The US has long been a place where people could work hard and live out their dreams. Lately, it has become a more difficult place to be able to do that. Some people are tired of the political situation, or the economic one and have decided it’s time to pull up stakes.
If you are one of those people then you probably have a lot of questions about how to move out of the US and live abroad instead. It isn’t easy to become an ex-pat, but there are plenty of people who have done it and laid out the right path to take for others to come after them. It’s not like moving across the country after all.
If you are thinking that the ex-pat life is for you then read on for the tips on how to go about it.
Figure out the best country
You’ll have to pick the right country to settle down in and there is a lot to choose from. Many countries are going to require a special type of visa for you to come so the first thing is to make a list of the eligible countries where this is possible.
Once you have your possibilities listed out then you need to figure out which ones will suit your lifestyle. For instance, if you want a luxury house as you’ve seen on BRIGHT, then you will have to make sure that that type of housing is available where you plan to live.
Weather is also a factor for many so choose the right climate for the type of lifestyle you want to live. Lastly, language is going to be a factor in just about any country you move to. In the non-English speaking world, which is most of it, there are plenty of people who do speak English. However, taking care of bureaucratic issues will take place in the local language unless you hire a translator.
Take care of your finances
Money is also an issue when you are moving abroad. You likely have a lot of investments, bank accounts, and maybe even a business to take care of. It’s a good idea to talk to a financial consultant that deals with Americans living abroad so you stay within the legal boundaries when it comes to your money. Taxes and moving money overseas can be very complex matters so you should know how to proceed before you plan to leave.
Some people end up creating an offshore company to be able to make sure that the financial burden is not too high when it comes to accessing their money and paying taxes. If you have a business you plan to operate while abroad then this is likely your best course of action.
You should also make sure to have a bank account in the local currency that you have easy access to. You’ll need to declare these bank accounts to the IRS if you have over $10,000 in the account at any one time.