Amidst dreams of a European retirement, financial planner Tommy Sikes has found a new business opportunity. Sikes, who initially started researching affordable properties in Europe for personal reasons, soon discovered a demand from fellow Americans who were eager to explore the possibility of owning property abroad. With over 25,000 followers and subscribers across various platforms like X, YouTube, and a weekly newsletter, Sikes now helps potential buyers navigate the process of purchasing property in Europe.

Sikes focuses on highlighting inexpensive properties in lesser-known locations away from major cities, where individuals can indulge in their outdoor hobbies. These properties, ranging from $50,000 to $100,000, offer a unique opportunity for buyers seeking a change in lifestyle. However, Sikes advises caution and thorough financial planning before making any impulsive decisions.

To make this dream a reality, Sikes suggests three crucial steps for interested buyers. Firstly, individuals need to take stock of their financial situation, including assets, income, and retirement plans. Sikes emphasizes the importance of working with a tax professional to understand the financial implications of living on retirement income in their chosen European country. Each country has its unique tax treatment for retirement accounts, such as 401(k)s and Roth IRAs.

One advantage for Americans looking to buy property in Italy or France is that there are no restrictions on foreign ownership. However, potential buyers must be prepared to pay in cash as mortgages for American citizens are rare, unless they have a established relationship with a local lender. Additionally, a language barrier can make the process challenging, so partnering with a planner who specializes in these areas is recommended.

Sikes advises interested buyers to visit their desired location for an extended period before committing to a purchase. Renting for two weeks to a month allows individuals to test the waters and assess the amenities, community, and overall suitability of the area. Engaging a local representative can alleviate the need for frequent travel and act as a trustworthy intermediary throughout the process.

Above all, Sikes underscores the importance of falling in love with the place and considering the overall lifestyle it offers rather than solely focusing on the property itself. This ensures that the retirement experience is fulfilling and sustainable in the long run.

As more Americans contemplate the allure of retiring in Europe, Sikes offers valuable guidance and insight into the financial planning required for such a transition. By providing a thorough understanding of the process, Sikes helps individuals navigate the path to their dream European retirement.

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