From the Financial Planning.
Living abroad seems like an inexpensive option for some prospective retirees, and even some younger people who are not tied by a job to a specific location.
But there are a number of issues that need to be considered before buying a ticket and pulling up stakes. Without getting into details, here are the items that should be researched:
- Tax Issues – first consult a tax lawyer. and see what the taxes will be and to whom you will pay them.
- Health Insurance – no one living permanently outside the US can receive Medicare benefits.
- Working Abroad – if you’re going to be running a small business abroad, be sure to know what the taxes, labor regulations and wage scales are.
- Social Networking – it may be difficult to create a circle of friends in a new country unless you build a social network before you move.