Wednesday, September 21, 2022
HomeWealth ManagementWhy retirees are fleeing to Portugal, Costa Rica, and Turks and Caicos

Why retirees are fleeing to Portugal, Costa Rica, and Turks and Caicos


“Along with purchasers, I speak to people who find themselves pretty effectively off on the golf membership, and I might say there are only a few of them who wish to spend their retirement years in Canada, and it’s largely due to the rise in taxation and socialism that they see coming down,” he mentioned. “It’s attacking their wealth, and so they don’t see it abating in any respect.

“That’s the largest concern, however quantity two is that it’s very troublesome to stay in retirement in Canada with the bills that we hold incurring, from buying vehicles and meals and all the things else. It’s so ridiculously cheap to stay the States, in comparison with Canada, and individuals are simply merely uninterested in the federal government having its arms of their pockets on a regular basis, in order that they don’t even have the sum of money that they want. Individuals have simply had it, and so they don’t see a method to stay the kind of retirement that they need.”

Little mentioned he’s always coping with purchasers who can’t afford the cash they’re asking for month-to-month, so are feeling squeezed by all of the tax they need to pay –  property, revenue, and even the brand new 10% federal wealth tax on automobiles.

Little, who’s the senior wealth advisor for the Burlington, Ontario-based Blue Oceans Personal Wealth, IA Personal Wealth, famous he’s listening to that individuals are transferring not solely to Florida, however Costa Rica in Central America, the Turks and Caicos Islands within the West Indies, and even Portugal as a result of well being care is accessible, however the retirement residing is cheaper.

“That’s what’s driving the will of people who I’ve talked to,” mentioned Little, noting many he is aware of have already gone and need they’d gone earlier. “They’re not taking a look at Canada as a spot that they’re going to spend so much of their retirement. They’re going to spend it exterior of Canada, the place it’s a lot inexpensive.”

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