When deciding to retire abroad, there are countless things to consider. How much do you need to budget to live comfortably week-to-week? How will you adapt to the new culture or new pace of life? Should you learn another language in order to better adapt? When it all comes down to it, though, your biggest question could have more to do with how you’ll make extra money if you need to. Maybe you don’t want to have to budget too strictly, or maybe you’ve just realized you don’t like having so much free time. It happens! There are a few ways to bring in some extra revenue when retired abroad. You just have to know what they are.
Many expats are entrepreneurs. In some countries, such as Belize, there are laws that prevent you from taking up a job, but no laws preventing you from starting your own business and/or working for yourself. Depending on how much capital you have to work with, you could do something as big as opening your own restaurant or shop…maybe even a hotel! Study up on what your new country’s laws are regarding these things. You might find a new niche.
Investing internationally is another way to go, if you prefer passive income. You can diversify your investment portfolio by means of real estate purchases, stock in the foreign market, or even by purchasing gold. Currently, the best offshore investment for 2017 is teakwood from Panama. The return on investment for this asset has been consistent at about 15 percent for a decade now. You’ll also find that other foreign markets have a much higher ROI than those in the United States. A 10 to 12 percent return is not uncommon in Latin America for investments that aren’t too risky.
Investing in real estate can be a bit tricky, and you should do some research into the country in which you plan to retire before trying this method of creating income. Some countries will limit, or completely prohibit, foreign nationals from owning real estate. Other countries may not have any regulations at all. Look for areas that are appreciating in value, such as many parts of Latin America, and you will not only make a sturdy investment, but you can make a decent amount of passive income by renting rooms out to tourists as well.
If you’re just looking for something small to supplement your current overseas retirement income, you might consider an online job. Virtual jobs are taking the market by storm. Today, many people are able to work from home, so they can live wherever they want without skipping a beat. You could opt-in for something on a freelance or part-time basis, such as writing an article here or there for a blog, or you could start your own website altogether. There are resources, such as The Suitcase Entrepreneur, that can help you learn how to get started on such a venture. Maybe you have a hobby or skill that you didn’t know you could use to make a living in the virtual world? It doesn’t hurt to consider your options!
In addition to the work-from-home via a virtual job option, there is another way to make the internet benefit you. If you’d rather not pour all of your time and resources into starting from scratch on a web-based business, you can consider the option of buying a website that’s already bringing in revenue. There’s a low price-to-earnings ratio in this method that could have a better ROI than you imagined. Try finding some website brokerage sites to see what’s out there. This is really just another form of investment, and it could be worth your while.
Moving abroad to retire used to be something only the wealthy could do, but now it’s becoming much more manageable for the majority of retirees – thanks to the discovery of hidden gem countries like Nicaragua, where the cost of living is so low. Living in a place like that will help you stretch your budget, and you can put extra money into investments and other endeavors. The possibilities can be exciting!