Best Places In The World To Retire

The cost of restaurants in Yucatan depends on where you eat. There are local Yucatanian restaurants that will normally charge US $5 a head for the food, and a couple of bucks for the drinks, or perhaps a beer. There is also high-end dining in Yucatan that costs $50 - $60 a head, which is in the more tourist areas in downtown Merida. In Playa del Carmen, it’s also very easy to find a $50 - $60 a head per plate.

 

In the state of Yucatan, for $5, you can...

The cost of restaurants in Yucatan depends on where you eat. There are local Yucatanian restaurants that will normally charge US $5 a head for the food, and a couple of bucks for the drinks, or perhaps a beer. There is also high-end dining in Yucatan that costs $50 - $60 a head, which is in the more tourist areas in downtown Merida. In Playa del Carmen, it’s also very easy to find a $50 - $60 a head per plate.

 

In the state of Yucatan, for $5, you can get panuchos, salbutes, sopa de lima, tacos, taquitos, and there’s a local fare in Yucatan that consists of a meat, a bread-type product, whether it be fried or just baked, and a small amount of vegetables, usually something like onions. It’s quite small, and you’ll have two or three of those that would cost you about $5 total.

 

Expats would go to these restaurants in Yucatan if they could find them. Some of these restaurants are off the beaten path, and some of them are more for the locals, because the tourist industry can’t make money at $5 a head, but the local industries can. One of the best things you can do is to get some local knowledge as to where the best places are in Yucatan.  

 

(Salbutes made with turkey, Mexico, pictured.)

The crime here in Nicaragua is non-violent and it’s mainly just someone stealing something from you, whether it be someone who stole your wallet, pick-pocketed you, or maybe the person that you were employing, stole money from you when you weren’t looking; it’s that kind of crime. The crime here in Nicaragua is generally not confrontational, especially when compared to what might be in the newspaper from New...

The crime here in Nicaragua is non-violent and it’s mainly just someone stealing something from you, whether it be someone who stole your wallet, pick-pocketed you, or maybe the person that you were employing, stole money from you when you weren’t looking; it’s that kind of crime. The crime here in Nicaragua is generally not confrontational, especially when compared to what might be in the newspaper from New York, Detroit, California, Florida, or Texas.  Generally in Nicaragua you walk at night on the street and not be concerned, by yourself, or with your family. 

 

In Indianapolis, where I used to live, you hear a lot about homicide, car-jacking and home invasions where they point a gun at you while you’re there.  I’m not saying that these things never happened in Nicaragua, because they do, but against foreigners it’s very, very rare. The majority of time you won't hear hear about anything violent or a loss of life, unless it is an traffic accident or some kind of accident at work or something like that. Homicides don’t happen that much, and much less to foreigners in Nicaragua. This is the reason why, in the Central American region, Nicaragua is the safest country to visit compared to Costa Rica and Panama, and even more so when compared to Guatemala, Mexico, or Belize. 

 

(Caribbean beach on Little Corn Island, Nicaragua, pictured.)

Let’s say you’re in Panama and you don’t want to have to pay a monthly fee for your cell phone service, and you just want to buy a phone. You can buy prepaid cards that you put into your phone, and then you can just make calls, and when you’re done with it, then you can buy a new one. Your phone will be basically the same price as in the United States. The most expensive phone will be around US $990, which is the new iPhone. There are also very, very cheap...

Let’s say you’re in Panama and you don’t want to have to pay a monthly fee for your cell phone service, and you just want to buy a phone. You can buy prepaid cards that you put into your phone, and then you can just make calls, and when you’re done with it, then you can buy a new one. Your phone will be basically the same price as in the United States. The most expensive phone will be around US $990, which is the new iPhone. There are also very, very cheap phones starting at around $30.

 

If you want to have a postpaid plan that gives you 100 call minutes, 2GB of mobile Internet, and 50 text messages, you can get one for the price of $14.99 per month plus taxes. It’s the postpaid plan that we have, and it’s especially good for foreigners because you don’t need to have a job to qualify for this plan; you just need to show your passport. I know this because I’m married to a foreigner, and that’s the plan that he has until he gets his full time residency. So that’s what he pays- $14.99 per month plus taxes, and for this, he has minutes, mobile Internet and text messages.

 

(Claro sim card graphics, Panama, pictured.)

I work in banking but I did buy a restaurant here in Belize and I know many people who own property. You have to be very careful when you do buy something. What I usually advise people who come here is when looking at purchasing a property, once you find what you like, ask for the copy of the title. You get a title search done and notarized to show no encumbrances or liens on the property.  That way, At least you are aware of any situations you need to be aware of and you can...

I work in banking but I did buy a restaurant here in Belize and I know many people who own property. You have to be very careful when you do buy something. What I usually advise people who come here is when looking at purchasing a property, once you find what you like, ask for the copy of the title. You get a title search done and notarized to show no encumbrances or liens on the property.  That way, At least you are aware of any situations you need to be aware of and you can deal with it.

