Best Places In The World To Retire

I have furnished two homes in Mexico in the last five years.  One is in Puerto Vallarta.  My advice is very simple:

 

1) Buy all of your furniture in Guadalajara, or have it made by a reliable carpenter. The furniture in the local stores is either overpriced, of low quality, or both (as in Liverpool).  By the way, I employed three different carpenters for my Puerto Vallarta home, and have already gone through five in my other home.  Whereas I...

I have furnished two homes in Mexico in the last five years.  One is in Puerto Vallarta.  My advice is very simple:

 

1) Buy all of your furniture in Guadalajara, or have it made by a reliable carpenter. The furniture in the local stores is either overpriced, of low quality, or both (as in Liverpool).  By the way, I employed three different carpenters for my Puerto Vallarta home, and have already gone through five in my other home.  Whereas I believe that contractors in Mexico are generally more reliable than in the USA, carpenters here are a strange breed.  I speak Spanish well, so communication has not been the problem.

 

 

 

2) Don't buy any furniture that has any part made in pino (pine).  It is a very light, porous wood, and we have termites in Puerto Vallarta.  There are many local tropical woods that are much better -- primavera, rosamorada, parota, etc., that are much better for a tropical climate.  Cedro (cedar) is also an excellent wood for this area, but can be more difficult to find.  No good carpenter will recommend pino for a client from the north. 

 

(Wood patio furniture from Guadalajara, Mexico, pictured.)

In the rainy season when there is heavy rainfall some areas in Belize can become flooded, especially the low lying areas like in the Belize District and some areas in southern Belize.

In the rainy season when there is heavy rainfall some areas in Belize can become flooded, especially the low lying areas like in the Belize District and some areas in southern Belize.

The Portuguese Constitution assures the principle of private ownership of assets regardless of the nationality of the owner. Thus there is no risk of confiscation by the Government authorities. Please note that the Constitution prevails over any law that exists in the country and can only be changed with a qualified majority in the Parliament which is hard to obtain and will (based on the last 40 years of democracy) always require the two main parties (which are both moderate parties) to...

The Portuguese Constitution assures the principle of private ownership of assets regardless of the nationality of the owner. Thus there is no risk of confiscation by the Government authorities. Please note that the Constitution prevails over any law that exists in the country and can only be changed with a qualified majority in the Parliament which is hard to obtain and will (based on the last 40 years of democracy) always require the two main parties (which are both moderate parties) to approve it.
 
Besides the protection afforded by the Portuguese Constitution, there is also the European Union rules and the European Union Courts that would also stop this from occurring, as it violates all rules and principles that are in place.
 
This is not a risk in Portugal as it would mean a complete revolution in the political scenario and in the population’s mentality as there is a tradition of private ownership in Portugal since the day of its foundation back in the year of 1143.
 
The only legal and possible reason for the Government to assume the ownership of private assets in Portugal is in cases of expropriation for public interest (for example, private land that is required to be transferred to the government for the construction of a highway) in which case the expropriation law would be applied which will allow the owner to receive a fair compensation for its assets calculated on market value prices and supervised by a court judge.
 
Regarding banks, there were banks that failed during this crisis as in most of other European countries.  Nevertheless, the process of bailout made by the Portuguese Government and the European Union did not affect the deposits that existed in those banks.

 

(The Couros River near Guimarães, a town that precedes the settlement of  Portugal, pictured.) 

Comprehensive car insurance in Panama for a vehicle that costs around US $30,000 is around $50 monthly.

 

(Volkswagen van with luggage rack on a colorful calle, pictured.)

Comprehensive car insurance in Panama for a vehicle that costs around US $30,000 is around $50 monthly.

 

(Volkswagen van with luggage rack on a colorful calle, pictured.)

One of the biggest tax advantages of living abroad is enjoying lower tax rates (depending on where you retire obviously) found in some outside countries. However, as a US citizen or Greencard holder, you are required to report your worldwide income to the US every year. Even if you are no longer living or working in the US.  This often means two tax returns, and twice as much taken in tax... Right? Wrong!
 
Fortunately, the US has certain exclusions and credits in place to...

One of the biggest tax advantages of living abroad is enjoying lower tax rates (depending on where you retire obviously) found in some outside countries. However, as a US citizen or Greencard holder, you are required to report your worldwide income to the US every year. Even if you are no longer living or working in the US.  This often means two tax returns, and twice as much taken in tax... Right? Wrong!
 
Fortunately, the US has certain exclusions and credits in place to limit this dual taxation. These credits can go a long way to limit (or even eliminate) any tax liability in the US. The biggest credit is the Foreign Earned Income Exclusion, this allows you to exclude over 95K of income from being taxed in the USA. If your earned income falls under this limit, you will not owe the US any tax (even if you won't owe anything you still have to file).
 
If you properly use the available credits and exclusions, you can actually enjoy the low tax rates of certain countries!