Unless you already have dual citizenship or own a home in another country, retiring abroad may not be quite as easy as all the beautiful photos and home-and-travel shows make it seem.
Whether you’re motivated to live in another country for cost-of-living, quality-of-life or political reasons, there are many practical financial issues to consider before making the move.
“You need to do your due diligence,” said New Jersey-based certified financial planner Leo Chubinishvili at Access Wealth.
Do a trial run before moving
Whichever country you’re interested in, live there for a month or two before making any big moves. The last thing you want is to go through a lengthy legal and administrative process only to realize you don’t actually like living in the place you chose. Or you don’t feel welcome as a new immigrant.
“I personally recommend staying in an Airbnb for a month where you have to fend for yourself as a local to see if that is something you’re happy doing,” said Adalberto Pucca, who is head of global mobility services at Global Citizen Solutions, which helps people i
Continue Reading on CNN
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.