One of the really attractive options for retirement is moving to another country and, for a fraction of the cost of living in the US, living with royalties. Well, I’ve been hearing a lot of stories about this in the last year, and I think that’s cause for concern.
Needless to say that a lot of people have not done it successfully, but I have met a considerable number who appear in denial or simply now they have no choice but to drive their decision, because they do not. May risk going back to America
People who have been burned – holy crap, do they have stories to tell. One of the best places to start if you are considering it is Live and Invest Overseas, but it is long on promise and short on problems. However, you can learn a lot from it, and I recommend starting its seminars.
I will share some insights based on my experiences. Then, as the temperature rises, I’m going to bring back my favorite Summer Time product of the week: ChiliPad.
Expectation of corruption
One of the things we do not get in America is corruption. Okay, we have corruption – but compared to parts of Asia, Latin America and Eastern Europe, we don’t have corruption at all. Basically, corruption works like a tax paid directly to the person doing the work, but it can also ensure you a specific result in a test.
Those who grow up in a corruption-prone environment have a distinct advantage – and those who are not at a huge disadvantage. If you are not comfortable with the concept of bribery, you should probably avoid countries that have high scores on the corruption index, as well as countries that are not on it. (I am told that the worst countries refuse to do the necessary paperwork to get a score.)
Corruption spreads from governments to contractors, making it clear that you need to hire someone to work or work at your dream home.
Folks has written and told me that when companies want you to invest in your project, they blow you out during good weather and take great care in navigating around problems. However, before you get there, you should do a self-guided tour during the off season so that you can see that you can stand poorly to enjoy the best of the best.
You may find that your paradise turns into a mud pit, with submerged roads, huge pits, iffy power and communication and primitive mail service. (Basically, you have to box your mail in the U.S. and then bulk-mail it to the nearest city or town where you pick it up).
In return for living in many of these really attractive tropics, you have to forget Amazon, FedEx, UPS and many other services that depend on you.
If there is a very big storm, you may have to go without electricity, water or communication for some time. It is hard when you are young, but it can be fatal when you are old. My wife and I received a helicopter medical service that was not prohibitively expensive, but meeting a doctor can be a major problem in many places.
In emerging countries, construction quality may actually deteriorate, which we first discovered in Panama. The US $ 2 million house we saw in Panama was a joke. (We later found out that if you lived there, the price was significantly lower.) It had no insulation, stainless steel was of very low quality – already rusting after 60 days – and substantial vapor blockage. Neither were there a big problem for a house on the sea.
When I asked the builder about this stuff, I was told that you would usually have to have a full-time staff of up to three people to keep the house clean and to avoid it breaking down – and it was a better house. was seen.
Granted, you can find builders who will make American specs, but workers are not really used to it. If you are not really careful, the end result can be an ugly mixture of concepts.
The majority of South and Central America uses the French legal system, which significantly cuts court costs. However, it is also based on the concept that contract is king and needs to be implemented literally.
For example, a specific term in a sales contract is that the property is returned to the seller if you miss any provision of the contract.
Suppose the seller does not get paid on time. Even if it is the final payment, the seller can withdraw the property and not refund any of your money. This is not how things work in the US, but if you don’t like using lawyers, or your lawyer is either incompetent or corrupt, then you will find that the French system is really worthless.
Therefore, make sure you understand that legal system – or at least some trustworthy person who understands that it reads all your documents before signing.