May 27, 2026

When Your Retirement Goes Global, Part II: Residency Rules, Visa Choices, and the Plan That Keeps Yo

When Your Retirement Goes Global, Part II: Residency Rules, Visa Choices, and the Plan That Keeps Yo
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Season 2

In Part I, we unpacked the tax traps & hidden financial surprises that catch retirees off guard when life crosses borders. In Part II, fiduciary advisor & lifelong traveler Jimmy Miller goes deeper into the real-world decisions that shape a successful global retirement—from residency & visa choices to healthcare access, couple dynamics, &the planning steps that protect flexibility. If you are considering retirement abroad, this episode will help you think beyond the dream & build a smarter plan.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions express in the following show are

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W FOURCY Radio at W

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fourcy dot com. This week and every week, we will

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reach for a higher purpose in money and life, as

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well as a focus on health and wellness. Now, let's

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join your host, Anita bell Anderson as together we start

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with Asking Good Questions.

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Hello, and welcome to the Ask Good Questions Podcast. I'm

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your host, Benita Belle Anderson, and I am so happy

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to have you back here again with us. This is

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part two today of our conversation with financial advisor and

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lifelong traveler Jimmy Miller. In part one, we had talked

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about tax traps and reporting surprises and account issues. It

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sometimes makes going overseas to retire a little bit complicated.

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We are going to pick up where we left off.

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We're going to go deeper into the practical part of

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doing that of going overseas, residency rules, visa choices, healthcare

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couple dynamics, which I think might be interesting to discuss

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money moves that can help you stay flexible instead of

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getting boxed in. So if you've ever dreamed of living overseas, well,

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then this is it. You know, this is going to

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This conversation should help direct you in the right way

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to go and what to think about and what are

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the good questions to ask. So with that, I'd like

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to invite Jimmy Miller to the podcast STAGEHNA, have you

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be here? Yes, thanks for joining me again. So we

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had such a good time the first time. It was like, oh,

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there's so much more to talk about. So we had

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talked about tax traps. We're not going to do that today.

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Today we are going to go really practical. I want

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to just really think about what are the practical things

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that people need to think about. So let's start with

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those really scintillating topics of residency and visa rules that

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really I think could drive the success of living abroad.

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So what would you say, what are some of the

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things I need to think about?

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Yeah. Absolutely. As retiring abroad is becoming more and more popular,

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Americans are looking to go oversee, either to escape America

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currently because they're not happy with the political situation, or

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they're looking to stretch their dollars farther in countries where

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things are less expensive like health care and lifestyle, or

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they're just looking for more of to get out of

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the rat race. Now that laid back lifestyle. More and

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more Americans are seeking a retirement. We're working overseas now,

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and you ask a really great question because one of

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the first considerations is where is it possible to go.

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It's not possible to go to just any country for

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retirement overseas. There's different rules pieces requirements that you have

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to meet for each individual country or in some cases

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regions like the EU. So that's the important place to start.

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So most people when they think about retiring overseas already

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have an idea of where they'd like to go. But

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there are people that really have no idea and they're

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still in that exploring phase, so it's good to narrow

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it down first to a list of places that is

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possible depending on your circumstances. So I'd imagine most of

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the listeners here are American citizens, right, So that's the

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first thing to consider. If you're not an American citizen

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or listening to this, you might have different rules for

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visas and where you can go and can't go, But

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for most Americans, you are limited by where you can go.

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For example, you might have fallen in love with the UK,

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but there is no current visa for retirement in the

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United Kingdom. It's just not a possibility. So unless you

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can get there on another type of visa, like you

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have family there, or you qualify for citizenship there, or

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you plan to work there in retirement in some specialty

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field that can get you a visa, you just can't

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move to the UK unfortunately these days. But there are

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plenty of other places that you can move and exploring

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some of those places in different visa options is a

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good first place to start. The best good question you

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can ask first.

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Well, you know, I've done a lot of traveling in

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my life, but what's the difference between like having permission,

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you know, going to live someplace, but actually becoming a

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tax resident. I think that's probably something that's fuzzy for people.

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It is. It's definitely taxes for sure as a pretty subject,

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especially when Americans go overseas. As we touched on the

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last time we talked, America is really the only country

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in the world that taxes at citizens worldwide. So you

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an American going overseas are still going to be responsible

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for taxes in America even if they don't set foot

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in a year in America. So that's definitely something to

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keep in mind as you're adventuring overseas.

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For sure, What do you think the most common I mean,

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I think people probably I think there's a lot of

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misunderstandings out there the people have about how long they

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can stay in a country. Is there is there like

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a rule of thumb or anything like that.

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Yeah, great question. So visas come in different flavors. Generally

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you can categorize them into working visas and non working visas.

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They're also called non lucrative visas, so for most retirees,

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they're going to be looking at a non lucrative type visa,

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so they won't have the legal rights to work in

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the country that they're living in. Now, as a rule

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of thumb, it's different in different countries, but as a

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rule of thumb, once you've been in a country for

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more than one hundred and eighty three days for half

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the year, you become a tax resident in that country

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as well. So there are certain people that don't want

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to trigger those tax residencies and they're happy to move.

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So they spend you know, just under six months in

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Portugal and then they moved to Spain for the other

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six months, where they spend half the time in America

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and half their time overseas, so they don't trigger those

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tax residencies. But generally one hundred and eighty three days

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is the thing to keep in mind, and for most

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countries that's in a calendar year. There are a few

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countries that don't do their taxes on the calendar year,

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so you can often go to a country later in

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the year, after the midway point and stay through the

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end and not trigger taxes for that calendar year on yourself. Now,

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most countries in the world, like America, they tax on

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worldwide income, so it's another important caveat to remember. America

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is the only country that taxes that citizens overseas, But

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like America, most countries, if you are a tax resident,

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is going to tax you on worldwide income. So if

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you've retired to Portugal or France or Japan, Australia, doesn't

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really matter where, they're going to want to tax you

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on worldwide income. So your retirement accounts back in America,

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your pensions, your social Security things.

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Like that, Well, is it possible then to trigger some

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kind of complexity that they weren't just because they spent

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time in the wrong place.

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Absolutely?

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How do you accidentally create a problem for yourself?

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It's pretty easy to do, and a lot of people

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do it that retire overseas in the first couple of years.

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The most common one that I see is thinking that

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because they're not living in America, they don't need to

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file their taxes in America. That's a very common one.

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The second most common one is they think that the

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stuff they have in America is separate from their new

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country and don't realize that they're required to report and

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pay taxes on their American assets in their new country

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as well. So that's also a very common mistake.

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What you know, what if I you know, want to

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move to Portugal, and I just absolutely fall in love

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with it. If you get if you get emotionally attached

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to your destination that you want to go. What are

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the residency related questions that they should be asking. What

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are the good questions they should be asking.

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Jimmy, Yeah, good question. Do they have a visa program

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for non lucrative retirees. That's the first great question. The

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second question is if they have one, what are the requirements?

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Almost all visas come with requirements a certain level of income,

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a certain level of money in the bank, a certain

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level of health insurance that comes with you. So there's

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a whole list of things that are going to be required.

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And for some people they might want to really want

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to go to a country, but if that country's requirements

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are extremely high in income and bank accounts, they maybe

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just don't qualify to retire to that country. So that's

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the first place to start in. The first good questions

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to ask is to make sure you're going to qualify

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for the visa that you're after in the country that

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you want to retire in.

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So unfortunately, when you're thinking about retiring, you're usually a

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little bit older too, so I want to turn to

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healthcare and banking and long term flexibility in some ways

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that I don't think people are going to be thinking about.

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Are visa and residency choices going to affect healthcare, banking things.

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Like that, Yes, they are, absolutely so a couple things

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to unpack there. Some visas will come with public health

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care in certain countries, usually not in the first year,

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but after you've been there a year if you plan

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to stay. So for example Spain or Portugal, once you've

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been there for a year and you want to renew

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your visa and stay, then they will allow you to

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get on the public health care system in the meantime,

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in that first year, though, you do need to have

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a certain level of private health insurance to be in

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that country, because you can't access their health care and

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they don't want you to be a burden on their

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system of course, accessing their health care without insurance. So

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that's the first step for most countries. It's very typical.

