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Exploring Retirement Destinations: Where Should Philip Morris International Employees Consider Living Abroad?

Healthcare Provider Update: Healthcare Provider for Philip Morris International Philip Morris International (PMI) primarily collaborates with global health insurance providers rather than being tied to a specific healthcare provider. The focus of PMI's health-related initiatives is primarily in supporting public health efforts linked to tobacco control and transitioning towards smoke-free products, reflecting its corporate commitment to sustainability and consumer health. Anticipated Healthcare Cost Increases in 2026 As the healthcare landscape evolves, significant increases in healthcare costs are anticipated for 2026. Record hikes in ACA premiums are projected, with some states reporting increases exceeding 60%. Contributing factors include rising medical costs, the potential expiration of federal premium subsidies, and aggressive pricing strategies from major insurers. Without congressional action to renew enhanced tax credits, many consumers may face out-of-pocket premium increases exceeding 75%, exacerbating the financial strain for millions of Americans. These factors collectively signal a challenging healthcare environment ahead. Click here to learn more

Philip Morris International employees who are planning to change their lifestyle and work abroad are advised to start planning early to ensure that their lifestyle and career fit the foreign country,' advises Paul Bergeron, a representative of The Retirement Group at Wealth Enhancement Group.

Tyson Mavar of The Retirement Group, a division of Wealth Enhancement Group, explains the legal and tax consequences of leaving the country for Philip Morris International employees.

In this article we will discuss:

1. Trends and Motivations for Relocation: Examining the reasons behind it Philip Morris International employees and other Americans are leaving the country for, including political climate and lifestyle issues.

2. Practical Aspects of Immigration: Exploring, Looking at different immigration paths and procedures to different countries like Canada, Mexico, and some countries in Europe and the differences between them.

3. Benefits and Challenges of Living Abroad: Exploring the financial and social implications of moving, the taxes, health care, and society, to help people who want to become expats make the right decision.

The idea of living abroad has always been attractive to many people, including the Philip Morris International employees who are interested in the changed political systems, better health care, and affordable retirement options that lead to a better quality of life. Jean-Francois Harvey is a Miami-based attorney who notes that more than political reasons, more Americans are considering life abroad. Harvey's experience in immigration is particularly valuable for those who are planning to make some major changes.

Although political events such as Supreme Court hearings and presidential debates can lead to a revision of the quality of life one wishes to lead, the underlying motive is often a desire to live a better life. Harvey says, “The vast majority of people who are interested in changing the game in the United States require a Plan B as elections draw near.” It is not always necessary to have a country nearby as the choice of destination.

While Mexico and Canada are the favorite neighboring nations for the Philip Morris International employees due to their proximity, some of them also have eyes on European countries like Spain and France due to the linguistic familiarity and easy visa procedures.

The process of moving is different and depends on the country. Using the Express Entry system, Canada has a process in place to quickly move skilled workers through a simplified process that could take as long as two years. This is because family ties in Canada can fast track this process. However, Mexico offers a retirement scheme that is suitable for those who want to spend their latter years in a tropical climate and must show proof of financial stability through their savings or regular income.

Mexico does not allow direct real estate purchases by foreigners but there are legal ways of making such acquisitions through existing entities. Europe presents a variety of immigration options, and laying claim to citizenship through parents or ancestry is still valid in many countries, including Portugal, Spain, France, and Italy. Also, the new digital nomad visas are a modern approach for professionals who want to live in Europe and continue working remotely abroad, not only benefiting the applicants but also their families.

Moving is a process that is accompanied by legal and tax consequences that occur when moving to another country and the treaties that prevent the double taxation of the same income when working there. This makes it easier to go back to the U.S. when needed. If you are a Philip Morris International employee thinking about moving, you must consider the legal, administrative, and living conditions that accompany moving to another country.

Social infrastructure, healthcare, cost of living, and cultural considerations are important to think about in order to ensure that the move will help to meet personal and professional goals. In general, moving abroad is a complex process of assessing one’s lifestyle, career, and life situation. It is crucial to know the immigration laws and advantages of living in different countries. Although it is difficult to get permanent residency, it is worth it for financial and personal growth. A 2021 Expat Insider survey revealed that more than 80% of American expatriates 60 and older are better off financially since moving abroad.

Retirement is especially attractive in countries like Portugal and Mexico due to the low costs of living and the favorable tax treatments for retirees, which make the option of living abroad more appealing for people who want to stretch their retirement budget and quality of life. Leaving the United States for another country is like setting course on a ship. Just as a seasoned navigator picks a destination according to weather, cultural richness, and good ports, so should expatriates pick factors like quality of life and healthcare.

When you know how to avoid the pitfalls when it comes to immigration laws, then your transition to your new life abroad will be as smooth as sailing in calm waters.

