How to move to Europe
So you're back from vacation and all you can think about is moving to Europe. Well, you're not alone. Roughly 1.6 million Americans live in Europe and are either working or are retired^1. There's no surprise that you can't just move to Europe, well, not at least without an action plan and an understanding of the rules. If you're serious, here are a few potential strategies.
Whatever the financial stage you're in your life, be thoughtful of the need to provide for yourself now and in retirement. If you're planning on working, you'll need a saving and investing strategy to help grow your assets. This can be one of the most complex areas for new expats, as investing overseas can be fraught with tax consequences.
Each country in Europe has its own set of immigration rules, however, Americans can visit up to a "maximum of 90 days within a 180 days period"^2 via the tourist visa. If you plan on studying in your new county, you can apply for a six-month student visa. A business visa may be available to those doing business in the host country.
Lastly, you may apply for an elective resident visa through the consulate. You must prove that you have a monthly income of at least 2,597€ ($2,931) per Italian rules. Other countries may have similar programs. After living there for a number years, you may apply for permanent residencey. There are other, faster ways to get you to permanent residency, often by investing in the host country through real estate or business development.
Understanding the host country's entry rules is the necessary first step but it's also important to know how you'll manage your finances while abroad. Because you're an American, it may be difficult to obtain a local bank account in Europe. It's also worth keeping your assets and investments in the US in order to simplify your tax reporting. Just because you're abroad, you'll still be filing your US taxes along with complying with the tax rules in your new country of residence.
At Eureka Wealth Management, I help Americans manage their finances and investments while abroad. I accept your non-US residential address so you won't have to be disingenuous with your financial institution. I also advise on insurance, tax & estate strategies. Call for a free, initial consultation +1(760)537-0791 or book online at eurekawealthmanagement.com/expats.