In the process of planning a relocation, it’s essential to understand that it takes time and flexibility. We recently moved back to France after a year-long experience in Dubai, and even though we had previously moved to France from Hong Kong a few years ago, we encountered several challenges. Our experience taught us that preparing for the move out is just as important as settling in the new place.
Finding a place to live in France can be a difficult task to say the least. Having been through the process several times, it is important that you are ready to call and visit the place as soon as it gets published. Try to be the first to visit and have your dossier ready with your check book.
Moving to a new country is expensive. Moreover, inflation combined with a higher cost of living pushed our expenses beyond what we expected. We had to adjust our lifestyle and spending habits to keep our expenses within our budget.
Spain’s tax system is based on a progressive income tax, with rates ranging from 19% to 47% for personal income tax. Value-added tax (VAT) is a major source of government revenue, with a standard rate of 21%. Other taxes include wealth tax, inheritance tax, and taxes on property and capital gains. The government also collects social security contributions from employees and employers. As early retirees with significant capital and low income, we will delve into tax residency, investment income and wealth tax.
The Spain’s new 2023 Digital Nomad visa is designed to attract digital nomads and remote workers to the country. The visa allows individuals to live and work in Spain for up to five years. Benefits of this visa include the ability to live and work in Spain while maintaining the freedom to travel and explore the country, and the ability to take advantage of the country’s relatively low cost of living.
Phuket has lots to offer for a family to FIRE. From great food and beautiful landscapes, to good and affordable education, Phuket is very attractive. Indeed, we went to explore Phuket for several weeks and we had a wonderful time. Find out why you should consider it too.
There are many ways to obtain residency in Thailand. Beyond the well-known retirement visa, you can either ‘buy’ your way in, or exploit a less publicized visa if you have your child attending an international private school in Thailand.
You are considering Dubai in your FIRE plan because it has no tax. Indeed, Dubai is very attractive with nice hot weather and no personal income tax. However, you will experience hidden fees everywhere which do really add up. Stay vigilant.
Patience and organization are key skills to settle for FIRE in France. Process is transparent but can be lengthy. Start as early as possible and chase politely if there is no progress to ensure that key documents are not missing.
Choosing a home is a daunting task when there is no job or family anchor. Assess your criteria, weigh them, and go visit your Top 3 FIRE places in France you shortlisted for your early retirement to check that reality matches your expectations.