Don’t you know that a retiree can move to a sunny place and enjoy a high standard of living while minimizing the tax burden? How? Read on and you will get answers to these and many other questions.
Saving before retirement can be challenging and forcing future retirees to save money that they could use to do what they love. However, it’s worth everything because this money gives you a roof over your head and helps pay your medical bills when you retire. If the amount of retirement savings turns out to be solid enough, the pensioner may even realize their dream of moving abroad for a well-deserved rest.
So in this article the Global Citi-Zen agents describe the best place to retire as an expat and give the tips on how to retire overseas.
Retirement in a European Low-Tax Jurisdiction by Buying a Property in Portugal
Where to move to live a senior citizen who wants to move to a European state on the ocean coast with low taxes and cheap goods/services? To Portugal! In 2009, Portugal took the first step towards the status of a pensioner’s paradise by offering them no tax on foreign-sourced income for a 10-year period. This was made possible thanks to a special tax regime for new fiscal residents of the RNH (Residente Não Habitual).
Statistics show that one of the main beneficiaries of the NHR regime are retired people. The Portuguese have also been issuing residence permits to foreign pensioners from non-EU countries in exchange for investments in real estate in Portugal.
And thanks to recent amendments to local immigration laws, holders of a residence permit in Portugal, including pension recipients, can receive citizenship by naturalization after 5 years of residence in this country. Moreover, in order not to lose this opportunity, a retired person needs to spend only 7 days in Portugal during each of the five years of naturalization.
Turkey Allows Real Estate Buyers to Obtain an Investor Passport and Retire to Another Country
Excellent resorts, beautiful landscapes, numerous attractions, an abundance of high-quality agricultural products, low prices for goods and services, moderate taxes and popularity with international tourists — Turkey offers many advantages to foreigners, being one of the places that pensioners visit most often.
And if pensioners decide to buy Turkish real estate, they will be granted a local passport and citizenship in a matter of months. According to the reviews of pensioners who moved to Turkey through economic citizenship, the process is quite simple.
A retired person can buy a decent villa on the Mediterranean coast, which can be rented out during periods of absence. For example, during departures from Turkey to visit children and grandchildren.
Ready to Move to Live in Retirement in the Caribbean? Antigua and Barbuda is Waiting for You
A Caribbean paradise for pensioners called Antigua and Barbuda is known as a popular holiday destination, attracting numerous celebrities, successful businessmen and wealthy retirees. It is a perfect destination for those who want to retire outside the US.
The influx of wealthy tourists, including wealthy pensioners from the US, Canada and the UK, is driving up prices for Antigua and Barbuda resort real estate, for investment in which you can get a passport of this country. Moreover, you can invest only in real estate, which was previously approved by the local government.
Having received citizenship for Antigua and Barbuda real estate, the golden-ager can live in an indescribably beautiful tropical paradise year-round . It opens up wide opportunities for obtaining fiscal residency in a Caribbean country. Moreover, pensioners who are Antiguan tax residents may not pay personal income tax.
Vanuatu — Tropical Paradise for Tax-Free Retirement Life
Located in the South Pacific, Vanuatu is the best choice for tax-free retirement and a real paradise for pensioners. The biggest issue for any resident of the island state, including local and foreign citizens of retirement age, is probably natural disasters. On the other hand, a wealthy international retiree can easily and quickly obtain citizenship of Vanuatu by investment to visit the new homeland from time to time. Obtaining a passport of this country requires an investment in the island nation.
The United Arab Emirates Offer Pensioners the Income Tax and VAT Absence
If you are a golden-ager and looking for the option of retirement in another country, pay attention to the UAE. In this country, there is no income tax for individuals or corporate tax. So the United Arab Emirates remains a great place for those who want to retire to another country in the best possible way, minimizing fiscal payments.
The UAE economy is one of the most stable in the world. Needless to say, this wealthy country has a lot to offer, attracting expats and pensioners from all over the world. But keep in mind that every year the United Arab Emirates is visited by numerous tourists, so the local resorts are very crowded.
A foreign retired person can relatively easily obtain an investor visa and a tax residence certificate in the United Arab Emirates by investing in the economy of this country. You can also get a residence permit quite easily by listing a foreign company in one of the free trade zones.
Where Is It Better to Live in Retirement by Buying Property in 2022?
There are many sunshine-drenched countries seeking to attract foreign retirees with high purchasing power through tax breaks and simplified residency schemes when investing in the real estate market of a potential new home. Before choosing the exact place, you should collect information and take into account all the pros and cons of the countries. Sometimes it can be very difficult to collect relevant information, so it is important to use reliable sources such as Global Citi-Zen. Visit a website to learn more about the best destinations for retirees.