Interested in moving abroad? You are not alone. American interest in moving abroad rose sharply following the November election. If the life of an expat beckons, homework is important
When the debris settled, President-elect Trump won the November election but with a tight margin in the popular vote, which is currently the second-closest since 1968. The country remains deeply polarized and divided. For some, the incoming change is long sought, while those opposed express interest in leaving the country.
Regardless of whether you have always wanted to move abroad, or are just tossing the idea around recently, there are points to consider before you buy a ticket to ride. Currently, Canada, Ireland, Australia, New Zealand, and the UK are popular expat destinations, but any country that interests you has its own political, climate, and economic challenges. Give some thought to these points if you are considering a move out of the country:
- Current Situation: Moving abroad is a big decision that impacts your family, work, economic future, and other commitments. Depending on your landing choice, the process to become an expat can be expensive and take time. If you are considering one country over another, learn their current immigration stance regarding American citizens. Some countries, like Australia, limit immigrants to those with specific skills who are arriving via sponsorship by their employer. Other countries may have quotas and similar limitations.
- An Alternative: If you are work-flexible and seeking foreign travel, you might consider becoming a digital nomad. Many countries offer a digital nomad visa. Good advice is to research your target country to learn if sponsored work is required to obtain a visa. Doing research up-front can help you obtain the right visa without making time-consuming errors beforehand. The term of a digital work visa depends on the country. Be attentive to when it expires and renew if you are planning on staying.
- Finances and Taxes: Be sure to research the situation on the ground where you are going. You will likely need a foreign bank account, which may require reporting to the U.S. Be clear on U.S. tax requirements and possible tax credits you can claim while abroad. Despite what it seems, Uncle Sam is never far behind. U.S. taxpayers are required to report their income and file a tax return every year—regardless of where in the world they are living.
Whether you want to leave the U.S. for a while, or forever— keep your objectives in mind and do your research before you head for the door.
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