WOW! US citizen and your tips are so helpful. Great suggestions! Definitely discussing items you suggested with our financial planner AND our CPA (tax attorney).
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.
@@sbkpilot1 It's less about tax and more about what you want to do and where you will have a happier retirement. If you want to spend a few years travelling Europe cheaply, you can't do that from the States! You will spend $2000 just on airfare alone. I have spent 2-3 weeks travelling Europe on that amount.
When I was in Colombia people said the only thing Medellin was missing was a beach. Otherwise it would be the perfect city. From what I saw, I’d agree.
It’s More Fun in the Philippines 🇵🇭 So true! It’s cheap. Great food. Best beaches. Amazing culture. English speaking EVERYWHERE. And the friendliest people in the world 🥰
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.
Modern medical care is cheap in many countries. You may be able to self-insure for minor treatments. Anything major you can fly back to Canada. Everyone's risk is different and should be evaluated individually. Canada's health care covers some services in foreign country based on Canadian costs I believe.
Ecuador seemed very nice but cloudy and rainy during Canadian winter months (8-9 years ago) Colombia seemed to have much better weather (9-10 years ago).
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.
LOL, if we judged a whole country based on 1 person we would all be in trouble. Like anything in life, don't paint everyone with the same brush! Honestly, Colombia was a beautiful country that more people should get to. Just stay in the 'safe areas' - like visiting any Country.
Same here! 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.
I left Canada for good. Access to affordable healthcare is the only concern but I think I have that secured now. Honestly do not miss Canada. Prices there are jacked up beyond belief. Canada had it's golden age from 1945 - to around 2002. It is clearly on the decline now! 🤕🇨🇦
@@HuatulcoGuy Correct @Michael...I'm here in Thailand and self insure now that I'm 72. I left in 2004 and will never return . Canada is ruined beyond belief!
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.
You live in Canada, right? Lost my job cause I did not want to become a slave to the state. I wanted sovereignty over my own body, but that is not allowed here. Even had a Religious exemption, but again you have no Rights. Moving to Mexico, cause Canada is no longer free.
I looked up a Mexican income tax calculator. If you make $82,000 cad you would pay 27% tax in Mexico. You would actually pay 12% there and the 15% cad withholding tax. You would only pay 20% income tax in BC or Ontario.
The cheapest countries? You said it your self. Costa Rica is "americanized". That means expensive. Also, we went to Ecuador last year. Wonderful country! But they have foreign income requirements... in US dollars. Not so good if your pension is in CAD.
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.
Portugal is no longer cheap... rents there are skyrocketing, other places have esoteric visa rules. Montenegro health care is bad. Colombia has high crime.
I'm traveling in Colombia now. Spent 5 weeks in Medellin and will be in Bogotá for 8 weeks. If you're aware of your surroundings and use some common sense, then you'll be safe. If the neighborhood ahead of you, makes you feel hesitant; then don't go in. The worst problem you should deal with would be pickpocketing, but that's the same in London's High Street. Wallets and phones go into front pockets or pockets with zippers or buttons.
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. 👍💯🇨🇦
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.
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.
Correct it may be cheaper but these days they track your movement and if you're outside of Canada for more than 6 months you'll lose medical benefits and you may be deemed a non resident and the 15/25 % rule will apply
2019 trip to the Philippines and Vietnam: Vietnam was cheaper, had better food, and the people seemed to have impressive depth of character and culture. C$30/day for a 4 star hotel incl huge buffet breakfast/lunch - cheaper than insurance, utilities and taxes only for my house in Calgary!
Vietnam is great but with a language barrier. Philippines is English speaking with awesome undeveloped natural beauty, friendly people, and semi-westernized culture. Filipino food is not easy to get used to.
@@mrslcom Younger Vietnamese are learning English. I had no problems wrt language. Also the Vietnamese seemed to take more pride in keeping themselves and their surroundings in good order. The traffic seemed to flow like a river in Vietnam vs snarled, noisy, polluted cities in the Philippines IMHO.
