In the past ten years, there has been a spike in the number of Americans packing up and moving overseas. But what is driving them away? Do they plan to ever return to their home country, or are they cutting ties permanently?
A Dream or a Nightmare
In 2023, The Wall Street Journal asked Americans if they believed in the glorified “American Dream.” To their surprise, a whopping 45% reported that they had believed in it but no longer do.
An Unstable Market
The younger demographics of citizens state that a key motivator for moving abroad comes down to money. Primary concerns center around unlikely homeownership, difficulty with finding a job, and unreasonable prices of commercial goods.
From Office to Opportunity
With remote work still a viable career option post-COVID, many Americans are searching for asynchronous online work that allows them to work wherever they please.
This arrangement allows for an American salary in locations where the dollar goes a long way.
The Digital Nomad
One obstacle that bars several people from making an international jump is obtaining a visa. However, many countries like Norway and Brazil are offering a new path: digital nomad visas.
What to Know to Be a Nomad
While documents and practices vary from country to country, the digital nomad visa allows individuals to work in a country on their own merit.
It essentially functions as a business license and requires holders to detail their income plan and pay their own taxes.
Easiest Places to Start
It can be difficult to know where to start, especially with keeping track of fees and paperwork.
However, the easiest countries to date for acquiring a digital nomad visa are Romania, Croatia, and Spain.
Income Incoming
The financial sweet spot of working an American job internationally can lead to a higher quality of life. The weighted salary grants access to better foods, more secure retirement, and lower housing costs.
Low Levels of Debt
With a lower price needed to survive, a good portion of the American-dollar driven income means more money can be placed in paying off debts.
Once debt-free, these expats can redirect more income into comforts and pleasures.
Stress-Free and Care-Free
The U.S. work environment is regarded as one of the largest contributors to chronic stress. By removing the social pressures of competition and poor healthcare, many internationally-based Americans feel a greater sense of joy in their lives.
The Numbers Are Lacking
No doubt, many have questions about life outside the U.S., but conducting self-reach may be the only viable option. The U.S. State Department no longer collects data about those residing outside the borders.
More In Than Out
Losing track of Americans moving abroad can be easily overshadowed by the number of those hoping to move to the U.S. However, younger demographics are becoming increasingly interested, meaning this ratio could shift in coming years.
Quality Check
When asked the greatest cause for not wanting to return to America, expats stated three reasons: affordability, opportunities, and quality of life. All of these markers appear to be superior in their surrogate country.
Will They Ever Come Back?
While the State Department provides little information, anecdotal evidence supports that most expats do not plan to return to their original country.
These globetrotters would much prefer to move to a tertiary country rather than return.
Feel the Influence
For many, the allure of living abroad can transform into social media clout. Several influencers on TikTok, Instagram, and YouTube use their platform to showcase the highs and lows of living outside their homeland.
Save Now, Earn Later
Most countries will require a certain amount of savings when applying for a visa. This amount varies from each place of interest and is solely to ensure a supplemented income while waiting for the visa to process.
Seek Help
With the rest of the world being digitized, plenty of resources can be found online. Whether it’s a step-by-step guide for a specific location or a general advice column on what to consider, the internet is full of people who have already paved the way.
Dreams Do Come True
It can seem impossible to move abroad, but for those hoping to establish a better life themselves, they are spinning straw into gold to make it happen—especially when that gold is worth more on the international market.
The post Young Americans Fleeing Abroad: Money Woes Drive Mass Migration first appeared on Wealthy Living.
Featured Image Credit: Shutterstock / Prostock-studio.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
