Prime Time Living 6.18.25 - Flipbook - Page 14
14 A Special Advertising Section of Baltimore Sun Media Group | Wednesday, June 18, 2025
RETIREMENT LIVING
A new life in
a new land
What to know about
retiring abroad
By Margit B. Weisgal, Contributing Writer
H
ave you ever considered living in another country? Is this something that
challenges you to leave the U.S. and visit distant shores with an eye to making a home there? Are you seeking a place that’s infinitely more affordable
and charming than your current locale? Do you like the idea of expanding your
world view?
All good questions. In today’s climate, leaving this country is starting to
sound appealing. As someone who has
lived in other countries (yes, plural), there
are lots of reasons along with lots of
benefits. Every time I see a movie where
the hero or heroine picks up and goes, I
am tempted once again. However, this
is about you.
Depending on how often you’ve traveled, where you currently live, and where
your family members (if any) are located,
these answers may have an impact on
places that you would consider as your
new home. For instance, if you live in
the Baltimore area or the East Coast
and have family here, do you want to
move to Australia or New Zealand or
Southwest Asia, literally the other side
of the world? It’s a very long plane trip
to visit, whether they come to you or
you to them.
A few other considerations to think
about: Is the quality of health care
important to you? How about safety and
crime? Do you want access to theaters,
operas, art galleries? And what about
cuisine? Are you open to experimenting? And what about economics? Is the
government stable?
Although not completely current,
an article in Forbes by an IRS agent
reminds people that they will still have
to pay annual taxes. Depending on the
state where you lived, you may have
to file taxes there also. And you should
time your departure so you can take
advantage of a tax break for American
citizens living abroad:
“If you are moving abroad midyear, you need to make sure you
can carve out a 12-month period of
time to be outside the U.S. for 330
days. This is so you can exclude
around $100,000 of foreign salary
from U.S. taxation.”
Last, even though you may open
a bank account in your new country,
keep your American bank account. Most
retirees have their social security payments electronically deposited. And if
you aren’t set up for this, start now.
Banks overseas are not always as modern as those in the U.S. If you are working, check on what taxes you will have
to pay in your new country of residence.
Of course, the circumstances will be different if you’re not working in your new
location.
You’ll also want to register with
the closest U.S. Embassy simply as a
safety precaution. This was taught me
by someone I knew at an American
Embassy.
What else should you investigate
prior to selecting a place to move to?
• Are you going to learn the new language? And do you need to learn
that new language? Picture Diane
Lane in Under the Tuscan Sun taking Italian lessons. Don’t assume
“everyone speaks English.” They
don’t!
• What type of visa or residency
requirements does the country
have? Visas will vary depending on
how long you plan to stay. I got into
trouble in one country because the
visa I had did not allow me to leave
and then return. Fortunately, it got
straightened out but learn about
this ahead of time. Depending on
the type of visa you apply for, it
can take months to process it. Plan
accordingly.
• Is your new location a walkable
community? Will you need a vehicle? Or can you manage easily
without one?
• Investigate health care. Many countries offer Medical Tourism at rates
far below what American hospitals charge, including, possibly, the
place you want to live. There is a
directory called Patients Beyond
Borders. You can investigate what
countries are best for a variety of
procedures.
Last, is this move permanent? That
will dictate downsizing and getting rid of
a lot of stuff. What must you absolutely
have to have in your new location? Or
