According to a Harris Poll in February, a whopping 42% of Americans are hoping to pursue the American dream by relocating abroad — a number that goes up for Gen Z (63%) and millennials (52%) who said they were considering a move abroad.
Jen Barnett, co-founder of Expatsi, a company that helps Americans plan relocations abroad, said that moving abroad doesn’t have to be a pipe dream, but understanding which countries are accessible — both financially and logistically — is paramount.
Explore More: 12 Midwest Cities Where Rent Costs 30% or Less of a Middle-Class Income
Read Next: 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years
“People often come to us and say, ‘I want to move to blank, blank or blank,’ and haven’t taken the time to figure out where they can go,” said Barnett. “A big part of our service is helping people figure out where they can go based on how much money they have and their job skills.”
Making the move overseas can be pricey upfront, but the low cost of living in many top destinations could help offset the expenses. Those costs are also highly variable, depending on factors like visa fees, whether you’re moving with pets or plan to ship your car, as well as income and savings requirements.
Here’s what budding expats could expect to pay to relocate to one of seven popular destinations.
Portugal
With its beautiful beaches, top-notch government healthcare and low cost of living, Portugal is one of the most desirable locations to move abroad.
Americans can move to Portugal via a D8 digital nomad visa, which can last four months or one year and can be converted into a two-year residency permit. The application fee is $89, plus $78 for a residence card. Applicants need to earn a minimum monthly income of $3,511, travel health insurance (from $45 per month, according to relocation experts Citizen Remote), and proof of accommodation in Portugal –meaning expats will have to shell out up front for rent, which in Lisbon can cost upwards of $1,400, according to a survey by Housing Anywhere.
“In Portugal, you have to rent an apartment before your consulate appointment, which means you may have an empty apartment just sitting there for three months,” warned Barnett.
Consider This: 5 Affordable Small Cities To Live In on the West Coast
Spain
Like Portugal, Spain has beautiful weather, a good healthcare system and offers a digital nomad visa with fairly minimal income requirements — $3,224 per month for singles, $4,434 for couples without kids. The requirement goes up $404 per month for every child dependent.
The visa fee is around $83 plus an $18 FBI background check, excluding the price of notarizing and translating documents — a recommended step to streamline the application. These fees can come in at around $50 to 60 per page for translation, and per document for notarization, and can total up to around $400 to $500 total, per Citizen Remote.
As with Portugal, applicants also must obtain private health insurance, though they can find housing once they arrive in Spain. For applicants applying for the visa remotely. The visa lasts one year for applicants applying remotely, and three years for those applying within Spain while on a tourist visa — a path Barnett recommended.
“If you’re on a budget, the cheapest way to relocate to Spain is to go on a tourist visa, work remotely and apply while you’re in the country,” she added.
Staying at a hostel — which can cost upwards of $45 per night in a big city like Barcelona, less in smaller regions or for travelers willing to bunk up in a dorm — can bring down the costs of relocating considerably. Once settled, one-bedrooms in Spain average close to $900 per month, or $1,200 in Barcelona.
Mexico
Mexico blends low relocation costs with proximity to the U.S. For Americans driving down with minimal belongings, costs can be just a few thousand dollars.
“You can drive a U.S.-graded car full of pets over the border and not have to pay any fees that other countries might charge,” said Barnett.
That said, to qualify for Mexico’s Temporary Residency Visa you need to either earn around $3,738 in monthly income or have around $62,233 in savings, according to the Mexican Consulate. The application fee is $54. Apartments are also inexpensive — a furnished studio can cost from $300 to $600 per month.
Costa Rica
Adding to the fantasy of wrapping up each workday with a surf session, relocating to Costa Rica has another major perk to Americans living there on a digital nomad visa: No tax.
While the minimum monthly income required is less than in other countries ($3,000), the visa fees are slightly steeper: A $100 government filing fee, plus $525 in legal fees and the cost of translating all documents to Spanish. Health insurance is also required.
Applicants need to be in Costa Rica to get the digital nomad visa, so the best way to obtain it is to be in the country on a tourist visa. Once in the country, accommodation is fairly inexpensive. According to Citizen Remote, a one-bedroom in San Jose can cost around $650 per month.
Netherlands
For entrepreneurs and self-employed professionals, the Netherlands offers the DAFT (Dutch American Friendship Treaty) visa. This visa requires an investment of at least $4,900 deposited in a Dutch bank account, proof of business registration and secure housing. Visa application fees start at about $450, excluding the cost of translating supporting documents into Dutch, which can be sizable.
Relocation costs are higher than in many other countries, especially when factoring in shipping belongings — Barnett estimates $14,000 to $21,000 for those moving with a household of goods. The cost of living is also higher, which will add to relocation costs. Studio apartments start at around $1,750, for example, and most landlords require a two-month deposit, according to Citizen Remote.
Barnett said the biggest mistake people make is trying to tackle every step of the move at once. Her six-stage plan — ideation, planning, exploration, paperwork, logistics, and settling in — keeps the process manageable.
“The key is to focus on the step in front of you instead of worrying about all six at once,” she said.
More From GOBankingRates
- Rachel Cruze: The Real Reason Couples Fight About Money
- 6 Best Items Retirees Should Buy at Costco During Labor Day
- 4 Things You Should Do When Your Salary Hits $100K
- The 5 Car Brands Named the Least Reliable of 2025
This article originally appeared on GOBankingRates.com: What It Would Cost To Move to These 5 Major Countries in Your 30s
