Retirees seeking a lower cost of living in an exotic foreign location may be surprised to learn some countries target Americans by giving special tax breaks, writes Cindy Barks at TravelAwaits.com. Traditionally, Mexico and Costa Rica have been favorite retirement spots for Americans, but others are entering the competition for seniors having guaranteed incomes like Social Security or pensions.
In addition to a reliable income, some countries encourage property investments, too. Among the best retiree locations are seven countries offering special tax breaks and discounts.
Panama, Ecuador, Belize, and Nicaragua all have minimum income requirements, but offer a variety of special visas and discounts to make settling there easier. Among the perks are discounts on moving household goods and vehicles. Panama has the most incentives in its visa.
Across the Atlantic Ocean, both Portugal and Greece roll out the welcome mat for Americans. Portugal’s cost of living is 26 percent lower, and Greece offers a path to residency through property investment.
Another friendly location is the Philippines. A nation of many islands, the Philippines has 200,000 ex-patriates, most of them American.
Help Council of Seniors Recover Benefits You Deserve
Council of Seniors wants Congress to pass The SAVE Benefits Act, which will help Americans retire abroad as well as here at home. This bill is designed to make up for the Social Security cost of living adjustments (COLAs) that were not substantial over a series of years. It will return about $581 to eligible seniors if it’s passed.
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