Today, we will discuss the best countries to move to from the USA. Roughly nine million US citizens are currently residing in foreign countries. By making the decision to live abroad, they are able to uphold a superior standard of living with more advantageous circumstances.
As of May 15th, 2023, a total of 5,315 Americans have renounced their US citizenship in 2023. This number represents a significant increase compared to the previous year, as it is more than twice the number of individuals who renounced their citizenship in 2022.
The choices include the option of acquiring a residency permit or citizenship through investment in the country’s economy.
Best Countries to Move from the USA
The Caribbean
The Caribbean is a great place for boating and yachting fans. Many Americans are attracted to the Caribbean countries because they are close to the US, have a sunny tropical climate and have a well-developed infrastructure.
English is widely spoken in 18 out of 26 Caribbean territories. The Eastern Caribbean Dollar is pegged to the United States Dollar at a rate of ECD 2.70 = USD 1.
Five Caribbean nations—Dominica, Grenada, Antigua and Barbuda, Saint Kitts and Nevis, and Saint Lucia—offer Citizenship by Investment.
Contributions to national funds are non-refundable. Real estate options are refundable, allowing investment properties to be used for profit and sold in five years. Besides the main investment, applicants should pay a Due Diligence fee, a state fee in case of real estate purchase, and other fees. The total expenses will vary based on the number of family members included in the application.
Benefits of a Caribbean Passport:
- Tax Benefits: There are no capital gains or inheritance taxes. Except for St. Lucia, there aren’t any taxes on interest, dividends, or royalties.Additionally, there is no income tax in Saint Kitts, Nevis, Antigua, and Barbuda.
- Real Estate Opportunities: The average price for 1 square meter of property is $7,500. Real estate can be rented for an average yield of 3.5%. Investors in citizenship programs don’t need an Alien Landholding Licence.
- Second Home Option: Ideal for retirees seeking a warmer climate. Living in the Caribbean is less stressful than living in the US.
Portugal
Portugal is super green, with 63% of its electricity coming from renewable sources. It’s also ranked as the 7th safest country in the world. Living there is way cheaper than in other Western European countries. The weather’s awesome, with lots of sunny days and beautiful beaches. About 27% of the people in Portugal speak English.
The education’s top-notch, with international schools for expat kids and American schools with the US academic system. If you study in Portugal, your diploma is recognized worldwide. Also, 14 local universities are in the Times Higher Education World University Rankings.
Taxes are lower than in the US. As a non-habitual resident (NHR), foreigners can pay income tax at a reduced rate of 20%, while pension tax is a flat rate of 10%.
Residents can apply for Portuguese citizenship after living there for 5 years.
Best Options for Relocating to Portugal:
- Portugal Golden Visa by Investment: Invest from €250,000 in options like investment fund units, starting a company, or supporting arts and cultural heritage.
- Retirement Visa (D7 Visa): Prove a passive income outside of Portugal of at least €705 a month (€820 in 2024).
- Portugal Digital Nomad Visa: Available to foreigners earning at least €3,040 per month working for a foreign company remotely, freelancers, self-employed, and individual entrepreneurs.
Malta
Malta is unique within the European Union for its naturalization policies aimed at investors. Although it does not offer a direct citizenship by investment program, it does have a naturalization program tailored for individuals providing exceptional services, which may include direct investment.
Options for Relocating to Malta:
- Malta Residence Permit:Investors typically allocate a minimum of €30,000 towards either renting or acquiring real estate properties.
- Malta Permanent Residence Program: Permanent residency for life after purchasing real estate or renting it for at least 5 years, with a minimum investment of €150,000.
- Malta Naturalisation for Exceptional Services by Direct Investment: Fulfill three conditions: contribute to the National Development and Social Fund, donate to a non-governmental organization, and buy or rent residential real estate. Minimum investment is €690,000.
Benefits of a Malta Passport
- Healthcare and Safety: Ranks better than in the US. Malta is among the 20 safest countries in the world, with a robust transition to a green economy.
- Climate:The area experiences a Mediterranean climate characterized by hot summers and mild winters. The average annual sea temperature is 68°F, the warmest in Europe.
- Tax System: Favorable. Shareholders of Maltese companies can return up to 100% of corporate tax. VAT is below 20%. No property tax except when selling, and no taxes on gifts or inheritance.
- Education: High-level education with public and private international schools. The University of Malta is ranked in the QS World University Ranking.
Spain
Did you know that Spain has the largest American population in Europe? It’s also a safe country with a Global Peace Index of 1,603, which is lower than the US’s 2,337. Although English isn’t widely spoken (about 12% of the population), you’ll find that social services, banking, and hospitality are easily accessible.
