We think it can be. Many countries in SE Asia offer longer term retirement visas and are actively seeking international retirees to relocate to their country. As such they make moving to their country open and accessible.
That said, there are some unique issues to confront when moving to a different country, however the team at Retire to Asia can assist you with these.
Generally, SE Asia has very good levels of health care. For major ailments, the private health system may be preferable over the public hospital system. To access the world class private health system, you would need to either pay a premium or have international private health cover.
Where do we begin?
A warmer climate, to experience a different way of life, more affordable, a central hub for regional and international travel, being part of a vibrant community that respects the older generations and much more.
Technically no, practically yes. Whilst you are not meant to, it is possible to leave the country for a few days (often referred to as a Visa run) and return to “restart” your new visa’s usually 30, 60 or 90-day timeframe again.
After a period, the local immigration officials may pick up on this, so the practice usually will have a finite time frame for you. It is best to try and qualify for the longer 6 to 12 months, 5-to-10-year visas on offer in the individual countries.
If you retain your Australian tax residency your home will always be capital gains tax (CGT) free as long as you do not claim another principal residence. If you become a non-Australian tax resident, your CGT free period will be up to 6 years once becoming a non-Australian tax resident.
Above 6 years CGT tax may be payable on a pro-rated basis e.g. If you own your home for 20 years and a non-Australian tax resident for 8 years, then only 2/20 th of the growth is taxable. This area can become complex and given the potential size of any future tax liability, we strongly recommend that you seek professional advice on this.
In most countries you can as a foreigner own 100% of a property without a land component. This means that you are restricted to apartments and condominiums where there is no land component. If you wish to buy a house a local citizen generally must own at least a 51% controlling stake in the property, which is a course of action we suggest you do not pursue.
In some countries there are specific exemptions e.g., Philippines you can own land as long as it is used for medical (nursing or retirement home) or educational purposes. It pays to check whether you can qualify for a specific exemption.
Most countries will allow longer term leases upon land, if you wish to own a villa or house.
As SE Asia is a different legal jurisdiction, you will need to get new legal documents drawn up there to cover any assets purchased in that country which may include Enduring power of attorneys and medical powers of attorney whilst living overseas. For Australian held assets, these should remain covered by your existing Will.
We suggest it is best to seek legal advice in this area.
Generally not. You can be fined if you do not have a valid international or local driver’s licence. This will be at the discretion of the traffic police.
It is best you to either get an International Driver’s licence which are valid for 12 months from date of issue, before you leave home or eventually get a local licence.
If you’d like more information or have any questions, please feel free to call 1800-961-377 or email in**@re**********.au and let the team at Retire to Asia help make your dream lifestyle a reality.
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