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The other thing that's a big wake up call for

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Americans going overseas for retirements and even those that have

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traveled a lot, because even if you've traveled a lot

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in your life overseas it's unlikely that you've had a

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lot of experience with a medical system while you're traveling overseas.

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You're busy being on vacation and exploring countries. God forbid,

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something happen to you while you're there and you experience

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the medical system. It's shocking to most Americans how inexpensive

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medical the medical system is in many places around the world,

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and how first class the medical care is. It's not

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nearly the shock that it is in America for healthcare

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costs overseas.

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Well. Do you have any real life examples of some

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of these decisions that might create a bigger problem later on?

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Yeah, I mean I meet people all the time that

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are in search of policy that will help them qualify

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for a certain visa or how to structure their financial

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accounts in a way that's going to make the visa

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application past the test for them. So I mean working

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with an ex bad type advisor to structure your income

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the right way for certain visas is certainly helpful. I

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often recommend either signa Global or Safety Wings for people

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that are looking for the health insurance peace. Safety Wings

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has become quite popular. They're global, you can buy it

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on a monthly basis. You can choose whether you want

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American coverage attached to it or not American coverage. So

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everywhere else in the world but America, of course, if

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you attach the American coverage, it goes up. But for

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some people who are traveling and they want to come

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back and still have coverage in America, maybe they're not

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Medicare age yet.

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That Yeah, that's what I'm wondering. See, we just completed

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a senior mission to Hawaii, but one of the reasons

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we went to Hawaii was because my husband wanted to

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be inside the United States because of Medicare. So are

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you talking about So this is like, this isn't This

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is not the same thing as travel insurance, is it correct?

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Not the same thing as travel insurance. So most traveling

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insurances they're designed to repatriate you. They're very low cost

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because they're never designed to pay for medical expenses really

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while you're traveling, and a lot of those are very

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make it very hard to claim for medical expenses while

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you're traveling. They're really designed in a serious emergency to

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get you back to your home country where you already

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qualify for some kind of medical insurance. Now you brought

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up a really good point. A lot of people don't

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realize that Medicare does not cover you at all while

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you're overseas, and this is actually a big financial planning

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decision for a lot of expats who want to retire

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overseas because it seems worthless to be paying for Medicare.

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And a lot of people don't realize Medicare is not free.

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In this year, it's almost two hundred and three dollars

239
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per month for the lowest tier of it, and it

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it provides no benefit to you while you're overseas. But

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the catch twenty two with that, of course, is if

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you don't sign up for Medicare every year that you wait,

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they attack on a ten percent penalty that's sticks around

244
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for the rest of your life. If you do yes later, this.

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Could be a big sticking point, couldn't it?

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Absolutely? Absolutely? What I find in the real world is

247
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most expats do sign up for Medicare at sixty five,

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even it's just an expense, because they do plan on

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going home someday. Most expats do repatriate and go home.

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You get to a point in your retirement right you

251
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have the go go years. The slogo years and the

252
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Nogo years that you just don't have the energy anymore

253
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to enjoy being an expath the way you once did.

254
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And oftentimes that's a triggering event to maybe move back home,

255
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be closer to your kids, family medical system. You're you're

256
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familiar with things like that.

257
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So okay, let's talk about like the address. I had

258
00:14:50.080 --> 00:14:52.480
a whole lot of fun with change of address things,

259
00:14:52.559 --> 00:14:57.879
just being in Hawaii. How should retirees think about your

260
00:14:57.960 --> 00:15:02.240
mailing address, your legal address, I would think, like your

261
00:15:02.279 --> 00:15:08.840
residency address that you have for taxes. What kind of

262
00:15:09.000 --> 00:15:12.399
local requirements do you think? How do you think about

263
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that with the whole thing with mail and without making

264
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their financial life more complicated.

265
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Yeah, it's a good question, and it's important to plan

266
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for that before you go. Now, some people will use

267
00:15:24.799 --> 00:15:27.559
friends or family to change their address there and help

268
00:15:27.600 --> 00:15:29.679
them sort the mail and take a picture of whatever

269
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is important. Other people will go out and use one

270
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of the virtual mailbox services available these days, where the

271
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mail comes in and they scan it and send you

272
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an email every day and you can direct them what

273
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to do with the mail. So there's lots of solutions here,

274
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But I think the bigger issue that's important to talk

275
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about today. Here is what your address is for two things,

276
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for your investment and bank accounts. Because what your country

277
00:15:53.879 --> 00:15:58.559
you're in matters. There some custodians where you might keep

278
00:15:58.559 --> 00:16:01.240
your money are much more finely to international addresses than

279
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others are. And where your state residency may be. Some

280
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states will still expect you to pay state tax even

281
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if you're living overseas if you keep an address or

282
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any kind of life a home, a rental of business,

283
00:16:16.679 --> 00:16:21.000
the right to vote in that state. California, Hawaii, New

284
00:16:21.080 --> 00:16:25.759
York very common states going after retired expats overseas saying hey,

285
00:16:25.759 --> 00:16:28.360
you still got to pay taxes in the states. So

286
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oftentimes what makes sense for people is to change their

287
00:16:31.720 --> 00:16:35.200
address and domicile in the United States before they leave

288
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to a state that doesn't have state taxes, like Florida, Washington, Tennessee, Alaska.

289
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There's seven states that don't have state taxes, and that

290
00:16:44.639 --> 00:16:47.759
often will for sure eliminate the problem of state taxes

291
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while you're overseas.

292
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Right well, before we leave healthcare, I have one more

293
00:16:53.000 --> 00:16:59.279
question about healthcare. Does healthcare does the whole idea of healthcare?

294
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Does that? Where does that fit in the decision with

295
00:17:03.720 --> 00:17:09.359
if they're establishing residency abroad, is there going to be

296
00:17:09.400 --> 00:17:10.680
so plexity there.

297
00:17:12.279 --> 00:17:14.559
It depends what country they go to and how important

298
00:17:14.640 --> 00:17:16.559
healthcare is to them. A lot of people that are

299
00:17:16.599 --> 00:17:19.440
looking to retire overseas are very healthy and that they

300
00:17:19.440 --> 00:17:22.319
still have the energy to want to retire overseas, so

301
00:17:22.559 --> 00:17:25.759
healthcare might not be a big concern to them. Other

302
00:17:25.759 --> 00:17:29.039
people are different levels on the education scale of how

303
00:17:29.079 --> 00:17:31.839
healthcare works outside of America, how healthcare might work in

304
00:17:31.880 --> 00:17:34.319
the country they're going to, how they might access it,

305
00:17:34.400 --> 00:17:37.759
what the real cost of it may be. You know,

306
00:17:37.799 --> 00:17:41.039
as I said in our last show in January and February,

307
00:17:41.079 --> 00:17:44.640
I was down in Ballei, Indonesia, and there, if you

308
00:17:44.720 --> 00:17:46.799
got sick, a doctor would come to your house, give

309
00:17:46.839 --> 00:17:49.279
you an IV stay with you for an hour, give

310
00:17:49.319 --> 00:17:52.079
you the antibiotics, and it would be about thirty five

311
00:17:52.200 --> 00:17:57.400
US dollars. I mean, it's shocking to Americans how inexpensive

312
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healthcare can be in other countries. And so oftentimes people

313
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that have saved diligently, say in their health savings accounts,

314
00:18:06.039 --> 00:18:08.680
have quite quite a bit of money that they don't

315
00:18:09.279 --> 00:18:12.240
have to rely so heavily on insurance because insurance doesn't

316
00:18:12.279 --> 00:18:15.000
If you do have insurance, it doesn't pay that much.

317
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A lot of retirees can cover the health care expenses

318
00:18:19.119 --> 00:18:21.880
for most things in a lot of these countries just

319
00:18:21.920 --> 00:18:24.960
out of pocket and still be less than what they

320
00:18:24.960 --> 00:18:28.599
would be paying for Medicare or private health care policy.

