Here’s Why I Can’t Retire Abroad…
As I’ve traveled Europe, I can’t tell you how many times I said “I’m gonna retire here”…The ruins of Athens, the hills of Tuscany, the charm of Florence, the passion for life in the south of France, the Greek Isles, the art in Barcelona, Rome, Capri…I love it all.
But recent discoveries have alarmed me as to the charm of living in, or retiring in Europe. It’s fun when you visit, even for an extended visit. But what about your bank account getting squeezed by that Euro-Lifestyle? Well, locals expect Americans can pay more, so what you expect to be cheaper really isn’t at all. Online banking can work, but working with a local bank can be frustrating. Wiring money from a US bank account can cost $45 per wire, or more! Your social security check can be deposited about anywhere in the world…but health care? Now that is a challenge. US carriers don’t provide coverage for expatriates living abroad. Medicare doesn’t cover costs outside the US. There can be legal issues with owning property abroad, so many people rent.
Bottom line is that many countries try to lure American retirees. Countries offer a “retirement visa” to Americans who can prove a certain level of income. You’ll still pay US income tax no matter where it is earned, but doubtful you’ll pay double income tax because of treaties with Euro Countries. Just remember anything can be done, but do your research.
Hmmm…maybe it’ll be Arizona for me!
Thanks for making me Your Orange County Real Estate Connection.
Best regards, Michael Caruso
Michael, I too yearn to live in Europe for a while before I leave this planet, but recently I’ve learned another reason why I will stay in the U.S., at least for now. My husband recently had a stroke, and being near our grown children became much more important. Being in a town with an excellent rehab facility became very important. Having a large circle of supportive friends became very important. So we will stay here, in our retirement community in eastern North Carolina, but we’ll visit Ireland and France and Italy every chance we get!