Darrell and Amy Bushnell's home has been Nicaragua for 18 years, but now they want to start a new adventure. “We have two places in mind: Mexico and Italy,” this 74-year-old early retiree told “Afar.”
Almost 20 years ago, Darrel emigrated to the Central American country with his 68-year-old wife, where he feels very comfortable. They were especially impressed by the culture and people, but now they want to try a new adventure.
Europe is tempting for American retirees to emigrate
Mexico would be the easiest option because the two Americans already speak Spanish and have friends there. You would like the culture, the people and the landscape. It would also be easier to rehome his two dogs. “Mexico is an incredible country, there are very good opportunities there,” says Amy.
Additionally, the couple appreciates the cooler climate that Mexico could offer them. They are thinking about settling in the highlands of Mexico, where the temperature hovers around 50 degrees at night. Amy Bushnell even said that she would be happy to wear a sweater again and that there was even a fireplace there.
As for Italy, they even have family connections there: Amy's grandmother was Italian. The European holiday destination would also offer the opportunity to explore the entire continent. “It would be fascinating because it would be a whole new country,” Darrell said. But there are also financial reasons for Italy.
Tax incentives for pensioners to emigrate are crucial
Tax incentives play an important role in the couple's decision making. They currently do not pay taxes in Nicaragua on their pension, social security and savings income. Darrell explained that in most EU countries they have to pay between 30 and 40 percent, while in Mexico it is similar to Nicaragua. He pays nothing, but he also does not receive benefits from the state.
Unlike the EU, Italy offers attractive incentives. There is a regulation according to which “you pay seven percent of social security and pension, but in exchange you are included in the national health system. We think it's worth it,” Bushnell told Afar. “Residential Abroad” also reports on the “pensioner regime”.
Retiring abroad has advantages and disadvantages
According to “MoPo”, those who register their residence south of Rome in communities with less than 20,000 inhabitants only have to pay seven percent taxes on their income and pensions. However, this would require moving the main residence to Italy.
A woman discovered why emigrating to another European country during retirement also carries risks. She wanted to know from older people in Spain what she should pay attention to, but they warned her. High temperatures are not for everyone and are treacherous, especially as we age.