 

Also, make sure that the names on the title search match the name on the title. That is very important. If the property is held in the name of a company, which is another way to purchase property here in Belize, you need to get a certificate of good standing for the company showing the directors and shareholders of it to make sure that too matches the title. With that, you know who owns the property and that you are free and clear to buy it. With the person’s standing in front of you is the person named on the title, we would consider lending on that as a bank, too.

 

As a bank we need to see clear title. If it is in the name of a corporation, we need to know that the corporation is in good standing and the corporation has no liens or encumbrances against it, too. So while the property might have clear title but the ownership is in the name of a company, somebody might have a lien or a restriction on that company. We are very conscientious when it comes to our lending. We need to increase our loans portfolio, but we will only do it if the property is free and clear title.

Banking overseas is becoming more and more difficult for US citizens thanks to the HIRE Act and the regulations placed on foreign banks.   Many foreign banks have simply stopped serving US citizens as a way to comply with the HIRE Act.  Banks that do accept US citizens for accounts have increased paperwork and due diligence fees.  Many banks will not open an account for a US citizen unless they are a permanent resident of the country they are living in.  Some...

Banking overseas is becoming more and more difficult for US citizens thanks to the HIRE Act and the regulations placed on foreign banks.   Many foreign banks have simply stopped serving US citizens as a way to comply with the HIRE Act.  Banks that do accept US citizens for accounts have increased paperwork and due diligence fees.  Many banks will not open an account for a US citizen unless they are a permanent resident of the country they are living in.  Some countries like Belize still allow US citizens to open accounts and some banks do not require a physical visit to open an account.  That list is getting shorter and shorter.   

 

It is possible to live overseas without a local bank account.   Friends of ours lived in Nicaragua for 3 years without a bank account.  They paid all their bills and shopped with credit cards and withdrew cash from the ATM to pay their rent.  It is possible but can be challenging as they related from time to time.   

Yes, Portugal does have retirement programs or benefits. If you are a senior in Portugal, typically over 65 years old, you are already entitled to many benefits, such as the exemption on certain medical or hospital costs or a huge reduction on co-payments. You will also get a huge reduction on gas and on public transports. Generally, if you are a senior, you get many discounts and benefits. 

 

The most important program to mention, which is similar to...

Yes, Portugal does have retirement programs or benefits. If you are a senior in Portugal, typically over 65 years old, you are already entitled to many benefits, such as the exemption on certain medical or hospital costs or a huge reduction on co-payments. You will also get a huge reduction on gas and on public transports. Generally, if you are a senior, you get many discounts and benefits. 

 

The most important program to mention, which is similar to the Pensionado Program in Central America, is the Non-Habitual Residency. A Non-Habitual Resident is a status that is granted to new residents in Portugal. It doesn’t only apply to pensioners but it is particularly good for pensioners because it exempts most pensioners or new residents in Portugal from paying income tax on their pension for a period of 10 years. If you bring your international pension into Portugal and get it paid here, then you will be exempt from paying taxes on it here. Being a Non-Habitual Resident also allows you to be exempt from a number of other sources of income such as interest and sometimes dividends, but you would need to take advice from an attorney to do that.  The Non-Habitual Resident is one of the most popular programs today.

 

Generally, if you work for the public sector then you would always pay taxes on your pension but if you have a private pension and that pension gets paid to you on a regular basis, then you are able to be exempt from taxes on your pension using a mechanism such as QROPS (Qualified Recognized Overseas Pension Scheme), which is a method that the HMRC (or her majesty’s government) allows British citizens to use to formally take their pensions and get it paid abroad. So your pension would be paid abroad, in Portugal, and that will be tax free. You will pay no tax in the UK, and you will pay no tax in Portugal.

 

I would recommend that you take advice from a tax adviser because each situation is different. But the Non-Habitual Residency Program applies to any country relative to a double tax treaty that allows the citizen of the country of origin to be taxed in the country of residence. Portugal is one of the countries with the most double tax treaties, with about 160 of them.   In Europe, the double tax treaty applies to pretty much every country except the Netherlands because the Netherlands kept a double tax treaty and the Dutch government is authorized to tax its citizens living abroad.

 

The US qualifies for the Non-Habitual Residency Program but of course the US is a little more complex for the simple reason that Americans are taxed on their worldwide income. The Non-Habitual Residency Program applies to US citizens but it is not so straightforward to lose one’s tax residency in gain it in another country. There may be a slightly more complex situation in that sense in terms of dual nationality, residency, and so on.  US citizens need to take advice from a tax adviser if they want to apply for the Non-Habitual Residency Program.

 

(Festa de Sao Joao,  the feast of Saint John, Porto, Portugal, pictured.)