Where to Expatriate
Make an informed decision when choosing to expatriate.
Expatriation can be a great way to manage your wealth, save some money, and stay clear of the high taxes of your home country. If you are looking to expatriate, read below for some of the best countries to check out. If you aren’t familiar with what it means to expatriate, or aren’t sure why you’d want to do it, read our previous article explaining the world of expatriating.
Finding the right country for you all depends on what you deem most important. Some developing countries offer attractive costs of living but may not have the infrastructure you need to be comfortable. On the upside, developing countries have many untapped sectors to invest into. Other countries have large expat communities that allow you to network, make friends, and so much more.
You may have financial goals in mind that are leading you to a life abroad. Many countries offer tax-free incentives with the added benefit of a low cost of living and an attractive lifestyle.
There are so many enticing places in the world. Knowing which country suits your needs best will allow you to make the right decision when it comes time to start your new life abroad. Whether it’s low taxes, low cost of living, or a friendly expat community, the following countries have proven to be great places for expats to start a new life. Note, many of these places are located on the beach, so not only will you be enjoying some great financial benefits, you’ll also be benefiting from days on the beach and adventurous weekends.
With no income tax, the Bahamas is a very attractive choice for those looking to escape high taxes. The country chooses to earn its money from the quite profitable tourism industry. Residents in the Bahamas are not taxed on any of the income they are making from anywhere in the world. A renewable residency card only costs $1000, and with a $250,000 investment in real estate, you can gain permanent residency.
If you gain citizenship, the Bahamas passport is one of the top 25 passports in the world.
This country that borders France and Italy is a hotspot for those looking to integrate themselves into a sexy European lifestyle. It’s also the best European country for tax-free residency. If you want to become a resident of Monaco, you’ll be required to deposit at least €500,000 in a Monaco bank and invest at least €500,000 in Monaco real estate.
This British Overseas Territory plays a small roll in the world of offshore trusts and banking. In order to retire in this small territory, all you need to do is purchase some property and prove that you have enough money to live comfortably.
When it comes to cost of living, Belize has one of the lowest. But don’t let the low cost of living deter you. A life in Belize is literally a walk on the beach. You can live comfortably with just a couple thousand dollars a month. The retired person program for residency is also one of the most popular in the world.
Many Americans, both retirees and investors, who choose to seek second residency really love Costa Rica. Though there have been a few more restrictions over the years, for the most part, anyone with a $2,500 monthly income can be a resident of Costa Rica.
You’ll come for the easy residency but stay for the beaches, jungles, and landscape.
With the fifth highest GDP per capita, which calculates to $30,000 more per citizen than in the US, Switzerland ranks high among expatriates hoping to make more money.
If that’s not enough to draw you in, knowing the country boasts a high class education system, top-notch public transportation, and a hefty existing expat community might do the job. This safe, clean country has remains a top destination for expatriates from all over the world.
The United Kingdom, made up of England, Northern Ireland, Scotland, and Wales, and is an influential player in world trade and politics.
Choosing the UK as your new home is choosing a high standard of living and one of the most multicultural countries in the world. The education is world known, drawing in students from all over the world. There are also great job opportunities for expats.
Once a barren landscape, Dubai is now a thriving city, drawing in expatriates from all over the globe in large numbers. In fact, 85% of the population in Dubai is expat workers. Those living in Dubai experience great healthcare, and a lifestyle consisting of shopping, entertainment, and safe transportation infrastructure.
If you are looking to start your new life in the European Union, Bulgaria may be the best place to start. Bulgaria has the least expensive path to citizenship in the EU. Once you gain citizenship to Bulgaria, investment, travel, and starting a business in other EU countries is quite easy.
If you are looking for some of Latin America’s strongest offshore banks, look no further than Panama. The country is also very open to immigration, especially for those moving from Western countries. The Friendly Nations visa program grants instant permanent residence with a deposit of $5,000 and an investment into a Panamanian company or real estate.
Where We Come In
Together, with respected law firms in various regions of the world, Alpen Partners is advising its clients on expatriation issues. In a world of increasing tax pressure and professional mobility, expatriation has become one of the most efficient tools for asset protection and estate planning. Moving abroad can come along with an abundance of benefits that can affect your taxes, your investment portfolio, cost of living, and your lifestyle completely. As the cost of traveling becomes cheaper, the benefits of expatriation for financial reasons is more easily obtained.
Taking the leap and leaving your home country can be a big decision with tons of personal and legal steps. The hassle of navigating the legal process of expatriation can be reduced with the guidance of Alpen Partners. Each step requires assistance, including getting the passport, making sure everything is completed correctly regarding taxes, acquiring work permits, making investments, and more. No matter what expatriation route is chosen, it can be a powerful tactic to allow clients to gain better control of their financial and personal lives.