321
00:18:29.759 --> 00:18:31.799
As it is, it's it's still good to have that

322
00:18:31.839 --> 00:18:35.720
health insurance for a catastrophic type event. But you know

323
00:18:35.759 --> 00:18:37.440
the other thing that I think a lot of people

324
00:18:37.480 --> 00:18:40.599
forget that I like to remind people that is in America,

325
00:18:40.759 --> 00:18:44.039
it's pretty easy to get back on health insurance. Not

326
00:18:44.160 --> 00:18:47.160
with the ACA you know, commonly referred to as the Obamacare.

327
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There's a lot of triggering events that allow you to

328
00:18:49.519 --> 00:18:53.200
get onto the ACA health insurance with no pre existing

329
00:18:53.240 --> 00:18:57.160
conditions without being in the open enrollment period. One of

330
00:18:57.200 --> 00:19:01.160
those triggers is moving back from over So if you've

331
00:19:01.200 --> 00:19:04.319
been overseas for at least three months, then when you

332
00:19:04.400 --> 00:19:06.720
move back to the States, that's a triggering event. So

333
00:19:07.160 --> 00:19:10.279
if you ever did have a major health problem, say

334
00:19:10.359 --> 00:19:12.400
God forbid, you got cancer or something like that it

335
00:19:12.440 --> 00:19:15.279
needed expensive treatments, the most you'd have to wait is

336
00:19:15.279 --> 00:19:17.039
thirty days, because as soon as you come back to

337
00:19:17.160 --> 00:19:19.799
the States the first of the following month. With that

338
00:19:19.880 --> 00:19:22.839
triggering event, you could get on a gold plan, you know,

339
00:19:22.960 --> 00:19:26.200
through through one of the Obamacare plans and have full

340
00:19:26.240 --> 00:19:29.440
coverage in the States, or back onto Medicare if you're

341
00:19:29.480 --> 00:19:32.319
a sixty five or older and available for and eligible

342
00:19:32.400 --> 00:19:33.920
for that. Wow.

343
00:19:35.039 --> 00:19:39.839
Well, okay, I want to turn now to couple dynamics,

344
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and I can see where some you know, like one

345
00:19:44.359 --> 00:19:46.640
of the spouse you know, one spouse would be really

346
00:19:46.680 --> 00:19:50.039
really super excited about doing this and the other one

347
00:19:50.200 --> 00:19:53.119
not so much. Maybe they have family they want to

348
00:19:53.160 --> 00:19:58.000
stay close to. So what are the planning issues that

349
00:19:58.160 --> 00:20:03.720
show up when one spouse is more ready for doing

350
00:20:03.839 --> 00:20:05.400
this than the other one is.

351
00:20:07.200 --> 00:20:10.359
That's a really great question, and I see it a lot.

352
00:20:10.920 --> 00:20:12.839
I see it a lot. One of the biggest issues

353
00:20:12.880 --> 00:20:15.799
is the cost. Right, So there are a lot of

354
00:20:15.799 --> 00:20:18.480
places people like to retire that are much lower costs

355
00:20:18.480 --> 00:20:20.680
in the United States, which with a much more laid

356
00:20:20.720 --> 00:20:24.880
back style of life, and that's what draws Americans oftentimes

357
00:20:24.920 --> 00:20:28.160
to go overseas. But if you're going to Portugal or

358
00:20:28.200 --> 00:20:31.640
Spain or somewhere in Southeast Asia because things are much

359
00:20:31.720 --> 00:20:35.680
less expensive. But somebody's dragging their foot or you're not

360
00:20:35.759 --> 00:20:39.119
quite sure, and so you're still keeping that house in

361
00:20:39.200 --> 00:20:42.519
the States and the utilities on that house and still

362
00:20:42.519 --> 00:20:44.799
paying taxes because you have that house and you're flying

363
00:20:44.839 --> 00:20:47.119
back and forth because you're not sure, then you're not

364
00:20:47.160 --> 00:20:50.839
actually getting any advantage of the lower cost of living

365
00:20:51.480 --> 00:20:53.960
in that place that you might want to retire to

366
00:20:54.079 --> 00:20:56.640
or spend more time full time. So oftentimes what I

367
00:20:56.640 --> 00:20:59.160
see in that situation is they make a compromise and

368
00:20:59.200 --> 00:21:01.519
they come back and forth or they go over for

369
00:21:01.559 --> 00:21:04.000
a year or two. But the one spouse, because they're

370
00:21:04.039 --> 00:21:06.640
dragging their foot, so to speak, doesn't want to let

371
00:21:06.680 --> 00:21:09.680
go of the life in America. And that life in

372
00:21:09.680 --> 00:21:13.319
America is costing them a lot of money just sitting there,

373
00:21:14.400 --> 00:21:16.359
you know, with all the stuff that they have there,

374
00:21:16.400 --> 00:21:20.240
and that negates a lot of the benefits of being overseas.

375
00:21:20.359 --> 00:21:23.160
The stress of managing if you're renting your house or

376
00:21:23.319 --> 00:21:26.200
just sitting empty, right, and the money that you're still

377
00:21:26.200 --> 00:21:28.119
spending in the United States, and the flying back and

378
00:21:28.200 --> 00:21:30.680
forth and all those other things that come along with

379
00:21:31.000 --> 00:21:33.599
trying to keep one foot in America and one foot

380
00:21:33.640 --> 00:21:34.559
in the new country.

381
00:21:35.559 --> 00:21:41.200
Wow, Well, so can you think of any examples of

382
00:21:41.759 --> 00:21:46.759
what are the most common complications. Is it that just

383
00:21:46.920 --> 00:21:49.480
you know, not being one of them not being willing

384
00:21:49.519 --> 00:21:52.039
to let go absolutely.

385
00:21:52.519 --> 00:21:54.440
And the other one that I see quite often is

386
00:21:55.599 --> 00:21:59.039
one or sometimes both people will want to rush into

387
00:21:59.079 --> 00:22:03.680
a retirement over sa So I've often seen, unfortunately one

388
00:22:03.720 --> 00:22:07.559
person will convince the other spouse, or they'll try to

389
00:22:07.599 --> 00:22:11.079
lock in the overseas idea by rushing a purchase of

390
00:22:11.119 --> 00:22:14.559
a property or something that's going to try to force

391
00:22:14.839 --> 00:22:19.519
them to become expats and retire overseas. Kind of like, oh,

392
00:22:19.559 --> 00:22:21.480
I'm going to buy a time share because it's going

393
00:22:21.519 --> 00:22:24.920
to force me to take more vacations, and we all

394
00:22:24.960 --> 00:22:28.039
know how great of an investment. Yeah, that is right.

395
00:22:28.920 --> 00:22:29.480
Then they're done.

396
00:22:29.519 --> 00:22:33.079
Often not to knock on timeshares, but you get my

397
00:22:33.279 --> 00:22:36.559
I think you get my analogy, and oftentimes that leads

398
00:22:36.599 --> 00:22:40.519
to other problems and friction. I think in the last

399
00:22:40.519 --> 00:22:43.559
time we talked, I talked about I know a couple

400
00:22:43.599 --> 00:22:46.079
that went to Portugal. They kind of did this and

401
00:22:46.200 --> 00:22:49.359
they bought a house too quick, and the one spouse

402
00:22:49.440 --> 00:22:52.319
had COPD and they didn't realize it for three months

403
00:22:52.359 --> 00:22:54.680
of the year. All the farms around their beautiful estate

404
00:22:54.839 --> 00:22:57.960
burned the crawl, the extra crops and the ditches, and

405
00:22:58.319 --> 00:23:02.920
it's a terribly smoky come side know that unless you

406
00:23:03.000 --> 00:23:05.559
live there for at least a year. But it's easy

407
00:23:05.640 --> 00:23:08.519
to get excited and think this is the perfect place

408
00:23:09.640 --> 00:23:13.480
and then have one spouse rush something like a purchase

409
00:23:13.519 --> 00:23:16.599
of a property to try to force that other spouse

410
00:23:16.720 --> 00:23:21.799
into taking that leap, which often leads to the complications.

