Besides here in the US, what place in the world will you retire?

[W2R]

What!?

Next you'll be saying there is no Tooth Fairy or Sanity Clause...

I know, ain't it a shocker? I haven't even walked on Bourbon St. in well over a decade. Never took a drink there. F. and I don't drink.

Also the only women dumb enough to bare their breasts for beads during Mardi Gras parades are tourists, not locals. Fully clothed, I can get more beads than I can handle simply because of my silver hair. Little known facts about New Orleans...

 

[Sarah in SC]

Fully clothed, I can get more beads than I can handle simply because of my silver hair. Little known facts about New Orleans...

Now this sounds like a story!

 

[Ed_The_Gypsy]

Houston's a great place and all, but they drive like hopped up maniacs on those Houston freeways.

They ARE hopped-up maniacs.

"Pray for me, I drive 610."

 

[NYEXPAT]

But you can't get away from the IRS as they will still tax those and any interest and capital gains you have in Peru.

In theory, I suppose you are correct. Most people on a retirement visa (not a path to citizenship) would have their assets in their home countries and would not be generating income in their adopted countries.

Have you had any issues with Peruvian accounts and the new IRS FATCA law? I'm interested in this as I'll have foreign accounts some time in the future.

Personally, No. The "barn door" will not close till 2013 and my cows left a long time ago! Many countries (Australia, for example) have already said they would not comply and I expect this to continue to spread.

 

[MichaelB]

Also the only women dumb enough to bare their breasts for beads during Mardi Gras parades are tourists, not locals.

You know, I suspect folks that go to see that kind of thing don't really care where they come from. As long as they're there, bare and plentiful

 

[W2R]

You know, I suspect folks that go to see that kind of thing don't really care where they come from. As long as they're there, bare and plentiful

And likewise, I suspect the tourist women don't much care whether they get beads or not - - they just want to get drunk and show what they've got to a crowd of strangers, something they can't really feel comfortable doing back home in Des Moines or Cleveland.

And back to the topic of where in the world other than the US I might want to retire, my answer is.... (drumroll).... nowhere! I'm so red white and blue it hurts. I've spent much of my life in other countries and they are fine, but I want to retire here in the U.S.

 

[MichaelB]

Personally, No. The "barn door" will not close till 2013 and my cows left a long time ago! Many countries (Australia, for example) have already said they would not comply and I expect this to continue to spread.

You are kidding yourself if you think there is any comparison to FATCA implementation in Australian vs Peru, Ecuador and Colombia. Australia will gripe about it but do it. The others will be hard pressed to meet the requirements because there is so much laundering going on, which is precisely the purpose of the regulation.

In Peru an investors Visa requires ($25000.00) investment.

For this forum most people would be looking at a retirement visa and they are fairly cheap. For example in Peru it requires SSI or pension income of $1,000.00 per month plus $500.00 for each additional dependent. For ER types, it is a $50,000.00 renewable deposit (in your home bank) along with a bank guarantee that $1,000.00 a month will be transferred into a Peruvian institution.

In Cuenca, Ecuador (popular retirement spot) I believe it is only $800.00 a month (?).

Colombia (#1 single male retirees hot spot) I believe it is 150% of the average Colombian wage.

Many of my expat friends (Live in Lima) but work around the world. Peru will give you a 183 day tourist visa and guys that work in the oil industry/private security typically work 6 weeks on and 6 weeks off and have based themselves here for 20 years (as tourists). Tourists can own their apartments here and if they spend less than 6 mos (in country) are not tax residents.

I should mention that if you are a qualified retiree, Peru (which taxes worldwide income) does not tax interest/dividends/capital gains/pensions/SSI from foreign sources.

What do Peru, Colombia and Ecuador have in common? They are well known for money laundering, drug transporting and sex trade. Not my idea of a place for early, late or any other type of retirement. It does explain in part why it is so easy to live there, as long as one has cash and is not too nosy. My choices are more positive toward those countries that make a greater effort to discourage the seemier underside of humanity.

Members here should note that US immigration and other agencies pay special attention to US residents and citizens who live in, transfer money to or regularly visit those countries.

 

[Texas Proud]

Crime? Well, O.K. It's abominable.

Decay? Well, sadly, it's a fact and even moreso after the hurricane.

