Thursday, September 22, 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 discuss to people who find themselves pretty nicely 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 principally due to the rise in taxation and socialism that they see coming down,” he stated. “It’s attacking their wealth, they usually don’t see it abating in any respect.

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

Little stated 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 should pay –  property, earnings, 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 on the market, however the retirement dwelling is cheaper.

“That’s what’s driving the need of those who I’ve talked to,” stated Little, noting many he is aware of have already gone and need they’d gone earlier. “They’re not Canada as a spot that they’re going to spend so much of their retirement. They’re going to spend it outdoors of Canada, the place it’s a lot cheaper.”

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