retiring overseas?

[gg1965]

Hi all,

This question may be a bit premature for some folk here, but is anyone planning or contemplating retiring overseas?

I'm not talking about retirement at age 60-70, but semi retirement at a much earlier age while "enjoying" passive income from your investments.

I am planning on doing this in about 5 years time and my target locations are either the east coast of Taiwan (Hualien) or semi rural Thailand. I can live like a king in both of these places on very moderate income and they are both westerner friendly in terms of services, health, lifestyle etc.

I have already discounted coastal Vietnam and also the Philippines.

My view, is that these places offer a much cheaper lifestyle compared to livnig in Australia, and to be frank, I am a little bit "lost" in what my thoughts of future Australia would be like.

Don't get me wrong, i love Australia, but the cost of living here and retiring here is getting uncomfortable for many people. In addition, there are the many issues relating to the lack of adequate health services, rising electricity costs, rising taxes to pay our accumulated debts/deficits etc. The main reason is the livng cost though.

I can have a very comfortable life on the east coast of Taiwan for about 30k Australian a year - and this is above average living conditions there. Health services and access to health is far superiour there, tax is at a minimal 6%, net access is super cheap and super fast, the climate is semi tropical, westerner facilities are available, english tele channels etc.

Anyway, is anyone else looking at "jumping ship" to another country to see out their twilight years? I'm curious to hear your thoughts or plans.


Thanks

g

 

[our obsession]

Sounds good to me GG, I'm opento all considerations and I Love Asia, especially Thailand and her people. Never been to Taiwan though....there is another idea. At this stage I'm thinking 3 or 4 months in different localities, I don't particularly want to be in Thailand over the wet season.

Europe/UK for some time

Asia

Tassie

QLD..may or may not include islands

Melbourne

Regional Vic

I'm going to run out of time huh.

Might be a rotation job I think.

 

[Perp]

I'd like to have residences in Morocco and here in Australia, and spend a lot of time travelling elsewhere... *sigh*

 

[blaster]

From my perspective, we traveled OZ and lived all over the place for 10 yrs. You need to like where you are. I wouldn't go anywhere just for the money prestige but because it's just where my heart is and I love the place , people, lifestyle first and then financially .

But I'd be off to if I was single. Australians have become lost and deluded financially/verses lifestyle and bang for your buck these days. So busy trying to survive, eat, dress, pay bills and 400k mortgages, keeping up with the over regulated everything. I think 90% of us wouldn't recognize actual lifestyle itself anymore if it bit us on the a,,,.

There's definitely much nicer ways to live for this sort of money.

 

[Francesco]

I heard Sabah is nice especially if you like scuba diving among corals.

Haven't really thought of any place to live in safer than Australia, but a few months travelling and staying overseas should be manageable. I don't think I can quite drop everything in Australia and go somewhere to live. There are just so many things to manage in Australia, which provides the 'bread and butter'. However, downsizing to a more self-managing residence in future years is definitely the scenario.

 

[Rob Williams]

I've thought about it. A lot.
I'm a big tennis fan and would love to follow the tennis circuit around for a year. Rent a small apartment, travel cheap, meet new and interesting people and just enjoy life.
I don't have a permanent residence here in Aust and have reduced my personal possessions to the bare minimum, so I'm free to travel without worrying about sub letting, storage and other issues.
I would also like to see more of the world and settle for as long as I like (or until my visa runs out) in various places that take my interest.
I want to do this while I'm still young and able bodied enough to enjoy it to the max!

 

[chrispy]

My ex brother in law took off to rural Thailand, from the UK and was living like a king until sterling took a dive, so his income from the UK is now drastically reduced. He tells me his big worry is getting sick as he gets older, so is now looking at buying himself a small flat in the UK that he can go back to for medical treatment.

He is compelled to leave Thailand each year to renew his visa but that just means he goes back to the UK in summer and visits his kids

His idea of a perfect life is not mine but he is very happy.

Chris

 

[natmarie73]

I have been thinking about living in the Greek Islands for a while now, only for 6 months or so at this stage but I would seriously consider an early retirement there. I'd like to pay a lot of debt down first so maybe in 10 years or so.

 

[Sunfish]

If Rudd get re-elected with his grand plans to save the world, I may join the Bro's across the ditch. They seem to be much more realistic on what can be done.

I'm a little surprised at Crispy's comments on Thai hospitals. I thought it was where people went for treatment.

 

[Sunfish]

Still too expensive, but I would love the Costa Brava. Barcelona is a great city.

