a period certain annuity for the 6 months; or a personal loan to your brother or parent that would liquidate over the 6 or 9 months that you need to show income.

Ha

[kramer]

Trek,

As Billy asked, I am wondering about the country. If this is a typical developing country, then what is true for you is not true for me is not true for someone else, everything just depends on the particular immigration office, etc.

Your best bet is to get help from other expats who have done the same thing. Is there an internet forum for your country?

How immigration rules are applied in practice is even an issue in fully developed countries like the US. One of my friends is trying to gain US citizenship. He has a good immigration attorney. But my friend has all kinds of knowledge that his attorney does not know because my friend reads internet forums that specialize in his problems. He has been passing on the tips and informatino (what often amounts to the difference between theory and practice) onto his attorney.

Is this the Malaysia My Second Home Program? (just a guess) In that case, you might have less flexibility.

And naturally, we want to hear more!! How are you getting by, what is life like, what is your general budget, etc.

Kramer

[kramer]

Oh yeah, to answer your question about showing income each month. Mexico has a similar requirement. But it is satisfied by simply transfering X dollars into an account each month from your brokerage account, for instance. It does not need to be from a Social security check or a fixed income instrument, etc.

Kramer

[Trek]

Thanks for all the replies. I'll try to answer everyones questions.

Originally Posted by crazy connie

What about 1 30 day CD that you keep buying? Simple enough? Only tie up 2500 for 6 months.

Interesting idea. Thanks.

Originally Posted by Billy

What country are you living in?

Billy
RetireEarlyLifestyle

Estonia

Originally Posted by kramer

And naturally, we want to hear more!! How are you getting by, what is life like, what is your general budget, etc.

Kramer

Life is good I live comfortably and already own everything I want/need so any money expenditure is for travel / food / entertainment. My utilites are silly cheap. Water and natural gas cost me next to nothing each month (so long as the Russians keep pumping the gas over here cheap). Electric is next to nothing in my one bedroom apartment. Internet is most expensive monthly bill at ~ $23 a month for high speed cable. But that 's wrapped up in a package deal I have along with cable TV (70 channels) and landline phone for a total of ~ $34 a month for all 3 services.

I cook my own meals so food is cheap, maybe $25 a month. I don't drink or smoke so no money wasted there. I live in the capital city and can walk wherever I want and if the weather is bad I hop on a city tram. I do all the same things here I did in the States, it's just my monthly bills are cheaper here. My apartment wasn't cheap however, as I live in a good location in the capital, but it was inexpensive compared to similar sized apartments in any other European capital city.

Winters here are long, dark and can get brutally cold, so that keeps most people from wanting to live here year round. But it doesn't bother me one bit. Also the language is difficult to master. It definitely will never be a retirement "hot spot".

[kcowan]

-income received from lawful business activities or property;
-subsistence ensured by family members earning legal income.

Seems to me that you just set up a transfer from one of your existing accounts for $750 a month to your local bank account. Six months later submit your application. These transfers constitute lawful activity.

[Trek]

.

[kramer]

Estonia!! I never would have guessed. I had an elementary school teacher who had emigrated from there and she really touched me with her stories of Soviet persecution that I never forgot.

I had briefly wondered what it would be like to teach English there (something that I am researching). Then I looked up the weather. The hottest month in Tallinn is July, with an average 68 F degree high. The coldest month is February with an average high of 27 F. Next! I am a tropical boy 8)

Why did you choose Estonia? There must have been a woman involved The low cost of living and good public transport does sound interesting.

Kramer

[Trek]

Originally Posted by kramer

Why did you choose Estonia? There must have been a woman involved

Kramer

My family emigrated from Estonia so I'm familiar with the language and culture. I used to visit regularly and really enjoy the place.

And while I do have a lovely Estonian girlfriend, I always planned to move here eventually regardless.

[LEX]

Trek:

Having traveled through Estonia, you picked a wonderful part of the world.

I find that immigration issues are never resolved from one official to the next, and that no finacial institution is worthy of your trust.