The traffic in Vietnam is among the deadliest on the planet (nearly three times deadlier than the Philippines). There's also nothing resembling a retirement visa, unlike most of its regional neighbours (which, in fairness, also have among the deadliest roads on the planet). And if you're getting older, be aware that anything resembling an actual EMS system for getting you to a hospital before you succumb is a pipe dream (the locals throw each other on the backs of motorbikes for their emergency hospital runs, causing untold further damage). The preferred medical provider for expats in Ho Chi Minh City subcontracts to a local clinic that operates, literally, a single mini-van as ambulance for the entire city. Personal anecdote: A sixty-something American colleague suffering an actual heart attack was rushed to the 'premier' private hospital in HCMC (District 7), then wheeled out to the street because he had no insurance (prior conditions), pointed in the direction of the nearest public hospital (pro-tip: avoid the public hospitals if you don't have family willing to, literally, sleep in the hallways to ensure you get fed, helped to the toilet, etc), and wished 'good luck'. (35 degrees celcius and ~ 100 percent humidity). Another Australian colleague of similar age awoke during surgery (public hospital) to watch flies landing on his open wounds. Etc, etc. Vietnam's an adventure, to be sure, but as an old-age option, for outsiders no less? - Yikes!
Thank you for a very informative video. I live in Ontario, Canada and am 65 years old married. How much income taxes do I have to pay? 32% ? My income is around $78,000. My husband is around $90,000. Ì do the tax separate each year. Thank you.
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?
@@ParallelWealth Compare it to Nicaragua, Ecuador, Colombia, Peru, Argentina, Paraguay, Mexico…there are so many wonderful places that are less expensive. In our opinion , it used to be worth a look, but comparatively speaking it would not make our top 20 list any longer.
Golden Visa is over now. Portugal nixed it and about time. Those Golden Visas are detrimental to the people who live there and make it harder for us middle class people who want to retire there to LIVE not invest.
They just changed the Caja medical deduction. If you make $3000 usd + per month you will pay the Costa Rican govt 19% of your income to pay into their health and pension system. The Sandinistas have moved south from Nicaragua.
![8 Reasons Why Americans LEAVE Costa Rica [Why I Left]](http://i.ytimg.com/vi/cbGMngGx2xk/mqdefault.jpg)
![ถามตรงๆ กับ อาจตุพร ทำไม ประเทศไทย ใครเป็นนายก ก็โดนด่า พอออกเเล้วคนคิดถึง!!?? l [Nickynachat]](http://i.ytimg.com/vi/3YFLMXxBGAs/mqdefault.jpg)
With the exception of maybe Portugal, there is a reason why these places are so cheap.
WOW! US citizen and your tips are so helpful. Great suggestions! Definitely discussing items you suggested with our financial planner AND our CPA (tax attorney).
So lucky I am Mexican/Canadian!! YES…
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.
Why pay 7% when I can pay zero in the US? Between the standard deduction and zero bracket for cap gains the US is a better option
@@sbkpilot1 It's less about tax and more about what you want to do and where you will have a happier retirement. If you want to spend a few years travelling Europe cheaply, you can't do that from the States! You will spend $2000 just on airfare alone. I have spent 2-3 weeks travelling Europe on that amount.
When I was in Colombia people said the only thing Medellin was missing was a beach. Otherwise it would be the perfect city. From what I saw, I’d agree.
Funny that Philippines isn't on the list. So many moved here.
8 years now and love it.
Can't wait
It’s More Fun in the Philippines 🇵🇭 So true! It’s cheap. Great food. Best beaches. Amazing culture. English speaking EVERYWHERE. And the friendliest people in the world 🥰
Absolutely wild that you have to pay tax on money or assets that have already been taxed heavily. If you decide to leave canada
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.
You have to get travel insurance, and once you're into your 70s the cost becomes prohibitive.
Modern medical care is cheap in many countries. You may be able to self-insure for minor treatments. Anything major you can fly back to Canada. Everyone's risk is different and should be evaluated individually. Canada's health care covers some services in foreign country based on Canadian costs I believe.
Ecuador seemed very nice but cloudy and rainy during Canadian winter months (8-9 years ago)
Colombia seemed to have much better weather (9-10 years ago).
Ecuador has a great public health care system. Colombia could be a bit dangerous.
