Well are you ready for another epic video from the retirement channel Tina - Ooh absolutely
hey we are talking about really exciting stuff today how about retiring overseas is it an option?
- But before we get into that we are Tina and Norm we talk all things retirement and travel
and you're very welcome to join us at our dining room table today
- So we've just been chatting over and talking about different things haven't we Norm - We want
to flee the country and find somewhere warm in the winter - So we started exploring what the options
of possibly retiring overseas were now in our case we were looking at English speaking countries so
- With good weather as well Tina - Yes with good weather we started to look at Australia and New
Zealand - Throw another shrimp on the barbie - we thought they're very similar
to Canada - We love being in Australia and New Zealand, kind of New Zealand is a little bit like
England well it's a lot like England but with a nicer climate - But then we came up against the
brick wall didn't we Norm you need around one and a half million dollars and a yearly income
of around $60,000 to be able to retire there - And we're just poor Canadians so we would not qualify
- We wouldn't - How about a European country Tina that sounds really good doesn't it yes
well most of those need want you to have between $500,000 to $750,000 in capital
and they also want you to have an income of $50,000 Cad plus the whole time you're there
because you're probably not going to become a citizen you're going to have to maintain
private healthcare insurance which as you age it's going to become expensive
- Yeah it is going to be expensive - So no sunny European countries for us then
- Then there were some other options we have also checked out Panama, Dominican Republic, Mexico,
Ecuador all really interesting options from the weather point of view - But the one thing that we
don't like or we're concerned about is security and possibly violent crime - Yeah that's kind of a
big thing - Because unfortunately we would stand out like the greengos - Yeah we would stand out
- So for Canadians retiring overseas the other thing is if you're going to do this and
there's no reason why you shouldn't you need to make sure that you're not going to be double taxed
because living in Canada we are taxed on world income and if you go to a different country
after about 6 months they're going to look to tax you as well and some of these golden visas that
were available in Spain and Portugal they're not giving the tax-free status that they used to do
- No and the other thing that we found interesting too Norm wasn't it is that Americans can't retire
to Canada and Canadians can't retire to the U.S. - It seems crazy we're country cousins
- Yet if you wanted to you just can't can you - No because neither government has
created a retirement visa but it's - We find that strange don't we - Yeah it seems
logical that they would do that yeah but no - No that knocks that out too
- We are, well this is letting the cat out the bag isn't it Tina we're 66 and 64 years of age and
we already feel as though we've missed the boat on retiring emigrating to retire (yeah) it's just
the dangers for us is coming from a country that has universal health care is that we would
lose the health care after 6 months 7 months we'd also lose any ability to qualify for G.I.S
as well if our income was low so we're kind of thinking that emigrating to retire
is we missed out I think if we thought about it in our mid 50s we might have been up for it - Yeah
because we emigrated from the U.K. to Canada and that was all very exciting I think
we just maybe left this move too late to do it - Well you say we emigrated from the U.K.
to Canada in our mid 30s but I lost all my hair it was a stressful move - So oh and another thing too
Norm is - What's that Tina - If when you're if you are retiring abroad now we're talking about Portugal
here we're not sure about the other countries but after 6 months you would lose your driver's
license so you would then not have the ability to drive in the new country - In Portugal - I was
referring to Portugal and Portugal then requires you to take 32 hours of driving instruction and
a 3 minute - And that's where the private driving school - And the 3 part test is all in Portuguese so
you know what Norm we'd stand no chance of that would we - So what's our solution Tina we are
going to use tourist visas (yes) and we're going to do the 90 days but there are some countries that
give us a little bit extra so for instance we came from the U.K. we can go back to the U.K.
just as a visitor just like everybody else (yeah) and they give a 6 month tourist visa - Yeah
we don't know that - So we could take those cheap flights once they start going again after
the pandemic and go to the sunny south from the U.K. and use the U.K. as a base for 6 months
also Australia and New Zealand have similar things so you can go there for 90 days - Yeah
and they would both be really nice places to visit for 3 months - They would but the 90 days
comes at a price as everything does obviously that's 90 days in any 18 month period so you
can't go there every year for 90 days - So maybe we could do New Zealand one year Australia the next
or something like that - So what's our preference Tina - Well I think our preference is going to be
Portugal for 6 months - It's got great weather (yes) it's not too hot not too cold - Beautiful beaches
lovely food you can travel quite a bit from there it does it includes the Schengen region so we
could go to other places like we haven't been to Dubrovnik Norm we haven't been to lots of other
places so we could travel yeah we could travel to different places couldn't we - We could and then
part of that is use up the Schengen visas for maybe 60 days go to Portugal for the other 30
days and then get a Portuguese extension to your tourist visa and that will give us 6 months over
winter time - Which sounds like a wonderful plan doesn't it - But then we come back to Canada
we get the spring we get the summer yeah we get our healthcare - Yeah so we get all the hot humid
weather here in the summer - And we pay our taxes - Yeah this is true - Because we basically
have to come back in March to pay to do our taxes so that's another deadline that you shouldn't
forget about if you're Canadian or Americans - No that's very true so we think that that sounds
like the perfect solution for us doesn't it - So no retiring overseas for us - No and we're suggesting
if you want to do it maybe look at it 10 years earlier than us - But you're going to have to commit
a lot of money to it - Yeah you definitely are so very true - Thanks for watching - Yes and we
hope that everybody is staying safe - And keeping well - And until the next time bye bye, bye bye