Travel & Holidays Retiring Overseas

Good to know, I won't be too scared to visit if I ever go there.
What about Colombia in general, is there still parts that tourists should be wary of visiting?

 

Sounds nice

Returning To Old American Values In Costa Rica

Having lived in Costa Rica’s Orosi Valley for a year now, leaving our lives behind in Dallas was the best thing my partner and I could have done.

I knew it would be years before I could afford to retire in the States but I was ready for an adventure. I didn’t want to wait. So I started searching…

We visited Costa Rica numerous times in the three years before we moved here to find what we called our “Goldilocks Place.”

The beaches were gorgeous, but too warm for our taste. The jungles were amazing, but too humid for us. The Central Valley was cooler and popular with expats, but just not quite what we were looking for. Then we found our place in the mountains of the Orosi Valley, about 20 miles south of the capital San Jose. It was “just right.”

Living here feels very much like a return to the lifestyle and values of the America of my childhood. We bought a three-acre farm in the mountains with a river running through the middle. We have land to spread out on and are able to garden and raise animals and be surrounded by wildlife…those were the things I grew up doing.

 

I lived and worked in SE Asia for 12 years and very very happy to be back in Oz. Living in Pattaya would basically be my worse nightmare and I have worked in Siberia.

 

I'm with you but in reverse. I want to be close to my parents. We don't do family get together's every week - just birthdays, birth and deaths of gods, arrivals, departures etc. So that's probably 14 a year. I could easily bare the cost of returning for these events - and would. But I like to be close for those better impromptu events - they're normally the best.

I think the desire to 'retire' OS is driven by a desire to stop working earlier. I'm not sure that desire to retire early is well considered.

 

I have a BIL who lives in Pattaya and we are going to visit him next year. I told him that I will head to Chang Mai for most of the time we are there. Hubby thinks it will be hilarious watching Miss Goody here trying to cope with the culture of Pattaya.

 

Great posts @wylie , i come from an extrenely close family too and cant imagine myself living in another city unless i absolutely had to.

A few years ago i was offered an amazing opportunity by a family friend to do some work for him in africa and the middle east, i reckon i wouldve made enough to "retire" handsomely in a few years (under 5) and i turned it down pretty much immediately.

 

I only have my son here and he lives 2 hours away. My whole family live in the UK. I have been here since I was a teenager and don't want to live anywhere else. I have worked overseas but am always keen to get home. This is my chosen place to live.

I travelled to the UK once or twice a year for 43 years to visit them.

The problem with living in another country away from your family is during sickness and death. Trying to get to the UK, a 24 hour flight, to say your goodbyes is horrific. My Dad died just as I boarded the plane, so I travelled the whole way knowing I had missed him. It was a very sad flight. With my Mum, last year, I was there just after she had a massive stroke, she was in tremendous pain, paralysed down one side of her body, she had lost the power of speech. So I went to see her every day, to hold her hand and kiss her. I stayed 3 weeks but she was such a fighter she would not give in. In the end I had to fly home, I was home for 8 days before she died, so then it was back on the plane to go over and organise the funeral.

When you are young choosing to live on the other side of the world, you don't forsee these problems.

 

No Chrispy, when we were young we didn't realise what we would give up by moving to the ends of the earth.

I really believed Concorde would be flying to Europe in less than 10 hours by now...

This is why I am hoping to retire in Europe, at least for a while, to spend some time with my folks while I still can.

Thank you for reminding me what's important.

 

Even for a while as you say, I think it would be good if you're able to do it while you can. It can seem a bit cliched and people sometimes don't like to think about it, but they won't be around forever. Good on you.

 

This is one of the curses of the expat. Decisions to move are made for lifestyle reasons but we can't foresee the future. In any case you were brought here as a teenager so no surprise that it's home for you, I'm sure your family would understand that.

 

Just read this parable...Author Unknown

Why Australians Move Overseas
Suppose that every day, ten men go out for beer and the bill for all ten comes to $100.
If they paid their bill the way we pay our taxes, it would go something like this…

• The first four men (the poorest) would pay nothing
• The fifth would pay $1
• The sixth would pay $3
• The seventh would pay $7
• The eighth would pay $12
• The ninth would pay $18
• The tenth man (the richest) would pay $59

So, that’s what they decided to do.

The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball. “Since you are all such good customers,” he said, “I’m going to reduce the cost of your daily beer by $20”. Drinks for the ten men would now cost just $80. The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still drink for free. But what about the other six men ? How could they divide the $20 windfall so that everyone would get his fair share?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody’s share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man’s bill by a higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

• And so the fifth man, like the first four, now paid nothing (100% saving).
• The sixth now paid $2 instead of $3 (33% saving).
• The seventh now paid $5 instead of $7 (28% saving).
• The eighth now paid $9 instead of $12 (25% saving).
• The ninth now paid $14 instead of $18 (22% saving).
• The tenth now paid $49 instead of $59 (16% saving).

Each of the six was better off than before. And the first four continued to drink for free. But, once outside the bar, the men began to compare their savings.

“I only got a dollar out of the $20 saving,” declared the sixth man. He pointed to the tenth man,”but he got $10!”

“Yeah, that’s right,” exclaimed the fifth man. “I only saved a dollar too. It’s unfair that he got ten times more benefit than me!”

“That’s true!” shouted the seventh man. “Why should he get $10 back, when I got only $2? The wealthy get all the breaks!”

“Wait a minute,” yelled the first four men in unison, “we didn’t get anything at all. This new tax system exploits the poor!”

The nine men surrounded the tenth and beat him up.

The next night the tenth man didn’t show up for drinks so the nine sat down and had their beers without him. But when it came time to pay the bill, they discovered something important. They didn’t have enough money between all of them for even half of the bill!

And that, boys and girls, journalists and government ministers, is how our tax system works. The people who already pay the highest taxes will naturally get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas, where the atmosphere is somewhat friendlier.

And that is also Why Australians Move Overseas (and become non-residents for Australian tax purposes)...

 

Thats a great little story/analogy

 

I'm doing the opposite.
I've lived and worked overseas during my younger years - and plan to 'retire' back in Aus.
We are currently in the process of relocating (not yet to Aus but closer).

I didn't leave Australia to save tax, but it turns out it's another 'perk' of doing so.

I think living and working in Australia your whole life then trying to relocate when you retire would be quite a big step. Though I'm sure many can and do Do it, many more would plan it that way and then never quite get there.

Moving house is hard for most people. Moving state very difficult. Moving countries is even more complicated. It's not something you would want to do every year or two when you are 60+

Blacky

 

Great analogy @Redwing
So true.

 

But they pay the same tax on everything they buy as the richest people pay.

 

Reviving an old thread, as I have been lately thinking of retiring (probably temporarily) overseas. There are some personal reasons behind it, but still need to think it through properly before taking the leap.
I was born and bred in Mumbai, India. Hence, I am more comfortable returning there. As a guide, I have been told that living expenses for a metro city like Mumbai is 2000 AUD per month.
I have done some calculations, based on which if
- I sell a couple of my properties
- build granny flats on remaining two,

I should be able to generate a bit more than 2000 AUD per month
- deducting all the property management expenses and
- considering interest only repayments at current rate, 4%.
- Not accounted for (added) tax returns
- Not added any additional income, if I work there

I am keeping my options open, as I will have these two properties here and came come back to start afresh.

Has anyone done this sort of thing?
Is there anything, I am missing or forgetting to factor in?
Anything that I should be mindful of in terms of taxation, exchange rates, etc?