Have you ever dreamt of residing overseas? Like many Americans today, you may be interested in a life overseas. While a move abroad requires careful consideration, it can be a rewarding experience and a cost-effective choice when approached thoughtfully.
Living Abroad: A Guide for American Expatriates – Planning Your Move
Americans are lucky that they can initially visit many countries in the world with a simple tourist visa.
However, for a permanent move, thorough preparation is crucial:
Visas and Work Permits:
Each country will offer diverse visa options tailored to different profiles, from entrepreneurs to retirees.
Residence: Choosing your ideal location is essential, as many countries boast numerous charming destinations. Don’t forget to familiarize yourself with local rental and/or purchase processes, which can differ significantly from the US.
Banking:
Securing a local bank account is often necessary for renting or buying property. It’s worth researching even if you still live in the US, but don’t be surprised if you need a local address to get things started.
Financial Considerations of US accounts
It’s important to ensure that your new overseas address is compatible with your US bank, retirement, and investment accounts. This is a frequent concern for US expats, as many US banks will not accept an overseas address. Harrison Brook has partnered with world-renown custodians that allow our US expats clients to invest their funds in a large range of securities – including US ETFs – all while using their overseas address. Whether you’re retiring overseas, or even going back to the US later in life, your investment accounts with Harrison Brook are safe and secure with a custodian and a cross-border financial advisor that will be able to service you no matter where you live.
Cost of Living
Many countries in the world offer a lower cost of living compared to the US. Big ticket items such as housing, healthcare, and education tend to be notably cheaper. Other expenses such as public transportation and easy access to travel destinations can be an additional benefit. In addition, the tax consequences can be a big upside, as you already won’t need to pay state taxes. The United-States and France also have a very advantageous tax treaty where US investment and retirement income is only taxed in the US, avoiding double taxation and sheltering you from French tax obligations.
Retirement and Investment Planning
Managing retirement accounts (401k, IRA, etc.) or proceeds from US property sales requires ensuring compliance with both local and US regulations. While some maintain US addresses for accounts, Harrison Brook advises against this as banks may abruptly close expat accounts. We partner with renowned custodians allowing US expats to invest in a wide range of securities while utilizing their overseas address. Your investments remain safe and secure with Harrison Brook, regardless of your location.
Building Your Cross-Border Team with Harrison Brook
Moving overseas can be exciting, but requires careful planning. Harrison Brook’s cross-border financial advisors collaborate with immigration attorneys, cross-border estate planning specialists, and tax advisors to ensure a smooth transition. Schedule a free consultation with a Harrison Brook advisor today.
Thinking of Moving to France?
France is fast becoming a top destination for US expats looking to live abroad. Thanks to its rich lifestyle, cost of life, and visa options, France is well-suited for retirees, young digital nomads, or families with children looking for an alternative to life in the US. Harrison Brook has been working in France from our local Nice office for over seven years and has helped numerous US expats smoothly transition to their new life in France. Don’t hesitate to reach out for a free consultation with one of our advisors.