411
00:23:22.440 --> 00:23:28.440
So what conversation should they should the couples have, like

412
00:23:28.440 --> 00:23:33.559
like taxes, healthcare? What about inheritance? I mean, I don't know,

413
00:23:33.720 --> 00:23:38.039
you know, that could be something and you know, like

414
00:23:38.920 --> 00:23:42.680
uh and we call it, you know, your personal you know, residence,

415
00:23:42.839 --> 00:23:46.960
like my my residence state is Washington State because that's

416
00:23:47.000 --> 00:23:50.519
the way our whole taxes is set up. But what

417
00:23:50.680 --> 00:23:53.839
conversations are the most important ones the couple should be

418
00:23:53.880 --> 00:23:55.799
having early when they're talking about this.

419
00:23:57.559 --> 00:24:00.920
Yeah, they need to be realistic with them themselves and

420
00:24:00.960 --> 00:24:04.160
how much they've actually traveled and experienced life outside of

421
00:24:04.200 --> 00:24:08.599
America and make sure that they tiptoe into it. Patience

422
00:24:08.759 --> 00:24:12.279
is the key factor to success. Too many people get

423
00:24:12.319 --> 00:24:16.319
too excited. They don't have the experience. They've only traveled,

424
00:24:16.640 --> 00:24:19.799
you know, suitcase, traveled to different places, haven't really lived

425
00:24:19.799 --> 00:24:23.200
in a place, and then fall in love with a place.

426
00:24:23.359 --> 00:24:26.000
You know, I used to live in Hawaii. You just

427
00:24:26.039 --> 00:24:29.200
came back from Hawaii. Every single person that visited me

428
00:24:29.240 --> 00:24:32.000
in Hawaii or is walking along y Kiki says the

429
00:24:32.079 --> 00:24:34.680
same anxiety. Oh I could live here, I should move here.

430
00:24:35.799 --> 00:24:38.279
But living in a place day to day is very

431
00:24:38.319 --> 00:24:41.200
different than visiting a place and falling in love with it.

432
00:24:41.680 --> 00:24:44.519
So patience is the if I could give people. One

433
00:24:44.599 --> 00:24:48.240
key piece of advice is patience. Second, talk to people

434
00:24:48.319 --> 00:24:49.799
that are ahead of you, that have already done it.

435
00:24:49.799 --> 00:24:52.200
There's really no place that anybody wants to go these

436
00:24:52.240 --> 00:24:55.599
days and doesn't have already big XPAC communities where people

437
00:24:55.640 --> 00:24:58.480
are willing to talk to you about their journey and

438
00:24:58.599 --> 00:25:01.359
how it worked for them and what they surprised them

439
00:25:01.400 --> 00:25:05.119
and what they found great, what exceeded their expectations, what didn't,

440
00:25:06.000 --> 00:25:08.799
and have those conversations and then finally to round it out,

441
00:25:09.599 --> 00:25:12.759
to talk with a professional that is a that is

442
00:25:12.759 --> 00:25:16.160
an expat specific advisor that can help them walk through

443
00:25:16.839 --> 00:25:20.880
all of the of the finances, the taxes, the residency

444
00:25:20.960 --> 00:25:22.599
VSS and all that kind of stuff and have an

445
00:25:22.599 --> 00:25:26.160
adult conversation about the realities of putting all of that

446
00:25:26.319 --> 00:25:29.359
together in place. You know, a lot of people don't

447
00:25:29.400 --> 00:25:32.200
realize that depending on where they go in Europe, if

448
00:25:32.200 --> 00:25:34.759
their Europe is their destination, their taxes might be double

449
00:25:34.880 --> 00:25:38.480
what they are in the States. Right, So that might

450
00:25:38.559 --> 00:25:41.200
mean half the income that they were used to or

451
00:25:41.200 --> 00:25:43.640
a quarter, you know, twenty five percent less, and then

452
00:25:43.640 --> 00:25:45.440
they have to figure out whether that's going to still

453
00:25:45.480 --> 00:25:47.720
be enough for them to live on in that country.

454
00:25:47.799 --> 00:25:49.720
They need to go in with their white eyes wide

455
00:25:49.720 --> 00:25:51.319
open to those types of situations.

456
00:25:51.839 --> 00:25:55.240
Well, might it be a good idea to have a

457
00:25:55.279 --> 00:25:58.559
plan A and a plan B if one of the

458
00:25:58.839 --> 00:26:01.640
you know, if one person and is not so sure

459
00:26:01.640 --> 00:26:02.599
about this whole.

460
00:26:02.359 --> 00:26:05.680
Thing, Well, plan A has always go to the country,

461
00:26:05.680 --> 00:26:07.240
and plan B is always just that we can just

462
00:26:07.279 --> 00:26:12.599
come home. Right, that's the one percent of the time. Generally,

463
00:26:13.200 --> 00:26:16.160
the people that don't have a plan B are are

464
00:26:16.359 --> 00:26:20.319
more likely to succeed. The people that really know what

465
00:26:20.400 --> 00:26:22.240
they're that this is what they want to do. They

466
00:26:22.680 --> 00:26:28.640
commit their bones, they're fully committed. It's in the sailing

467
00:26:28.720 --> 00:26:30.759
world we have as saying it's really hard to get

468
00:26:30.759 --> 00:26:34.519
off the dock, and that is so true when it

469
00:26:34.559 --> 00:26:37.599
comes to becoming an expat as well. To actually pull

470
00:26:37.640 --> 00:26:40.640
the trigger and put it all together and get off

471
00:26:40.720 --> 00:26:43.640
the dock and get out there and do it. That's

472
00:26:43.680 --> 00:26:46.480
often the most challenging part. But the people who do

473
00:26:46.519 --> 00:26:49.279
it and commit and get off the dock without that

474
00:26:49.359 --> 00:26:51.759
plan b are the most successful people for sure.

475
00:26:53.240 --> 00:26:56.640
Well is there? What what would you say? Helps people

476
00:26:56.920 --> 00:26:59.880
to make these decisions together.

477
00:27:03.400 --> 00:27:07.960
Honest conversations about it, that's the number one thing, and

478
00:27:08.119 --> 00:27:12.839
asking each other those good questions so that they fully understand,

479
00:27:13.240 --> 00:27:17.680
you know, what each person is expecting, what they're expecting

480
00:27:17.759 --> 00:27:20.799
to get out of it, so they each understand how

481
00:27:20.839 --> 00:27:25.079
the other person in visions a life overseas. You know,

482
00:27:25.119 --> 00:27:28.359
it's so many of the little details that people don't realize.

483
00:27:28.079 --> 00:27:31.400
They want to retire in Spain, but they don't, but

484
00:27:31.440 --> 00:27:33.440
they're not at night owl. It's kind of hard to

485
00:27:33.440 --> 00:27:35.960
retire in Spain where restaurants don't open un till eight

486
00:27:36.079 --> 00:27:39.799
or nine o'clock at night, if normally you're in bed

487
00:27:39.920 --> 00:27:43.160
by nine o'clock at night. Right, So if the culture

488
00:27:43.400 --> 00:27:46.359
is just radically different, that might be exciting for one

489
00:27:46.400 --> 00:27:48.960
person and a complete turn off for the other person.

490
00:27:49.039 --> 00:27:51.400
So all of those kind of conversations seem to be

491
00:27:51.880 --> 00:27:52.720
had ahead of time.

492
00:27:53.200 --> 00:27:53.480
Right.

493
00:27:54.480 --> 00:27:59.119
So let's say someone is about twelve months out from

494
00:27:59.160 --> 00:28:02.839
making a move, of what are the first three to

495
00:28:02.920 --> 00:28:04.599
five things that you would want them.