But the worst drivers on the planet? No way!!! Have you ever driven in Houston? Houston's a great place and all, but they drive like hopped up maniacs on those Houston freeways. Stick your foot in it, and scream like a banshee as your hurtle on and weave in and out through Houston traffic. Here, the streets have too many potholes and are too rough to drive like that.

LOL.... yes, that is why Houston drivers think where ever they go those drivers are bad....

'HEY, the speed limit is 55, why are you only going 70 MOVE IT BUDDY'...

Or you just hear the bullet hitting the window....

 

[Bestwifeever]

Interestingly, New Orleans and Houston don't even make the top 10 US cities with the worst drivers per this story: http://www.usnews.com/news/articles/2011/09/01/10-cities-with-the-best-and-worst-drivers:

According to the National Highway Traffic Safety Administration, Americans got into 10.2 million motor vehicle accidents in 2008, the last year for which data are available. Although that number has been trending downward over the past several years, car accidents are the leading cause of death for young Americans.

The average American gets into a car accident once every 10 years, but certain cities are particularly perilous, according to insurance company Allstate's newly released best drivers report, which ranks drivers in America's 200 largest cities according to car accident frequency.

Here are the worst 10:
10. Alexandria
9. San Francisco
8. Jersey City, NJ
7. Hartford, CT
6. Philadelphia
5. Providence, RI
4. Newark, NJ
3. Glendale, CA
2. Baltimore
1. Washington, DC

 

[PackingBags]

I'm aiming for pacific coast of Panama, Puerto Vallarta Mexico or Uruguay

 

[NYEXPAT]

I'm aiming for pacific coast of Panama, Puerto Vallarta Mexico or Uruguay

Uruguay is becoming very popular (Hamptons of S.A.)/Panama is great at the higher altitudes and the Paisa fishing is world class/Mexico is a good choice, if you can keep your head on your shoulders!

 

[Ed_The_Gypsy]

Uruguay is not the paradise that the expat property peddlers make it out to be. Beware of disappointment.

 

[MichaelB]

Uruguay is not the paradise that the expat property peddlers make it out to be. Beware of disappointment.

Right. I don't see the attraction.

 

[NYEXPAT]

Right. I don't see the attraction.

Uruguay was always prized for bank secrecy laws "Switzerland of SA" and the ability to open "bearer" corporations. In the early 2000's when Argentina had their Financial crisis these laws were seriously compromised (along with bank financial conditions and a weak currency) due to the necessity of accepting IMF loans.

Currently the major attractions are lack of capital controls on inflows/outflows of investment, easy residency ( $500/mth income) but more importantly the ability to get a second passport which is near impossible for retiree's in other SA countries.

With regard to RE investment (only necessary for fast tracking citizenship) there are reputable/disreputable companies in every country and it is always "buyer beware". I have never seriously looked at buying in Uruguay but have many friends who bought in BA and there is a highly recommended company (Reynolds) who also operates in Uruguay.

 

[haha]

Right. I don't see the attraction.

I have never been there, but IMO heaven on earth is a big sophisticated city with beaches on the open ocean where it is warm enough to swim. Seems like Montevideo ought to fit this bill pretty nicely. Anyone know if they speak that Italianized Porteño dialect?

Ha

 

[MichaelB]

I have never been there, but IMO heaven on earth is a big sophisticated city with beaches on the open ocean where it is warm enough to swim. Seems like Montevideo ought to fit this bill pretty nicely. Anyone know if they speak that Italianized Porteño dialect?

Ha

I am familiar with Montevideo and aware of it's attractions. Banking law and such. If you are looking for a place to hang out for a few weeks, why not, but I would not want to live there. Too small and too far away from the rest of the world. For me a sophisticated city has lots of ethnic diversity and frequent visitors from around the world. Rio fits that bill perfectly, although it is now very expensive. The southern cone countries are not that diverse and their economies are not stable. Nice beaches, lifestyle options that include both big city and simple living can also be found in Mexico. Panama comes to mind as well.

 

[explanade]

A lot of these countries are not options for Americans unless they have some ethnic ties so they're able to get resident visas. Also, access to health care systems in some of these countries with desirable systems is unclear.

Countries like Switzerland, Denmark, Australia and NZ do not seem conducive to LBYM or an ER lifestyle do they? Housing in Australia especially is high. The real estate bubble never burst there because their economy hummed right through 2008 with their commodity exports and low unemployment rate. There have been predictions of a housing crash coming there.

