the 48-year-old business owner told CTVNews.ca
Article could just be “Canadian business owner retires in Barbados”
And perpetuates the same cycle of wealth inequality they claim to want to leave by bringing all their wealth to a poor country.
They are leaving it and bringing it to another country where they aren’t the bottom of the totem pole
The article also reports on two couples who are planning to move to another country (Cambodia and the Philippines, respectively). Two of the three couples have direct family ties to the destination country. 2/3 already had jobs in their destination country, while the third lives on disability and pension checks. It would be interesting to follow up with these couples in a few years to see whether they planned responsibly:
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Inflation is currently worse in the Philippines than anywhere else in Asia and there is no sign of improvement. The country is considered by the UN to be the most disaster-prone in the world, and these unstable conditions will only worsen due to climate change. Will that family prosper in a country living under increasingly constant emergencies?
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Cambodia is already badly affected by climate change and conditions will only worsen there. The Mekong River, which supports much of the country’s agricultural industry, is already starting to dry out. This will also cause massive flooding and disease spread during the rainy season. Can an older couple on a fixed income, one of whom is disabled, survive unpredictable climatic and economic changes in a developing country?
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Barbados is almost entirely dependent on the tourist sector. Any negative impacts on tourism, for example a future pandemic or the effects of global warming on the country’s tiny beaches, can be ruinous. The country’s entire economy contracted by 14% in FY2020/21, for example, and despite their PM’s strong personality the government still had no solution but to beg the IMF and UN for assistance. Does the business owner in Barbados have a plan for what happens when tourists stop visiting Barbados?
These and many other factors need consideration before you move to a developing country…
Inflation would help an immigrant if they were converting their money from dollars every month. When the dollar rises versus the local currency you have more local currency to spend. Inflation only hurts you if you keep your money illiquid and in local currency.
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Yeah, and don’t forget, they won’t give up citizenship, because they will keep that safety net, despite railing against paying for it. They come back for the last 10-20 years of their life because that “low cost of living” country they are moving to won’t be a good deal when they are old.
I guessed Alberta immediately.
It’s expensive; yeah. But in terms of happiness and healthcare and safety, we’re doing really well. I think we’re top-4 or something!
We’re sorry and we hope you find a place where you’re happy.
There’s definitely something to be said about the cost of living becoming problematic, but I’m not jumping ship to the US anytime soon. I’ve seen too many US friends put into catastrophe thanks to health care issues, even when insured.
Ok…bye!
