Guest Ronan McMahon of Real Estate Trends
Do you harbor the dream of owning a second home in a foreign land? The allure of immersing yourself in a different culture, exploring uncharted landscapes, and embracing a unique way of life is undeniably tempting. But how can you turn this dream into a reality? Many have already taken the plunge, and my current hometown, Palm Springs, boasts a Facebook Group dedicated to its residents who have second homes in Portugal. In May, I'll be visiting Portugal on an exciting Collette tour, dedicating a day to exploring potential second homes and offering a pre-tour webinar to prepare you for realizing your offshore dream. Discover more at www.agelesstraveler.com/featured-travel/.
Now, let's delve into the realm of international real estate with Ronan McMahon, the publisher of Real Estate Trend Alert and a featured guest on my podcast, The Ageless Traveler. McMahon, an expert in helping individuals achieve their lifestyle dreams, will provide insights into the best places to buy, the trends in real estate, and the benefits of various government programs. So, please sit back, relax, and join us on a journey into the world of owning a second home abroad.
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The Ideal Buyer Profile
According to McMahon, the ideal buyer for a second home abroad is someone with a hunger for opportunity. He believes that some of the most lucrative real estate opportunities lie overseas, offering the chance to tap into fast-growing markets with high yields. However, McMahon stresses that the appeal of owning a second home abroad extends beyond financial gains, emphasizing, "This opportunity comes with so much more than just financial upside."
Top Places for Retirees
For retirees eyeing a second home abroad, McMahon recommends exploring popular Mexican resort destinations like Los Cabos, Puerto Vallarta, and Playa del Carmen. These areas are desirable to snowbirds seeking an escape from winter to bask in the sun and warm sea. Portugal is also emerging as a desirable destination for retirees, offering a high quality of life at an affordable cost. McMahon, who spends part of his year in Portugal, attests to its charm, noting, "I made enough in rental income to cover the costs for that home, including the mortgage for an entire year."
Affordable Cost of Living
A major draw of owning a second home abroad is the lower cost of living compared to many Western countries. McMahon points out that places like southern Italy and northern Portugal allow one to live like royalty on a modest budget. The richness of the food, the affordability of healthcare, and overall value for money make living abroad a game-changer for retirees. McMahon emphasizes, "It's life-changing when you think, as a retiree, you have a finite amount of time and resources. You can completely change the financial equation of your life by considering going full-time or part-time to Italy or Portugal."
Expatriate Communities and Making New Connections
Moving to a new country can be daunting, but McMahon suggests joining expat forums and Facebook groups as a starting point for building a social network. These communities offer access to various activities, fostering connections through group hikes, yoga classes, and community and charity work. McMahon highlights their importance: "It's a wonderful place to start a new adventure."
Government Programs and Tax Benefits
McMahon highlights Portugal's non-habitual residency program as one of his favorite government initiatives for retirees and expatriates. This program allows residents in Portugal who meet specific criteria to significantly reduce their tax burden, ranging from zero to 20%. He explains, "You're taxed at a range of between zero and 20%. The top is 20% on employment income, down to 0% on all your dividends and capital gains." McMahon also mentions Spain's non-habitual residency program as another attractive option for reducing tax liabilities.
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Owning a second home abroad is no longer reserved for the privileged few. With the proper guidance and resources, anyone can turn this dream into reality. Ronan McMahon's international real estate market expertise provides valuable insights into the best places to buy, the cost of living, and the benefits of government programs. Whether you're a retiree seeking a sunny escape or a young professional craving adventure, the world is your oyster. Take the leap and start exploring the possibilities of owning a second home abroad. With the proper knowledge and support, you can make lifelong travel a reality and never stop exploring.