Senior Living Abroad

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If you are an American citizen dreaming of retiring outside the U.S., you are not alone. However, there are important federal policies and financial factors that affect living abroad. Begin with research. A good place to start is the Bureau of Consular Affairs of the U.S. State Department. The U.S. has 260 consular offices around the world that can help you evaluate whether you are truly willing and able to live in another country. Some of the general requirements of living abroad include:

• A U.S. passport and a visa from the country where you wish to live and most likely an international driver’s permit (IDP). 
• A financial institution in the U.S. that can be drawn on in another country. Consult the Social Security Administration for advice on receiving social security payments while out of the country. 
• Tax planning: Some countries have tax treaties with the U.S.; others do not and you are subject to that country’s tax laws. The IRS offers a “Tax Guide for U.S. Citizens and Resident Aliens Abroad” that is helpful and it is wise to consult a tax professional with international expertise for advice on tax implications of living abroad. 
• Health insurance is one of the most critical factors that affect living outside the U.S. Many retirees do not realize Medicare does not cover you outside the boundaries of the United States, whether you are traveling or living abroad. You need medical travel insurance when vacationing abroad and a private health insurance policy that covers you if you are living outside the U.S. 

Before you get too far with plans to purchase real estate in another country, do your research on the local laws governing property ownership. Likewise, consider the financial situation: a retirement home in another country may be a bargain when taking advantage of purchasing power of monetary systems in some countries. In other parts of the world, market fluctuations and unstable economic environments may not be in your favor.

Finally, for assistance in buying international real estate, consult a professional real estate agent/broker who has an international presence and is a member of the Certified International Property Specialist Network (CIPS). The CIPS Network is comprised of more than 1,500 real estate professionals who are focused specifically on the international market. Whether traveling abroad to put deals together, assisting foreign investors, helping local buyers invest abroad or serving an immigrant niche in local markets, CIPS members are a consumer’s best resource for the unique aspects of international real estate. To search for a list of GMAC Real Estate agents with the designation, please click here.

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