Retiring abroad (2024)

FAQs

Can U.S. citizens retire in another country? ›

Where you retire is completely up to you, but some countries are more convenient, affordable, and friendly to U.S. residents than others. The U.S. The Department of State website regularly updates their country-specific visa requirements and travel advisories, for those curious about moving to specific countries.

Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam.

Among the pros of retiring abroad is a lower cost of living, including lower healthcare expenses and financial incentives, to U.S. expats who move there. These include Portugal, Costa Rica and Panama. The latter's Pensionado program is one of the most popular among overseas retirees.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Americans who retire overseas still have tax obligations. Typically, you will have to file a tax return with both the US government and your new host country. You may even have to file a tax return with the US state you used to live in.

Costa Rica

Costa Rica's pensionado visa grants temporary residency to approved applicants of any age who make a minimum income of $1,000 a month, either from a retirement fund or a permanent pension source. Once settled, most retiree couples can live well within the country for as little as $2,000 per month.

Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.

What countries do not tax U.S. retirement income? ›

Costa Rica was found to have high-quality healthcare options, an affordable cost of living, diverse microclimates, and of course, an abundance of natural beauty. Plus, Costa Rica is home to a Blue Zone, which has one of the healthiest, longest-living populations in the worlds.

You are NEVER too old to move abroad.

Because whatever stage of life you're in, single or with a family, we strongly believe, that you should never let your age put your off fulfilling that dream of moving to another country. However, there are also some things to consider.

Key Takeaways. U.S. retirees can receive Social Security benefits while living abroad, with some exceptions. There is no time limit on how long a person can live outside the country and receive benefits. Foreign citizens with a U.S. work history may also qualify for Social Security benefits under certain agreements.

Personal and workplace pensions

If you're in a personal or workplace pension scheme, moving abroad shouldn't have any effect: your pension should continue to be paid in full. you're normally entitled to any rises regardless of where you live in the world.

When moving abroad permanently, it is generally true that 401(k) and IRA accounts can be maintained and managed from anywhere in the world. However, there may be limitations and restrictions based on the type of account, the destination country, and local retirement account regulations.

Greece. If you have money to invest, Greece may be the retirement spot for you. Since 2013, this European country has offered its Greece Golden Visa, granting five-year permanent residency to anyone investing approximately $271,562 or more in local real estate.

Taxpayers should be aware that in some cases when transferring your pension from one tax jurisdiction to another it may involve closing the pension in its entirety and transferring the funds into a registered plan in their new country of residence.