CNN: “9 million Americans Living Abroad”
CNN recently reported that the US State Department estimates that 9 million Americans are living overseas.
The report also explains the factors driving this migration. In the words of a university professor interviewed by CNN, “It’s often pretty, their money is worth more, they can live in a house or apartment that’s really nice and big [and] create a better life.”
Are More Americans moving overseas in 2022?
This trend to move overseas has accelerated dramatically in the last few years as a growing number of US companies are allowing their employees to work remotely, and countless retirees endeavor to stretch their budgets.
CNN spoke with Erik Rodriguez, who explained he moved overseas to save money while still enjoying a quality lifestyle. “In San Diego, my apartment (only a studio) was probably $2,500 (a month),” he said. “Here I have a one-bedroom and I pay $800 a month.”
Rodriguez originally traveled as a tourist but now lives permanently and works remotely as an economic development analyst for a US-based agency.
What are the Reasons for Moving Abroad?
Why is the number of Americans living in other countries growing so fast? First is the rapid rise of work-away-from-the-office and the impact of covid, which kicked that work-away-from-the office tendency into overdrive.
2.Golden Visa Programs
Second is a dramatic increase in the availability and accessibility of Residency-by-Investment (RBI) or Golden Visa programs, particularly in Europe, Digital Nomad Visas, and Citizenship-by-Investment (CBI) programs in the Caribbean.
3.Living cost increase
The third is the difference in living costs.
The news has been full of the impact of inflation, which peaked at an annualized rate of over 9.0% in June – the highest in 40 years in the United States.
Noted economist Mohammed El-Erian recently said, “It is only a matter of time before we are speaking of a cost-of-living crisis,” as 1 in 6 Americans are pushed into a position of “financially struggling” (World Economic Forum). Rent, food, gas, entertainment, and even clothes have all increased, though gas prices seem to be easing a little.
However, while prices have risen in the European Golden Visa such as Portugal Golden visa, Spain Gloden Visa and Caribbean (CBI) as well, they are coming off a much lower base, and to Americans, they are still affordable.
Rent, as addressed above, is often one-third or less of US levels for comparable properties in these countries. But the authoritative website “Expatistan,” which monitors these trends globally, says food in the United States costs significantly more than the average in these countries, as do clothes, transport, personal care, and entertainment.
The website, Livingcosts.org, which monitors costs in nearly 200 countries, goes further and says that in most popular destinations, expatriates can save up to USD 1,000 or more every month. Even in France, which is often seen as expensive, is hundreds of dollars.
Cost of living in the US
(Livingcost.org: “an average standard of living”)
Portugal USD 977
Spain USD 1,114
Cyprus USD 1,213
Malta USD 1,257
France USD 1,363
Antigua & Barbuda USD 1,546
Dominica USD 992
Grenada USD 1,012
St. Kitts & Nevis USD 1,184
St. Lucia USD 1,042
Added to this is that the Caribbean and Europe are very easily accessible for Americans, particularly those on the east coast. Even commuting with occasional trips back to the States is relatively cheap.
Medical care, education, and many infrastructure costs are also equal or superior in the Caribbean and Europe.
Finally, for the weather, compared to a winter in the American northeast, all of the above are just lovely.
“We are seeing three groups in particular benefiting,” explains Jean-François Harvey, Worldwide Managing Partner of Harvey Law Group (HLG).
“The first is indeed the digital nomads.
But, second, many American retirees are finding that their funds go dramatically further in other countries.
Thirdly, many of those countries have attractive residency-by-investment or citizenship-by-investment programs that are growing in popularity.
Why you should Get An Expert Advice?
In the United States, immigration-related advice is reserved for lawyers. Harvey Law Group (HLG) has more than 30 years’ experience in the immigration field and more than 20 offices around the world.
Unlike agents or non-authorised firms, HLG is a professional immigration law firm, and as such, has an obligation to advise you on the best options and on the programs most suited to your goals.
For more information visit, https://harveylawcorporation.com/citizenship-and-residency-programmes/.
If you would like to discuss your plans with one of our legal professionals, please contact us at [email protected].