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Sources:

Expat.com. 'Retirement Abroad: Trends and Top Destinations in 2025.' Expat.com, 2025. In this article, the role of retirees is seen as balancing lifestyle adjustments with financial needs through part-time work, consulting or business ownership while moving abroad, with the focus being on the semi-retirement lifestyle.
PlanWell Financial Planners. 'Expat Retiring Abroad? Rules on Taxes, Social Security, and Benefits.' PlanWell Financial Planners, 2024. The source outlines tax obligations, the Foreign Earned Income Exclusion (FEIE), and potential tax pitfalls of retiring abroad, which are crucial for retirees' financial planning.
van Sambeck, Becca. 'The Pros and Cons of Retiring Abroad.' Kiplinger, 22 Oct. 2023. According to Kiplinger, the advantages of retiring abroad include lower living costs and new cultural experiences; however, challenges such as cultural adaptation and complicated taxation affect U.S. retirees living abroad.
TrueNorth Wealth. 'Retiring Abroad: Pros, Cons, and Considerations.' TrueNorth Wealth, 2024. TrueNorth Wealth offers advice on financial, legal, and personal planning for retiring abroad, with a focus on how complex international tax laws, healthcare, and social environments affect retirees.
International Living. '2025's Best Countries to Retire.' International Living, 2025. In this article, the best retirement destinations are evaluated based on cost of living, healthcare, and overall quality of life, which can help retirees determine where they can best stretch their retirement dollars and enjoy a better standard of living.

How does the investment strategy outlined by the Philip Morris Group Pension Plan aim to ensure that sufficient assets are available to pay membersâ€™ benefits as they fall due? What specific return objectives has the Trustee established that reflect the financial goals of the Philip Morris Group Pension Plan?

Investment Strategy and Return Objectives: The primary objective of the Trustee's investment strategy is to ensure sufficient assets are available to pay members’ benefits as they fall due. The return objective set by the Trustee is to achieve a return above that achievable on index-linked gilts. The Trustee is mindful that growth can come from both investment performance and company contributions(Philip_Morris_Group_Pen…).

In what ways does the Philip Morris Group Pension Plan address the risks associated with inadequate long-term returns, and how has the Trustee structured the investment portfolio to mitigate potential stock market underperformance relative to inflation?

Addressing Risks and Portfolio Structure: The Philip Morris Group Pension Plan mitigates risks associated with inadequate long-term returns by investing around 20% of its portfolio in equities expected to outperform gilts. Approximately 50% of the portfolio is in index-linked gilts to provide protection from inflation(Philip_Morris_Group_Pen…).

What considerations does the Trustee of the Philip Morris Group Pension Plan have for environmental, social, and governance (ESG) factors in their investment strategy, and how do these considerations impact the overall financial performance of the Plan?

ESG Considerations: The Trustee acknowledges that environmental, social, and governance (ESG) factors are sources of risk, potentially impacting financial performance. Although the Plan's primary investment manager tracks market indexes without specific ESG constraints, the Trustee expects them to account for financially material considerations when engaging with investee companies(Philip_Morris_Group_Pen…).

How does the Philip Morris Group Pension Plan incorporate diversification within its investment strategy to protect against extreme stock market fluctuations, and what specific controls have been implemented by the Trustee to maintain an appropriate balance among asset classes?

Diversification Strategy and Controls: The Trustee implements diversification to protect against stock market fluctuations by investing in a variety of global asset classes and bonds. A mix of UK and overseas equities, along with government bonds, ensures appropriate balance and protection from extreme market volatility(Philip_Morris_Group_Pen…).

What procedures are in place for the Trustee of the Philip Morris Group Pension Plan to review and potentially revise the investment strategy based on performance assessments, market conditions, and changes in the economic environment?

Review and Revision of Strategy: The Trustee reviews the investment strategy periodically, especially following significant changes in investment policy or economic conditions. These reviews involve performance assessments and market evaluations in consultation with advisers(Philip_Morris_Group_Pen…).

How can members of the Philip Morris Group Pension Plan keep informed about any significant developments in investment strategy that may affect their benefits, and what communication methods does the Trustee employ to ensure transparency?

Member Communication and Transparency: Members are informed about significant developments in the Plan’s investment strategy through direct communications from the Trustee. Members can request a copy of the Statement of Investment Principles for further details(Philip_Morris_Group_Pen…).

What is the role of the investment manager, State Street Global Advisors, in the governance and performance of the Philip Morris Group Pension Plan's assets, and how does the Trustee evaluate the success of this partnership?

Role of State Street Global Advisors: State Street Global Advisors is responsible for the day-to-day management of the Plan’s assets. The Trustee evaluates the performance of State Street Global Advisors annually and ensures that their investment approach aligns with the Plan’s objectives(Philip_Morris_Group_Pen…).

How does the Philip Morris Group Pension Plan handle the issue of Additional Voluntary Contributions (AVCs), especially considering the decision to no longer allow active members to make these contributions since April 2006?

Additional Voluntary Contributions (AVCs): Active members have been unable to make Additional Voluntary Contributions to the Plan since April 2006. The Plan offers various options for members with existing AVCs, including investments in passive funds and with-profits funds(Philip_Morris_Group_Pen…).

What specific risks, aside from investment risks, does the Trustee of the Philip Morris Group Pension Plan need to prepare for, such as mortality or sponsor risks, and how do these factors influence the overall funding strategy of the Plan?

Other Risks (Mortality, Sponsor, etc.): The Trustee prepares for non-investment risks like mortality risk and sponsor risk, which can affect the Plan’s funding strategy. These risks are considered alongside investment risks to manage overall funding risk(Philip_Morris_Group_Pen…).

For employees seeking more information regarding the content of the Philip Morris Group Pension Plan documents, what are the best channels to contact the company, and who specifically should they reach out to within human resources or benefits administration?

Contact for More Information: Employees seeking more information about the Philip Morris Group Pension Plan should contact the Plan administrators, Lane Clark & Peacock LLP, or reach out to human resources or benefits administration for assistance(Philip_Morris_Group_Pen…).

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Philip Morris International provides RSUs and stock options to eligible employees.