ShokWaveRider
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I do not know about aggressive, mine cost me $178 and was pretty seamless. I would never have got it, but the UK went nuts with Brexit.
Countries offering retirement visas
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I do not know about aggressive, mine cost me $178 and was pretty seamless. I would never have got it, but the UK went nuts with Brexit.
oiseux
Recycles dryer sheets
Note their Thailand section is out of date. The new visas are lower cost.
I think these articles do a disservice to some because they don't note that many have other visas available at much lower costs, with different conditions
The article does not even mention Costa Rica. They have for years offered income and investment visas - minimum $1500 income or $250k invested (house, business, etc.). They are rolling out a new digital nomad visa which in typical CR fashion has taken years to be implemented. The required SS/medicare-style tax (CAJA) has recently increased significantly for new permanent residents.
explanade
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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NY Times with article about how more Americans than ever are moving to Europe, in particular the poorer but nicer weather places in Southern Europe, such as Portugal, Spain and Greece, all of which have Digital Nomad and Golden Visa schemes.
https://www.google.com/url?sa=t&rct...rcelona.html&usg=AOvVaw28dkcmgP94lqHez8Vtus5h
Seems like the Golden Visa requirements are higher than they were before the pandemic, with Spain for instance requiring a real estate purchase of €500k or more.
So not necessarily a LBYM move, depending on what kind of home you buy there.
But the price would still be a fraction of what you'd pay in the US, especially homes near the coast or on the coast.
For retired people, Golden Visa would be the main option, though many EU countries also offer retirement visas as well. But it sounds like buying in with the GV would be faster process.
The question is taxes. Most retirees have retirement income as well retirement savings, from which they may generate income.
I know there's an exclusion amount, was it like $85k or something like that? But American retirees wouldn't be earning income in Europe, it would be all US income.
There must certainly be foreign taxes they'd be subject to, obviously property taxes and VAT. Any kind of income tax liability above and beyond what they pay to the IRS would be the big concern.
The other big issue for retirees is health care. Medicare doesn't cover people outside the US so ideally, if you invest at least hundreds of thousands of Euros, you'd want at least a path to get into the health care system over in these countries.
That would also involve some kind of taxes and/or insurance premiums and other costs.
Seems it would be much easier if you're still young and working. You can get coverage through employer or possibly just go without coverage or care for a few years.
https://www.google.com/url?sa=t&rct...rcelona.html&usg=AOvVaw28dkcmgP94lqHez8Vtus5h
Seems like the Golden Visa requirements are higher than they were before the pandemic, with Spain for instance requiring a real estate purchase of €500k or more.
So not necessarily a LBYM move, depending on what kind of home you buy there.
But the price would still be a fraction of what you'd pay in the US, especially homes near the coast or on the coast.
For retired people, Golden Visa would be the main option, though many EU countries also offer retirement visas as well. But it sounds like buying in with the GV would be faster process.
The question is taxes. Most retirees have retirement income as well retirement savings, from which they may generate income.
I know there's an exclusion amount, was it like $85k or something like that? But American retirees wouldn't be earning income in Europe, it would be all US income.
There must certainly be foreign taxes they'd be subject to, obviously property taxes and VAT. Any kind of income tax liability above and beyond what they pay to the IRS would be the big concern.
The other big issue for retirees is health care. Medicare doesn't cover people outside the US so ideally, if you invest at least hundreds of thousands of Euros, you'd want at least a path to get into the health care system over in these countries.
That would also involve some kind of taxes and/or insurance premiums and other costs.
Seems it would be much easier if you're still young and working. You can get coverage through employer or possibly just go without coverage or care for a few years.
Yes, taxes is a big issue.
As a USC you will be subject to taxes on your worldwide income regardless of where you live. The exclusion you refer to only applies to earned foreign income. Most/all European countries will have a double taxation treaty in place with the USA and the primary taxing authority will almost certainly be the country you are living in. For all the income that is taxed by both countries then you will claim foreign tax credits when filing your IRS return using forms 1116. There is a box on form 1116 called “Resourced by Treaty” to be used when a foreign tax credit is applied to US income that has been taxed by a foreign country. This is a simplified overview and actual situations can be much more complicated. e.g. if you have a Roth, will distributions be tax free in the foreign country?
Health coverage shouldn’t be a problem. You should be able to either buy private health insurance, or the equivalent of a “Green Card” will include public healthcare in the country of residence.
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explanade
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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So that NY Times article references Golden Visa buyers being exempt from certain taxes in Portugal, another thing which the locals complain about.
Yeah I already have a certain amount of foreign taxes paid by various funds in my portfolio so I guess it would lower my US tax bill somewhat, as I pay more foreign taxes.
Recent reports show those Golden Visas going away. The EU doesn't like them. Here is just one report; you can find many online:
Why Did Portugal Terminate Its Golden Visa
Other countries with similar program are also under pressure to eliminate them.
Why Did Portugal Terminate Its Golden Visa
Other countries with similar program are also under pressure to eliminate them.
The article is behind a paywall for me but for sure the tax treaties will vary from country to country and tax breaks to attract immigrants will also vary.
Most double taxation treaties ensure that you don’t pay too much extra tax so you will pay the higher of the country’s tax obligations.
The UK also terminated its Golden Visa program in recent years.
If you already have one, it can still be extended.
https://www.gov.uk/tier-1-investor
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