Retirement is a radically new stage of life, and some people decide to change their location (some move to warmer countries, for instance) to live their golden years. However, this step requires careful arrangements, and there are matters you should think about long before you retire. This article will help you discuss all the details of the retirement project with your parents or senior relatives if it is too early for you to think about it. You may need information on citizenship by investment, local taxation, real estate issues, bank account opening procedures, and so on. The best way to get this information is to visit International Wealth, a trusted portal that has articles on each of the above topics written by practical experts. You can also book a free session to discuss your situation and find the best solution available.
Will I lose my original citizenship?
First of all, you cannot lose your citizenship without knowing about it. If you decide to renounce your original citizenship, you will have to submit an application, take at least one interview with officials, and pay a state duty.
If you want to acquire citizenship of another country to spend the rest of your life there, you will not need to renounce your current passport if your country allows dual citizenship. If it does not, you may simply get a long-term residence permit and enjoy the same rights as the local citizens.
The main thing you have to settle when you change your country of residence is the payment of taxes. If you live in the US, for example, the situation becomes very complicated as the state requires you to pay taxes no matter where you live. Even the introduction of the so-called “departure taxes” does not solve the problem, and many senior Americans decide to renounce their citizenship and get a Caribbean passport instead, for instance. You can discuss all these matters with an expert by following the above link.
Do I need a passport of the country where I am going to live my golden years?
It may be desirable in some cases to make your life more convenient and simplify some things. What is more, some countries that offer citizenship by investment programs give really strong passports that give visa-free access to many states. However, this is not a mandatory condition, and some destinations offer retiree visa programs as well. If you want to know more about available programs, please study the citizenship by investment section of the portal by clicking on the above link.
What happens when the retiree dies abroad?
In this case, the retiree’s relatives are required to inform the local consulate or embassy about the home country of the deceased for his or her passport to be canceled. If you want to repatriate the remains, the diplomatic mission will help you with that.
Do I need to inform the government of my country about retirement overseas?
You are not required to do so. However, it is strongly recommended to inform the local consulate or embassy of your home country about your long-term presence in a new state to get additional security and probably some benefits.
What if an overseas retiree gets arrested?
First of all, make sure to study the laws of the country where you are going to live to prevent their accidental violation. However, things do happen. If you are arrested for breaking local laws, please immediately get in touch with the consulate of your country of citizenship. The consular officers will recommend a local lawyer to handle your case.
Is it safe to drink tap water in the country of retirement?
Of course, that depends on the country of your choice. If you decide to relocate to France, for instance, you will get high-quality tap water suitable for drinking. However, you may dislike its taste as the water is pretreated with chemicals. And if you choose developing countries, their tap water is usually not suitable for drinking. Experienced travelers simply use filtered or bottled water wherever they are to be on the safe side.
Do I need vaccination?
The requirements depend on a particular country, and you’d better find them out in advance. There may be some country-specific diseases (for example, connected with insect bites) that may require additional vaccinations. What is more, the requirements may vary depending on the retiree’s state of health.
How safe is life abroad for a retiree?
Well, the answer to that question largely depends on what you consider to be “safe”. There is no country which is absolutely free from crime. However, there are some states where you can feel absolutely safe if you take reasonable precautions, like keeping your valuables in a safe, keeping your car keys with you rather than leaving them in the car, or locking the front door of your apartment. Of course, it is always better not to walk alone at night – well, just in case. If you doubt whether a particular country is safe, you can follow the above link and ask an expert.
Will I still receive my retirement benefits after relocation?
In most cases, the answer is positive. However, this is a serious question that should be resolved once and for all, so we recommend talking to an expert to make sure everything will go as planned.
Will the healthcare services I receive abroad be covered by my home country?
The general answer is no, with the only exception of moving from one EU state to another. Other countries often cover your expenses during short trips, but not during a long-term residence.
You will need private medical insurance (and it is a compulsory step for some countries where you want to relocate!). Get an insurance plan that will help you cover possible medical expenses. This becomes even more important if you have some chronic diseases.
Some countries offer healthcare services to expats at a really affordable price. However, you’d better find the relevant information in advance as healthcare may cost an arm and a leg in some destinations.
Do you have any other questions? Click on the above link to clarify them by reading relevant articles or talking to a specialist using a live chat!
