We did it. I am not going to say we made the best choice for everyone, but after several years I still believe we made the best choice for us. The world is changing, it is becoming more homogenized and more that of the generations behind us; so we looked for something that had a culture closer to my generation and something that still didn't reek of box stores, and franchises; we chose Central Europe .... Budapest to be exact. Very close to the center of Europe and with fairly good connections to many interesting places. We don't speak Hungarian but that hasn't been a particular problem.
We didn't lease, we purchased. The advantage of the lease would be that it is easy to walk away. The advantage of the purchase it permits the opportunity for one to possibly create a business out of the real estate. Then one might be able to take advantage of things like depreciation and business trips to maintain the business. We spend a lot of time in Budapest and Central Europe now and will ramp that up to half a year in the next 5 to 10 years. The other half we will spend in the states. We researched the residency requirements and know it’s possible if we want to go beyond half a year.
That which interests us is within a 4 hour train ride or a 3 hour non-stop flight which on a major airline or a discount airline generally runs about $250 on a return trip ticket. Croatia, Istanbul, Moscow, Israel, Germany, Czech Republic, Austria, Slovakia, London, Rome and our favorites; Bulgaria and Romania. The last time I checked the cost of living index with NYC being 100, Budapest was 80 while my home town in Texas was an 86 (testing my memory a bit here). BUT when I put a pencil to the numbers Budapest is a lot cheaper because there is no need for a car.
Everyone will find a comfort level in a different location so what works for me may not work for you or anyone else. But after nearly a decade of travel to Budapest and the surrounding cities, towns and countries I am still more than happy with my decision. A couple of interesting places to look might be Frankfurt which is a major hub for just about everything in the EU these days and London which has discount airline connections to every corner of Europe. Vienna also has a lot of good connections.
We made a lot of mistakes learning the process so good luck!!!