More and more people are catching on to the idea that better lifestyle and investment opportunities can be found beyond the borders of the U.S. I’ve advised on this idea for more than 30 years, but I don’t just write about it. I live it myself.
I made my first international move in 1998, leaving the U.S. for Ireland. Since then, I’ve also lived full-time in Paris and Panama, which I currently call home, and I’ve traveled to 75 countries. I have a lot of first-hand experience when it comes to launching life in a new country.
Normally, I advise prospective expats to start researching their options and planning their move abroad with plenty of foresight but should you find yourself keen to move quickly, there are a handful of countries that you can move to without having done any planning at all.
You can just book a plane ticket or drive in some cases and start living there legally, filing your application for residency after you arrive (rather than at that country’s consulate back in the States).
Here are three of the best options for a swift move abroad…
Belize—An English-Speaking Haven With Caribbean Appeal
Belize may be the world’s best place to bug out. An American can travel here visa-free and stay for 30 days as a tourist. To stay long term, all you need to do is go to the nearest Belize Immigration and Nationality Department and pay 200 Belize dollars ($100). This gets you an additional 30 days in Belize. If you continue to extend for a year without leaving the country for more than 14 days, you can apply for permanent residence in Belize.
Belize is a great place to relocate to, not only because of its straightforward path to permanent residency. It’s an all-around amazing place to live and is highly sought after for its warm tropical weather, beautiful landscapes, and friendly locals.
Belize is the only English-speaking country in Central America, which makes the transition to living here that much easier for prospective expats. Locals are friendly, and big populations of expats from the U.S., Canada, and other places are well-established.
Also, Belize has a long coastline along the Caribbean that rarely sees hurricanes, allowing expats to make the most of the “Key West” lifestyle available.
Islands like Ambergris Caye and Caye Caulker offer the best of laid-back Caribbean living. The surrounding waters are full of life because of the shelter provided by the Belize Barrier Reef—the second largest coral reef system in the world.
On land, Belize offers dense jungle that’s teeming with wildlife and punctuated here and there by ruins from the ancient Maya Empire. Mainland Belize is ideal for self-sufficient living, and its scattering of villages provides a back-to-basics rural appeal. It’s the type of place where daily news headlines feel far away and unimportant.
On top of this, Belize uses a territorial system of taxation. It only taxes residents on their locally sourced income, so expats can live here with no local tax burden depending on where their income is sourced.
Panama—A Highly Coveted Expat Haven That Uses The U.S. Dollar
Panama is an excellent choice if you’re looking to leave the United States in a hurry. To relocate here permanently, you’ll first need to gather important documents, including proof that you can support yourself financially and a police record check.
Next, get on a plane to Panama. You can stay for 90 days as a tourist, but to be admitted by immigration, you may need proof of accommodation (such as a hotel reservation), proof of funds or a credit card, and proof of onward travel (such as a return ticket or a flight to another country, whether or not you intend to use it).
Once you’re in Panama, you can start the residency-application process, selecting from the wide variety of visa options that Panama offers.
For most people, Panama’s retirement visa (the Pensionado Visa) may be the easiest way to get residency quickly. To qualify, you need to be at least 18 years old and receive a monthly income of at least $1,000. You need to provide your police record check plus a health certificate issued by a Panamanian doctor as part of your application. You must file your application in Panama with a local lawyer. If approved, you’ll be issued a permanent residence permit that’s valid indefinitely.
A Top Expat Haven
Panama is a top expat haven, its quick and easy residency options aside. Like Belize, it uses a territorial approach to taxation, so expats can live here without a local tax burden depending on the source of their income. The local currency is the U.S. dollar, making relocation simple for U.S. expats who don’t have to concern themselves with exchange rates or transferring funds.
It’s economically stable because of the Panama Canal, and its friendly tax policies have made Panama City a base for multinational corporations from around the world. The capital is cosmopolitan, home to expats from diverse backgrounds.
The culture is familiar for many Americans because of the former U.S. presence in the Panama Canal Zone.
Outside of Panama City, Panama’s interior has incredible biodiversity and natural beauty, including Caribbean and Pacific beaches, islands, volcanoes, jungles, rain forests, rivers, waterfalls, deserts, and more. Hitting the beach, going for a hike in the highlands, or escaping to white-sand Caribbean islands are a few of the ways Panama expats spend their free time.
Uruguay—A Safe, Stable, Unassuming Country With Tax Advantages
You can start the process of relocating to Uruguay by getting on a plane. As a tourist, you can stay here for up to 90 days without a visa. You can extend this for an additional 90 days or take up residency through the Dirección Nacional de Migración.
To apply for residency, you’ll need to provide a handful of important documents, some of which you may need to prepare before you leave the U.S. These include your birth certificate, your criminal record, a vaccination certificate, and proof of income (at least $1,500 per month). You’ll need additional documents as part of your application, such as a health card issued in Uruguay and a local address where you intend to stay.
After submitting your documents, you’ll be issued a temporary resident ID card while your application for residency is processed. When it’s fully approved (which can take 18 months), you’ll be issued a permanent ID card.
Uruguay may not be on the radar of the average American, but it has a lot to offer. It’s known as the Switzerland of South America because of its long-standing reputation for economic and political stability.
Despite regional trends of political division, in Uruguay’s general election (held on October 27), two moderate candidates who are in agreement over many issues competed. As political analyst Juan Cruz Díaz put it, “In a way, Uruguay has been boring, but boring in this sense is very good.”
Uruguay also offers tax advantages to its residents. It operates a mostly territorial tax regime, meaning that only locally sourced income is subject to tax. The exception is foreign dividends and interest income, which are taxed at a flat rate of 12%.
Uruguay’s 2020 Budget Law introduced new policies for tax residents that make the tax picture even more favorable for expats.
Most importantly, new tax residents can request a 10-year tax holiday on their foreign income (including dividends and interest), or they can choose for their foreign income to be taxed at a 7% flat rate for the duration of their tax residency.
What else does Uruguay offer?
It’s famous for beef production, Gaucho (cowboy) culture, football (soccer), and wide-open, gently rolling grasslands. Montevideo is its lively capital city. Nearby is Punta del Este, a resort town situated along the country’s beautiful Atlantic Coast.
Until next time,
Kathleen Peddicord
Founding Publisher, Overseas Opportunity Letter
