Here's an interesting money saving tip left as a comment to my post titled Comments: Best Financial Tips from FMF Readers, Part 7: Retire Overseas:
Greetings from China. Yes, there are risks to retire abroad in a developing country. I think I'd do it as long as there was first world health care very close by.
I'd also like to ask, why not take it a step further..instead of retiring overseas, why not spend your working years overseas on a nice expat package, save more money and retire earlier? You may be able to save enough to retire in your home country. This is definitely my plan working/living in Hong Kong where income taxes are low and there are no capital gains taxes!
Interesting idea, huh? After all, why should you wait to save? You can save now by moving to a foreign country!
Of course there are issues with this (like having to live outside the U.S.), but I'm interested to know what people think about the concept. And is there anyone else living outside their home country for the same reason? If so, please share your thoughts in the comments below.
Running my own web marketing company gives me the flexibility to work wherever there is an internet connection.
A few months ago I decided to uproot the family, sell the house, and move to Malta.
Not only are we getting a lower cost of living, I'm hoping to weather the housing crash over here and come back to the States once the prices have dropped.
Buy low, sell high!
Posted by: cdc | January 09, 2007 at 08:58 AM
When I was in high school, my family moved to Sydney, Australia for three years. From a financial standpoint, it was great for my Dad - a management consultant. He had a great expat package, was paid in US dollars, and what's more - us kids got an amazing international experience that helped us obtain a world view our American peers may not have. It really has come in handy for applying college/grad school/jobs since. In terms of other perks, Dad's company also gave us two round-trip business class tickets per year to come back to Chicago and visit family.
Posted by: Amanda | January 09, 2007 at 01:27 PM
WHAT ARE THE STEPS TO MOVING TO A FOREIGN COUNTRY? i HAVE THOUGHT OF THIS FOR A WHILE BUT NOT TOO SURE HOW.
Posted by: MICHELLE | November 28, 2007 at 08:19 AM