496
00:28:04.480 --> 00:28:11.000
To be doing, Doing a side by side comparison of

497
00:28:11.160 --> 00:28:16.960
the taxes in both countries, researching the residency visas, and

498
00:28:17.039 --> 00:28:19.920
starting to line up all the things that they'll need

499
00:28:19.960 --> 00:28:23.119
for their qualifications. One that trips up a lot of

500
00:28:23.119 --> 00:28:25.680
people I see as a lot of countries will require

501
00:28:26.000 --> 00:28:29.759
the background check from America attached to the application, just

502
00:28:29.799 --> 00:28:32.319
to prove that you don't have a criminal record in

503
00:28:32.359 --> 00:28:36.880
America before coming. It makes total sense, but currently the

504
00:28:36.920 --> 00:28:40.319
way the government's operating it can take four or five

505
00:28:40.400 --> 00:28:43.799
months after you send in a fingerprint card to get

506
00:28:43.880 --> 00:28:47.119
the actual report back from the FBI for your criminal

507
00:28:47.160 --> 00:28:50.240
background check. And so if you're ready to go to

508
00:28:50.319 --> 00:28:54.000
Sportugal next month and you've got to wait five months

509
00:28:54.000 --> 00:28:58.119
for that background check, you're better have a changeable plane

510
00:28:58.119 --> 00:29:00.279
ticket because they're not going to allow you to come

511
00:29:00.319 --> 00:29:02.720
in on that visa to all the pieces I haven't

512
00:29:02.759 --> 00:29:05.480
been put together. So twelve months out you need to

513
00:29:05.480 --> 00:29:08.119
start thinking about all those things running through the requirements

514
00:29:08.119 --> 00:29:12.559
of the visa, running through the requirements of what you're

515
00:29:12.559 --> 00:29:16.079
going to be responsible for in taxes, starting to move

516
00:29:16.160 --> 00:29:17.759
if you're in a state that's going to tax you

517
00:29:18.160 --> 00:29:21.519
to a state that hopefully won't tax you while you're overseas.

518
00:29:21.880 --> 00:29:24.559
Those are some of the important things to start to consider.

519
00:29:25.559 --> 00:29:32.000
Wow, well, I mean we're both financial advisors. We've done

520
00:29:32.279 --> 00:29:35.000
plans for people. If you were going to put this

521
00:29:35.160 --> 00:29:40.440
in writing, what would a good cross border retirement plan

522
00:29:40.559 --> 00:29:43.039
look like? What would that include?

523
00:29:44.680 --> 00:29:47.839
So it would, for for sure, it would include a

524
00:29:47.920 --> 00:29:51.680
tax analysis between the two countries, and it would the

525
00:29:51.720 --> 00:29:54.880
plan would look different for each couple. I mean, any

526
00:29:54.880 --> 00:29:56.880
financial plan looks different for each couple, but it also

527
00:29:56.960 --> 00:30:01.240
looks different for each country. So so I mean with

528
00:30:01.279 --> 00:30:04.039
the residency requirements and the different tax and whether there's

529
00:30:04.079 --> 00:30:06.319
a tax treaty in place or not, whether there's a

530
00:30:06.559 --> 00:30:09.720
totalitization agreement in place or not, which governs how social

531
00:30:09.759 --> 00:30:12.559
security is taxed between the two countries, and then whether

532
00:30:12.599 --> 00:30:16.240
there's an estate planning treaty in place as well. You'd

533
00:30:16.279 --> 00:30:20.079
mentioned a state planning. That's another big one that will

534
00:30:20.079 --> 00:30:24.279
trip up expats going overseas not too often because most

535
00:30:24.480 --> 00:30:30.319
Americans retiring overseas will come back before they pass away.

536
00:30:30.680 --> 00:30:33.240
That comes more into place when I see somebody who's

537
00:30:33.279 --> 00:30:36.759
married to somebody from another country and you have cross

538
00:30:36.799 --> 00:30:41.279
border planning in that aspect as well. But all of

539
00:30:41.319 --> 00:30:44.240
those things need to be considered into that plan that

540
00:30:44.279 --> 00:30:47.119
you're going to create for them to go overseas. And

541
00:30:47.160 --> 00:30:49.079
the first step in that plan is to see make

542
00:30:49.119 --> 00:30:51.559
sure that they cross all those hurdles that they're going

543
00:30:51.599 --> 00:30:53.880
to qualify for all the different things that they're going

544
00:30:53.920 --> 00:30:57.279
to pass that background check that we just talked about, Yeah,

545
00:30:57.359 --> 00:30:59.599
and that they have enough money in the bank to

546
00:30:59.680 --> 00:31:02.799
qualify buy and that their pensions or incommercial security is

547
00:31:02.920 --> 00:31:05.880
enough recurring income to qualify for the country that they

548
00:31:05.880 --> 00:31:08.359
want to go to, that they'll qualify for the health

549
00:31:08.359 --> 00:31:13.119
insurance that they'll need for that first year in many countries.

550
00:31:13.240 --> 00:31:15.119
That so all those hurdles seem to be looked at.

551
00:31:15.920 --> 00:31:19.079
So so here's you know, I was just thinking, all right,

552
00:31:19.559 --> 00:31:21.880
I want to turn a little bit to like currency

553
00:31:22.000 --> 00:31:27.279
risk spending. So like if you have an IRA distribution

554
00:31:27.440 --> 00:31:30.920
that is put into your bank account, like you have

555
00:31:31.000 --> 00:31:33.599
a monthly distribution from your IRA that goes into your

556
00:31:33.599 --> 00:31:37.680
bank account, which is in American dollars. Do you then

557
00:31:37.839 --> 00:31:42.079
have a bank in the country where you're at and

558
00:31:42.119 --> 00:31:45.519
where you can receive that in the you know how

559
00:31:45.880 --> 00:31:48.720
there's some complexity there that I'm sure that you have

560
00:31:48.839 --> 00:31:53.200
some ideas about. But how are they going to deal

561
00:31:53.240 --> 00:31:56.240
with that? You know? If you know, like if we're

562
00:31:56.279 --> 00:31:58.720
now talking a little bit about how do you get

563
00:31:58.759 --> 00:32:02.000
your money? If it's if your IRA distribution is going

564
00:32:02.039 --> 00:32:05.640
into an American bank, then do you have another bank

565
00:32:05.680 --> 00:32:07.880
that you draw it out and put it into the

566
00:32:07.920 --> 00:32:09.880
currency of the country that you're in.

567
00:32:11.000 --> 00:32:13.079
That's a great question, just so really practical.

568
00:32:13.160 --> 00:32:16.079
It's just like this is like the practical everyday thing

569
00:32:16.119 --> 00:32:16.799
that might happen.

570
00:32:19.359 --> 00:32:24.440
Absolutely, that's a really great question. And the mechanics of

571
00:32:24.480 --> 00:32:27.880
that are actually pretty easy these days. So a lot

572
00:32:27.880 --> 00:32:30.839
of the custodians, a lot of the custodians like Schwab

573
00:32:31.319 --> 00:32:34.519
will convert and send money overseas to the bank account.

574
00:32:35.160 --> 00:32:40.960
A lot of people use ys wise is a very

575
00:32:41.000 --> 00:32:43.559
common platform, and you can open up a US account

576
00:32:43.559 --> 00:32:46.960
with WYSE and say a European account, or Japanese account

577
00:32:47.039 --> 00:32:49.880
or Australian account, and so you can just ach or

578
00:32:50.000 --> 00:32:53.400
Zell or venmo your money into your wise account, convert

579
00:32:53.400 --> 00:32:56.039
it to whatever currency that you need, and then AH

580
00:32:56.119 --> 00:32:58.880
it forward the equivalent of AH in that country into

581
00:32:58.880 --> 00:33:02.880
your local bank account. So moving money has become really

582
00:33:02.960 --> 00:33:09.519
quite easy and inexpensive. Most companies, most brokerages wise, they

583
00:33:09.559 --> 00:33:12.839
generally don't charge anything to move money internationally anymore of

584
00:33:12.839 --> 00:33:16.039
these days. They do usually make their money on the

585
00:33:16.119 --> 00:33:19.480
small spread in exchange rates. You might not get the

586
00:33:19.680 --> 00:33:22.680
absolute best exchange rate using something like whyse, but because

587
00:33:22.720 --> 00:33:24.799
they move so much money these days, it is a

588
00:33:24.880 --> 00:33:29.079
very competitive rate. And so the mechanics of moving money

589
00:33:29.440 --> 00:33:33.119
is actually is actually quite simple and straightforward these days.