Experience gained as a tourist is quite different from as a resident. Everyone should be aware of that.
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.
Right?!? RE bubble like situations in places like Bucerias area.
Then learn Spanish. Duh.
Colombia: “ glad I got out of there alive” and then goes on to say “ the people there are just fabulous” 😁😁 .I’ll pass on that one thanks!!
LOL, if we judged a whole country based on 1 person we would all be in trouble. Like anything in life, don't paint everyone with the same brush! Honestly, Colombia was a beautiful country that more people should get to. Just stay in the 'safe areas' - like visiting any Country.
Thailand, Malaysia, Philippines. These three countries are very popular low cost retirement destinations
Not Malaysia anymore unless you are very wealthy. During COVID they changed all their parameters, so do your research if you want to retire there now!
Santa Marta, Colombia..... Mombasa, Kenya 😊😊😊
I take it that Spanish classes are being offered at Parallel Wealth along with financial planning 😅✌️👍
Lol, not yet!
I would never leave Canada for good, but I wouldn't mind leaving for winter each year
Same here! 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.
I left Canada for good. Access to affordable healthcare is the only concern but I think I have that secured now. Honestly do not miss Canada. Prices there are jacked up beyond belief.
Canada had it's golden age from 1945 - to around 2002. It is clearly on the decline now! 🤕🇨🇦
@@HuatulcoGuy Different strokes for different folks. 💝🇨🇦💯
@@HuatulcoGuy Correct @Michael...I'm here in Thailand and self insure now that I'm 72. I left in 2004 and will never return . Canada is ruined beyond belief!
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.
"Democratic"???
Give me a break.
You live in Canada, right? Lost my job cause I did not want to become a slave to the state. I wanted sovereignty over my own body, but that is not allowed here. Even had a Religious exemption, but again you have no Rights. Moving to Mexico, cause Canada is no longer free.
@@truthteller6743 Different strokes for different folks.
@@gronig6pat833 Different strokes for different folks.
@@MegsCarpentry-lovedogs Yes. It's called Communism. Or Authoritarianism. Your Pick. I pick freedom.
Don't forget Bulgaria
Good stuff, please expand on Mexico and best tax practices. Intrigued by the clients paying more tax in Mexico vs Canada.
I looked up a Mexican income tax calculator. If you make $82,000 cad you would pay 27% tax in Mexico. You would actually pay 12% there and the 15% cad withholding tax. You would only pay 20% income tax in BC or Ontario.
@@blackwatch7151 thanks, that makes sense.
I wonder if anything is cheap for Canadians this year... Mexico is very expensive now
The cheapest countries? You said it your self. Costa Rica is "americanized". That means expensive. Also, we went to Ecuador last year. Wonderful country! But they have foreign income requirements... in US dollars. Not so good if your pension is in CAD.
Mexico and Costa Rica are NOT cheap. CR has become dangerous. Nicaragua is VERY similar and half the cost.
We help people to retire in popular destinations like Mexico, Costa Rica, and Panama (many more) We would love to collaborate with your videos.
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.
Portugal is no longer cheap... rents there are skyrocketing, other places have esoteric visa rules. Montenegro health care is bad. Colombia has high crime.
Portugal seemed to increase rapidly. It went from the place to go to, and now everyone says it's too expensive?! Interesting.
If im retiring outside Canada, it will be Australia, our dollar is worth more, the people are decent, i don't need to learn another language.
I would be concerned about safety moving to Colombia . Yes it's a beautiful country but safety come first for me !
Ya, I got mugged there! But otherwise it was amazing! Lol.
I'm traveling in Colombia now. Spent 5 weeks in Medellin and will be in Bogotá for 8 weeks. If you're aware of your surroundings and use some common sense, then you'll be safe. If the neighborhood ahead of you, makes you feel hesitant; then don't go in. The worst problem you should deal with would be pickpocketing, but that's the same in London's High Street. Wallets and phones go into front pockets or pockets with zippers or buttons.
@@ScottYun Enjoy your time in Colombia and be safe .
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. 👍💯🇨🇦
It's 200k USD for 3 years.
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.
