How to Choose the Right Overseas Destination

Wednesday, January 13, 2010

Dear Reader,

Selecting the location of your second home is fun and exciting. There are so many countries out there, though, that choosing the right one can be a challenge. Here’s how you can narrow down that list to a handful of countries that will be most right for you…it’s an easy-to-follow four-step system:

1. Analyze your motives. Your motive for moving or buying a property abroad may go a long way toward determining where you go. Maybe you’re retiring…or planning on setting up a business…or perhaps buying a vacation home.

Do you want residency or citizenship in another country? A second passport? Some countries make this easy, while some do not. Getting to the core reasons for the move will help you focus on a smaller group of potential destinations.

2. Identify those items that are important to you. Identify, too, those that you will not compromise on. The things that top the list in terms of importance for most expats I’ve met are:
   • A low cost of living
   • Access to first-class medical care
   • Climate (either warmth or mild spring-like weather year round)
   • Proximity to the U.S.
   • Access to culture or outdoor sport
   • The need to learn a foreign language
   • First-World environment/safety and stability
3. Your exploratory trip. The first two steps should cut the range of countries down to three or four that you can then investigate a bit further. And here comes the fun part…you can now schedule a trip to visit each of them.

Sometimes you can research a location as much as you like...it can tick all the right boxes...until you think it’s the spot for you. Yet when get there, it just doesn’t feel right. A couple of weeks should be enough to give you a feel for a place, and allow you to compare and contrast each destination. Don’t forget what’s important to you (above) when you feel the siren call of a tropical sunset or white sand beach.

4. Live like a local. You are now at the stage of having one, perhaps two, countries that top your list. The final step is staying in those countries for a longer time period, living like a local. You’ll shop in the grocery stores, make doctor and dentist visits, meet with other expats, and check out the real estate options. You’ll compare one beach location to another in the same country, or city center living to the suburbs. Ideally, you’ll stay in the height of rainy season, or dry season, or tourist season—whenever your dream location is at its worst. If you still love it then, chances are you’ll love it forever.

Remember, there is no perfect overseas paradise. Each location has its pluses as well as its minuses, and it’s up to you to weigh those against each other and decide what suits you best.

Over the coming weeks, I’ll look at the list of important items mentioned above, and give you the country options that (in my experience) fit these criteria.

Moving overseas is exciting, and opens up a whole world of possibilities. Following this four-step guide will save you time, and help you focus on a few countries that will likely work for you—so stay tuned in the weeks ahead. 

Margaret Summerfield

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Posted Under:

emerging market, residency

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