For foreign real estate investments, countries such as Costa Rica, Panama, Canada and India are U.S. retirement investors’ preferred destinations.
An increasing number of investors are using self-directed IRA funds to make foreign real estate investments in these countries, IRA Financial Group, a provider of self directed IRA LLC structures, said in a statement.
“We have seen a number of investors looking to use their retirement funds to purchase real estate overseas, in countries such as India, Costa Rica, Panama, and Canada,” Maria Ritsi, a senior paralegal with the IRA Financial Group said. “The self-directed IRA allows IRA holders to use their retirement funds to take advantage of investment opportunities in real estate outside of the United States.”
For instance, in Panama, a beach-front condo can be bought for $180,000 and the cost of living would amount to $1,500 to $2,000 a month, InternationalLiving.com reported. Panama also has an organized program of discounts that is open to foreigners, which makes living in Panama a cheaper option.
The current economic crisis in Europe is leading to the growth of countries such as Spain, Greece and Ireland as affordable overseas retirement destinations, according to a statement released by experts at InternationalLiving.com.
Experts say the continent’s problems present an opportunity for Americans considering a move overseas. Property prices in each of these countries, which were once considered expensive, are dwindling gradually.
“The values of cottages on some Greek islands are heading toward zero,” said Ronan McMahon of InternationalLiving.com in a statement. “You could pick one up by the end of the summer for less than the price of a budget family sedan.”
However, there is no real change to the lifestyle that’s on offer.
“The economies in Europe are under tremendous stress, no question, but there remains plenty to admire about the lifestyle there,” said InternationalLiving.com executive editor Jennifer Stevens.
“In stone-walled villages built on hilltops overlooking vineyards…on islands where blue-domed, whitewashed homes mirror the Aegean sun…you can still live very comfortably today, and for much less than you might imagine.”