Buying a home in another country is a dream for many Canadians. It’s a foothold in an interesting place with better weather and lower costs of living where you enjoy spending time. But overseas property is more than just a lifestyle play. It can bring other important benefits.

 

1. Overseas property makes travel and adventure part of your life

 

Buying property in another country is a great excuse to travel more. You’ll travel the world as you scout the best location to make a property purchase. Once you’ve bought it, you can make frequent trips to your property to check in on it. Plus, it provides free accommodation in a place where you enjoy spending time.

 

2. You finally have the funds

 

You’ve worked for decades and have built up a nest egg. You can use a portion of that nest egg to buy property in another country. In desirable places all over the world—the Dominican Republic, Mexico, Belize, Spain, France, etc.—property can cost a fraction of what it costs in Canada. You’ll need that nest egg to pay, as the majority of overseas property markets will require cash payments.

 

3. Overseas property can be a source of income

 

Many retirees are feeling the squeeze of living on fixed incomes. Buying property in another country can be a chance to pad your retirement budget with extra funds. It can be a source of income if you buy a home in a strategic location and rent it out on a short- or long-term basis. This also allows you to start building a nest egg in another currency.

 

4. You have time to manage your investments

 

If you invest in a buy-to-let property, you can use your free time as a retiree to become the property manager. This only works if you plan to live close by, but it’s a strategy that many retirees use as a low-effort way of earning money. For example, an expat couple we know bought two apartments in Madeira, Portugal. They live in one and rent the other out. Because they’re so close, they handle any administrative task that comes up with renters. This is a nice side hustle that helps fund their retirement.

 

5. Overseas property can give you a sense of purpose

 

Retirement involves a major lifestyle shift. It removes the thing that defined the structure of your days, your weeks, and your years. Buying property in another country can reintroduce some structure. It gives you a project—from the travel and research you’ll do before buying to the administration needed for a buy-to-let. This can give you purpose and help fill the void that retirement brings.

 

6. It can protect you from risk

 

If you’re concerned about Canada’s financial future or the long-term health of your retirement account, it may be important to diversify at least a portion your holdings outside of Canada. Buying property in another country can help you achieve this. It moves a chunk of your assets outside of Canada and into another market that uses a different currency. This may help insulate you from tariff threats, inflation, and other risks that Canada may potentially face.