Slow Travel or Expat or Flex-pat - Which one is Best Retirement?
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- Опубліковано 25 лип 2024
- Many people dream about retiring and traveling the world. And many other people dream of moving abroad after retirement. Which one is better? Which retirement is right for you? It's not easy to become a full time slow traveler, but it also difficult to move out of the USA or any other home country. You may need to sell all of your stuff and figure out how to get a visa, and taxes are a whole other ball of wax. So maybe there is third option that can combine these different types of retirement lifestyles. Enter the Flex-pat idea.
Here is the video from The Retirement Travelers
• How to Live Abroad Par...
From Minnesota and we are leaning toward International Snowbird Travel. Love Minnesota in summer saying goodbye for the winter.
Sounds like fun, we have rentals here in Panama City Beach Fl. and in Puerto Rico if you decide to travel without a passport.
Really good stuff. We have been thinking about this exact type of plan. Currently looking at Curacao as a home base and then travelling back to the states to see family and travelling to other countries as well. Like you, we need that "home base" to regroup and store personal items.
That sounds awesome. I lived in the Virgin Islands for a couple of years. It was really tough getting from the island to anywhere else. So be sure you look into that.
@@TheRetirementality thanks, we were originally looking at the USVI's but after spending a great deal of time on island, the benefits did not outweigh the negatives. I think we discussed this in another one of your videos. Kind of funny, Bev and I were racking our brains trying to figure out why you looked so familiar. Then we realized we actually met you years ago on St Thomas. We were staying at Sapphire Village, walking down the big hill and you were walking up. I think you said you were staying over in Sapphire West. We chatted for awhile then went our own ways. Small world. Andy
After 30+ years of travel to 40 countries as a corporate expat and digital nomad, I wanted to retire abroad but then I launched my own business (at age 60) and had to come up with a new plan that would allow me to be in the US at least half the time. I decided to go flex-pat, dividing the year by 3 months in the US, followed by 3 months in Europe, returning to the US for 3 months and then 3 months in Asia. I keep an apartment in the US year-round, so finances, taxes and visas are not an issue, and don’t own a car or pets. My expenses are very low, and my business revenue funds my travel expenses. I can do most of the work online, so if I ever want to move permanently, I can hire someone part-time to manage tasks that require a physical presence.
That sounds pretty good. We've considered doing this as well. We just think we need more time at a permanent residence. But, we are getting close to making some big changes. We just have to figure out what we are doing with our primary residence. It's too expensive to let it sit empty and we can't do short term rentals where we live. I've had it for sale but no one is buying right now. We will get it sorted out soon.
I saw the Retirement Travelers video. They do great work.
I think the Panama residency makes good financial sense. You only pay US federal taxes and nothing else. A lot of states tax all or most of your income sources or have very high property taxes or sales taxes. You only need to “reside” in Panama for 183 days. Days traveling outside of Panama count toward the 183.
Yea, they also give you a "retirement card" which give you crazy discounts on flights, hotels, concert tickets, all kinds of stuff. It's a pretty good option.
Hey Jeff... I'm interested...Marjo and I are looking at this process
We've almost got it figured out. We are working on finding an accountant to do a mock up of what our taxes will look like.
Great topic 👏 👍
The changes to or direct elimination of tax programs recently across the world is an important factor.
Especially the elimination of the NHR program in Portugal, it showed us that when looking to immigrate or become and expat, the cons started to outweigh the pros.
Does Spain allow the purchase of property by a foreigner? Who doesn't live there? Has no residence visa?
Look what happened with Shakira and Spain's stance on her tax liability in Spain.
Most countries have laws and regulations in place that considers some a tax resident after the 180 day mark. Slow travelers don't have to worry about this.
Could you buy a property in Spain live there 90 days travel out of the Shengen Zone for 90 while renting the property out as a vacation rental?
Could you not do the same with one of your properties in Puerto Rico? If you just need a temporary base for 3 months?
Would adding a vacation rental in Spain be manageable and profitable enough to add to your portfolio?
Lots of questions in there. Spain is also getting rid of the golden visa. But you can buy property without being a resident. I wouldn't want to rent out a property in Spain. To much hassle, red tape, taxes, and liability of squatters getting in your house and not leaving. You can own property and not be a tax resident but you can't spend more than 183 days in the country. Our goal would be to buy a house, use it as a home base for a couple of years. Get some assets moved around and hopefully be able to be a tax resident/full time resident in a couple of years. We could move to Puerto Rico but that house is doing pretty good as a rental. And once we are residents in Spain it is very cheap and easy to travel around Europe when you don't have to worry about the Shengen Shuffle. But, we also will have to check on all of our properties in Florida and my parents that are getting older. There's only about 1 million things to consider.
Not doable without headaches, home maintenance, money invested that does not get income ( buying property in many places).