A few years ago, I wrote an article on people who choose to retire outside the country in which they live. This is not only happening in Bermuda – a significant percentage of the global population are packing up, shipping out and heading to a new promised land for their retirement.

The reasons for moving are numerous: healthcare costs, standard of living costs, cleaner air, the craving to see something new or even simply the desire for a fresh start.

How you picture yourself during your retirement years usually begins with a vision of some place beautiful, interesting and, more importantly, affordable.

There are endless reels on Facebook and Instagram about retiring in one country or the next, highlighting retiree programmes and benefits. However, before you put your house on the market, there are many steps to take between the spark of an idea and getting on that plane.

The question is: how do you turn that vision into reality and what research should you do to decide whether your retirement plan is viable?

There are six key considerations when thinking about retiring overseas:

1, Immigration requirements for retirees

It is important to do your research and confirm whether the country you wish to move to offers a retiree programme which allows you to not only become a resident of that country but also to earn an income.

Now you might well say: “I’m retired, I’m not going to work at all; I don’t need the money.”

However, the reality is that income is not always the driving factor to work part-time. It might instead be about feeling you are still making a contribution as retirees face a real struggle completely disconnecting from the workforce in the first few years of retirement.

Therefore, understanding the immigration and income-generating requirements will be essential if you are heading somewhere that has a specific retiree programme.

2, Healthcare

You should determine whether you will need to purchase health insurance or if your country of choice offers national insurance to its residents. More importantly, you need to establish whether you will be eligible for coverage under that country's national plan.

What type of medical system do they offer and what are the medical facilities available? In addition, the way you enter from an immigration standpoint may impact what type of coverage is available too you.

If you are moving to a country where the healthcare system is free, you should understand what free means. Frequently, retirees get a rude awakening when they have to wait four months to see a doctor or can’t get their medication in a timely manner, or require surgery only to be told that their condition is considered elective and so they will have to wait.

3, How much money do you have to retire on?

You will need to know how much money you will have at your disposal to support yourself in retirement. Calculate what you would have if you sold everything, including your home, car, collectibles, and so on.

Next, work out how much you would need to set yourself up in your new retirement place. Verify that you will still be entitled to your monthly retirement benefits, such as pension, social insurance, etc, if you move to another country.

More importantly, find out whether any of your retirement income will be considered income from a tax perspective, and what type of tax you might need to pay annually. Remember: just because you earned it tax-free — well, almost — doesn’t mean you automatically receive it tax-free.

Taxes are how governments generate their income, so it is essential to make sure you understand them.

In addition, most of the time the new country of residence will require you to deposit a minimum guaranteed amount into your new bank account as proof that you can support yourself, so make sure you have the capital available to do so.

4, Consider housing options

Wherever you decide to retire, don’t be in a hurry to purchase real estate. Consider renting accommodation for the first six to 12 months. You won’t be able to get a true feel for a place until you’ve spent at least a few months getting to know the neighbourhood and what happens after dark, as well as the day-to-day costs of living and transportation options. Sometimes it makes better sense to rent on a long-term basis, especially if it is too expensive to purchase a property or cover the related costs.

5, Communication

Work out whether you are going to face language challenges. Are you moving to a country where English is not the primary language? If that's the case, consider how you plan to overcome the obstacle.

Will you take a course prior to arriving or will you learn the language once you get there? Immersion sounds great in theory, but it won't be easy when all you can do is communicate with your hands when trying to set up utilities, read a rental agreement or take public transportation.

Moreover, not speaking the language can also be quite lonely. This factor is often overlooked but it a reality: it is key to speak and understand a few phrases at least before you go.

6, Tax implications/benefits

As mentioned previously, you should determine if there will be income tax requirements or filing requirements in your new country of residence. If you do fall under a retiree programme, ask if you would be exempt from import-duty expenses should you ship some of your household effects.

Another consideration is whether the new country will tax you on your worldwide income. Many countries do this — and avoid the mindset of “well they won’t know if I don’t tell them”.

Perhaps 20 to 30 years ago that might have been possible, but the reality is that we are in a digital age now, and anything can be uncovered.

I can’t imagine anyone wants to be prosecuted in a foreign country for tax evasion, therefore it is key is to understand what your obligations are and plan accordingly.

Moving to a new country sounds exotic – starting a new chapter of your life with all the new experiences this involves. If you plan accordingly and do your homework, you will enjoy the experience far better.

• Carla Seely has 24 years of experience in the financial services, wealth management and insurance industries. Over the course of her career, she has obtained several investment licences through the Canadian Securities Institute. She holds ACSI certification through the Chartered Institute for Securities and Investments, UK; QAFP through FP Canada; and AINS through The Institutes. She also has a master’s in business and management