International Residency and Your Money

When you’re looking for a new experience in life, one thing that may capture your interest is spending some time living overseas. Being an expat in another country can offer you a new perspective in culture and a different lifestyle. For people thinking about retiring or those who work remote jobs, living abroad may be a viable option. If you have always been curious about extending your vacation to a country you’ve always loved visiting, you need to look into international residency requirements.
Beyond getting approved for a longer stay, there are additional things to consider. One of the biggest considerations is how residing in a different country may impact your income and your current bank account holdings and assets. Here is important information about some of the top destinations for American expatriates looking for a new international home.
Belize
Belize’s Caribbean lifestyle is something that is very appealing to those looking for warm weather and gorgeous beaches. Belize makes it easy for visitors to extend their stay indefinitely. It’s as simple as renewing your tourist card every 30 days. This can cost you up to $50 every time you renew after six months, so to save money you should consider the application process for permanent residency. When it’s time to use your money in Belize, you can open up a separate bank account in Belize dollars and transfer funds from your home bank account when needed.
France
Another popular place that attracts many expats is France. Many people dream of owning a French chateau with a view of lavender fields and vineyards from their windows. The truth is that the process for obtaining residency in France is long and time-consuming. Many people get fed up with the lackadaisical bureaucracy that comes along with this application and give up. If you make it through the process, you must then convert your U.S. dollars to euros. For a large transfer, you need to enlist the help of both your American bank and your new French financial institution.
Australia
If you’re looking to go down under for a while, you’re not alone. Many people choose to move to Australia. The country offers an exotic locale in an English-speaking environment. For those between the ages of 18 and 30, Australia offers a unique working holiday visa that allows you to live in the country for up to a year. During your stay, you can transfer your savings into an Australian bank, since you are paid only in the local currency. You may get a better rate if you choose to convert with a currency broker instead of a bank.
China
A country popular with many nationalities is China. China’s business prospects and work opportunities for English speakers make it an attractive choice for expats. People seeking residency in China usually have employment there. Once you’ve established yourself in China, you may struggle with the process to transfer funds from your pay in Chinese yuan to bills you may have in U.S. dollars. One popular and easy method of moving your money from different countries is to use Bitcoin. Simply purchase Bitcoin using your Chinese yuan, transfer the Bitcoin to a U.S. account, and then convert to dollars.
Latvia
Another country with opportunities for expats is the tiny nation of Latvia. Located between Lithuania and Estonia in the Baltic states, this country offers a quiet European lifestyle. For those who decide to purchase property in the country, they can begin the process to establish international residency. Another way to get approval for living in Latvia is through opening your own business. ABLV Bank Riga Latvia can help you navigate the process of meeting the residency requirements and establishing your new bank account in the country. You can also get expert advice regarding tax implications for your new account.
Mexico
Living in Mexico is something that may appeal to people because of its warm climate, low cost of living, and relaxed atmosphere. If you want to retire in Mexico, the process is fairly simple. You just need to prove you can support yourself by showing bank account statements or proof of investments. Once you start living in Mexico, you can open a bank account. In this country, you have the option of opening a new account in U.S. dollars. That way you can access all of your holdings you may have started with and pay any bills using American currency.
Panama
The last nation that extends a warm welcome to stay for international citizens is Panama. With a reasonable living cost and tropical temperatures, this area can be a haven for those looking for an easygoing way of life. There are several different visa programs that allow foreign nationals to reside in the country. Even better, you don’t have to worry about money exchanges because Panama uses the American dollar as its main form of currency.
Living the international lifestyle is a dream for many individuals. If you’ve always wanted to go abroad and explore different cultures for longer than a typical tourist visit, becoming a resident of a new nation may be the right choice. Depending on the currency and the economic conditions of your new home, you may come out ahead financially.