Freedom Friday: Want to Retire Abroad? Answers to 14 FAQs

Retire Abroad Word MontageIn the Next Avenue article, Want to Retire Abroad? Answers to 14 FAQs, author Kathleen Peddicord provides advice on everything from Medicare abroad to working overseas:

If I live overseas, would I lose my original citizenship? No, your residency status abroad has no effect on your citizenship. Residency and citizenship are two different things. If you’re a U.S. citizen, the only way to lose your U.S. citizenship is to renounce it formally. This is a serious step that you can’t take accidentally. In other words, there’s no chance you’d lose your U.S. citizenship without realizing it. Renouncing it requires a formal application and at least one interview with the FBI. Once your application to renounce your citizenship has been approved, you then must appear again before federal authorities to relinquish your blue passport with the eagle on the cover. The United States doesn’t want to lose you as one of its citizens, for, as long as you carry U.S. citizenship, no matter where you roam, you are obliged to report your income and earnings to Uncle Sam.

Can I still receive my U.S. Social Security payments? Yes. If you’re eligible for Social Security, you can even have your monthly check direct-deposited into your account in some countries. See this link for a list of countries where this is possible.

Will Medicare cover me living overseas? No. No exceptions. As an American abroad, you need to make another plan for covering your medical expenses overseas. I recommend, though, keeping your Medicare as a major medical backup.

Can I drive on my home country’s driver’s license? Yes, typically for the first 30 days to one year that you’re resident in a new country.

Can I get a job? Probably not. To work in a foreign country, you’ll need a work visa. This is not easily obtained unless you’re sponsored for a job by an international employer and relocated to the country with its help. The one exception to this general rule right now is Panama. This country’s Friendly Nations visa program bundles the possibility of a work permit. Ecuador and the Dominican Republic allow you to work by just obtaining legal residency. Belize allows you to work if you go the permanent residency route rather than QRP. In many places in the world, however, you can start your own business. The easiest is a laptop-based enterprise.”

Read more at Want to Retire Abroad? Answers to 14 FAQs.

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DAYNA WILSON: As a real estate agent I have been working with homebuyers and sellers throughout the East Bay communities of Layfayette, Moraga, Orinda and Walnut Creek since 2009. As a Certified Senior Housing Professional (CSHP) , I have special knowledge about everything from reverse mortgages to the importance of universal design. I can tap into my network and put you in touch with my team of qualified home inspectors, movers, attorneys, CPAs, organizers and other experts. I have all the resources and knowledge to simplify the transaction and eliminate the anxiety of selling your home.

Call me today to talk about your real estate concerns. I’m here to listen: 925.788.6582

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