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Retiring to a cheaper country isn't a new trend, it's just more difficult than retiring to Florida for Americans or Southern Europe for Europeans so most people
by Wohlf 5y ago
Retiring to a cheaper country isn't a new trend, it's just more difficult than retiring to Florida for Americans or Southern Europe for Europeans so most people wouldn't go to the effort.
- TheOtherHobbes 5y agoIt's really not at all difficult for Europeans to retire to Southern Europe. It's not even that difficult for Americans to retire to Southern Europe.
- inglor_cz 5y agoAs long as you do not need the Greek authorities to do something for you...
- mellavora 5y agoUnless you want to stay longer than allowed by a Schengen visa, or if you want to open a local bank account, or access local healthcare, or
- pmontra 5y agoEU banks don't want US citizens as customers however residents have a right to a basic payment account. Details at https://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm https://europa.eu/youreurope/citizens/consumers/financial-pr...
- saiya-jin 5y agoUS did this to themselves, FATCA et al pushed very aggressively by US government through regional/EU governments. Same goes for ie Switzerland, land for US retirees on very opposite wealth spectrum compared to this article. Now there is like 1 bank in the land of banks that accepts US citizens. And first part of the OP's statement is true - its easy to retire into southern Europe from wealthier parts of Europe. Quality of life, safety, healthcare etc is usually more than fine.
- FooBarBizBazz 5y agoFATCA is a terrible law. It's like they're machine-gunning people who try to get over the Berlin Wall. So, practical question for Americans living in Europe: Are you able to just forgo local banks and use an internationally-minded US bank for everything? One without international fees? Can you just get your paychecks deposited there, say? Does this make anything impossible? Say, getting a mortgage?
- ivan1783 5y agoI have a German bank and am a US citizen. No problems here. I've seen this reposted online on several occasions but living here and knowing other Americans here I've not actually heard any stories of people being denied a bank account. No idea if it would work but I suppose you could use something like Wise to bank here - it gives you an IBAN like a normal bank so it should work.
- ivan1783 5y agoSee my comment below but again - this is reposted online everywhere but I've yet to encounter this even one time in my 10 years here that US citizens get denied an account or get complaints from their bank about FACTA.
- throwaway2037 5y agoI just Google'd "europe retirement visa". Many, many hits. Most Southern European nations have reasonable options. The GP post is valid to me. About healthcare: I have no idea how that works, but surely it will be cheaper than the United States.
- ido 5y agoIn Italy you just get free (=public) healthcare. When we visited a few years ago with our then-baby son he developed a fever and we took him to a pediatric hospital & were treated without anyone asking to see any health insurance or talking about cost. We just got in, got treatment and got out at the end.
- arcticbull 5y agoYeah its actually hardest for foreigners to retire in Florida since the US is one of the few countries that doesn't offer retiree visas. Canadians have it relatively easy, usually splitting time between the two countries since they can spend 180 days at a time in the US on a B-2 tourist waiver.
- Scoundreller 5y agoAlso health insurance issues. Most “snowbird” insurance is only cost-effective because they expect to G(you)TFO back to your government insurance if anything happens and discontinue your policy if anything happens. And often any medical condition needs to be stable to qualify in the first place. I’m aware of a lot of Canadians that look further south to get away every winter to avoid a lot of health and tax related issues.
- seanmcdirmid 5y agoI’m thinking about retiring to Guam for that reason: Medicare is still valid there, not as cheap as SEA, but cheaper than most of the USA. Who knows, it’s a long way for me.