590
00:33:33.720 --> 00:33:35.960
Now currency risk is the bigger thing there.

591
00:33:36.160 --> 00:33:38.440
Yeah, currency risk. I'm just like, how do you deal

592
00:33:38.480 --> 00:33:38.839
with that?

593
00:33:40.319 --> 00:33:43.599
Yeah? So currency risk really, and this is a big

594
00:33:43.640 --> 00:33:46.759
misconception that people have. Currency risk is only a thing

595
00:33:46.880 --> 00:33:50.039
for cash and cash equivalents. So if you're getting your

596
00:33:50.039 --> 00:33:52.480
solid security into your bank every month and you're sending

597
00:33:52.519 --> 00:33:56.480
it in euros to to Portugal or Spain, you are

598
00:33:56.519 --> 00:33:58.279
going to have currency risk and there's nothing that you

599
00:33:58.319 --> 00:34:00.960
can do about that. Every single month when you convert,

600
00:34:00.960 --> 00:34:03.599
you're going to get a different amount of euros because

601
00:34:03.680 --> 00:34:07.119
the currency fluctuates. Now, the good news is is where

602
00:34:07.160 --> 00:34:10.159
most people retire, the currencies like euro and dollar are

603
00:34:10.280 --> 00:34:15.039
very strong. They're very stable, and they do fluctuate, but generally,

604
00:34:15.119 --> 00:34:17.199
over if you look over the last twenty years, even

605
00:34:17.239 --> 00:34:19.440
with all the media talk about how the dollar is

606
00:34:19.480 --> 00:34:23.000
falling apart and that the dollar against the euro, if

607
00:34:23.000 --> 00:34:24.719
you look at a twenty year chart, has done nothing

608
00:34:24.800 --> 00:34:26.800
but climb and climb and climb and climb and get

609
00:34:26.840 --> 00:34:30.119
better and better. So currency risk tends to not be

610
00:34:30.280 --> 00:34:35.760
a big issue as most people think it is. And

611
00:34:35.840 --> 00:34:38.719
the thing that trips up a lot of expats is

612
00:34:38.880 --> 00:34:43.000
that on your long term investments, your IRA, you're ofth ira,

613
00:34:43.480 --> 00:34:46.280
where you've got you know, the the Vanguard s and

614
00:34:46.320 --> 00:34:49.119
P five hundred index fund and things like that, there

615
00:34:49.239 --> 00:34:52.480
is no currency risk and and a lot of people

616
00:34:53.400 --> 00:34:56.360
how does that work? And it's kind of a difficult

617
00:34:56.360 --> 00:34:58.840
thing to explain. But the way I explain it to

618
00:34:58.840 --> 00:35:01.840
expats is you I have to remember that a company,

619
00:35:01.960 --> 00:35:06.599
let's just take Microsoft for example, Microsoft is not more

620
00:35:06.760 --> 00:35:09.800
valuable in euros than it is in dollars. I mean,

621
00:35:09.880 --> 00:35:12.440
Microsoft is a big company and it is what it is.

622
00:35:13.119 --> 00:35:17.519
Currency is a measuring stick in most cases to measure things,

623
00:35:17.519 --> 00:35:20.039
and yeah, it fluctuates, but just because it fluctuates doesn't

624
00:35:20.039 --> 00:35:25.199
make Microsoft more valuable in one currency than another. I

625
00:35:25.239 --> 00:35:27.159
often put it like this. If you let's say you

626
00:35:27.159 --> 00:35:29.480
have a little tree. You can measure that tree in

627
00:35:29.480 --> 00:35:33.719
inches and centimeters. The tree isn't taller in inches than

628
00:35:33.760 --> 00:35:36.119
it is in centimeters. The tree is exactly how big

629
00:35:36.159 --> 00:35:38.400
the tree is. And even if the relationship between inches

630
00:35:38.400 --> 00:35:42.119
and centimeters changes, the tree is still exactly as tall

631
00:35:42.159 --> 00:35:45.400
as the tree is. It's not bigger because you measure

632
00:35:45.440 --> 00:35:48.639
it with a different system. And that's the same goes

633
00:35:48.679 --> 00:35:52.400
for when you own say equities or stock, ETFs and

634
00:35:52.440 --> 00:35:55.960
things like that. It's exactly the same whether you purchase

635
00:35:56.000 --> 00:35:59.440
in US dollars and selling Euros or Japanese n There

636
00:35:59.559 --> 00:36:03.559
is no currency risk when you're holding those types of investments.

637
00:36:03.840 --> 00:36:07.119
So that's a relief for a lot of a lot

638
00:36:07.119 --> 00:36:10.119
of expats to realize that, hey, I don't get any

639
00:36:10.119 --> 00:36:13.320
benefit out of buying Microsoft stock in euros in Europe

640
00:36:13.639 --> 00:36:18.719
versus keeping what I already own in US dollars in America.

641
00:36:19.760 --> 00:36:27.079
WHOA, Well, what does you know? If someone was saying, Okay,

642
00:36:27.159 --> 00:36:30.400
I just want a minimal viable plan. I just want

643
00:36:30.440 --> 00:36:34.480
a basic that would what what would it look like

644
00:36:34.519 --> 00:36:37.559
for someone who wants to test drive doing this? So

645
00:36:37.639 --> 00:36:40.280
what how is a plan going to look like that

646
00:36:40.400 --> 00:36:44.880
is that is just test driving it to make sure

647
00:36:45.159 --> 00:36:49.239
that they're doing everything right. What would that minimal viable

648
00:36:49.280 --> 00:36:50.039
plan look like?

649
00:36:51.480 --> 00:36:54.519
Great question. So generally for the minimal viable plan, I

650
00:36:54.559 --> 00:36:58.239
would recommend a short term trial. Don't apply for some

651
00:36:58.320 --> 00:37:01.920
big residency visa. Most of the countries that people want

652
00:37:01.960 --> 00:37:05.880
to retire to are very lenient with Americans and tourist pieces,

653
00:37:06.159 --> 00:37:08.880
and oftentimes you can apply for just a tourist level

654
00:37:08.920 --> 00:37:11.559
viies of the going to stay six months or in

655
00:37:11.559 --> 00:37:15.719
a lot of countries a full year without becoming any

656
00:37:15.800 --> 00:37:19.599
kind of residence. So that would be the minimum viable plan.

657
00:37:20.119 --> 00:37:23.320
Get one of those visas, go to a place, rent

658
00:37:23.639 --> 00:37:30.719
an apartments issues correct, try out living there, talk to

659
00:37:30.800 --> 00:37:34.960
people while you're there, eat the food you know, immerse

660
00:37:34.960 --> 00:37:38.320
yourself in their culture, figure out their healthcare system. You

661
00:37:38.320 --> 00:37:41.079
can do all of that pretty quick just living in

662
00:37:41.079 --> 00:37:43.360
a place for say three months. You'd be amazed how

663
00:37:43.400 --> 00:37:46.320
that feels like actually living in a country and getting

664
00:37:46.320 --> 00:37:49.000
absorbed into their culture. You'll figure a lot of stuff out.

665
00:37:49.679 --> 00:37:52.079
The key then is to not get too excited when

666
00:37:52.159 --> 00:37:54.679
it's when it all works out and it's and it's

667
00:37:54.719 --> 00:37:58.480
really exciting, and then make too harsh of just quick

668
00:37:58.519 --> 00:38:02.880
of decisions moving forward to try to get there quickly.