 

[virgo]

Retiring overseas

Hiya

For me, Malaysia works! Modern and cheap plus food is fabulous, people

are friendly, houses are super cheap, health care is very good..they speak good English....(i know, i'm from Singapore! and have many Malaysian friends)

A Malaysian friend and her Aussie hubby in their 60s spend half a year in Malaysia to escape the winter here. They structure it such that they are still
eligible for the pension. As she says, a T-shirt costs $3 and a meal costs $2...

if interested google Golden Passport Malaysia.

Many Japanese and Europeans apparently have taken up this option

cheers

 

[yadreamin]

House swapping has become very popular for this very reason.
You can join a club to register.
Homes all around the world are available.
Just imagine how cheap your holidays would be if you didnt pay hotel rates
Australia is a very popular destination for so many travelers.
I also think there is a house swapping club that operates with in Australia only.
Must look into that
cheers
yadreamin

 

[Ausprop]

I feel it is unpatriotic... you work here and live off the economy and save your bucks and then go live somewhere else because the booze is cheaper then head back here for the cheap hospital system that everyone else is paying for?

if there is ever a war or disaster in these places the aussie/western passports suddenly get an airing and taxpayers have to fund an emergency repatriation. Like the bali bombings... if they weren't all off saving 500 bucks on their annual holiday the whole cost would have been avoided.

 

[Simon]

I feel it is unpatriotic... you work here and live off the economy and save your bucks and then go live somewhere else because the booze is cheaper then head back here for the cheap hospital system that everyone else is paying for?

if there is ever a war or disaster in these places the aussie/western passports suddenly get an airing and taxpayers have to fund an emergency repatriation. Like the bali bombings... if they weren't all off saving 500 bucks on their annual holiday the whole cost would have been avoided.

From what Rudd has been saying I reckon he'd be glad of ridding himself of a few retirees.

Boatboy investigated this is some detail - I think Langkawi Malaysia was his preferred destination as he is a boatie. Maybe a search might show his thoughts etc.

I lived in Malaysia awhile and they are structuring themselves as a destination for cashed up retirees to retire to. Seems very smart of them. I guess thats the Golden Passport Virgo mentioned.

 

[lizzie]

i'd meander across the ditch too ... but that is a personal lifestyle choice rather than financial.

for some reason i just don't "do asia". it has never interested me or compelled me to visit ... however ... western and eastern europe and northern africa are a-calling.

 

[softmonkey]

if interested google Golden Passport Malaysia.
cheers

I googled 'Golden Passport Malaysia' and didn't see anything at all that matches this discussion... what am I missing?

EDIT: Found it. It's under a completely different name: "Malaysia My Second Home"

http://www.mm2h.gov.my/

 

[chrispy]

Sunfish

Have you seen the results of some of those Thailand cosmetic jobs?

BIL has UK medical insurance so prefers to pay the cost of the airfare and fly back if he needs medical or dental assistance.

Mind you, he loves the price of the beer in Thailand and the small cost to have 2 brick houses built and rather likes having a young Thai girlfriend

Chris

 

[Jamie M]

I feel it is unpatriotic....

Who said we have to be patriotic?

I think it's a great idea - I would love to go back to Africa in 20 years time (especially Malawi) and, if finances permit, help out in any little way I can.

I would have no problems using wealth generated in Oz to support my retirement in another country. I'm sure the countries I would like to live in wouldn't mind the redistribution of income either.

 

[Rob Williams]

Mind you, he loves the price of the beer in Thailand and the small cost to have 2 brick houses built and rather likes having a young Thai girlfriend

Chris

Do you think even I could get a girlfriend in Thailand?
Cheap beer sounds attractive, too.

 

[Intrinsic_Value]

I feel it is unpatriotic... you work here and live off the economy and save your bucks and then go live somewhere else because the booze is cheaper then head back here for the cheap hospital system that everyone else is paying for?

if there is ever a war or disaster in these places the aussie/western passports suddenly get an airing and taxpayers have to fund an emergency repatriation. Like the bali bombings... if they weren't all off saving 500 bucks on their annual holiday the whole cost would have been avoided.

I understand your feelings, i used to feel the same way.
But after having a number of 'ethnic' friends of one sought or another, i just learnt that if you cant beat the system join it.

Hopefully i am only a couple of years away from doing this.
Also the tax advantages become great, if you become a non-australian resident for tax purposes your overseas income is not taxed in australia.
This makes it very attractive to split your wealth between Australia and a low tax country such as Asia.

A non-australian tax resident get still stay in australia for less than 180 days in the year.

I have also been reading somewhere (and maybe someone with more knowledge than me can attest to the truth of this or not), but apparently if you are a non-tax resident you dont have to pay tax on capital gains (because the government is trying to attract 'overseas investment'). Is this true?