Read This Before You Run For the Border: Pros & Cons of Moving Abroad

There’s many reasons why a US citizen would want to live overseas. Sure, some have had it with a political system made up of players who seem uninterested in actually doing what they were elected to do. Others go because they are entrepreneurs, teachers, artists or skilled workers trying to find their opportunity in a high-tech economy.

Regardless of the reason to go, there are quite a few pros and cons for US citizens to consider before taking the plunge to live abroad.

PROS
A dollar that stretches. In may countries, our dollar can go quite a bit further than here in the US. This means people can actually break away from the 60-hour work week, can buy more and spend more time with family and friends.

Earn more for your skills. We’re sorry to be the bearer of bad news, but the US really isn’t the land of opportunity anymore. In fact, the US is not even in the top ten in terms of overall gross pay; we’re 20th! Eight of the world’s highest-paying countries for IT managers are in Western Europe.

Enjoying a simpler life. There’ll be no more Joneses to keep up with. It’s difficult to find another country like the US that is filled with so many people committed to competing with their neighbors. Plus, there’s no more neighborhood covenants to obey.

A cost of living that enables you to actually live. In Central American countries for example, it’s quite easy to live very comfortably on $1,000-$2,000 per month – and that includes housing and healthcare.

Your children will become enamored with a world view. Being exposed to new and different lifestyles will enable your children to become world-citizens and will enrich their lives in just about every way imaginable.

CONS
It’s not as simple as packing your bags and catching the next flight out. If you decide to leave the US, it’s imperative you do things legally. Consult the advice of a lawyer or tax professional to help you navigate the web of requirements.

They do things differently there. Buying property, obtaining an identification card, licensing your vehicle can all be a nightmare to accomplish because of unfamiliarity with local legal processes and requirements.

You’re still going to have to pay your US taxes, so learn what FBAR stands for. Uncle Sam’s arms are pretty long, and as long as you’re a US citizen – no matter where you live – you’re going to have to pay US taxes, even if you earn the money from a company in your new country of residence. Unless you renounce your US citizenship, you’ll be required to annually submit an FBAR (Foreign Bank Account Report).

Why pay one country’s tax rate when you can pay two? Not only will you be on the hook for continuing to pay US taxes, you’ll also have the pleasure of paying to support your new country’s infrastructure.

No man is an island. You may not think it now, but you deep down you know you’re going to miss your established social network here as well as your family and friends. Skype is a cool program and has made the world a smaller place, but video chats cannot replace true human interaction.

Wherever You Decide to Call Home, Put Our Expertise to Work For You

We’d hate to see you go, but we understand you’ve got your reasons. Decisions like this are life-changing ones, and it’s important to have someone who knows all the ins and outs on your side.

Get in touch with us today, and let us start working for you. Send an email to Eric Stuhler at info@efilefbar.com.

 

 

 

 

 

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