Steps to Take to Prepare to Live Out of the Country
Many Americans have moved out of the country to save money on expenses and live a better life in a lower cost of living area. They find that living abroad allows them to stretch their money further and get more for their money than they could while living in the States.
However, there is much groundwork that should be laid before you leave the country. Here are some steps you’ll want to be sure to take.
Visit the Country
Before you move, make sure you visit the country at least once or twice. Your online research may have helped you narrow down a locale, but there’s nothing like actually being there to make sure the area is right for you. Some people, especially retirees who are considering this option, move for an entire winter to get the feel of the place before moving permanently.
Find and Settle into an Online Job
Sure, you could try to find work in your new location, but many Americans living abroad choose to work online. That way, they still make their income in U.S. dollars, giving them a higher standard of living in their new home country.
Have a Plan for Emergencies
If you need to suddenly leave the country and get back home, how will you do it? In some locations, getting home is only a plane ride away, but in other, more remote areas, getting home will take time and logistics. Make sure you have a plan before the emergency comes up.
Understand Visa Rules
How long are you allowed to stay in the country on your visa? Many Americans living abroad have to briefly leave the country and go back home before they’re able to reenter the country on a new visa. Know the rules for the country that you’re staying in so you aren’t in violation of the visa.
Prepare for Medical Care
Before you leave the U.S., make sure to get copies of your medical records and make sure you’re up to date on vaccines, at least the ones recommended for the area you’re going to live in. Also, learn about health care in your new country. Will you be covered by the country’s insurance? Will you need to pay out of pocket? Will you need to buy health insurance? If you need prescriptions, can you easily get them in your new country?
Secure an Accountant Familiar with International Issues
Even though you live abroad, you’ll still need to file U.S. income taxes, especially if you work online for a U.S. company. See if your current accountant is familiar with living abroad and filing U.S. taxes. If she’s not, find one who is.
Living abroad can be an excellent way to learn another culture and language as well as a way to help your money go further. However, making a move across the world requires much additional planning.
For more information and considerations, The Expat’s Manual goes into much further detail.
My Question For You
Have you ever lived abroad? If so, what other recommendations would you make to prepare for such a move? Would you consider moving abroad to lower your expenses?