More and more United States citizens are moving to foreign countries after retirement. *A recent U.S. Social Security Administration report found that 700,000 retirees live in foreign countries. Many of these retirees are baby boomers, who are currently between the ages of 55-75.
Baby boomers are moving overseas for three main reasons:
- They want to save money.
- They are on a pilgrimage to return to their native roots.
- They are seeking a new, exciting adventures.
Argentina, Australia, Belize, Chile and Colombia are some of the best places to retire according to a Forbes article published in November of 2018. Many Americans believe that they can just up and move to another country whenever, but there is more to it than just getting a passport.
Here are a few things to discuss with your client if he or she is considering overseas retirement.
- Affordability, cost of living and tax
- Safety and ability to travel back to the United States
- Prevalence of the English language
- The political and cultural climate
- Healthcare and Insurance
Resources such as irs.gov and travel.state.gov can be a great tool to learn about some of these topics. They even include details on travel advisory and restrictions for U.S. citizens. After your client has decided on a retirement destination have them visit the sembassy.gov to learn about the specific requirements needed to obtain temporary residency in a particular country. To better assist your client, consider partnering with a REALTOR® who specializes in international real estate and business.
Our Tampa REALTORS® Member Directory is a great tool to find a local REALTOR®, just select the CIPS designation or select International Council as the member type. This search will provide you with a list of GTR members who have completed NAR’s Certified International Property Specialist designation. These REALTORS® have undergone specialized training focused on conducting business in the international real estate arena.