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How to Retire in a Foreign Country

Watch more Aging & Health videos: Subscribe to Howcast's YouTube Channel - Overseas retirement is a big step. Use these tips to do it right Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Make a list Make a list of countries that you are interested in. Carefully research them by consulting books, magazines, and web sites. Step 2: Check visa requirements Find out about visa requirements. A few countries go out of their way to welcome U.S. retirees. Others won't let U.S. citizens take up full-time residency. Tip Mexico and some Central American countries have fairly simple immigration procedures and are popular retirement destinations for U.S. citizens. Step 3: Consider your finances Consider your finances. Foreign countries may require proof that U.S. retirees have a minimum monthly income. You may also need money to pay for trips between the retirement country and the United States. Step 4: Research the tax laws The United States has agreements with more than 50 countries so that U.S. citizens living abroad are taxed at a reduced rate. U.S. citizens may also be exempt from paying U.S. income taxes on some foreign income. Step 5: Consider access to health care Consider access to health care in the foreign country. Medicare coverage will not help U.S. citizens who need health care in a foreign country. Step 6: Visit the country Visit any countries of interest. If you find one that you like and decide you want to retire there, consider renting a place for an extended stay before moving. Did You Know? Did you know? Panama's foreign retirees' program offers property tax exemptions, a mortgage reduction for a primary residence, and discounts on utility bills.
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