If you’re not a fan of extreme weather, Spain’s climate might be perfect for you, with cool summers and mild winters.
For those interested in residency by investment, Spain offers a Golden Visa program that provides residency through various investment options, such as real estate, company shares or bank deposits, and government bonds. After residing in Spain for 10 years, residents can even apply for Spanish citizenship.
Greece
Greece is renowned for its breathtaking natural scenery, rich historical heritage, vibrant culture, and delightful Mediterranean climate. With its low cost of living and reputation as one of the safest countries in the European Union, it offers an attractive lifestyle for residents and visitors alike.
The Residency by Investment program, also known as Greece’s Golden Visa program, provides the opportunity to obtain a residence permit through various investment options such as real estate, land, bonds, timeshares, deposits, tourist accommodations, or inheriting real estate, with investments starting from €250,000. Successful investors can become eligible to apply for Greek citizenship in just 7 years.
When it comes to education, Greece boasts high-quality bilingual and international schools, particularly in the cosmopolitan city of Athens. Additionally, the country is home to prestigious universities known for their academic excellence.
In terms of the tax system, Greece offers compelling benefits for expatriates and high-net-worth investors. For instance, shipowners, entrepreneurs, and retired foreign investors can take advantage of a 15-year tax break and pay a flat tax of €100,000, making it an enticing destination for those seeking favorable tax conditions.
Cyprus
Cyprus is a wonderful destination that offers a laid-back lifestyle in a safe environment. With low traffic and crime rates, as well as clean air, it’s a great place for anyone looking for peace and tranquility. Being part of the European Union, Cyprus provides a high standard of living. The country has a subtropical Mediterranean climate in the lowlands and a continental climate in the mountains, offering a diverse and beautiful environment.
In terms of education, Cyprus offers both private and public schooling options. Expatriate children, particularly those from the United States, can enroll in international English schools.
For those interested in residency by investment, Cyprus is a viable option. With a minimum investment of €300,000 in residential or commercial real estate, company shares, or investment funds, individuals can secure residency.
Cyprus also boasts attractive tax benefits. There are no taxes on global income or inheritance, and the corporate income tax rate is just 12.5%, making it one of the lowest in Europe.
Switzerland
Switzerland is renowned for its stunning natural beauty, high standard of living, and robust economy. It consistently ranks as one of the most expensive countries in the world, but its residents enjoy a correspondingly high quality of life. This is reflected in the country’s impressive Better Life Index, which stands at 7.5, significantly higher than the global average of 6.7.
The population is multilingual, with Swiss German being the most commonly spoken language and English also widely used, spoken by around half of the population.
Switzerland experiences a continental climate with distinct four seasons, offering a diverse range of weather and outdoor activities throughout the year.
Education in Switzerland is highly valued, with free public schools providing a high standard of education. Private schooling is also available for those who prefer it, although it is paid. Expatriate students, including American students, have the option to attend bilingual or international schools. Additionally, the country is home to some of the world’s top public universities.
For financially independent individuals seeking residency in Switzerland, there is the option of obtaining residency through a lump sum tax of at least ₣450,000 per year, which must be renewed annually or every five years. Furthermore, residents can apply for citizenship after residing in the country for 10 years.
Austria
Austria is a beautiful and highly livable country, offering a great quality of life. The living costs in Austria are moderate to high, but they are significantly lower than those in neighboring Switzerland. As for safety, Austria is an extremely safe country with a low homicide rate of 0.61 per 100,000 population.
In terms of climate, Austria experiences mainly a continental climate with hot summers and cold winters.
The healthcare system in Austria is considered one of the best in the world, and it operates on a developed two-tier system.
When it comes to education, Austria ranks in the top 30 in the world. Public schools in Austria typically teach in German, while English-speaking private schools follow the American Curriculum. Additionally, Austrian universities are globally recognized, and public universities offer tuition-free options.
For financially independent individuals looking to obtain residency in Austria, you can do so by renting a house. Expats have the opportunity to apply for lifelong residency after living in Austria for five years.
Andorra
Andorra is a small but thriving country with low crime rates and a life expectancy of up to 83 years. Healthcare ranks among the world’s top five, and the education system ensures a 100% literacy rate.
Climate: Subtropical Mediterranean in lowlands and Continental in mountains.
Residency by Investment: Invest at least €600,000 in real estate, bonds, business, or an interest-free deposit.
Tax Benefits: Low tax rates with no taxes on dividends, inheritance, wealth, or profits.
