5 Money Tips To Help You Move Abroad If Your Presidential Candidate Didn’t Win
Written by
Kerra Bolton
Edited by
Amber Barkley
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In an increasingly divisive political environment, some voters said they would move abroad if their preferred presidential candidate didn’t win the election. According to a Monmouth University poll, 34% of Americans said they would settle abroad if they could.
Only some make good on that promise. However, if you’re one of the few, here are five money tips to help you move abroad if your presidential candidate doesn’t win.
Next, find out how some of President-elect Donald Trump’s proposed policies might affect your finances.
Save for Residency Fees
Visa and immigration costs, including hiring an attorney and administrative fees, are among the hidden costs of living abroad. Getting residency in most countries is a tedious process and can be mildly costly, said Norm Bour, owner of Travel Younger, a blog that helps clients maximize their travel experiences.
“Generally, until you get residency, most places only allow visitors to stay for 90 days max, so you must plan ahead,” Bour said.
In addition, many countries have minimum savings or income requirements to gain citizenship, said Zach Lazzari, owner of Cross Border Coverage, which offers Mexican auto insurance for Americans and Canadians.
“Beyond that, people must consider the cost-of-living expenses, healthcare, insurance, emergencies and travel to visit home when desired,” Lazzari said.
You should check with the U.S. State Department or the American Embassy in the country where you would like to live to verify the latest residency rules and fees.
Save Money on Shipping Costs
Lighten your load to save on shipping costs. According to Sirelo, an international moving company, moving from the United States to another country could cost from $6,300 to $15,900, depending on the distance and how much you ship.
“Ideally, anyone moving abroad should take as little as possible, and almost everything is replaceable,” Bour said. “Memories, mementos, collectables, etc. … should be left behind or gotten rid of.”
Budget Extra To Bring Your Pet
Another hidden cost is transporting your pet to your new home.
“Between the international health certificates, getting documents authenticated and airline costs, you can estimate at least $1,000 per pet to fly on a commercial flight,” said Jackie Lange, owner of Panama Relocation Tours.
For example, Lange said if your dog is too large to fly commercially or is a restricted breed, you will either need to hire a pet relocation company or charter a plane. Expect to pay between $4,000 and $5,000 for a pet relocation company and between $7,000 and $50,000 to charter a plane.
Stabilize Your Income
Casie Tennin, who specializes in helping Americans move abroad, said there are generally two paths to earning money as an American living abroad: digital nomads and working locally.
Digital nomads run a business, such as being freelancers or consultants or building a digital product like an app. You could also land a remote job where you could live anywhere.
“The pro to this is you have more freedom and flexibility,” Tennin said. “You are earning dollars, which, depending on where you live, could be a big benefit. The con is it can feel lonely and disconnected from where you are.”
A local job could include teaching English or working in other fields, which is impacted by the visa the country allows you to get.
“The pro of working locally is that you are immersed in the culture,” Tennin said. “However, this route offers less flexibility and potential visa complications.”
Choosing the Right Home for Your Money
Deciding where to house your money while living abroad is challenging, especially if you’re retired.
“Many retirees keep a safety net in U.S. markets, real estate, savings, etc., while also meeting the minimum requirements for money kept in a foreign bank,” Lazzari said. “Instability in banking is certainly an issue in many countries, and you’d be wise to not have everything locked into that country.”
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