Retirement from active work is a big transition in life that requires proper planning. However, it will need much more research and planning if one plans to settle abroad post-retirement. Besides arranging finances for immigration, they will need to know the laws related to permanent residency, taxation, visa, house ownership, living expenses, healthcare, culture, and whether they will have the close family and social support they will need in the country they have migrated to.

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Here are a few aspects you can consider if you plan to settle in another country after retirement.

Eligibility and Visas

Each country has specific rules for permanent residency, so research and gather information from the relevant authorities of the country you plan to migrate to; for instance, their embassies will have officers to handle such cases. You may also seek professional help to guide you. You may also need a visa for a few trips to the migrating country to complete the process. If it is Europe, you may consider applying for a Schengen visa, which allows you to travel to the member countries for a limited period. For the US, the EB-5 Immigrant Investor Visa Programme is a popular option for Indians who want to stay in the United States permanently.
You can create a step-by-step plan, including arranging your international driving license, accommodation, etc. You will need to show relevant records such as bank and investment details, a living will or testament, if any, vaccination, insurance, birth, marriage, etc., and complete all the paperwork for relevant immigration documents you will need to have.

Healthcare Costs

If you are taking this step after retirement, you will be a senior citizen; hence, healthcare will be a crucial aspect to consider. If you are migrating to a Western country, the healthcare cost can be more expensive than in India, so be prepared for it. Due to the high healthcare cost, many non-resident Indians (NRIs) reportedly prefer coming to India for treatments. Some countries may have affordable healthcare, but others may not. So, accessible and affordable healthcare should be an important consideration before settling in another country after retirement.

Residency and Cultural Differences

One must also consider the residency laws and the ease of living in the country you are migrating to. You must be legally and socially aligned with the traditions of that country and respect the local laws and traditions. Cultural adaptation can be challenging if you haven’t travelled or lived abroad in a multicultural society, so consider all these aspects before choosing a country for migration.

Taxation

Taxation is also an important consideration, as you will have to pay various taxes in the resident country. For instance, you should know the tax rules related to income, savings, investments, capital gains, inheritance, and other compliances. Besides, if India has signed a double taxation avoidance agreement (DTAA) with the country you are migrating to, you should know when and how it is applied to avoid paying taxes for the same product or services.

For instance, income earned in India, such as rental, dividends, or pension, will generally be liable for taxes in India, even if you live abroad. Tax filing is necessary for any income earned in India. India has signed DTAA agreements with many countries to avoid double taxation on income and allow people to claim tax relief or exemptions.