Retiring overseas is a dream of many Canadians who want a warmer climate, lower costs of living, and an exciting new adventure. However, deciding to move across the world, away from everything and everyone you know and love, should not be taken lightly.
Here are 6 things you should consider before taking the leap and retiring abroad:
 

Residency and visa requirements

Each country has its own rules for people seeking residency. Some countries offer specific visas or long-term residency permits geared specifically towards retirees, and they often come with financial or health criteria. Do your research and get the advice you need to understand your options and what they mean for your relationship to Canada, as well as to the country in which you want to live.
 

Cost of living

What are the local prices for things like housing? Healthcare? Groceries? Living in a country with a lower cost of living can stretch your retirement savings. But keep in mind, it might not be worth it if the lifestyle offered doesn’t meet your expectations.
 

Healthcare

Having a health issue in a foreign country can be frightening. If you can’t make it back to Canada, will the local healthcare system be able to provide you with the care you need? How much will it cost? How will you navigate other potential language barriers when talking to doctors?
 

Tax implications

No matter how far you go, you can’t escape the tax man. Your tax obligations will largely depend on your residency status. To understand how your retirement income and other assets will be taxed, both in Canada and in your new country of residence, be sure to consult a tax professional who specializes in expatriation.
 

Estate planning

If you pass away overseas, it can cause a complex situation for your loved ones to navigate. While having a Canadian will can reduce some of these complications, you may want to consider also having a will in the country of residence as each will have different legislation. If you have a power of attorney, you will also need to do your research to confirm if moving outside of Canada will have any effect on its validity or effectiveness. Ask a trusted professional how different tax laws will affect your estate and build a plan to minimize any tax liabilities.
 

Community

When you first retire, you may be surprised by how socially isolated you feel. Moving to a new country can increase those feelings of loneliness and have a negative impact on your mental health. Consider potential language barriers and differences in cultural norms and societal expectations and how they will affect your relationships. Finding friends abroad is not impossible, but it might take more intentionality and creativity to connect with the people who will make you feel at home.
 

For more information, check out Living abroad – A Canadian’s guide to working, studying, volunteering or retiring in a foreign country.

Live and Invest Overseas is a trusted source of information for living, retiring, and investing overseas, and they are excited to announce their new book At Home Abroad - Retire Big on Little.

Authored by LIOS founder and CEO Kathleen Peddicord, this book is a great resource for anyone thinking about creating a life for themselves in a new country.

At Home Abroad - Retire Big on Little includes:

Dozens of real life stories from people of all ages and lifestyles who have made the leap and moved to one of the twelve best places to call home: France, Portugal, Spain, Columbia, Belize, Greece, Montenegro, Panama, Thailand, Vietnam, and Indonesia.

‘How to’ move overseas as a single, with children, senior-aged parents, working remotely, and more.

12 steps to a bigger, better life outside of North America.

At Home Abroad - Retire Big on Little can be purchased on Amazon, and for a limited time, you can get a Kindle version for 99 cents.