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Travel + Leisure article:
Every day we talk with clients about the idea of retiring abroad, so I thought I’d go through some of the cheapest countries you can retire to that also happen to be some fantastic places to live. Please remember that retiring abroad isn’t an easy process! You need to do a lot of planning before you leave Canada, so make sure you get a plan in place so you don’t have anything unexpected come your way…such as departure tax!
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0:00 – Travel + Leisure Article
0:29 – Mexico
1:10 – Ecuador & Costa Rica
1:38 – Portugal
2:28 – Panama
3:03 – Vietnam
3:22 – Montenegro
3:44 – Colombia
4:30 – Tip #1: Tax Treaties
5:52 – Tip #2: Departure Tax
6:26 – Tip #3: Plan!
This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated.
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations – those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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Thanks for the video! This is something I've been thinking about for many years. Other than finances, the three other biggest things I've investigated is politics (Portugal and Spain over Italy), health care, since I'll need that more after I retires, and electricity. Moving to Europe means replacing everything I own with a plug. Adapters are ok for travel, but not a great permanent solution. Plus it's harder to bring a vehicle. I've been to Montenegro and it's beautiful! But it's not part of the EU, and doesn't have the same benefits that Spain or Portugal would have.
Columbia and Mexico are narco states….im gonna have to pass
Greece has an interesting incentive program for foreign retirees. 7% income tax for 10 years as long as you stay in the country for more than six months a year and the retirees come from a country that has a tax treaty with Greece. Sweet deal if you want to spend 10 years of your Go-Go phase touring Europe. Flights intra EU are super cheap.
Good luck with global warming and its results down south.
I am a Canadian retired and living in Mexico. Living in Mexico may not be as affordable as many Canadians think. Gentrification is causing prices to rise in popular expat areas. Sure you can move to more truly Mexican communities but life won't be easy there if you cannot speak Spanish.
Please clarify tax only applies if you permanently move from Canada to one of these countries? If I just go for 6 months per year (snowbird) this isn't applicable?
Columbia is now being ruled by a leftist president. The long term result is pretty easy to predict. I wouldn't sink any money into the place at this point.
If you retire in a non tax treaty country Canada has a withholding tax of 25%. Countries like Mexico tax your pension from Canada if you live there and Canada takes 15% at source.
You really can’t escape the tax man. It’s usually cheaper to claim you’re still a tax resident of Canada in a province like Ontario or BC.
I take it that Spanish classes are being offered at Parallel Wealth along with financial planning 😅✌️👍
Liked 👍
😆 lol
How criminals do it so simple
Good stuff, please expand on Mexico and best tax practices. Intrigued by the clients paying more tax in Mexico vs Canada.
Absolutely wild that you have to pay tax on money or assets that have already been taxed heavily. If you decide to leave canada
A question to Adam: do you also give advice to Quebec residents? Although, you mention coast-to-coast but never mention Quebec and when listing various retirement pension sources, you always refer to CPP but never to QPP. I ask this question because I know Quebec and Ontario residents who worked in a foreign country before coming to Canada and who recently retired. Each had a different procedure to follow and different outcomes. It seems that Quebec has separate retirement agreements with foreign countries that do not follow the same English Canada rules (CPP vs QPP etc.). This might also be the same regarding taxation in cases of retiring abroad, not necessarily in the old country.
I would be concerned about safety moving to Colombia . Yes it's a beautiful country but safety come first for me !
Adam. Good topic! I LOVE Canada and feel very safe. I am very proud to be Canadian and to travel about the world being respected by so many other travelers. I like heading out to travel for a few months but never to leave our beautiful democratic country.
Adam, Yes, you also are aware of Adriano, who is part of your team with Brandon/Mark on passive income investing. Well, he and his wife share on his youtube channel that they moved to Panama. He explained about some of the tax treaty needed to be held for a while so that Panama officials will see you can "afford" to be self sustaining and not tax their country. He said he had to have $240,000.00 (Two hundred and forty THOUSAND dollars) held in their country in a bank for over 1 year. Very interesting stuff. Thanks for discussing this topic. It certainly is on the radar of many "Snow birds." Always good to listen to your video's. 👍💯🇨🇦
Organized crime is private ore private sector for for sure. make you wonder.
Aruba didn't make his list but that's our jam
A lot of retirees move south for 6 months and live in Canada for 6 months a year. They can retain their health care while enjoying nice warm weather abroad. The savings from living in other countries can offset the airfare.
I would never leave Canada for good, but I wouldn't mind leaving for winter each year