I've heard that some countries like Italy do offer retirement visas if you can demonstrate proof that you have the financial means to support yourself. Of course the language is a problem, though in the Internet age, you're never cut off from your own culture.

The issues could be the upheavals due in the PIIGS because of fiscal/political/economic problems. Might not be the best place to be an immigrant who may be seen as having money (retired, not working) when people are losing jobs/unable to find decent employment.

Plus, would you pay taxes on your retirement withdraws to Uncle Sam and to the Italian govt? Would you have the opportunity to access their health care system, especially if you pay any kind of taxes besides VAT and perhaps property taxes?

 

[FIREd]

Countries like Switzerland, Denmark, Australia and NZ do not seem conducive to LBYM or an ER lifestyle do they?

The OP said money was no problem...

 

[explanade]

I read that more as you got your retirement funds set up for a comfortable retirement.

Well if money is no object, why so many developing world choices where cost of living is lower than the US?

With money not being an issue, you'd think a lot more choices of places like London, Paris, the Riviera, etc.

 

[warrentalbot]

With money not being an issue, you'd think a lot more choices of places like London, Paris, the Riviera, etc.

I don't think money would have any impact on where (if I ever do) decide to "settle down". Currently we are in Chiang Mai, Thailand and are loving it. There are so many other factors in choosing a place that fits you and the great thing is everyone has a different opinion to what is important.

For us it would be the opportunity to learn a new language and experience a different culture. Clearly, this would not be everyone's dream. But at the same time the idea of spending retirement in London, no matter how much I love the city (which we do) would not be anywhere close to our dream. I believe the reason we like to explore is the opportunity to learn from people who have such different experiences, and in many cases we just seem drawn to places that would be considered developing. Though that said, I have met more truly happy people in these countries than I think I met in my last year in the US.

 

[DangerMouse]

I have to agree with Warren and his reasoning.

I wouldn't care if I had a billion dollars, I still would not be interested in living in London, the Rivieria, New York or the like. These places hold no interest for me. Might be nice to visit, but I have no desire to spend any real amount of time in these locations.

 

[HawkeyeNFO]

IMO heaven on earth is a big sophisticated city with beaches on the open ocean where it is warm enough to swim.

To some folks, you've described Mobile, Alabama! (aka The Redneck Riviera)

 

[explanade]

Is the Redneck Riviera "sophisticated"?

Did the BP oil spill affect those coastal areas?

 

[MichaelB]

To some folks, you've described Mobile, Alabama! (aka The Redneck Riviera)

Redneck Riviera brings Jeff Foxworthy to mind...

 

[kramer]

Yes, you need to do your research. I have now lived in 4 foreign countries.

For instance, I spent a fair amount of time in Colombia because I had a nice GF there. But you can only stay 180 days a year in Colombia on a tourist visa, no exceptions -- and you can't fix this with border runs. The investor visa options are $200K in real estate, or $100K to start some kind of business with a plan approved by the immigration authorities. The pension requirements were about $1000/month as of about 2 years ago. As an early retiree, you probably won't have a pension -- I don't plan to take Social Security until I am 70.

Ecuador changed their tourist visa to 90 days per year, maximum, due to soaring crime and becoming a haven for international criminals (can't be fixed with border runs). Their permanent resident requirements are not so bad, though. Like Venezuela, crime is out of control there and I would not consider it.

Thailand is nice, but you must be over 50 to qualify for the retirement visa, but otherwise reasonable (around 800K baht in a Thai bank account for a retirement visa, topped up well before renewal time). When I was there I was under 50 (and still am! lol), so I couldn't really stay full-time, they have gotten strict about tourist visa runs.

Mexico and Philippines both have ways of staying full-time that are pretty easy for expats, including those under 50 like myself. I just got back from living in Mazatlan, Mexico, also visited Billy and Akaisha in Chapala, and am headed back to the Philippines in a couple of weeks. I will be in Cebu starting February 1, so hit me up if you are there. I am in the USA visiting family for Christmas, my first Christmas with family in 5 years, although I have come back to the USA to visit family twice each year since I retired almost 5 years ago.

It all depends on what you are looking for, where your friends are, how close you want to be to family, etc. There are a lot of tradeoffs. I tend to spend less money in the USA than any country that I travel to . . . I also find the USA to be a very cold weather country but many people don't feel that way. I even goggled studies on this to try to find out why Americans seem to like cold weather so much, lol.