Canada
Canada is often considered one of the most accessible countries to relocate to from the United States due to its status as the ninth-largest economy globally and its immigrant-friendly policies. Notably, Canadian passport holders enjoy visa-free travel to 167 countries, providing them with extensive travel opportunities.
In terms of healthcare, Canada provides publicly funded healthcare to all its citizens, ensuring access to essential medical services without financial barriers. This system contributes to the overall well-being of residents and is a significant benefit for those considering relocating to Canada.
For individuals seeking residency in Canada, various programs are available, such as the Quebec Investor Immigration Program, which is set to relaunch in 2024. This program calls for applicants to have a net worth of at least CAD 2,000,000 and requires them to invest CAD 1,000,000 into Quebec’s economy. Such programs offer pathways for qualified individuals to establish themselves in Canada and contribute to its economy and society.
Thailand
Thailand is an increasingly popular travel destination known for its tropical climate, stunning beaches, and rich cultural experiences. The country’s service industry is rapidly evolving, offering visitors a diverse range of accommodations, dining options, and activities to choose from. At the heart of Thailand, Bangkok stands out as a vibrant and bustling metropolis, known for its dynamic energy, modern skyscrapers, and ancient temples.
Residency Options: Thailand Elite Visa offers long-term residence with a minimum investment of $25,500 for a five-year visa. Professionals and remote workers can move without investment by proving required minimum annual income.
Why Do Americans Move to Another Country?
Excluding reasons like job relocation, marriage, or reuniting with family, Americans move abroad for better quality of life. Main reasons include:
- Growing Real Estate Prices: US housing prices increased by 18.7% in Q1 2022 compared to Q1 2021, while EU prices grew by only 10.5%.
- Plummeting Euro: The euro fell to a two-decade low against the US dollar, making European living more affordable.
- Heavy Tax Burden: High tax rates in the US drive some Americans to renounce their citizenship.
- Safety and Healthcare Concerns: High firearm death rates and recent changes to reproductive rights increase safety concerns.
- Climate Change: 64% of Americans cited climate change as a reason to relocate in 2022.
What to Consider When Moving to Another Country from the USA
- Travel: US passports offer visa-free access to many, but not all, countries.
- Taxes: The US tax system is complex, and Americans are required to pay taxes on worldwide income.
- Family: Be sure that your chosen country is receptive to welcoming relatives.
- Climate and Environment: Look into average seasonal temperatures, natural disaster risks, and environmental conditions.
- Work and Business: Verify work and business permissions in your new country.
- Language and Culture: Learn the local language and customs.
- Cost of Living: Consider expenses such as real estate, utilities, food, and healthcare.
- Health Insurance: Understand the terms of health insurance in your new country.
- Safety: Research local customs, norms, and safety conditions.
- Laws: Familiarize yourself with local laws and decide if you are willing to adapt.
How to Move Legally from the US to Another Country
When considering relocating to another country, it’s important to explore the various residency and citizenship options available to expatriates. Some countries offer residency permit programs and naturalization laws that allow individuals to legally relocate. These options include:
- Descent: Some countries grant citizenship to individuals who are born in the country or have a parent who is a citizen of that country.
- Exceptional Merit: Skilled professionals, specialists, and investors may be eligible to receive citizenship based on their exceptional merit and contributions to the country.
- Refugee Status: Some countries offer citizenship or residency to individuals who are granted political asylum or refugee status.
- Investment: Many countries offer citizenship or residency through investment programs. These investment options may include contributions to a national fund, purchasing government bonds, investing in real estate, or participating in government initiatives aimed at attracting foreign investors.
It’s important to note that if you are currently residing in the US on a student or foreign visa, you may not be able to relocate to another country using that visa alone. In such cases, it’s advisable to explore residency, citizenship, or naturalization programs offered by the country you are interested in relocating to.
Types of Residency Visas:
- Residence Permit: Long-term permit, often renewable after five years, allowing living, studying, seeking healthcare, and buying real estate. Some permits offer travel mobility within regions like the Schengen Zone.
- Digital Nomad Visa: A type of residence permit allowing remote work for a foreign state.
Permanent Residency: Allows indefinite living and often leads to citizenship. Permanent residency holders enjoy similar benefits to citizens but must periodically renew their status.
Citizenship by Investment: Some countries allow skipping the residency step, like Caribbean citizenship by investment.
Conclusion
When considering a move abroad, individuals can explore a multitude of advantages such as improved quality of life and potentially lower tax obligations. By delving into the various residency and citizenship options accessible, Americans can carefully evaluate and plan their international relocation. Some countries, including Portugal, Spain, Malta, and Canada, offer appealing prospects for individuals seeking to embark on a new journey overseas.
