Whether it be a desire to retire in a better place, or to find a country where the cost of living is less, tens of thousands of people each year relocate to a foreign land. They pick up stakes, quit or retire from their jobs, and move to a country whose culture and language may be a great challenge. In the end, some people love what they've done, while for others, they cannot wait to return to their own country. Before you make that decision, here are a few things that should be factored into that conclusion.
Be sure of the residency requirements before you make the decision to move. Some countries like Panama welcome Americans and make it very easy to relocate. Other countries offer only short-term visas, and make it virtually impossible to relocate there, permanently. You certainly do not want to relocate, buy a home and settle it, but you find that your visa cannot be extended and you will be required to move back home.
Check your financial situation before becoming an expatriate. If you are retiring and plan on living on your resources, be sure they are adequate, not just for the next few months, but for years to come. Make sure that your pension is not affected by the move.
Spend more than a two week vacation in your country of choice. Come back frequently for longer stays at different periods of the year so you can experience the weather. Before you make the final decision to move, spend six months there, not as someone on a holiday but as a native. Rent a house, learn the language and eat the food before you decide to move there.
If you plan on getting a job in your new country to support yourself and your family, be especially careful. You should determine how difficult it will be to find work, and what kind of income you can expect. Some countries may have you apply for a work visa to be sure you have skills that are lacking there. In some cases, your visa may state that you may not work at all.
Be sure of your health care coverage before you leave. Most American retirees are on Medicare; and by law, Medicare will pay out only if you are a resident of the US. So those people must sign up for private health insurance, or they will not be covered. More complicated is the coverage of working families. Know where you stand with your current coverage, and research what is available to you in your new country, long before you leave.
Make a decision about what you'll do with your home and all of your other possessions. For instance, you should know whether you'll need the proceeds from the sale of the house to purchase a new one overseas. Depending on the country, the logistics of such a decision can be overwhelming. Then you must decide what possessions you will take with you. In some cases, your new country may have such high import tariffs that it may be better to replace some items once you have moved. For example, you car might not only be subjected to a high tax, you may have to adapt it to conform to local standards.
