Best Places In The World To Retire

 

You absolutely do not need to renounce or relinquish your US citizenship or get dual citizenship when you move and live abroad. 

 

I've been living abroad for about a little over five years. Now, I live in Guatemala and have been here for over four years. I am only a US citizen. I'm not even a permanent resident of Guatemala. I've got three children and the last of one was born in Guatemala. Getting residency for my youngest child was very easy based on the...

You absolutely do not need to renounce or relinquish your US citizenship or get dual citizenship when you move and live abroad. 

 

I've been living abroad for about a little over five years. Now, I live in Guatemala and have been here for over four years. I am only a US citizen. I'm not even a permanent resident of Guatemala. I've got three children and the last of one was born in Guatemala. Getting residency for my youngest child was very easy based on the local rules. However, it's not a step that I really needed to take because we frequently travel, whether we're going back to the US or going to other countries on a vacation. 

 

 

Guatemala happens to have a very generous tourist visa situation where they give 90 days for Americans. If you want, you can get an extension on 90 days up to 180 days in Guatemala without having to leave, which a bunch of countries have. Panama has an automatic 180-day visa for US citizens. Nicaragua and Costa Rica allow 90 days for US citizens. It's easy to leave the country, stay out of the country for a few days, and come back in.

 

Residency status is certainly not needed. Relinquishing your US citizenship is absolutely not needed. I have some clients who are considering residency and relinquishing their US citizenship for tax reasons, but it could be quite problematic to relinquish your citizenship. There is a lot of paperwork involved. If you have a lot of assets, there is an exit tax associated with giving up your US citizenship that can be quite painful. 

 

Giving up your US citizenship is really not needed for most people and 99.9% of US citizens don't need to do it to live abroad. Depending on the tourist visa situation, you may even need to establish permanent residency status in the local country you're moving to.

 

(People of Mayan descent in a horse race in Todos Santos Cuchumatán, Guatemala, pictured.)

Yes, there are plenty of boutiques in Belize that sell quality clothing, but they do so at a very high price.  As an alternative for shopping in Belize, I recommend that you buy online and have the goods shipped to Belize.
 

Yes, there are plenty of boutiques in Belize that sell quality clothing, but they do so at a very high price.  As an alternative for shopping in Belize, I recommend that you buy online and have the goods shipped to Belize.
 

When I first arrived in the village of Paso Ancho, in the Volcán area of Panama, my casita (small house) ran $300 a month in rent, plus a negligible amount for electricity and gas. That is not atypical for a one-bedroom rental. But, if you look and ask around, you can find some nice places for very little - I know of another casita, with three bedrooms, that rents for $350 a month. The best deals don't advertise on the internet: a rule of thumb is, if it's advertised to gringos...

When I first arrived in the village of Paso Ancho, in the Volcán area of Panama, my casita (small house) ran $300 a month in rent, plus a negligible amount for electricity and gas. That is not atypical for a one-bedroom rental. But, if you look and ask around, you can find some nice places for very little - I know of another casita, with three bedrooms, that rents for $350 a month. The best deals don't advertise on the internet: a rule of thumb is, if it's advertised to gringos on the internet, the price is going to be considerably higher. I've seen casitas about the same as the one I rented, available for $1,000 a month and even more. Granted, they're very nice, but for a lot of people that is more than they need pay. The best deals are found by asking local people. Go to see them; don't take someone's word for what they are like. Talk pleasantly to potential landlords, and, if they like you, the rental price is not unlikely going to drop.