| I always believed in the maxim, "diversify your | | | | There will be many sharks - generally ex-pats - that |
| investments". So during our working careers my wife | | | | will be more than willing to take advantage of your |
| and I used to buy real estate, especially south of the | | | | naiveté. |
| border. | | | | So some advice: |
| When it came time to retire, we chose to live at least | | | | 1. Don't believe everything you are told. Check |
| half the year on the shores of Lake Chapala, Mexico. | | | | everything out with as many different sources as you |
| Lake Chapala is at almost the same elevation as | | | | can. And if it sounds too good to be true, it probably |
| Denver, Colorado, but rarely gets as cold. There is a | | | | isn't. |
| brief mild winter, but most houses are neither heated | | | | 2. Remember you are a guest in a foreign land. Don't |
| or air conditioned. | | | | act like a spoiled brat. The cultural gap can be huge. |
| Because of the ideal weather and prices which are still | | | | And even if a local resident speaks English, there are |
| less costly than in the United States, this has become | | | | often misunderstandings due to that cultural gap. |
| a popular retirement community with people from | | | | 3. Don't invest your money with some friendly bloke |
| around the world, but especially the USA and Canada. | | | | you meet in a local pub, no matter what return he |
| Ex-patriots in Mexico number in the hundreds of | | | | guarantees. As a matter of fact, keep your money in |
| thousands. | | | | the states or Canada, safely tucked away in a |
| As the baby boomer generation ages, this and other | | | | reputable bank or brokerage firm. If you want to keep |
| places like Roatan Island in Honduras, Costa Rica, the | | | | some local currency on hand, open an account at a |
| coasts of Mexico and, of course, most of the | | | | real bank. Keep the same accountant that you had in |
| Caribbean will become more popular - and more | | | | the states or Canada. |
| expensive - with retirees. | | | | 4. The laws are different. In many countries a Notary |
| These are ideal retirement locations and I don't mean | | | | will handle both sides of a real estate transaction. But |
| to discourage anyone from considering them. But don't | | | | you still have the right to hire your own lawyer, |
| check your brain at the border. | | | | interpreter and building inspector and surveyor. You |
| Except for Puerto Rico, these are all foreign countries. | | | | would be shocked to learn how many people don't - I |
| Not everyone speaks English and things are done | | | | know I didn't. And in many countries, lawyer-client |
| differently. | | | | confidentiality and conflict of interest are unheard of. |
| If you are considering a second home and make | | | | 5. While most of the native population will be respectful |
| inquiries, you will swiftly become acquainted with the | | | | of you if you return the favor, you will be a target of |
| large realtor populations of these places. Surprisingly | | | | local thieves. Crime will probably be lower than |
| they will mostly be very friendly Americans or | | | | wherever it is you're coming from, but it exists - |
| Canadians, willing to wine and dine you, introduce you | | | | especially house break-ins and auto theft. You might |
| to the local ex-pat community and explain the ins and | | | | also find yourself resented by the more well-to-do local |
| outs of foreign living. | | | | population. It might be hard to make friends with them. |
| About a year or so ago, International Living ran an | | | | 6. Try to learn the local language and customs. Don't |
| article titled: "Not All Sharks Swim Under the Water". It | | | | try to impose your values and watch where you try to |
| was about ex-pat realtors and the tales they tell. And | | | | butt in. |
| this is where the location of your brain becomes critical. | | | | 7. In many places, the only thing you will have in |
| Take everything you're told with a grain of salt. Hang | | | | common with other ex-pats is the language. So be |
| out in any local pub, and you'll likely meet disgruntled | | | | sure you choose a locale with a sufficient ex-pat |
| ex-pats who are disgusted with wherever you are. | | | | community so you can create friendships. For the |
| Also take what they tell you with a grain of salt, but | | | | most part there will be many warm, welcoming people |
| carefully consider both sides of the picture. | | | | willing to include you in their social circle. |
| When you are on a trip, you are on vacation. Things | | | | 8. Be prepared to deal with poverty, people living in |
| are all fun and games. You meet new people, party | | | | appalling conditions, child labor and more. There will be |
| and drink too much. You sightsee and have a great | | | | many groups to help, but there never seems to be |
| time. | | | | enough to put even a small dent in the problem. Some |
| But living in these areas can be a lot different. The | | | | of the problems are due to the local culture and there |
| phones and electricity may not work all the time. | | | | is nothing you can do about them. |
| Internet service can be spotty. You might have to | | | | There is no such place as paradise, at least not in |
| pump and purify your drinking water. | | | | Mexico, South America or the Caribbean. You can live |
| There can be disputes with the native population, | | | | a very nice life style, but nothing is perfect. |
| which you'll generally lose. | | | | |