Undone By US Politics? But, Factor in All the Money Issues Before Opting to Become an Expat

 Throughout America there could be soul-sickness among progressives. Abortion seems like it will continue to be limited in significant ways.  The victory of right hard-liner J.D. Vance in the Ohio primary makes obvious this: Donald Trump still has profound political reach. And, between the midterms and Election 2024, conservative ideology could dominate federal government.

There is also the monster inflation. 

So, of course, there is the usual thinking: Why not just became an expat? In some locations outside the US the politics and the economy might seem a better fit. Also, there is the adventure of doing what the greats in art like Ernest Hemingway had done: Start a seemingly exotic new life elsewhere. 

Typically, those toying with this option are aware of the challenges like adjusting to another culture, being lonely, learning a new language, geographic distance from family and friends, and the possibility that relocation had been a big mistake. Lots of that is covered in mainstream resources for being an expat such as International Living. 

Once, though, there is serious reflection about becoming an expat what emerges is the issue of money. In itself that can be a dealbreaker. It is not only complex. It's scary.

As ExpatFinancial points out, there are these key matters:

• Taxes. As when you are residing only in the US, there is plenty to figure out. That is multiplied almost exponentially when living outside the US permanently. What is the most financially smart way to file your tax status in this or that nation? Yes, you will probably need a professional tax consultant.

 

• Bank accounts. What are the regulations of the new location? Some experts would recommend maintaining an account both in the US and in the country to which you move. An account in your new location will eliminate the exchange-rate fees.

 

• Investment accounts. Will the nation require that you transfer those accounts to its jurisdiction? Suppose the nation turns out to be a version of a banana republic. Could your wealth go poof?

 

• Health insurance. That can be expensive and not high quality. Some nations promote that for a small fee or no fee you can enroll in their national healthcare programs. But the coverage might not be what you have become accustomed to. Purchasing private healthcare insurance might not be affordable. An option is medical tourism, that is going outside that nation for more affordable healthcare procedures. But that might not be possible in an emergency. When it comes to Medicare, there are myriad other decisions to make.

Another financial issue is the availability and legality of work opportunities. In addition to getting up to speed on all the official regulations you should tap into the digital communications of those living there. That can be more from the horse's mouth. 

And, there is the cost of living. Better deals may be available in the US, even with our current high inflation. Suppose you have a family. In Rome, Italy, a three-bedroom apartment ranges from $1,577 to $3,155. The way to check out costs around the world is to key in on the internet "Cost of Living," then insert name of City and Country.

Since money is almost everything the financial realities of becoming an expat should trigger caution about opting for permanently leaving the US.

Connect with Editor-in-Chief Jane Genova at janegenova374@gmail.com.