669
00:38:03.039 --> 00:38:06.039
Then just take it slow. But that's the minimal viable

670
00:38:06.079 --> 00:38:08.280
plan is to just go live somewhere for three months,

671
00:38:08.480 --> 00:38:11.280
don't become a tax resident, just figure out whether that

672
00:38:11.320 --> 00:38:12.760
place works for you or not.

673
00:38:14.079 --> 00:38:17.880
Do you think that there's a difference in the people

674
00:38:18.039 --> 00:38:21.840
that really are successful at this and those that get overwhelmed.

675
00:38:24.199 --> 00:38:27.920
Yes, and there are certainly people that get overwhelmed quite quickly.

676
00:38:28.119 --> 00:38:30.440
And that's why a minimum viable plan is a good

677
00:38:30.480 --> 00:38:32.320
plan for a lot of people to go try it

678
00:38:32.360 --> 00:38:35.320
and see that they get overwhelmed and they miss the

679
00:38:35.400 --> 00:38:38.559
conveniences of America. They miss the American food, their friends

680
00:38:38.599 --> 00:38:42.719
and family a lot more than they expected they would.

681
00:38:43.159 --> 00:38:45.440
So that's why you might want to look at just

682
00:38:45.960 --> 00:38:50.559
trialing it out at first, because you might get overwhelmed

683
00:38:50.559 --> 00:38:52.840
if you haven't spent a lot of time overseas as

684
00:38:52.840 --> 00:38:56.159
an expat or working your working life as an expat.

685
00:38:56.880 --> 00:38:59.599
It can be quite a shock to move overseas. It's

686
00:38:59.639 --> 00:39:03.360
not all abows and butterflies, like a lot of Americans

687
00:39:03.400 --> 00:39:06.199
these days seem to think it is overseas. There's the

688
00:39:06.239 --> 00:39:09.320
real world and real world problems in every place.

689
00:39:09.719 --> 00:39:14.559
Yeah, you go, right, yeah, I mean we were, you know,

690
00:39:14.679 --> 00:39:18.679
having just come from Hawaii being there for a year.

691
00:39:19.480 --> 00:39:25.960
Oh my goodness, the storms that were in January February March,

692
00:39:26.679 --> 00:39:29.519
Holy cow. We saw some real damage and we saw

693
00:39:29.599 --> 00:39:33.960
some real problems, you know, but that I've never seen

694
00:39:34.039 --> 00:39:36.519
before when I've only been there for a week on

695
00:39:36.559 --> 00:39:37.760
a vacation on a beach.

696
00:39:38.599 --> 00:39:38.960
But you.

697
00:39:41.719 --> 00:39:46.199
Yeah, the fires and the floods on Oahu were just terrible.

698
00:39:47.000 --> 00:39:50.360
So yeah, so it's great to really think about this.

699
00:39:50.920 --> 00:39:53.719
We are running out of time, so I want to

700
00:39:53.800 --> 00:39:58.519
just kind of have let's let's say, okay, someone's thinking

701
00:39:58.519 --> 00:40:01.960
about doing this, so number one, let's kind of go

702
00:40:02.039 --> 00:40:04.199
over what we've talked about. Number one is going to

703
00:40:04.280 --> 00:40:08.280
be taxes and thinking about they want to do like

704
00:40:08.360 --> 00:40:14.559
an evaluation of what taxes would look like in both countries, right.

705
00:40:15.239 --> 00:40:18.800
Correct, correct, And that'll shock a lot of people right

706
00:40:18.840 --> 00:40:22.440
there into not want to move overseas.

707
00:40:22.800 --> 00:40:26.880
They may not may not get past the taxes. So

708
00:40:27.000 --> 00:40:29.920
then okay. So moving on from that would then then

709
00:40:30.119 --> 00:40:35.039
then be studying out visas and residency rules.

710
00:40:34.840 --> 00:40:38.400
Right correct, the minimum qualifications to apply.

711
00:40:39.199 --> 00:40:46.599
Okay, And and then we talked about mailing address, legal address,

712
00:40:46.679 --> 00:40:52.239
local requirements. Anything more to say about.

713
00:40:52.440 --> 00:40:56.000
Using a custodian that's going to allow you to be overseas,

714
00:40:56.079 --> 00:40:59.199
right So, Charles Schwab is probably one of the more

715
00:40:59.239 --> 00:41:02.920
friendly expat brokers that you can have an address in Portugal,

716
00:41:03.000 --> 00:41:07.079
no problem. Interactive Brokers is another good one that allows

717
00:41:07.079 --> 00:41:09.679
a lot of overseas if you're working with an advisor

718
00:41:09.679 --> 00:41:12.960
that uses Pershing, which is an advisor only for a custodian.

719
00:41:13.719 --> 00:41:17.320
They're also very friendly for overseas. I do get a

720
00:41:17.320 --> 00:41:19.960
lot of calls from people that went overseas and they

721
00:41:19.960 --> 00:41:23.079
have Fidelity. Fidelity is not friendly for people overseas, and

722
00:41:23.119 --> 00:41:27.639
after five IP logins from an overseas address, the Fidelity

723
00:41:27.639 --> 00:41:30.679
accounts will be frozen and they'll get a letter saying, hey,

724
00:41:30.679 --> 00:41:32.679
you got to prove to us that you're physically in

725
00:41:32.760 --> 00:41:34.679
America for us to unfreeize your accounts.

726
00:41:36.320 --> 00:41:43.960
That you wouldn't You would never know that healthcare Okay,

727
00:41:43.960 --> 00:41:47.760
I'm thinking next about you know, we discussed healthcare, and

728
00:41:48.519 --> 00:41:53.280
basically that would be a whole nother study right about

729
00:41:53.280 --> 00:41:54.079
what they should do.

730
00:41:55.679 --> 00:41:59.239
Absolutely, but in general, healthcare is not as big issue

731
00:41:59.280 --> 00:42:01.920
as most people think it's going to be. Most places

732
00:42:01.920 --> 00:42:06.280
people want to retire, even to the places like remote

733
00:42:06.320 --> 00:42:11.239
Southeast Asia, Vietnam, Thailand, they're going to have world class,

734
00:42:11.440 --> 00:42:16.679
first class English speaking, modern healthcare facilities for a fraction

735
00:42:16.840 --> 00:42:20.880
of the cost. It's because medical tourism is becoming more

736
00:42:20.920 --> 00:42:23.559
and more popular. You know, people are going down to

737
00:42:23.559 --> 00:42:26.760
Mexico to have their teeth white, and because it's lessive,

738
00:42:26.960 --> 00:42:30.039
people are going to Thailand to Bangkok for lots of

739
00:42:30.039 --> 00:42:33.440
treatments these days, because it's world class medical for a

740
00:42:33.599 --> 00:42:35.440
tenth of the cost of what it is here in

741
00:42:35.480 --> 00:42:36.000
the States.

742
00:42:36.280 --> 00:42:39.199
Right. Yeah, we won't get into the politics of that,

743
00:42:40.440 --> 00:42:49.519
so okay, now, couple dynamics shared decisions. Basically, I think

744
00:42:49.559 --> 00:42:53.639
you're saying, sit down and have an honest conversation.

745
00:42:54.639 --> 00:42:58.079
Yeah, and go there with your partner and make sure

746
00:42:58.159 --> 00:43:00.840
that you maybe try it out light yeah, and you

747
00:43:00.840 --> 00:43:02.320
both see it in the same light, and you both

748
00:43:02.400 --> 00:43:05.159
like the same things, and you're both feeling it that

749
00:43:05.280 --> 00:43:08.239
it'll work for you. And if don't get discouraged if

750
00:43:08.239 --> 00:43:12.000
it doesn't. The oftentimes what I find is it's there's

751
00:43:12.119 --> 00:43:14.599
just a different place that will work for both of

752
00:43:14.639 --> 00:43:17.840
you than the first place they try. So don't get discouraged.

753
00:43:17.880 --> 00:43:20.679
If the first place you try out doesn't work. There's

754
00:43:20.719 --> 00:43:23.519
often you can figure out what went wrong there and

755
00:43:23.679 --> 00:43:25.840
talk to somebody that's traveled a lot and figure out

756
00:43:25.920 --> 00:43:28.199
where there might be another place that might fit both

757
00:43:28.239 --> 00:43:28.800
of you better.