Yes, we have done many plans for residents in Quebec.
Cambodia what is tax withold, with canada
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.
Correct it may be cheaper but these days they track your movement and if you're outside of Canada for more than 6 months you'll lose medical benefits and you may be deemed a non resident and the 15/25 % rule will apply
2019 trip to the Philippines and Vietnam:
Vietnam was cheaper, had better food, and the people seemed to have impressive depth of character and culture. C$30/day for a 4 star hotel incl huge buffet breakfast/lunch - cheaper than insurance, utilities and taxes only for my house in Calgary!
Vietnam is great but with a language barrier. Philippines is English speaking with awesome undeveloped natural beauty, friendly people, and semi-westernized culture. Filipino food is not easy to get used to.
@@mrslcom Younger Vietnamese are learning English. I had no problems wrt language. Also the Vietnamese seemed to take more pride in keeping themselves and their surroundings in good order. The traffic seemed to flow like a river in Vietnam vs snarled, noisy, polluted cities in the Philippines IMHO.
@@bradseward8342 Good to know, thanks. Vietnamese traffic seemed chaotic and I almost got run over a few times. Maybe it's dependent on the city.
The traffic in Vietnam is among the deadliest on the planet (nearly three times deadlier than the Philippines).
There's also nothing resembling a retirement visa, unlike most of its regional neighbours (which, in fairness, also have among the deadliest roads on the planet).
And if you're getting older, be aware that anything resembling an actual EMS system for getting you to a hospital before you succumb is a pipe dream (the locals throw each other on the backs of motorbikes for their emergency hospital runs, causing untold further damage).
The preferred medical provider for expats in Ho Chi Minh City subcontracts to a local clinic that operates, literally, a single mini-van as ambulance for the entire city.
Personal anecdote: A sixty-something American colleague suffering an actual heart attack was rushed to the 'premier' private hospital in HCMC (District 7), then wheeled out to the street because he had no insurance (prior conditions), pointed in the direction of the nearest public hospital (pro-tip: avoid the public hospitals if you don't have family willing to, literally, sleep in the hallways to ensure you get fed, helped to the toilet, etc), and wished 'good luck'. (35 degrees celcius and ~ 100 percent humidity).
Another Australian colleague of similar age awoke during surgery (public hospital) to watch flies landing on his open wounds.
Etc, etc.
Vietnam's an adventure, to be sure, but as an old-age option, for outsiders no less? - Yikes!
Could you recommend any cross border accountants in Edmonton? Thanks
Don't have any in Edmonton. Sorry. Contact Kent at K4 Financial, he may know someone.
Thank you for a very informative video. I live in Ontario, Canada and am 65 years old married. How much income taxes do I have to pay? 32% ? My income is around $78,000. My husband is around $90,000. Ì do the tax separate each year. Thank you.
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?
Costa Rica is not inexpensive. We lived there and have family there. Crazy
Compared to Canada and US, it's relatively cheap. That said, you can definitely find places there to spend money.
@@ParallelWealth
Compare it to Nicaragua, Ecuador, Colombia, Peru, Argentina, Paraguay, Mexico…there are so many wonderful places that are less expensive. In our opinion , it used to be worth a look, but comparatively speaking it would not make our top 20 list any longer.
Albanian
Dubai ❤️❤️❤️❤️
Healthcare eh!
Yeah, it sucks in Canada!
Portugal Golden Visa is not as attractive as before as the Gov't is making applicants buy properties in the less developed areas.
Golden Visa is over now. Portugal nixed it and about time. Those Golden Visas are detrimental to the people who live there and make it harder for us middle class people who want to retire there to LIVE not invest.
@@vm6824 So what? I can still buy property in Portugal
Liked 👍
Organized crime is private ore private sector for for sure. make you wonder.
Costa Rica is no longer cheap.
It hasn't been cheap for years. It's still cheaper than living in Canada, bit probably the most expensive place to live in Central or South America.
They just changed the Caja medical deduction. If you make $3000 usd + per month you will pay the Costa Rican govt 19% of your income to pay into their health and pension system. The Sandinistas have moved south from Nicaragua.
😆 lol
How criminals do it so simple