Buying property abroad where you can live and run a hospitality business is another great option, after you've sold your house in Toronto. There are many great places where you can live on a much less budget than in Toronto. Some countries offer special residency programs to foreign retirees, low or no taxes. Or there are countries with high demand for hospitality services that attract a stream of tourists from around the world, where you can buy a villa for B&B or a mini-hotel.
The list of such places include: Costa Rica, Dominican Republic, Turks and Caicos, Panama, Mexico, Ecuador, Thailand, Greece, etc. Please contact me to obtain detailed information on different regions, including prices, residency rules, taxes, health care system, living expenses, etc.
Many Canadians looking to retire abroad opt for close options such as the United States or Caribbean destinations. For retirees looking for more of an exotic setting, or for those who really want to get away from North America, Thailand is a great option. This is also a destination where a retiree can stretch their dollar. The country offers long-term and retirement visas, and has introduced amenities such as golf courses in communities targeting expatriates. There are many English-speaking expat communities in Thailand. Great warm weather year round with temperatures about 22-26 degrees Celsius. Here is what you can buy in Thailand:
Three-bedroom House in Phuket area - for $170,000 CAD
Six-bedroom modern Villa (for B&B) in Phuket - for $695,000 CAD
Greece is a wonderful place to live and to run a hospitality business. Mild warm climate combined with a developed infrastructure and the high living standards makes the life in this country very comfortable and enjoyable. And, as an additional bonus, it offers a simplified process of obtaining residency by foreigners with purchasing a real estate. An influx of tourists visiting Greece every year is a driving force behind the thriving hospitality business in this country. This fact provides a great opportunity to expats who would like to earn extra income while living in Greece. Here is what you can buy in Greece:
Four-bedroom cottage in Khalkidiki - for $410,000 CAD
Three-storey sea shore villa on Crete Island - for $698,000 CAD
This is the tropical destination for couples who spent most of their vacations enjoying the Caribbean islands and all they have to offer. What's even better? Your grandkids will have no problems with the idea of spending their summers with you. When it comes to taxes, Turks & Caicos has no incomes taxes, property taxes or capital gains taxes. The country offers a program of obtaining permanent residency through investment. It requires min $300,000 investment in Real Estate. Here is what you can buy in Turks And Caicos:
Two-bedroom townhouse in Grace Bay, Providenciales - for $295,000 USD