758
00:43:30.760 --> 00:43:35.920
Interesting, well, okay, And then kind of last is wrap

759
00:43:35.960 --> 00:43:37.800
all this up into some kind of plan.

760
00:43:37.920 --> 00:43:42.480
Right, Wrap it all up into a plan with intention, Right,

761
00:43:42.599 --> 00:43:45.599
So make sure you've asked all the good questions, you've

762
00:43:45.639 --> 00:43:47.480
got a plan in place, you talk to people that

763
00:43:47.519 --> 00:43:50.719
have already done it. You're working with a fiduciary advisor

764
00:43:50.800 --> 00:43:54.440
who specializes in this, so you don't want to be broadsided. Right.

765
00:43:54.440 --> 00:43:58.239
There's nothing worse than ruining this whole adventure. You're out there,

766
00:43:58.320 --> 00:44:00.159
you know, live in your best life, and then all

767
00:44:00.159 --> 00:44:03.199
of a sudden you realize that there's a tax bill

768
00:44:03.280 --> 00:44:05.800
that wipes out the rest of your travel for the year.

769
00:44:06.000 --> 00:44:09.679
Something dramatic like that that you didn't see coming, which

770
00:44:09.679 --> 00:44:13.159
could have simply been avoided by asking those good questions

771
00:44:13.159 --> 00:44:15.679
ahead of time and just working with somebody who could

772
00:44:15.679 --> 00:44:17.119
guide you who's done it before.

773
00:44:19.440 --> 00:44:23.480
Well, Jimmy, we are out of time. We're gonna have

774
00:44:23.599 --> 00:44:26.360
to wrap it up. Is there any final things that

775
00:44:26.440 --> 00:44:27.719
you'd like to say about this?

776
00:44:29.400 --> 00:44:31.599
No, I encourage people. I feel like when we talk

777
00:44:31.599 --> 00:44:34.360
about this oftentimes it feels like it's discouraging to go

778
00:44:34.400 --> 00:44:36.760
out there, that it's so complex, But it really isn't.

779
00:44:37.039 --> 00:44:40.719
There's a whole world out there worth visiting, worth exploring,

780
00:44:41.119 --> 00:44:43.480
and don't let any of this stuff for the complexity.

781
00:44:44.239 --> 00:44:48.119
It's not that complex. And just with asking those good

782
00:44:48.199 --> 00:44:52.840
questions and doing some research online, I mean, chat, GPT,

783
00:44:53.039 --> 00:44:55.559
Claude these days can really give you a lot of

784
00:44:55.559 --> 00:44:59.519
great information quickly about how things work in certain countries

785
00:44:59.559 --> 00:45:02.079
and what's to think about and can help. Even those

786
00:45:02.119 --> 00:45:04.280
tools can help guide you in the beginning steps to

787
00:45:04.400 --> 00:45:07.000
understand what to do so that you can go out

788
00:45:07.039 --> 00:45:11.039
there and live your best life and enjoy your retirement overseas.

789
00:45:11.440 --> 00:45:15.039
Yeah, I think the best best advice of all is

790
00:45:15.239 --> 00:45:18.639
just go try it out. And I would seek out

791
00:45:18.679 --> 00:45:21.719
other people that are expats that are doing it already,

792
00:45:21.840 --> 00:45:23.719
and I think they're going to get a world of

793
00:45:23.760 --> 00:45:26.599
information by talking to people that are actually there.

794
00:45:27.559 --> 00:45:31.199
Absolutely, InterNations is the big expac community. So if you

795
00:45:31.280 --> 00:45:35.679
go to InterNations dot com, they have a group for

796
00:45:35.719 --> 00:45:38.840
every single country and most countries then have a subgroup

797
00:45:38.880 --> 00:45:42.159
for every single city and it's free to join, and

798
00:45:42.199 --> 00:45:45.440
then you can get into the member forums. They host

799
00:45:45.480 --> 00:45:48.079
a lot of events around the world in those different countries.

800
00:45:48.119 --> 00:45:49.840
It's a good way to meet other expats if you

801
00:45:49.880 --> 00:45:52.400
are traveling in those countries. But that's a great place

802
00:45:52.440 --> 00:45:55.280
to meet that couple that's just like you that's already

803
00:45:55.280 --> 00:45:58.239
moved to Portugal or Spain or Japan or wherever it

804
00:45:58.280 --> 00:46:00.440
is to go.

805
00:46:02.119 --> 00:46:05.760
Well, Jimmy, this has really been insightful I think too.

806
00:46:07.039 --> 00:46:11.440
It really shows that retiring abroad is doable. You don't

807
00:46:11.480 --> 00:46:13.760
have to make a big commitment. You can just kind

808
00:46:13.760 --> 00:46:17.280
of ease into it. Like you said, baby step right,

809
00:46:18.239 --> 00:46:21.440
And it's basically a planning decision. It just you know,

810
00:46:21.559 --> 00:46:24.920
as I look at everything we've talked about, it's it's

811
00:46:25.239 --> 00:46:30.119
just a planning decision. Jimmy's information is on my website.

812
00:46:30.519 --> 00:46:33.880
What's your tell me your your website again?

813
00:46:34.960 --> 00:46:41.119
Yeah, for Americans going overseas, it's baobabwealthabroad dot com. Baobab

814
00:46:41.239 --> 00:46:45.239
like the Tree of Life from the Lion King baobabwealthabroad

815
00:46:45.320 --> 00:46:48.920
dot Com. And there's free guides, the link to my

816
00:46:49.000 --> 00:46:51.760
YouTube channel where there's lots of videos about everything that

817
00:46:51.760 --> 00:46:53.519
we talked about and that you need to know for

818
00:46:53.639 --> 00:46:56.519
going overseas. Lots of free information and resources there for you.

819
00:46:58.320 --> 00:47:01.440
Well, thank you for letting us talk through the things

820
00:47:01.440 --> 00:47:04.719
that are important to make sure that this is arousing success.

821
00:47:05.960 --> 00:47:10.559
My pleasure and you know, really, you know, the world

822
00:47:10.599 --> 00:47:13.719
is a wonderful place. There is a lot to see.

823
00:47:13.760 --> 00:47:16.400
There's a lot that you can gain from going out

824
00:47:16.519 --> 00:47:23.199
and getting out there and exploring and adventuring. So you know,

825
00:47:23.360 --> 00:47:26.320
if today's episode, you know, has helped anyone you know,

826
00:47:26.440 --> 00:47:29.199
please share with those that are thinking about doing this.

827
00:47:30.239 --> 00:47:32.480
Like I said, I have a place on my website

828
00:47:33.039 --> 00:47:37.400
that Jimmy's information is there and or else just seek

829
00:47:37.440 --> 00:47:40.000
him out look for as YouTube vill it videos. So

830
00:47:40.199 --> 00:47:45.400
with that we need to say goodbye, and so thank

831
00:47:45.440 --> 00:47:48.440
you so much for joining us today on the Ask

832
00:47:48.480 --> 00:47:49.840
Good Questions podcast.

833
00:47:50.119 --> 00:47:53.320
See later, Jimmy, my pleasure. Good to see you again.

834
00:47:53.679 --> 00:48:00.920
Okay, today's episode is over, but we need ask questions again,

835
00:48:01.039 --> 00:48:05.280
didn't You don't miss out as we broadcast live every Wednesday,

836
00:48:05.320 --> 00:48:09.039
six pm Eastern Time on W four CY Radio at

837
00:48:09.239 --> 00:48:11.159
w fourcy dot com.

838
00:48:11.239 --> 00:48:15.639
Joined Benina Bellanderson next week for more conversations with experts

839
00:48:15.679 --> 00:48:21.159
on finances, retirement, behavioral finance issues, health and wellness, and more.

840
00:48:21.559 --> 00:48:29.039
Until then, remember to ask good questions.