The best course, based on my experience, is to locate a family memeber who knows an "advocat pravda" that can review the matter and prepare the documents. It may well be that one set of regulations outline that you set up a banking relationship to show income. But there are many ways to solve a problem in Eastern Europe, better if you have the money, and it always helps if you have the connections. Based on my dealings in this part of the world, you may simply need a lawyer with the correct 'blat' to file your petition.

[LEX]

You could also marry your girlfriend. That is an easy way to get permanant residency.

[poyet]

Originally Posted by LEX

You could also marry your girlfriend. That is an easy way to get permanant residency.

But dangerous for your assets.

[modhatter]

You said in your post that you need to show $2,500 a month. I am assuming that is in US dollars? If you can live as cheaply as you say, that is an awful high monthly requirement.

You would need to collect over 13 percent interest on your $200,000 to show that amount of monthly income. Only avenue I could think of is to put half the money in the highest paying CD you could find, and with the other 100,000, start making deposits into your bank account monthly to make up the difference.

[Trek]

You could also marry your girlfriend. That is an easy way to get permanant residency.

True. There are definitely other ways to go about it if push comes to shove. I have a Plan B, C and D.

[Ed_The_Gypsy]

Hi, Trek!

You have a fascinating idea! Please update us as things develop! I gather that you are living there now.

Can you tell us about health care in Estonia? Do the dentists make wooden false teeth? Do barbers do the surgery? (I think you get the idea--most of us here have no information in this area for the country and no way to get it. Their medical system could be modelled on the Russian system for all we know. Not too long ago that was simply ghastly. :P )

How about taxation of passive income from outside the country (retirement funds)? Taxation of foreign assets?

Should you ever be inclined to start a blog on your trek, please post the link here. A few of us here have adventure in the blood.

Cheers!

Ed

[rs0460a]

Originally Posted by Ed_The_Gypsy

most of us here have no information in this area for the country and no way to get it.

https://www.cia.gov/cia/publications...k/geos/en.html

[Trek]

Originally Posted by Ed_The_Gypsy

Hi, Trek!

You have a fascinating idea! Please update us as things develop! I gather that you are living there now.

Can you tell us about health care in Estonia? Do the dentists make wooden false teeth? Do barbers do the surgery? (I think you get the idea--most of us here have no information in this area for the country and no way to get it. Their medical system could be modelled on the Russian system for all we know. Not too long ago that was simply ghastly. :P )

How about taxation of passive income from outside the country (retirement funds)? Taxation of foreign assets?

Should you ever be inclined to start a blog on your trek, please post the link here. A few of us here have adventure in the blood.

Cheers!

Ed

Hi Ed,

I'll give you some short answers here and answer these and others in more detail in the "Life After Fire: Who is thinking of retiring in another country" thread where it would be more appropriate.

I'll preface by saying that I have been thinking of starting a blog and I think once the holidays are over and things settle down a bit, I may consider doing that. I have been asked by friends and family about it previously.

You asked if I am living there now. That is somewhat yes and no at this point in time as I retired a mere 6 months ago. My permanent residence is my apartment in Estonia (I have no legal residence in the US anymore), but I do not yet have my residence permit in Estonia (I apply in June). However I am staying in Estonia as much as legally allowed until then. Outside that I stay in Finland (a short trip) or the US when I need to leave. Whatever I feel like. I have friends in each place. I am physically in Florida as I write this as I am here for the holidays (Florida was my last place of residence in the US).

You ask about healthcare, dentist, etc. The best thing I can say is erase from your mind the connection Estonia had to Russia. It was a horrible system forced upon them they couldn't get rid of fast enough. Not only from healthcare, but from everything. Estonia is modern and has all the cool stuff the US medical system has.

Estonia is a member of the EU and is heavily invested in by the other Scandanavian countries (Finland, Sweden and Denmark) which it has much in common with. Estonia has nothing in common with Russia other than Russia likes to invade it. Estonians don't like Russians but know they have to deal with having a common border.

[Ed_The_Gypsy]

Roger, Trek,

Over to you at "Life After Fire: Who is thinking of retiring in another country".