A growing number of Americans are looking to live abroad to cut their living costs, pay less in taxes and improve their quality of life, The Wall Street Journal reported recently.
About 4.4 million Americans were living overseas as of 2022, up 42% from 2010, the most recent available data from the Department of Defense's Federal Voting Assistance Program show. The number of Americans in Oceania surged 70% during the period, the biggest increase, while Europe saw a 50% rise. Mexico, Canada, the U.K., France, and Israel host the largest populations of Americans living abroad.
Don't Miss:
- The ‘ChatGPT of Marketing' Just Opened a $0.86/Share Round — 10,000+ Investors Are Already In
- 7 Million Gamers Already Trust Gameflip With Their Digital Assets — Now You Can Own a Stake in the Platform
‘Buying Peace of Mind'
The migration of Americans abroad is not limited to wealthy individuals who can obtain new passports through investment, the Journal said. Financial advisers told the newspaper that middle-income Americans aiming to stretch their dollars and improve their financial situation are behind the trend.
"They're buying peace of mind—the ability to choose where they live, how they're taxed, and what kind of life they build." Andrew Henderson, founder of Nomad Capitalist, a global advisory firm that helps clients lower taxes through international mobility, told the Journal.
Trending: $100k+ in investable assets? Match with a fiduciary advisor for free to learn how you can maximize your retirement and save on taxes – no cost, no obligation.
The FVAP data also showed that Americans living overseas who are eligible to vote in federal elections are highly educated, with 68% holding a bachelor's degree, compared with 34% of the voting-age population in the U.S.
‘Chasing a Better Lifestyle'
The COVID-19 pandemic played a key role in the growing trend of moving abroad, Henderson told the Journal.
"During COVID, people realized the U.S. wasn't as free or affordable as they thought," Henderson said. "If you're earning an average salary in New York, you're still paying a lot. And then there are those chasing a better lifestyle—warmer climate, more space, lower costs."
Read Next:
- Forget Flipping Houses—This Fund Lets You Invest in Home Equity Like Wall Street Does
- From Moxy Hotels to $12B in Real Estate — The Firm Behind NYC's Trendiest Properties Is Letting Individual Investors In.
Image: Shutterstock
