They did it again! Belize ranks 1st as Best Place to Retire Abroad in the Huff Post’s slideshow series.
Retiring Abroad: 10 Great Places To Retire Overseas
written by Sara Gates
When it comes to retirement, sometimes it’s all about location, location, location. While the U.S. has its fair share of beachfront property and rustic lodges to offer, there are plenty of exotic locales that may make more Americans consider retiring abroad.
The draw? Aside from beautiful scenery, the cost of living tends to be cheaper, tax burdens are sometimes lower, and the quality of health care can be quite good.
Some countries, such as Belize and Costa Rica, have no taxes on foreign retirement income, enabling U.S. citizens to receive their Social Security checks abroad without taxation. The sales and property taxes are also lower, so the monthly cost of living is much more manageable in places like Ecuador and Bali than in most retirement communities in the U.S.
That’s not to say retiring abroad is all mai tais on the beach. In many countries expats who are still American citizens can find themselves paying taxes in two different countries as they are still required to file for all profits earned in the states and abroad, CNBC reported:
“There are ways to claim credit for taxes paid overseas, but complicated tax laws in each country make the process difficult. Be prepared to spend time and money to get financial advice in both the United States and your destination site.”
CNBC and The Wall Street Journal also point out that certain countries may have barriers that make accessing your money harder, such as having difficulty opening up a bank account or waiting up to four weeks for Social Security checks to clear. AARP has a list of 13 questions to ask before retiring abroad.
Despite these caveats, there are a number of countries that make for great spots to settle down. Check out the gallery below for 10 possibilities.