Author Topic: Moved Abroad  (Read 6872 times)

letsdoit

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Re: Moved Abroad
« Reply #50 on: June 11, 2018, 09:33:02 AM »
we've thought about doing this.
iget the part about the global health insurance  .  we're americans, what coverage should we get while returning to USA to visit?  I think folks from other countries usually get the most expensive/extensive travel insurance they can find for USA trips
« Last Edit: June 11, 2018, 11:55:03 AM by letsdoit »

cap396

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Re: Moved Abroad
« Reply #51 on: June 11, 2018, 03:43:37 PM »
we've thought about doing this.
iget the part about the global health insurance  .  we're americans, what coverage should we get while returning to USA to visit?  I think folks from other countries usually get the most expensive/extensive travel insurance they can find for USA trips

Some international insurance companies, such as IMG, offer two types of plans, one that excludes the US and a few other countries, and one that covers everywhere including the US.  The one that excludes the US is about 20% less expensive than the worldwide plan.  The catch is that you can't be in the US for more than six months.

malacca

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Re: Moved Abroad
« Reply #52 on: June 13, 2018, 08:26:27 AM »
Yes, IMG offers a "worldwide" plan that covers you for limited visits to the USA (with higher deductibles / copays). But it is NOT a replacement for US health insurance - don't be fooled.

But you have to know what you are doing with IMG and others. They are not under the ACA rules and "cancel" policies when you need it the most. The US government, especially the current administration, isn't there to help you with your insurance problems.

I still hear people against the ACA yet they already forgot what it was like before it. Insurers had teams of people whose job it was to find any reason to cancel the policy of people with an expensive illnesses.

When I first went abroad as a student I had an internationl policy from Blue Cross / Shield. When I had medical treatment I was required to pay for it myself and then submit it for reimbursement. 90% of claims were denied. They just buried you in paperwork. "Oh, you need blah, blah form signed from the doctor." You get it and then there is a new requirement.

The administration office was in Hong Kong. I had just got a job there (early 90s) and so I rolled over to their office unannounced. Rows of Hong Kong staff (cheap denial letter writers) and two American guys. The Americans guys gave me some bull shit about it had been over 90 days so it is too late, blah, blah. I didn't say a word - I just started smashing shit in the office and kicking shit over. They wrote me a check in a hurry :)



dude

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Re: Moved Abroad
« Reply #53 on: June 13, 2018, 08:47:30 AM »
The way things are going here in the U.S. I'm inclined to take a similar path, perhaps to Costa Rica. We'll see come retirement time (11 months for me).

IndyPendent

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Re: Moved Abroad
« Reply #54 on: June 14, 2018, 09:22:38 AM »
Posting to follow.

So if I, as an American, moved to Spain, wouldn’t I have my foreign tax paid to Spain offset but the foreign income tax credit? Or would I be double taxed? Does that apply to investment earnings or just normal income?


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letsdoit

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Re: Moved Abroad
« Reply #55 on: June 14, 2018, 11:21:03 AM »
i wondered the same re: taxes.

if you only had capital gains and the like from investments, the US would tax you on that and Spain would tax you on nothing (bc you're not working in spain).  right?

letsdoit

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Re: Moved Abroad
« Reply #56 on: June 14, 2018, 11:23:15 AM »
bc of the timing of life and kids, i was thinking of taking a sabbatical abroad,  i.e., retiring for 2 years and then (somewhat painfully) reconstructing life in the US to work for another 10 years.
is anyone thinking of doing this or has done it?

Hirondelle

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Re: Moved Abroad
« Reply #57 on: June 14, 2018, 01:26:27 PM »
bc of the timing of life and kids, i was thinking of taking a sabbatical abroad,  i.e., retiring for 2 years and then (somewhat painfully) reconstructing life in the US to work for another 10 years.
is anyone thinking of doing this or has done it?

What would your exact plans look like? I did take a gap year (so right after uni, not in the midst of my working career) but am planning to do a similar 6 month - 1 year gap in another couple of years. Spending some time abroad doesn't have to be bad for your CV/employability. Seeing the world is generally appreciated by employers, especially if you've done something useful in addition to just roaming around (volunteering, learning a language etc.). Plus it could be beneficial for your FI journey if you spend your time in a LCOL area or volunteering in exchange for accomodation/food - you can just let the stash grow while living of almost no money.

Uturn

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Re: Moved Abroad
« Reply #58 on: June 14, 2018, 08:23:41 PM »
too many adult beverages tonight to absorb all of this thread.  PTF

letsdoit

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Re: Moved Abroad
« Reply #59 on: June 15, 2018, 09:49:16 AM »
bc of the timing of life and kids, i was thinking of taking a sabbatical abroad,  i.e., retiring for 2 years and then (somewhat painfully) reconstructing life in the US to work for another 10 years.
is anyone thinking of doing this or has done it?

What would your exact plans look like? I did take a gap year (so right after uni, not in the midst of my working career) but am planning to do a similar 6 month - 1 year gap in another couple of years. Spending some time abroad doesn't have to be bad for your CV/employability. Seeing the world is generally appreciated by employers, especially if you've done something useful in addition to just roaming around (volunteering, learning a language etc.). Plus it could be beneficial for your FI journey if you spend your time in a LCOL area or volunteering in exchange for accomodation/food - you can just let the stash grow while living of almost no money.

my wife and I are psychotherapists.  the travel itself would be relatively easy.  probably 2 years . the normal possibilities about where to live/slowly travel.   we would have to make sure our licenses did not expire, and then would have to rebuild a life here, starting a business, finding a place to live.  trying to get a good middle school, a hard task in the US, for the little one

letsdoit

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Re: Moved Abroad
« Reply #60 on: June 15, 2018, 12:50:51 PM »
in our case the lost wages and the opportunity cost on them is probably 200k . .  ..
it would be so much more efficient to be able to fully retire before travelling , but oh well

auntie_betty

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Re: Moved Abroad
« Reply #61 on: June 16, 2018, 03:42:54 PM »
i wondered the same re: taxes.

if you only had capital gains and the like from investments, the US would tax you on that and Spain would tax you on nothing (bc you're not working in spain).  right?

If you are resident in Spain for 183 days of the year you are liable to pay income tax on all your earnings, 'earned' or 'unearned'(after an allowance that varies by region/which tax advisor you go to etc.). Don't know what the implications are for US citizens though.

Trifele

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Re: Moved Abroad
« Reply #62 on: June 17, 2018, 02:38:23 AM »
Great thread @malacca!  Posting to follow.  I am FIREing next year and would love to go on walkabout for at least a year.  Malaysia was never on my radar screen but now I see it should be. 

malacca

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Re: Moved Abroad
« Reply #63 on: June 25, 2018, 07:02:55 AM »
I like the term "Walkabout"!

Just took my kids through Cambodia.

** For people thinking of doping this, keep in mind that your home may provide a good part of the income needed. Mine is paid off of course. I rent it fully furnished on a month to month basis. I get mainly business people relocating or people between houses / building new, etc. My house clears $2300 a month after taxes, whatnot.

On a basic but not down and out budget, $2300 is enough for a couple in SE Asia. I assume also in S America.

Reader

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Re: Moved Abroad
« Reply #64 on: September 22, 2018, 09:34:50 AM »
posting to follow.