Rising American Expats in Europe and around the world
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There has been a steady uptick in the number of Americans moving abroad, and on my most recent trip to Spain and Italy I was running into them left and right. From retirees to digital nomads, people claiming their ancestral citizenships, people running companies remotely, and more, there are more options than ever with many citing lifestyle, education, healthcare, safety, affordability and more as key factors. Let’s discuss.
*For more on digital nomad visas specifically, see my previous post on it OR
Listen to my Travel Oracles podcast conversation with Marsha, an American retiree in Spain
First of all, there are multiple reasons and types of people moving abroad. Students, retirees and job transferees from America have always been abroad in high numbers, and over the past few years, many countries have extended digital nomad visas (basically an extended stay for a year or two) to capitalize on those working remote jobs. However, with remote work on the rise and people running businesses rooted on the US, many visa options await you too and I have discovered huge numbers of US citizens basing themselves in places like Portugal, Spain and Italy. Of course, there are considerations to be had from taxes to what is required to prove steady income from the US when applying, but there are so many options (including ancestral citizenship for some of you lucky folks - being part of the EU is an excellent thing indeed). I too have been considering EU options as I learned of what is possible - and you could too.
FIRST: Americans - so you are ready to move abroad, or at least explore your options. You need to start with what your situation is to best identify which path to follow:
Are you are digital nomad making income online, that is just looking to stay in one country for up to one year on a visa?
Are you student looking for a visa that offers you 1-2 years in another country as ‘young talent’?
Are you a retiree looking to move FT abroad and only bring in passive income from social security, pensions, investments, etc?
Are you looking for a job in another country?
Are you looking to start a business in another country?
Are you looking to live abroad long term while still working remotely or running a business back in the US?
Are you looking for a path to citizenship? How about permanent residency? There is a wide swing for these options in Europe, and you need to consider taxes, because citizenship vs residency has different financial implications, and same with different visas.
Can you invest a substantial sum into a new countries business and/or real estate? (Some global countries offer citizenship for home buyers)
Are you a lucky one able to apply for an ancestral passport? (If so, I’m also jealous, but there is a lot of paperwork, so prepare yourselves)
For those looking to move to Europe FT: It is key you are very clear from the start, because the rules are strict in every country depending on your financial situation and how you plan to make money and pay for your living + healthcare, since you won’t have access to local government systems for awhile, or in some case pay for them in a limited capacity. You will also need to prove a substantial amount of assets or savings (except for the short term nomad visa) before you can apply, and prove your business/income - so be prepared. And some countries - the the popular expat haven Portugal - now require you to have a one year lease before your visa has even been confirmed. And some - like Spain - will issue non-lucrative visas if your income is from back in the US, but then you are not allowed to do any business IN Spain. So be clear from the start, and do your research! There are many good articles and outlets to do initial research on, or connect with an immigration lawyer in the country of interest to double check. For example: Lexidy.com for many EU countries or Sterling Immigration Ltd. for the UK
High Interest + Helpful Information
Given there seems to be so much interest around this topic and the possibilities of moving abroad, I plan to add special instruction and option podcast sub-episodes on countries, so TBD! You can also explore some of the many expat websites and groups to get a sense of the transition in various places, or youtube channels like ExpatsEverywhere for some insight from fellow expats.
Be Respectful and Do Your Research
Of course, with more expats in many countries, comes rising prices and gentrification. Not to mention often skirting taxes that are very high on locals. We live in an ever-changing, global world that is far from fair or equal - so be sensitive and responsible, do your research and learn at least some of the language of where you are looking into - it’s never a good look to come crashing into a new country expecting it to be what you just left (*same rules apply for travel). Immerse yourself, learn, and be supportive of the local culture and community. Expat forums are a good place to start.
Articles to read on this:
LA Times: Welcome to Portugal, the new expat haven. Californians, please go home
NY Times: How to Be an Expatriate
CNBC: American expats find better work-life balance
Telegraph: New "high potential individual" visa introduced for grads to come to the UK